JP Morgan Shareholders Oppose Jamie Dimon's 66.8 Billion KRW 'Special Bonus' Payment

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] On the 17th (local time), shareholders of JP Morgan Chase rejected a proposal to grant a special bonus to Chairman Jamie Dimon at the shareholders' meeting.

According to MarketWatch and others, the JP Morgan Chase board submitted a proposal to the shareholders' vote to pay $218.0 million (approximately 256.4 billion KRW) to six executives including Chairman Dimon. In the case of Dimon, known as the "Emperor of Wall Street," the proposal included a special bonus of $52.6 million (approximately 66.8 billion KRW) and a guaranteed term of at least five years.

However, only 31% voted in favor. Major foreign media reported that this is the first time since 2009 that a compensation proposal submitted by the board has been rejected. Last year's compensation proposal was approved with over 90% support. The lowest approval rate since 2010 was 61.4% in 2015, and most years saw approval rates around 90%.

Nonetheless, regardless of the shareholders' vote, Chairman Dimon is expected to receive the special bonus. Although this vote is non-binding, JP Morgan Chase's compensation committee is taking it into consideration before making a final decision.

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