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May 7, 2013

Big Funds Undecided On Dimon

“J.P. Morgan Chase & Co. has yet to persuade three of its largest shareholders to back the company in a coming vote over whether James Dimonshould retain his dual role of chairman and chief executive.

BlackRock Inc., Vanguard Group Inc. and Fidelity Investments remain undecided with two weeks to go before final votes are tallied on May 21, said people close to the firms.

Together, they control more than 12% of all shares, according to regulatory filings, meaning they can swing the vote depending on what they decide.

All three money managers have sided with J.P. Morgan Chase management in shareholder votes in the past. Last year, BlackRock, the largest institutional investor, with 248 million shares across its funds, voted against a similar proposal, as did Fidelity and Vanguard. As of late Monday less than 20% of the votes on the proposal had been cast, a count that is similar with prior years, said a person close to the company.”

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Read full Wall Street Journal article here 

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