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Some meddlesome JPMC investors seem to think so.
A major public employee union, the American Federation of State, County and Municipal Employees, and pension funds in Connecticut and New York are backing the new resolution asking the largest U.S. bank to name an independent chairman for its board. The proposal would come up for a vote at J.P. Morgan’s annual meeting this spring. AFSCME plans to announce the proposal Wednesday, said a person familiar with the plans.
AFSCME filed the resolution with J.P. Morgan late in 2012 and the bank has not asked the Securities and Exchange Commission to throw it out, an AFSCME spokeswoman said. AFSCME intends to lobby the bank’s largest shareholders for votes in favor of the split, she added.
A similar proposal received 40% approval from shareholders in 2012, the highest percentage on such an advisory proposal since at least 2005. J.P. Morgan has argued in prior years that the split wasn’t necessary. A bank spokesman declined to comment Wednesday.