J.P. Morgan Chase & Co. shareholders Tuesday approved the compensation of James “Jamie” Dimon, chairman and CEO, and four other senior executives at the company by a vote of 77.9%, according to preliminary results announced at its annual meeting.
The $178.9 billion Florida State Board of Administration, Tallahassee, and proxy-voting advisory firm Glass Lewis opposed the pay packages.
The voting level for the non-binding say-on-pay proposal was far below the 92% average in support at other companies through the end of April, according to data from Towers Watson.
All nominees for directors at J.P. Morgan Chase were elected by a vote of at least 96% in favor.
PricewaterhouseCoopers was ratified as the company's accounting firm by a 98% vote in favor.
All three shareholder proposals were rejected: a proposal calling for disclosure of J.P. Morgan Chase's lobbying activities and payment won only 6.4% of the vote in support; a proposal reducing the threshold of shares necessary to call a special shareholder meeting to 15% from 20% received 36.3% of the vote in support; and a proposal allowing cumulative voting for directors garnered 26.8% of the vote in favor.
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 $27.1 billion Connecticut Retirement Plans and Trust Funds, Hartford, the $14.5 billion Illinois State Board of Investment, Chicago, and the $1 billion American Federation of State, County and Municipal Employees Pension Plan, Washington, voted against the re-election of Mr. Dimon as a director.
The Connecticut system also voted against the re-election of William C. Weldon, while ISBI and the AFSCME plan also voted against the re-election to the board of Lee R. Raymond, lead independent director.
The C$201.5 billion ($185.1 billion) Canada Pension Plan Investment Board, Toronto, the $183.3 billion California State Teachers' Retirement System, West Sacramento, and the AFSMCE plan voted in support of the executive pay.
The CPPIB, CalSTRS and FSBA voted in favor of all nominees for director.
Proxy-voting advisory firm Institutional Shareholder Services recommended clients support the executive pay and all nominees to the board.