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Jamie Dimon overwhelmingly defeated a referendum on his leadership of JPMorgan Chase on Tuesday, beating back a proposal that garnered less than a third of votes to strip the chief executive’s chairman title as investors backed Dimon against an insurrection by public union-led shareholders.

Shareholders led by the AFSCME pension fund, New York City pension funds, and Connecticut retirement plans sponsored a proposal put to all of JPMorgan’s investors that called for the bank’s board to remove the chairmanship from Dimon. Though the proposal was non-binding, majority support for it would have dealt a devastating blow to Dimon, who jointly holds both the chairmanship and chief executive titles at the bank. A similar proposal to split the roles last year garnered 40 percent of the vote.

This year, about 32 percent of shareholders voted for the split. The lopsided tally is likely to be seen as an endorsement for Dimon.

[HUFFINGTON POST]

image: AP

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