(Marketwatch) -- JPMorgan investors voted to approve Chief Executive James Dimon’s pay at the bank’s annual meeting over the objections of a shareholder-advisory firm.
Investors holding nearly 72% of the shares voted in favor of the nonbinding approval, according to a preliminary count, just above the 70% threshold that is viewed as a minimum by corporate-governance experts.
Dimon earned a total of $31 million in 2018, up from $29.5 million the year earlier. While Institutional Shareholder Services Inc. didn’t object to the amount the bank pays Dimon and other executives, it did criticize the bank for not providing enough clarity to shareholders on how it determines the compensation.
“Investors increasingly prefer an incentive program structure that reasonably constrains discretion in favor of an emphasis on objective and transparent determinations that are more compatible with pay-for-performance,” ISS wrote in a report before the meeting.