JPMorgan’s Compensation & Management Development Committee took a giant leap ahead of the company’s 2022 annual meeting of stockholders: The CMDC was determined to reward Jamie Dimon, the firm’s CEO, and Daniel Pinto, the firm’s recently appointed sole president and chief operating officer, with sizeable 2021 executive pay packages that outpace its closest peers by a wide margin.
When it came time for JPMorgan’s stockholders to have their say, however, they went in the opposite direction. On May 17, a raucous stockholder base rejected the CMDC’s compensation proposal by a better-than-two-thirds majority. More than 68% of holders who voted on ...