Only 31% of votes solid in a shareholder advisory referendum on Tuesday supported JPMorgan Chase in its special $52.6-million award last 12 months to CEO Jamie Dimon to remain on the job for at the least five more years.
The preliminary count announced on the meeting is an unusual rebuff from shareholders.
While say-on-pay votes are only advisory and Dimon, 66, is predicted to maintain the award regardless, they’re closely followed as a test of investors’ attitudes toward executive pay.
Average support for pay packages at S&P 500 firms was 88.3% in 2021, down from 89.6% in 2020 and 90% in 2019, in accordance with consulting firm Semler Brossy.
This 12 months two major advisory firms, from which investors take their cue when voting, had beneficial that they vote “no” in JPMorgan’s vote due to special award.
The additional award dished out in July was probably the most significant change in usual Dimon’s annual pay.
The award was separate from Dimon’s usual annual pay package, which was up 10% to $34.5 million for 2021.
The previous low approval rate at JPMorgan since 2010 was 62% in 2015. In most years, greater than 90% of votes are solid in approval.