Jamie Dimon May Face A New, Tougher Board

Jamie Dimon

Jamie Dimon won his battle to stay on as JPMorgan Chase's chairman, but he may soon have three new board members who might not take it so easy on him.

CNNMoney reports that at the bank's annual shareholder meeting in Tampa Tuesday, JPMorgan announced that three directors who served on the risk committee during the London Whale fiasco received only between 51% and 59% of shareholders' votes.

While they technically won reelection, most shareholders view the narrow majority as a sign of broad disapproval with these board members and their failure to rein in risk taking at the bank.

The board's presiding director, Lee Raymond, foreshadowed a potential board shake up when he told shareholders to 'stay tuned' for announcements about the composition of this committee.

'We have never seen something like this before', said Anne Simpson, the director of corporate governance at the $266bn pension fund CalPERS. 'It's more serious than Dimon losing the chairman's vote, because it means people will leave the board'.

Hit the link below to access the complete CNNMoney article:

Jamie Dimon may face a new, tougher board

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image: © Steve Jurvetson

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