JPMorgan Chase's (JPM) Jamie Dimon won a resounding victory Tuesday in a closely watched referendum over his power and position as the bank's chairman and chief executive.
Only 32.2% of shareholders voted in favor of a shareholder proposal to separate the two roles, according to preliminary results from JPMorgan's annual meeting on Tuesday. The vote was nonbinding but closely followed, and JPMorgan's board has spent the past several weeks rallying support for Dimon. Leading proxy advisory firms, including Institutional Shareholder Services, had recommended the split.
The shareholder proposal received less support this year than it did a year ago, when about 40% of investors voted in favor of splitting Dimon's dual roles.