JPMorgan Chase shareholders should support a proposal to consider an independent chairman, proxy adviser Glass Lewis & Co. said.
The difference in this shareholder proposal, which will be up for a vote at the firm's annual meeting on May 17, is that it does not specifically target Jamie Dimon, who holds both the chairman and chief executive officer titles.
While the measure is similar to ones shareholders have rejected in the past, it says the board could wait until Dimon leaves New York-based JPMorgan before implementing the plan.
"We ultimately believe vesting a single person with both executive and board leadership concentrates too much responsibility in a single person and inhibits independent board oversight of executives on behalf of shareholders," Glass Lewis wrote in a report this week and obtained by Bloomberg.
Proxy advisers typically advocate for separating the two most powerful roles at a corporation. But companies and majorities of voting shareholders often ignore the advice.
Wells Fargo's John Stumpf retained his chairman and CEO titles Tuesday after only 17% of shareholders voted in favor of a proposal to separate those CEO roles at Wells. Denver investor Gerald Armstrong had proposed it.
The issue resulted in a special vote last year at Bank of America after CEO Brian Moynihan added the chairman role without shareholder input. He ultimately prevailed. At JPMorgan, a similar proposal was defeated last year and in 2013. The idea was also put forth in 2014 and withdrawn before a vote.
The proposal was the only one in which Glass Lewis diverged from vote recommendations from JPMorgan's management.