Jamie Dimon, President and CEO of JP Morgan, needs an intervention, and the shareholders trying to provide it need to try harder. Just days after entering a settlement agreement with the Department of Justice for criminally conspiring to manipulate foreign exchange rates and just two years after the last settlement, Dimon has concluded that the only possible reason shareholders might have to vote against his eight figure pay plan is that they are “lazy” and blindly follow the advice of the proxy advisory firms.
Ah, yes, the return of the “shareholders are stupid” argument, with an extra helping of blame the messenger. In case there was ever any question about what it means to be an entrenched executive surrounded by enablers, including his board, this should make it clear that Dimon is deeply in denial about the way shareholders view his value. Shareholders voted against his pay because it was too high. They retain proxy advisors because they value their analysis. As the Dupont vote demonstrated, they are plenty energetic enough to disregard the recommendations of the proxy advisory firms when they disagree. Dimon’s comments should prompt them to be even more energetic in sending him that message next year.