Wednesday, May 16, 2012

Disappointment at Shareholders' Meeting

The annual meeting of shareholders of J.P.Morgan Chase was held within a week of Chairman cum CEO's admission of massive failure of Risk Management system. One therefore thought that the shareholders would hold the CEO accountable for this incredible lapse. But the meeting was a damp squib. The meeting was almost a breeze for Jamie Dimon! What is governance coming to ?

The shareholders also voted on a proposal to split the post of Chairman cum CEO. Sadly, even this proposal failed to muster majority support. If shareholders are suicidal, who can save them? They let arrogant CEOs last longer.

No comments: