JPMorgan directors reelected, former Exxon executive overcomes opposition

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) shareholders voted to reelect all of the bank’s board members on Tuesday, including a former Exxon Mobil Corp (XOM.N) CEO who drew criticism from environmental groups and New York City’s comptroller and pension system leader.

Each director received support of at least 84{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of investors’ votes at the bank’s annual meeting, conducted virtually due to the novel coronavirus pandemic. In April, JPMorgan said it will name a new independent director to replace former Exxon CEO Lee Raymond, 81, “by end of summer 2020.” reut.rs/2SummMh

The vote showed investors were willing to go along with JPMorgan Chief Executive Officer Jamie Dimon’s assertions that the bank can support green initiatives, while continuing financing deals with some fossil fuel companies.

Raymond was targeted by critics who said his previous role leading a major oil company put him at odds with the goals of the Paris Climate Agreement, which Dimon said the bank supports.

While none of the shareholder proposals won a majority of shares voted, one proposal, which asked that the bank report on its progress toward sustainable climate goals, including the Paris agreement, got close with 49.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of shares voted.

Traditionally shareholder measures that receive more than 30{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} of support usually push companies to make at least some changes to assuage investor concerns.