Florida State Board of Administration will vote against the compensation package for James “Jamie” Dimon, chairman and CEO, and four other senior executives at J.P. Morgan Chase & Co., while the Connecticut Retirement Plans & Trust Funds and Illinois State Board of Investment will vote against the re-election of Mr. Dimon as a director.
Mr. Dimon's total compensation in 2013 was $20 million, consisting of $1.5 million in cash salary and $18.5 million in incentive pay in the form of restricted stock units, according to the company's proxy statement.
The $178.9 billion Tallahassee-based FSBA will vote against the executive pay because “pre-determined performance metrics for compensation were lacking,” said Jacob Williams, FSBA corporate governance manager, in an e-mail. Prior to deciding how to vote, FSBA officials spoke with J.P. Morgan's team about the pay, Mr. Williams added.
The $27.1 billion Hartford-based Connecticut pension system will vote against Mr. Dimon because it believes “the positions of CEO and chairman should be separate,” according to an e-mail from the office of Denise L. Nappier, state treasurer and sole trustee of the retirement plans and trust funds.
The Connecticut pension system is also voting against the re-election of William C. Weldon because “he sits on more than three public company boards.”
Aside from opposing Mr. Dimon, the $14.5 billion Chicago-based ISBI also will vote against the re-election of Lee R. Raymond, lead independent director, said William R. Atwood, ISBI executive director, in an e-mail.
The FSBA will also vote against a shareholder proposal calling for disclosure of the company's lobbying policies, activities and payments. “JPM appears to provide a reasonable level of detailed information and more lobbying disclosure than peers,” Mr. Williams said.
The Connecticut pension system and ISBI support the lobbying disclosure proposal; J.P. Morgan Chase opposes it.
ISBI and the $1 billion American Federation of State, County & Municipal Employees Pension Plan, Washington, will vote against the ratification of PricewaterhouseCoopers as the company's accounting firm.
The FSBA holds 8 million J.P. Morgan Chase shares, valued at $433.9 million; the Connecticut pension system, 1.2 million shares, valued at $67.4 million; and ISBI, 521,703 shares, valued at $28 million. The AFSCME plan's share holdings weren't available.
J.P. Morgan Chase's annual meeting is Tuesday.
