10: 32 am: Michael Gartland of NYC Comptrollers office also speaks in favor of Proposal Six.
"We believe our interests are best served when a CEO runs the business, on the one hand, and an independent board lead by an independent chair oversees the CEO," Gartland says.
Describes having the CEO running the board as a "unrealistic" and "imprudent."
Also says that this is not a referendum on Dimon's leadership.
Cites the loss of regulatory confidence in the leadership at the bank as a reason to divide the roles.
"The onus is on the board to demonstrate to both shareholders and regulator to demonstrate that it is serious about…oversight," Gartland says.
10:28 am: Now moving on to proposal number six, the pension fund proposal to adopt a proposal for an independent chair.
"This proposal was never intended as a referendum on Mr. Dimon's performance as CEO," says the proposal's spokesperson, Lisa Lindsley of Afscme.
10:25 am: Dimon wraps up his summary of performance: "That is why I am proud to be a part of JPMorgan Chase."
10:21 am: Dimon has gone into earnings call mode. Quickly summing up business performance, including response to Super Storm Sandy. Calls the London Whale "our biggest problem in the year."
He seems to be talking very, very quickly. A sign of heightened nerves perhaps.
Mentions that there have been regulatory consent orders and that still more are expected. Satisfying all the orders in a time consuming process. This is straight out of his shareholder letter.
10:14: As the meeting begins, a person in the audience attempts to raise a "point of order." Is quickly shot down by JPM executive Stephen Cutler but assured he can raise his point later in the meeting.
Shareholder responded by shouting: "You're excluding shareholders!"
10:07 am: The room is full, according to Margaret Popper, our producer on the scene in Tampa. There is no food or drinks for shareholders. When I was a lawyer this was trick we used to keep meetings short. Hungry people stop asking questions eventually.
In meeting, Dimon came out to greet the press. Popper reports that he seemed "friendly but nervous." Dimon then moved on to greet shareholders
One disgruntled shareholder/client came to deliver sheaf of papers with a complaint. Said he didn"t want to embarrass Jamie. Jamie said "that's ok" and summoned a person who is here to take complaints.
Once at podium, Dimon welcomed shareholders. Mentioned that the bank has 540 employees in Oklahoma.
We then went to a video about what JPM does. Basically, an extended commercial for the bank.
Interestingly, outside the meeting the bank povided porta potties and water in cordoned off area for protesters. None had showed up by 9:40.
9:52 am: Another reason Dimon won? Look at the governance structure of JPMorgan's twenty largest institutional shareholders, who together control around 38 percent of the company.
As I explained yesterday, the majority of the largest shareholders—representing more than 26 percent of the voting power in the company—have unified executive chairman. Each of the five biggest shareholders—Blackrock, Vanguard, State Street, Wellington, and FMR—have chief executives who are also chairman.
This is what we might call a revealed preference. The top shareholders apparently think that having CEO chairman is a good idea. They are very likely to vote not to split the roles.
Around 45 percent of the top holders, however, reveal the opposite preference. They divide the roles. Together they control around 11 percent of the voting power.