DETROIT (Reuters) - The 2014 Compensation of JPMorgan Chase & Co (N:JPM) CEO Jamie Dimon and other top bank executives won support from only 61 percent of shareholder votes cast at the company's annual meeting on Tuesday, according to a preliminary tally.
The vote followed a recommendation by Institutional Shareholder Services, the most influential of the advisory services, that shareholders not endorse the compensation practices because the board decides how much cash and stock to pay without consistent reasons that would link pay to performance and shareholder interests.
Lead independent director Lee Raymond said at the meeting that the board's method of setting pay properly aligns incentives for executives. But Raymond said the board is mindful of other opinions and is looking for ways to improve its practices.
