Advisers urge JP Morgan investors to vote to split chair and CEO positions

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Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”.Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.Dimon, who is worth an estimated $2.6bn (£1.

9bn), has held the dual role for two decades,Holding the two most senior roles in a company is widely frowned upon in corporate governance circles, particularly in Europe, but not banned,“The size and complexity of JP Morgan suggests that it is difficult for any one person to run both the company and the board,” ISS said in its shareholder report,“The board is responsible for overseeing management and instilling accountability, and conflicts of interest may arise when one person holds both the chairman and CEO positions, thereby leading both the management team and the board which oversees it,” ISS said,“Effective board oversight may be enhanced by independent leadership.

”Glass Lewis said that an independent chair would be “better able to oversee the executives of the company and set a pro-shareholder agenda.”The guidance has put the proxy advisers on a collision course with Dimon, who has held the chief executive and chair roles at JP Morgan since 2005 and 2006, respectively.The two firms have long been in Dimon’s crosshairs.He has accused Glass Lewis and ISS of having too much sway over shareholders, particularly when it comes to social and environmental issues.Dimon – seen as the world’s most powerful banker – has also taken a patriotic stance, highlighting that neither firm is American-owned.

Glass Lewis and ISS are owned by Canadian and German firms, respectively.The battle has also made its way to the White House.Trump in December signed an executive order aimed at reining in Glass Lewis and ISS, which he claimed were using their power “to advance and prioritise radical politically motivated agendas”.JP Morgan (JPM) has since shunned their use at its asset management arm, which is instead using its own internal AI-powered platform to help decide how to vote at the annual general meetings of companies held in its portfolios, according to the Wall Street Journal.JP Morgan is urging investors to oppose the shareholder proposal – brought by an individual retail investor – to split the chair and chief executive roles, and has written public letters to Glass Lewis and ISS urging them to overturn their recommendations.

The bank said there was no evidence that companies with independent chairs performed any better than rivals, adding that any suggestions an independent chair would be better at overseeing executives and setting a pro-shareholder agenda “omits any reference to or consideration of JPM’s strong record of absolute and relative outperformance versus peers”.The proposal revives a long-running debate over whether board independence is compromised by combining the roles, which are typically split at companies across Europe.While JP Morgan’s board has said they intend to separate the two roles after Dimon steps down, ISS said there was “a clear possibility” he would stay on as chair, meaning the effectiveness of any lead independent board member would be overshadowed.The bank said in its correspondence with Glass Lewis that the proxy adviser was looking to “undercut the flexibility the JPM board needs to design a leadership structure that enables orderly transition during management succession events, which does not promote shareholders’ interest”.The bank said the current leadership structure “has overseen long-term, strong financial performance and continued, meaningful progress against key initiatives and effective execution on strategic priorities.

“We believe that these results are tangible evidence of the board’s commitment to shareholder interests.”A spokesperson for JP Morgan said the bank did not have any further comment.
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‘Restaurants won’t survive’: Michelin chef opens venues abroad to withstand UK taxes

A British Michelin-starred chef says he is opening restaurants abroad to subsidise his UK venues against a backdrop of high taxes and a struggling hospitality sector.Jason Atherton is now in Forte dei Marmi, on the Tuscan coast in Italy, where he is preparing his newest opening, Maria’s, which will be in the Principessa hotel. The Sheffield-born chef now has restaurants all over the world, including in Dubai and St Moritz.He said he was finding it easier to make a profit in countries with more forgiving policies towards restaurants, pubs and bars. “I am trying to sustain our business by opening abroad

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Rachel Roddy’s recipe for spring chicken thighs with spring onions, mint and peas | A kitchen in Rome

The weather lately has been as temperamental as peas in pods. But peas are even harder to read than the sky: some pods contain sweet things no bigger than peppercorns, which explode when you bite them; the contents of others, however, are closer to small ball bearings, their size very likely a sign that all the natural sucrose has been metabolised and transformed to pea starch. The best thing for the tiny ones is to snack on them alongside a bit of cheese, whereas the path for big ones is the same as for dried peas, so pea and ham soup or a long-simmered puree.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

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Navel gazing: oranges, mandarins and persimmons top Australia’s best-value fruit and veg for May

“Sweet, low seed and great for snacking” imperial mandarins have just started their season, says Josh Flamminio, owner and buyer at Sydney’s Galluzzo Fruiterers. The tangy-sweet citrus is selling for between $2.99 and $3.99 a kilo in major supermarkets. At Galluzzo, Queensland-grown imperial mandarins are $3

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How to save asparagus trimmings from the food-waste bin – recipe | Waste not

Asparagus butts are a particularly tricky byproduct to tame because they’re so fibrous. I usually cut them very finely (into 5mm-thick discs, or even thinner), then boil, puree and pass them through a sieve (as in my green goddess salad dressing and asparagus soup), but even then you’ll still end up with a fair bit of fibrous waste. Enter asparagus-butt butter: a recipe that defies all odds, making the impossible possible by transforming a tough offcut into an intense compound butter that’s perfect for grilling or frying asparagus spears themselves, or for eggs, bread, gnocchi or whatever you can think of. The short fibres brown and caramelise in the butter, and in the process become the highlight of the dish, rather than the problem.This transforms an unwanted byproduct into an intense expression of the plant’s flavour

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Thoran and chaat: Romy Gill’s Indian-style asparagus recipes

Spring’s first asparagus always feels like a celebration, but there’s so much more to cooking those spears than just butter and lemon. Here, those tender stems combine with bold Indian flavours in two playful dishes. The thoran, inspired by Keralan home cooking, involves stir-frying asparagus with coconut, mustard seeds and curry leaves to create something warm and comforting (my friend Simi’s mum always used to drizzle it with a little lemon juice to give the flavours a lift). The chaat, meanwhile, tossed with tangy tamarind, yoghurt, spices, crunchy chickpeas and sweet pomegranate, is a delicious snack or side. Together, they show how versatile asparagus can be: easy to cook, vibrant and moreish even in unexpected culinary traditions

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Australian supermarket sauerkraut taste test: one is ‘like eating the smell of McDonald’s pickle’

It’s ‘Gut Coachella’ for Nicholas Jordan and friends, who blind taste a line-up of 20 shredded and fermented cabbage productsIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI cannot tell you how many times I’ve been introduced to a fatty, salty hunk of meat and thought, “my god, I’m going to need a pickle”. I feel the same eating cheese toasties or deli sandwiches with rich mayo-based sauces. Where is the pickle, hot sauce, citrus or ferment? Even the most savoury, juicy slab of umami is a bit much without acidity to balance it.What is the point of sauerkraut without acidity? It’s just wet, salty cabbage, and what is that for, other than deflating my spirits and inflating my gastrointestinal system? Sauerkraut should be sour; it’s the hallmark of the very thing that created it – fermentation.Why am I saying all this? After eight friends and I tasted 21 supermarket sauerkrauts, I was shocked to find some lacked not just acidity but any vigour at all