JPMorgan Chase investors followed management’s recommendations on shareholder proposals, rejecting attempts to consider an independent chairman and a breakup of the biggest U.S. bank by assets.
Bloomberg News reports that based on a preliminary count, 33% of shareholders voted in favor of a proposal to split the roles of chairman and chief executive officer, the company said Tuesday at its annual meeting in New Orleans. A proposal to study whether the New York-based company should sell off its non-banking assets was rejected, with just 2.9% supporting the measure.
Proxy advisers Glass Lewis & Co. and Institutional Shareholder Services had recommended investors vote to separate the bank’s two most powerful roles.
In the meantime, Bloomberg also reports that Morgan Stanley shareholders approved the firm’s compensation plan with about 90 percent voting in favor.
The firm’s directors were elected with at least 96% votes in favor, based on a preliminary tally.