NEW YORK (Reuters) – Just 31% of the votes cast in a shareholder advisory referendum on Tuesday backed JPMorgan Chase & Co in its $52.6 million special award last year to CEO Jamie Dimon for staying in power. position for at least five more years.
The preliminary count announced at the meeting is an unusual rebuff from shareholders.
While the say-on-pay votes are advisory only and Dimon, 66, is expected to keep the award regardless, they are being watched closely as a test of investors’ attitude toward executive pay.
Average pay package support for S&P 500 companies was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, according to consultancy Semler Brossy.
This year, two major consulting firms, whose investors are inspired to vote, had recommended that they vote “no” in JPMorgan’s vote because of the special price.
The additional award handed out in July was the most significant change to Dimon’s usual annual salary.
The award was separate from Dimon’s usual annual salary package, which rose 10% to $34.5 million for 2021.
The previous low approval rating at JPMorgan since 2010 was 62% in 2015. In most years, more than 90% of votes are cast in approval.
(Reporting by David Henry in New York; Editing by Nick Zieminski)
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