Institution Theme Category Industry
  • J.P. Morgan
  • Governance
  • Compensation
  • Financial Services
Company Year Market Link
Not disclosed - Global financial institution N/A N/A https://am.jpmorgan.com/lu/en/asset-management/per/about-us/investment-stewardship/stewardship-priorities/#Governance

This financial institution, which has received significant votes against remuneration in the past, was proposing to make changes to the vesting arrangements of long-term incentives that would benefit leavers in a manner not consistent with good market practice. We were also concerned about an ongoing pension disparity whereby board executives receive an annual contribution double that of the broader workforce.
We had two meetings with the company’s remuneration committee chairman and representatives of the reward department in the lead up to the 2019 AGM. Although we recognized that the company had made some improvements to compensation practices, we made it clear that we still had concerns.
…We have since engaged with the company again, and it has now committed to equalize pension arrangements from January 2020.

Details

  • Proponent
  • Management
  • Resolution
  • Say on Pay
  • Vote
  • AGAINST
  • Rationale
  • N/A
  • Details
  • The company has received significant votes against remuneration…changes to the vesting arrangements of long-term incentives would benefit leavers in a manner not consistent with good market practice…we were also concerned about an ongoing pension disparity whereby board executives receive an annual contribution double that of the broader workforce…Although we recognized that the company had made some improvements to compensation practices, we still had concerns.
    We were among the 36% of shareholders who elected to vote against the remuneration report at the 2019 AGM.