NEW YORK--(BUSINESS WIRE)--
JPMorgan Chase & Co. today announced that it has reached agreement with
shareholder proponents on the withdrawal of two proposals for the 2014
annual meeting and the steps the company will take in response.
The Sisters of Charity of Saint Elizabeth along with a number of other
sponsors had submitted a proposal, now withdrawn, that the board
commission a report describing the steps the company has taken to
address a number of challenges faced by the bank. The company agrees
with the Sisters of Charity of Saint Elizabeth that comprehensive
communications around best practices and lessons learned is valuable for
all of our stakeholders and agreed to prepare a report similar to that
proposed. This report will consolidate the relevant information and
provide it to shareholders in a readily available document.
Sister Barbara Aires of the Sisters of Charity of Saint Elizabeth, said,
“Our resolution pressed for comprehensive transparency regarding the
challenges faced by the bank and controls put in place to address them.
Through fruitful and instructive dialogue we were able to reach a
mutually agreeable solution with the company. We look forward to the
timely completion of the planned report.”
The Needmor Fund had also submitted a proposal, now withdrawn, that the
board require that the Chair be independent, beginning with the next CEO
transition. The company emphasized that it continues to welcome an
ongoing dialogue with the proponents and other corporate governance
professionals focusing on major issues related to the Chair and CEO
roles at public companies, including specific questions corporate
directors might consider in reviewing the implications of combining or
separating the roles of CEO and Chair.
Timothy Smith of Walden Asset Management, speaking on behalf of the
Needmor Fund, said, “We are pleased with the positive response from the
company and are confident that the goodwill stimulated from both of the
agreements announced today will lead to productive ongoing work
regarding these important governance matters.”
Lee Raymond, Lead Independent Director of the company’s board, said,
“Engagement with shareholders is important and facilitates a better
understanding of governance practices and communications that promote
the best interests of the company and its shareholders.”
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of $2.4 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
asset management and private equity. A component of the Dow Jones
Industrial Average, JPMorgan Chase & Co. serves millions of consumers in
the United States and many of the world's most prominent corporate,
institutional and government clients under its J.P. Morgan and Chase
brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
JPMorgan Chase & Co.
Investor Contact:Sarah Youngwood,
Media Contact:Joe Evangelisti, 212-270-7438
Source: J.P. Morgan Chase & Co.