Proxy adviser Glass Lewis features advised people to oust former ExxonMobil employer Lee Raymond from JPMorgans board, raising stress on the banking institutions lead director who's set-to transition to a typical board chair in 2010.
In a circular to shareholders in front of JPMorgans yearly general conference on Tuesday, Glass Lewis stated the finance companies decision to continuously enable Mr Raymond to breach its mandatory retirement age ended up being an extreme outlier which could no more be justified.
Mr Raymond is 81 yrs . old, while JPMorgans board retirement is 72. The financial institution gave him waivers from the mandatory retirement in earlier years due to his experience, abilities, and a higher level of shareholder help.
JPMorgan has recently guaranteed to begin the search for Mr Raymonds successor as lead separate manager, in a triumph for environment change activists and nyc comptroller that are in addition arguing the previous oil boss becoming taken off the board entirely.
In previous Proxy Papers, we have made note of age limitation waivers for Mr Raymond, suggesting they are not especially regarding in light of the panels overall normal non-executive manager tenure and current refreshment, said Glass Lewis. We no longer believe this is the actual situation.
Another proxy adviser, ISS, told investors that cautionary help is warranted for Mr Raymonds reappointment into financial institutions board to convey that extra, brand-new independent oversight is essential because the process discover their successor unfolds.
Mr Raymond has actually sat on JPMorgans board for 19 many years.