Pension and endowment managers on Friday called on U.S. regulators to review the rules for shareholder voting after a firm collecting ballots for JPMorgan Chase cut off the bank's opponents from polling information.
Reuters reports that The Council of Institutional Investors, which represents managers of pensions, endowments, and foundations with more than $3 trillion of assets total, said in a letter to the Securities and Exchange Commission that votes at companies' annual meetings are set up in a way that gives too much of an advantage to corporate management.
A group of investors has proposed stripping JPMorgan head Jamie Dimon of his title of chairman, leaving him only his role as chief executive. Voting on the proposal closes on Tuesday, May 21, at the bank's annual meeting in Tampa, Florida.
Earlier this week Broadridge Financial Solutions, which distributes proxy communications and collects votes, stopped giving early vote tallies to the investors who have proposed the measure. The Securities Industry and Financial Markets Association, a trade group whose members include JPMorgan, asked Broadridge to stop giving the sponsors that information, said Lyell Dampeer, a senior executive at the company.
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