Morgan Chase & Co., Jamie Dimon (JPM.N: Quote) may lose ground, chairman of the title, some of the major investors in his fight to push the supervision of the Chief Executive after the London whale "trading losses.
Within two weeks, the largest U.S. bank's annual meeting, shareholders will be able to vote in non-binding recommendations of separating the roles of chairman and chief executive officer. The top 10 shareholders of the two banks told Reuters reporters that they are considering the proposal is conducive to their position, a reversal of last year's vote, because the cost of bank credit derivatives more than six billion U.S. dollars, last year's disastrous bets.
Recommended that only a non-binding recommendations, it is not clear what the Board will do, if it passes. ISS Proxy Advisory Services, a leading proxy advisory firm, on Friday recommended investors to support the recommendations also said that they should vote against the re-election of three directors, they are said to have failed in their supervision of banks.
JP Morgan declined to comment on the matter. The Board of Directors of the Bank has said it opposes the shareholder proposal, the trading loss, the company's deal with its current governance project.
Director of the Bank is leading a positive activity to persuade shareholders to vote against one of the investors said. It is not clear how many investors support the proposal.
Morgan investors, who did not authorize the recording of the statement, said, vote, however, shake, they intend to continue driving force behind the bank's directors, need at least some power Dimon.
One investor said, they are likely to encourage banks to give more power, its lead independent director, former ExxonMobil CEO Lee Raymond (Lee Raymond). JP Morgan Chase (JPMorgan), is now known to the Managing Director of the auspices of the role of the director ", including the agenda and schedule of the approval of the board of directors and an independent director presided over the meeting.
The second Investors said they will not be satisfied with anything less than the separation of the two roles, as a chairman of the board, is a full-time job.
Complex vote Dimon's reputation as the best managers on Wall Street. The implementation of the 57-year-old is still considered by many shareholders, as a shrewd leader, they hope he can continue to run the bank, although some supervision. Some investors are worried that Damon will leave, if he loses the vote.
Dimon's difficult, since last year, when the news of the London whale transactions. Since then, the bank has power market manipulation allegations ranging from a series of plug-in operation and regulatory control money-laundering. In the minds of many investors, JP Morgan's growing range of issues has been overshadowed by last year's record profits.
Regulatory issues
As investors thinking, Damon can provide adequate supervision of banks nearly $ 2.4 trillion in assets, can give the power of their concerns, but the growth of the minority shareholders of the largest banks in the United States is too large, difficult to manage the legislative and regulators idea.
The occasion of the vote, the person in charge of the U.S. companies in the wider debate of a company also should lead the supervision of a director of a company. In the UK, these two roles are usually separated.
"Independence is the cornerstone of the accountability system, Joe said:" My dear, the California Public Employees' Retirement System, the system has a chief investment officer at JP Morgan Chase shares. "As a principle, CalPERS that Parliament should be chaired by an independent director of our utmost to support the CEO and chair roles."
Dear devoted to JPMorgan declined to comment.
Shareholder proposal sponsored by the state of the U.S. Federal, State, County and Municipal Employees, New York City and Connecticut state employee retirement plans and the United Kingdom Hermes fund managers.
In last year's meeting, the sole sponsor of the AFSCME proposal and won 40% of investors voting, a relatively high board had opposed this measure.
Last year's vote occurred only five days, the company admitted for the first time that their bad credit derivatives bets. Since then, shareholders have learned more about the failure of the company's risk control and regulatory bodies with trouble.
International Space Station, which is also known as Institutional Shareholder Services, supported the proposal last year, but this year two new analysis, concluded that the board of Damon lack of independence of the London whale loss.
Second proxy consulting firm, Glass, Lewis and cooperation, through the proposal of last year, but has not yet announced this year's voting recommendations.
Dimon other problems. The New York Times reported that on Friday the U.S. government survey found that JP Morgan Chase unit to manipulate the electricity market in California and Michigan.
Office of the Comptroller of the Currency, one of the primary regulator of banks, is considering accused the bank failed to conduct adequate due diligence and report suspected Ponzi schemer Bernard Madoff, Reuters first reported last month.
In his annual letter to shareholders, Dimon said, the entire banking executives to other projects to maintain or expand their back, so they can focus on the bank's regulatory obligations. Now dozens of these items in the back of the head, sources familiar with the situation said.
 
 



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