Glass Lewis yesterday became the second voice to call for an independent chairman, following Institutional Shareholder Services’ repeated demands.
JP Morgan’s shareholders will vote on the issue at the bank’s annual meeting in two weeks’ time, with several set to voice their anger over the massive losses related to the so-called London Whale trading scandal. The vote is not binding but if a majority demands that the roles to be split Dimon’s dual position may become untenable.
Around 40 per cent voted for the roles to be split at last year’s meeting, although that was before the extent of the London Whale losses were revealed. Yesterday, Glass Lewis recommended voting against the re-election of directors it held responsible for the scandal.
Goldman Sachs has also had to fend off calls for an independent chairman recently, assigning more powers to other board members.