The California Public Employees’ Retirement System voted in favor of splitting Jamie Dimon’s dual roles as chairman and chief executive officer ahead of JPMorgan Chase & Co.’s annual shareholder meeting tomorrow.
JPMorgan Chase & Co. should name an independent chairman and oust three directors, a shareholder advisory firm said, boosting pressure on the bank to overhaul its corporate governance after a $6.2 billion trading loss.
JPMorgan Chase & Co., the biggest U.S. bank, shouldn’t re-nominate three risk committee members after disclosing more than $6.2 billion in losses on derivatives trades last year, CtW Investment Group said.
The three directors who oversee risk at JPMorgan Chase & Co. include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots.
Sara Lee Corp.’s managers, who failed to boost the stock price buying and selling $12 billion in assets in the past decade, destroyed shareholder value by passing up three chances to sell the company in the last year.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said bank executives may have accidentally misinformed its board and regulators on risks in its chief investment office before the unit announced $2 billion in trading losses.
President Barack Obama told campaign donors in Chicago and Minnesota that Europe’s sovereign debt crisis is largely to blame for the slowest month of U.S. employment growth in a year, seeking to counter an issue weighing on his re-election bid.