The board of JPMorgan Chase & Co. is calling on shareholders to reject two proposals at the May 15 annual meeting.
John Chevedden is proposing that the company split the chairman and CEO roles. Chevedden described lead director Lee Raymond as "weak" and argued that Jamie Dimon, who holds the chairman and CEO titles, would be unable to make independent assessments of the potential payoff from breaking up the bank.
And the AFL-CIO Reserve Fund, which owns 2,132 JPMorgan common shares, wants to prohibit the vesting of equity-based awards for senior executives who leave to join government service.
The board is additionally asking for the ratification of a minimum required stake for investors who wish to call a special meeting of shareholders. The current threshold is 20%, and while some shareholders have repeatedly proposed to lower that figure, those proposals were rejected.
JPMorgan also disclosed a 2017 CEO pay ratio of 364 to 1. Chairman and CEO Jamie Dimon received $28.3 million in total compensation that year. The estimated median employee received $77,799.