Intel and JPMorgan | Shareholders disapprove of executive compensation

(New York) The shareholders of the bank JPMorgan Chase disapproved by a very large majority on Tuesday of the remuneration paid to the leaders, including a bonus of 52.6 million dollars planned for Jamie Dimon, as had done those of Intel the last week.

Posted at 5:54 p.m.

Only 31% of the shareholders of the largest American bank voted in favor of the advisory resolution on the salaries and bonuses paid to its senior officials in 2021, confirmed to AFP a spokesperson for the establishment.

Similar resolutions in previous years had passed without a hitch.

But this year, the board of directors decided to grant its CEO, at the head of the establishment since 2005, the equivalent of 52.6 million dollars if he remains in his post “for a number of “significant years”: he will only be able to recover this money from 2026 and only if the stock goes up.

This financial incentive is in addition to his other compensation components, which amounted to $34.5 million in 2021.

At least one firm providing investors with recommendations for general meetings, Glass Lewis, had called for a vote against this resolution because of this exceptional bonus.

The resolution being only advisory, the vote does not mean that the bank will abolish the bonus, but it does reflect a certain dissatisfaction with the juicy remuneration of the directors.

The bank stressed in a preparatory document for the general meeting that it would take into account the result of the vote to decide in the future on the packages offered to its leaders.

In a similar vein, Intel shareholders overwhelmingly voted against a resolution on executive pay and bonuses last week, a stock market filing released Monday said.

The total remuneration of the boss of the chipmaker, Patrick Gelsinger, amounted in 2021 to almost 179 million dollars.

According to a study by Equilar published in mid-April, the median income of the general managers of the 100 largest American companies increased by 31% in 2021.

Between salaries, bonuses and stock options, they earned $20 million on average.


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