Jamie Dimon is expected to smash share holder revolt lead by AFSCME
AFSCME and other labor unions who’s pension funds hold shares in JPMorgan Chase have decided to change their strategy in their fight with big banks namely JPMorgan Chase. Instead of recruiting college students to help them experiment with the limits of personal hygiene by camping out in a plaza for months on end without bathing, they have now decided to take their fight to JPMorgan Chase’s shareholder meeting.
AFSCME and the other unions who own stock in JPMorgan Chase are now demanding that Chairman and CEO Jamie Dimon be stripped of his title as Chairman be replaced by an independent Chairman. They claim that there is a direct conflict of interest when a Board of Directors is overseen by the CEO.
This effort is by the unions is part of a larger endeavor by unions and other activist shareholders calling on reforms in corporate governance by splitting the role of CEO and chairman. The AFSCME Employees Pension Plan has submitted a non-binding shareholder proposal for investors at JPM Chase’s 2013 annual meeting.