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Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 20 May 2013 [View all]Demeter
(85,373 posts)28. JPMorgan Vote Tests Stockholders’ Power
http://dealbook.nytimes.com/2013/05/19/jpmorgan-chase-vote-tests-stockholders-power/
Jamie Dimon and the 10 other directors of JPMorgan Chase take the stage in Tampa, Fla., on Tuesday, to face shareholders who can take comfort in a rising stock price and a prospering bank.
But those same shareholders may also deliver a humbling rebuff to Mr. Dimon and the banks board.
If shareholders vote to separate the jobs of chairman and chief executive positions that Mr. Dimon has held since 2006 it would signal a shift in the balance of power in corporate America, an inflection point in shareholders push for greater say in the boardroom. Shareholder protests at large companies are usually successful only at those that are troubled or whose stock price has disappointed.
But JPMorgan, even after suffering a multibillion-dollar trading loss that exposed weak risk controls and spurred federal investigations, is minting profits quarter after quarter. And its stock price is up 19 percent this year.
A victory against a bank that prides itself on its fortress balance sheet would go a long way toward proving that shareholders can push for changes even at strong companies...If JPMorgan shareholders reject the proposal which would not require the bank to act in any case it will be a powerful endorsement of Mr. Dimon and his leadership...
ENDLESS SPECULATION FOLLOWS.
Jamie Dimon and the 10 other directors of JPMorgan Chase take the stage in Tampa, Fla., on Tuesday, to face shareholders who can take comfort in a rising stock price and a prospering bank.
But those same shareholders may also deliver a humbling rebuff to Mr. Dimon and the banks board.
If shareholders vote to separate the jobs of chairman and chief executive positions that Mr. Dimon has held since 2006 it would signal a shift in the balance of power in corporate America, an inflection point in shareholders push for greater say in the boardroom. Shareholder protests at large companies are usually successful only at those that are troubled or whose stock price has disappointed.
But JPMorgan, even after suffering a multibillion-dollar trading loss that exposed weak risk controls and spurred federal investigations, is minting profits quarter after quarter. And its stock price is up 19 percent this year.
A victory against a bank that prides itself on its fortress balance sheet would go a long way toward proving that shareholders can push for changes even at strong companies...If JPMorgan shareholders reject the proposal which would not require the bank to act in any case it will be a powerful endorsement of Mr. Dimon and his leadership...
ENDLESS SPECULATION FOLLOWS.
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