JPMorgan Chase shareholders objected to a roughly $50 million retention bonus for CEO Jamie Dimon and voted against the bank’s compensation plan
A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.The bonus is in restricted stock options that require shares to trade above certain levels and for him to remain the chief executive until 2026. He also can’t sell any of the awarded stock until 2031. The bank and directors had argued it was a rare extra bonus for a top leader on Wall Street, and a way to clarify that Mr. Dimon would remain in his position for several more years.reported $48.
Institutional Shareholder Services Inc. and Glass Lewis & Co., two firms that advise shareholders on voting, had both recommended voting against the pay package, because of the retention bonus and a smaller grant given to Daniel Pinto, the president and chief operating officer. ISS said the awards weren’t tied closely enough to the bank’s performance.
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