In the end, nearly 93% of JPMorgan Chase (JPM) shareholders approved of boosting CEO Jamie Dimon's pay to $28 million last year, an increase of 3.7%.
Among those who demurred, a common reason cited at the Wall Street bank's annual meeting in Wilmington, Del., on Tuesday was President Donald Trump, who won the electoral college decisively but lost the popular vote and has ignited criticism with an attempted Muslim travel ban and a pledge to build a wall on the Mexican border.
Investors linked Trump's politics to JPMorgan in part to convince Dimon to leave the president's Strategic and Policy Forum, a panel of corporate leaders created to advise the president on creating jobs and fostering economic growth. They also want the largest U.S. lender to refrain from providing financing for private prison operators such as Geo Group (GEO) and Core Civic (CXW) that stand to benefit from roundups of the illegal immigrants Trump pledged to target.
The Center for Popular Democracy's organizational development director, Hilary Klein, said during a presentation on behalf of a shareholder that more than 4,000 people have used the Backers of Hate campaign's website to send messages to Dimon urging him to distance himself from the president.
The center is one of two groups leading the campaign, which opposes Trump's immigration stance and lists companies from banks to manufacturers that could make money from the president's policies.
JPMorgan and other banks that lend to detention facilities indirectly benefit if the Trump agenda is fully implemented, Klein said in a telephone interview after the meeting. "The more people we lock up in prison, the more immigrants we detain in these detention centers, the more these companies stand to profit. So we're calling on them to do the right thing, to distance themselves from the Trump agenda."