QUOTE(TOS @ Apr 20 2022, 10:04 AM)
dwRKI am in the midst of voting for the election of JPM's board of directors. One person that stands out is Linda B. Bammann. She worked at JPM previously and retired in 2005, then elected as director for JPM since 2013.
The proxy statement says all directors other than the CEO is independent, but it's hard to convince me that a former JPM employee is "independent". Moreover, she is the chair of the risk committee.
For some reasons (you can read in the proxy statement PDF page 24
https://www.jpmorganchase.com/content/dam/j...atement2022.pdf ), JPM says she passed NYSE's listing standards and JPM's own independence standards and she has "immaterial relationships" with JPM.
To say that a former employee has "immaterial relationships" with the firm sounds like a joke to me. Letting a former employee to chair a supposedly-independent risk committee might also present significant conflict of interest.
I wonder if the rules are too lax at NYSE/JPM? Planning to vote against her appointment to JPM board but need some opinions from others here.
so she worked hard in jpm, rise up the rank until retired, later jpm invited her back as director, and continued there for past 9 years... you bought 1 share this year and thinks she is problem?...
immaterial relationship just means she doesn't have a big enough vested interest that would cloud her decisions regarding the company... eg such as big chunk of jpm or competitor stocks, family members working in jpm, etc... it is obvious she is friend with jpm, nothing wrong with it... also you can excuse yourself from voting or sitting in committees that has potential for conflict of interest... this doesn't prevent a person from doing a good job elsewhere... the board has many people that can provide check n balance as well...