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Deal with activists lets JPMorgan avoid battle over chairman

A deal with shareholder activists will allow JPMorgan Chase to avoid another battle at its spring shareholder meeting over whether the bank should have an independent chairman, a person briefed on the matter said on Thursday.

In exchange for the withdrawal of a shareholder proposal the bank agreed to develop some type of public event on the criteria boards should use in setting up the roles of chairman and chief executive, this person said, speaking on condition of anonymity because the news has not been officially announced.

In addition, the bank will provide more details of its risk mitigation efforts, leading to the withdrawal of a related proposal, this person said.

—Reuters

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