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JPMorgan joins proxy access trend, adopts clawback disclosure
[BOSTON] JPMorgan Chase & Co said on Monday its board will consider a bylaw amendment to make it easier for small groups of investors to run candidates for the New York bank's board of directors.
That move came just hours before fast-food leader McDonald's Corp announced that its board amended company bylaws to provide shareholders with new rights of proxy access for director nominations.
In a securities filing, JPMorgan said its board told management to prepare an amendment to grant groups of up to 20 shareholders the right to nominate their own candidates, a change known as "proxy access" that has become a popular reform at many companies this year.
JPMorgan said the amendment would include a requirement that shareholders would need to have owned at least three per cent of the company for three years, a common threshold and an approach the board requested.
In addition, JPMorgan said its board has adopted a policy under which it would disclose whether it has recouped any incentive compensation from senior executives.