JPMorgan Chase shareholders gather in Tampa - WRBL

JPMorgan Chase shareholders gather in Tampa

Posted: Updated:
TAMPA, FL (WFLA) -

A proposal to split up the roles of chairman of the board and chief executive at the nation's largest bank came up short at a shareholder meeting held in Tampa on Tuesday.

The financial world paid close attention to the event, which lasted a little less than two hours, and was held  with tight security at a Tampa office park for the second year in a row.

A shareholder proposal pitched the idea of splitting up the two roles so the jobs are held by two separate people. The proposal got 32.2 percent of the vote.

"Currently, the CEO Jamie Dimon runs the board and the board is supposed to represent the shareholders and hold management accountable, when in fact the CEO is his own boss," said Lisa Lindsley, director of capital strategies for the American Federation of State, County and Municipal Employees, one of the groups making the proposal.

Representatives for those groups who spoke at the shareholder meeting said the proposal was not meant to be a referendum on chairman and CEO Jamie Dimon, but instead addressed management accountability.

The company's board of directors recommended a "no" vote on the proposal, saying the performance of JPMorgan Chase under the current structure has been strong and that board actions showed "strong, independent oversight" after a trading incident dubbed the "London Whale" that cost the company $6 billion.

The idea of splitting up the jobs garnered a lower vote than last year, and failed to convince some investors including Steve Novak, who traveled from Chicago for the meeting.

"Even though I've got 300 shares, that's not as much as the guy that had 1,000 shares, but with the kind of money I got, I want somebody to trust and Dimon's the person to trust," he said.

Sarasota resident and shareholder Stephan Dennis also said he voted against the proposal.

"I voted to keep it the way it is," Dennis said. "I think (Dimon's) doing a good job."

Lindsley, the AFSCME representative, said she wasn't surprised the proposal didn't get a majority vote, but "we do think that when a third of shareholders voice support for something, the board ignores it at their peril."

  • 8 On Your SideMore>>

  • Florida Hospital North Pinellas: Not responsible for 96-year-old patient's missing dentures

    Florida Hospital North Pinellas: Not responsible for 96-year-old patient's missing dentures

    Thursday, July 24 2014 4:56 PM EDT2014-07-24 20:56:22 GMT
    Ella Mae Hess, age 96, wasn't thinking about her dentures when an ambulance rushedher to Florida Hospital North Pinellas last April after she took a bad fall at the Coral Oaks senior living facility in Palm Harbor.
    Ella Mae Hess, age 96, wasn't thinking about her dentures when an ambulance rushedher to Florida Hospital North Pinellas last April after she took a bad fall at the Coral Oaks senior living facility in Palm Harbor.
  • Glitch crashes global US passport, visa operations

    Glitch crashes global US passport, visa operations

    Thursday, July 24 2014 12:34 PM EDT2014-07-24 16:34:46 GMT
    The State Department's global database for issuing travel documents has crashed, resulting in major delays for potentially millions of people around the world waiting for U.S. passports and visas, officials said Wednesday.
    The State Department's global database for issuing travel documents has crashed, resulting in major delays for potentially millions of people around the world waiting for U.S. passports and visas, officials said Wednesday.
  • Apple users get strange emails with old dates

    Apple users get strange emails with old dates

    Thursday, July 24 2014 6:53 AM EDT2014-07-24 10:53:01 GMT
    If you got an email dated in the 60s, you would probably assume it's a scam.
    If you got an email dated in the 60s, you would probably assume it's a scam.
  • NewsMore>>

  • Adoption special extended in Hernando shelter

    Adoption special extended in Hernando shelter

    Friday, July 25 2014 4:46 AM EDT2014-07-25 08:46:42 GMT
    Hernando County Animal Services center is extending its Adoption Special to include all the dogs, cats and kittens at the shelter, county officials said Friday.
    Hernando County Animal Services center is extending its Adoption Special to include all the dogs, cats and kittens at the shelter, county officials said Friday.
  • Tampa Bay officials consider lightning-prediction systems after deaths

    Tampa Bay officials consider lightning-prediction systems after deaths

    Friday, July 25 2014 4:18 AM EDT2014-07-25 08:18:57 GMT
    One pf the lightning prediction systemsOne pf the lightning prediction systems
    A Tampa man is recovering after he was indirectly hit by lightning Thursday. And while six people have already been killed by lightning this year, some are trying to prevent the deaths.
    A Tampa man is recovering after he was indirectly hit by lightning Thursday. And while six people have already been killed by lightning this year, some are trying to prevent the deaths.
  • Clearwater twins inspire national campaign for epilepsy awareness

    Clearwater twins inspire national campaign for epilepsy awareness

    Friday, July 25 2014 4:08 AM EDT2014-07-25 08:08:31 GMT
    Hailey and LivyHailey and Livy
    'Make A Stand Against Epilepsy' - that's the slogan of a nationwide awareness and fundraising effort that sparked because of Clearwater twins.
    'Make A Stand Against Epilepsy' - that's the slogan of a nationwide awareness and fundraising effort that sparked because of Clearwater twins.
  • Most Popular StoriesMost Popular StoriesMore>>

  • 'Faces of Meth' program launched by Sheriff's office

    'Faces of Meth' program launched by Sheriff's office

    Monday, July 21 2014 6:37 PM EDT2014-07-21 22:37:35 GMT
    'Faces of Meth' is a project of the Multnomah County Sheriff’s Office.
    'Faces of Meth' is a project of the Multnomah County Sheriff’s Office.
  • Woman impales herself on cemetery fence; says she was running from attacker

    Woman impales herself on cemetery fence; says she was running from attacker

    Wednesday, July 23 2014 2:53 PM EDT2014-07-23 18:53:18 GMT
    A woman claims she was running from an attacker and tried to jump a five foot fence when she became impaled. Firefighters had to use power saws and a grinding saw to cut her free, all while she was conscious. After 30 minutes she was transported to an area hospital for surgery to remove the spike sticking out of her thigh. It happened at Vine Cemetery in Hazleton. She said the nearest gate was locked. Witnesses backed...
    A woman claims she was running from an attacker and tried to jump a five foot fence when she became impaled. Firefighters had to use power saws and a grinding saw to cut her free, all while she was conscious. After 30 minutes she was transported to an area hospital for surgery to remove the spike sticking out of her thigh. It happened at Vine Cemetery in Hazleton. She said the nearest gate was locked. Witnesses backed...
  • VIDEO: Intense gator battle at Odessa golf course

    VIDEO: Intense gator battle at Odessa golf course

    Thursday, July 24 2014 1:47 PM EDT2014-07-24 17:47:49 GMT
    An amazing video of two big gators locked in an intense fight might have you wondering how something so dangerous could happen at a golf course. A golfer shot the video using a cell phone
    An amazing video of two big gators locked in an intense fight might have you wondering how something so dangerous could happen at a golf course. A golfer shot the video using a cell phone
Powered by WorldNow

1350 13th Avenue
Columbus, GA 31901

Telephone: 706.323.3333
Fax: 706.327.6655
Email: news@wrbl.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.