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JPMorgan Shareholders Urged to Split Chairman, CEO Role

Advisory firm also recommends against re-election of some members of the bank board's risk committee.

By Dawn Kopecki, Bloomberg | Updated on May 06, 2013

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.

Stockholders should vote in favor of a proposal to split the roles of chairman and chief executive officer, both currently held by Jamie Dimon, at New York-based JPMorgan’s annual meeting May 21, Institutional Shareholder Services said in a report. ISS, which advises investors on proxy voting and corporate governance, cited “failures of stewardship” in opposing the re-election of three risk-committee directors.

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