Compared with its annual meeting last year, and to some of its peers' meetings this year, JPMorgan Chase (JPM) sailed through a relatively sedate meeting of shareholders Tuesday.
Shareholders approved a pay raise for Chairman and Chief Executive Jamie Dimon and other executives, elected the company's full slate of board nominees and approved PricewaterhouseCoopers as auditor at the JPMorgan annual meeting held in Tampa, Fla.
Some longwinded shareholders then took the chance to express opinions and preferences at the microphone, but officials still wrapped up their 2014 annual meeting in about an hour.
The proceedings were much smoother than in 2013, when JPMorgan faced a shareholder proposal to split Dimon's chairman and chief executive titles. Although Dimon prevailed in the vote, both he and the company faced weeks of harsh questioning about whether Dimon deserved to retain both titles.
Dimon avoided the fate this year of Bank of America (BAC), when CEO Brian Moynihan had a lot of explaining to do about a gaffe in its capital plan and took withering criticism from shareholder Judy Koenick during his annual meeting. One shareholder screamed at Koenick to shut up at the B of A meeting.
JPMorgan's gathering wasn't completely devoid of criticism or tough subjects.
Officials acknowledged an issue that has been hovering over the bank for months the multiple legal settlements that the company has reached, at a cost of billions of dollars.
While the cost of these settlements has been high, the board has been united in its view that it's in the best interest of the company and shareholders to put these matters behind it, said Lee Raymond, JPMorgan's lead independent director.
Dimon said little about the legal settlements while briefly summarizing the company's financial performance and also commending the hard work of his employees. Dimon himself received good news at the meeting as about 78% of shareholders approved his $18.7 million pay package in a nonbinding vote.
And then came the open-mic portion of the morning.
One shareholder, Sister Nora Nash of St. Francis of Philadelphia, a JPMorgan shareholder, criticized the bank for not providing more details about its spending on lobbying.
Another individual shareholder said he drove from his home in Sarasota, Fla., to Tampa to attend the meeting and learn more about how the company conducts its business. Normally, he said he would have been playing bridge at that time of day.
And then, the meeting abruptly came to a close. Stephen Cutler, JPMorgan's general counsel and the presiding officer of the meeting, quickly made a motion to adjourn after the final shareholder spoke and within minutes the meeting was over.