International Shareholders Services (ISS) is recommending against re-election of three members of Board of Directors for JP Morgan (NYSE:JPM). Referring to last years London Whale debacle they are citing “material failures of stewardship and risk oversight” specifically they are recommending shareholders withhold votes for
David M Cote is Chairman and Chief Executive Officer of Honeywell International Inc. Prior to joining Honeywell, he served as Chairman, President and Chief Executive Officer of TRW Inc., which he joined in 1999 after a 25 year career with General Electric. Mr. Cote was named co-chair of the U.S.-India CEO Forum by President Obama in 2009, and has served on the Forum since July 2005. Mr. Cote is a member of The Business Roundtable and serves on an advisory panel to Kohlberg Kravis Roberts & Co. Also sits on risk policy committee for JPM
James S Crown received his law degree from Stanford University Law School in 1980. Following law school, Mr. Crown joined Salomon Brothers Inc. and became a vice president of the Capital Markets Service Group in 1983. In 1985 he joined his family’s investment firm. He sits on the risk policy committee for JP Morgan.
Ellen V Futter was a director of the Federal Reserve Bank of New York (1988–1993) and served as its Chairman (1992–1993). She is a member of the risk policy committee for JPM.
Say what you want the team blew it and shareholder wealth was destroyed. With these resumes and responsibilities its hard to have confidence in these individuals to stay as members of board.
JP Morgan and Jamie Dimon has already heard from Fed regulators that JP Morgan is not trusted. What will probably happen is this team will quietly resign and skulk away through the back door.
The real problem is how does Jamie Dimon go home.
George Gutowski writes from a caveat emptor perspective.
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