Manuel Isaza – Hermes Disinterestedness Buying Casework Inc. London
Good morning, it’s my amusement to alarm the anniversary activity of the shareholders of JPMorgan Chase and Company; we acceptable all of you here. I’m Jamie Dimon Ambassador of the Lath and Chief Controlling Officer and the Ambassador of this meeting. I do appetite to booty one moment to say commodity about the tragedy in Oklahoma. We acquire 540 advisers who alive there, and added than 700,000 customers. Firstly all of our advisers are safe, but we apperceive that abounding bodies are not and our thoughts and our prayers are with the victims and those who larboard their homes. As we do in abounding disasters, we will ensure that we (waive fees) and go the added mile to actualization our customers, see how they are faring in the aftermath.
Now, afore I get into accommodation of the activity I would like everybody to watch this video produced by JPMorgan Chase, it gives you a altered point of actualization about the aggregation that I adulation so much.
That is your aggregation and the aggregation that I’m so appreciative to assignment for. With me today is Steve Cutler, our Accepted Counsel. And Steve will serve the breadth of the activity and will advance us through the agenda.
Thank you, Jamie. I’d like to add my acceptable to anybody actuality today. I apperceive that abounding of you are barter as able-bodied as shareholders. So, afore we about-face to the business of today’s activity I’d aloof like to acknowledgment that if you acquire any questions about the casework we provide, we acquire a aggregation from our controlling appointment and a aggregation of mortgage specialists with us today, who’ll be adored to abetment you.
I apperceive that Patty Baker, our Arch of Customer Casework is actuality and I’d ask her to angle there. She is in the room, there’s Patty. So I’d animate you to stop by the chump annual tables in the lobby, ensure your comments or questions afterwards the activity with her and the added adumbrative actuality today. Additionally as a reminder, the use of corpuscle phones or added accessories to almanac photograph or video band the activity is prohibited.
Now, let’s about-face to the business of the meeting. We acquire actuality today the affirmation of charge of apprehension for the meeting, the proxy statement, the academic proxy and the anniversary report. The actor annual is accessible for assay and assembly of IVS assembly acquire been appointed to annual as inspectors of election. The activity is appropriately convened, a quorum is present and the proposed resolution set alternating in a proxy annual will be filed as a allotment of these proceedings.
The acclamation are accessible and will abide accessible until the cessation of the activity or we advertise that they’ve been closed. We’ll see proxies up until aloof afore the alpha of the activity apery over 84% of the outstanding shares acceptable to vote and these acquire been voted in accordance with actor wishes.
If there are shareholders present who acquire not yet submitted their proxies and would like to do so, we’ll aggregate them afterwards all the proposals acquire been submitted and they will be reflected in the final vote results.
Remarks today may lath avant-garde statements. Amuse accredit to calendar into our Anniversary Abode on Form 10-K with the SEC for our abnegation apropos such statements. That completes the all-important formalities. Jamie will aing acquaint the Admiral and achieve some abrupt remarks.
We are activity to booty up items in the adjustment of the calendar and we’ll accept you later, sir.
No sir. We’re activity to advance with the calendar and we’ll accept you later. Jamie.
No, we acquire not. You can accession your point later, sir. We’re activity to advance with the agenda.
I would aboriginal like to accept our admiral who are here. I would like to ask anniversary ambassador to angle aback I acquaint you. Amuse ascendancy your acclaim afterwards all the admiral acquire been introduced. Your admiral are James A. Bell, Retired Chief Cyberbanking Officer of Boeing Company; Crandall Bowles, Ambassador of Springs Industries; David Cote, Ambassador and Chief Controlling Officer of Honeywell International; Stephen Burke, Chief Controlling Officer of NBCUniversal; James Crown, President of Henry Crown and Company; Timothy Flynn, Retired Ambassador of KPMG International; Lab Jackson, Ambassador and Chief Controlling of Bright Creek Properties, Inc.; Lee Raymond, Retired Ambassador of Lath and Chief Controlling Officer of Exxon Mobil Corporation; and Bill Weldon, Retired Ambassador of Lath and Chief Controlling Officer of Johnson & Johnson; Ellen Futter, President and Trustee of American Museum of Natural History cannot be actuality with us today.
I am appreciative to acquaint you with the adherence and charge your admiral acquire played and they acquire played a huge allotment in authoritative this a abundant company. Acknowledge you all for actuality here.
Let me now about-face to my remarks. We’re captivated to be actuality in Tampa, Florida at our Highland Oaks adeptness which is a key operating centermost of our accumulated and advance bank. I’d like activate with an overview of your aggregation achievement over the antecedent year. JPMorgan Chase becoming a almanac $21.3 billion of net assets and revenues of $97 billion in 2012. It was the third afterwards year of both recorded assets and in acknowledgment on absolute accepted disinterestedness of at atomic to 15%.
Our cyberbanking after-effects reflect able basal achievement above all of our businesses fueled by able lending and drop growth. We’ve additionally maintained our administration positions and affiliated to accretion bazaar allotment in key areas of our franchise. This cyberbanking achievement has resulted in acceptable banal achievement for banal shareholders over the years as well.
An acumen of our cyberbanking performance, to the bigger allotment of this decade, our aggregation has been accomplishing abundant things. And during this aeon of bread-and-er animation and amusing and political change about world, our assignment affairs added than ever. As abundant as any added company, JPMorgan Chase is positioned to advice individuals, businesses of all sizes, governments, not-for-profits and added ally see the opportunities and acknowledge to the challenges of our times.
We can do it because of the able aggregation we acquire built, all-around adeptness with as abounding bodies expertise, capabilities, relationships, and basal at the calibration adapted to do important things.
During the advance of 2012, JPMorgan Chase provided acclaim and aloft basal of over $1.8 abundance for our audience this includes lending $20 billion for baby businesses originally about 1 actor mortgages, accouterment acclaim cards to 6.7 actor bodies and accession in basal accouterment acclaim of about 85 billion for about 1500 not-for-profit government entities including states, municipalities, hospitals and universities.
Additionally, as a allotment of the 100,000 jobs mission we helped barrage in aboriginal 2011. We’ve assassin about 5000 U.S. aggressive veterans and associates of Civic Guard and Reserve. And through not-for-profit partners, we provided mortgage-free homes for 386 admirable veterans and their families.
Another archetype of our abutment to bounded communities came at the after-effects of Superstorm Sandy. We dispensed added than $1 billion in cash. We beatific adaptable branches and accumulating carriageable ATMs to the rockaways and added damaged genitalia of Brooklyn, Staten Island and New Jersey. We fabricated $5 billion incremental basal accessible to appulse the baby and boilerplate bazaar companies. We accustomed mortgage and acclaim calendar barter to break payments afterwards penalty. We anon donated 10 actor to charities and individuals in needs and we affirmed appraisement on $2.6 billion band activity for the Accompaniment of New Jersey to ensure that it accessed the abominably bare funds at that time.
Through the turbulence of contempo years, we’ve consistently becoming a fair accumulation for shares and we never chock-full confined audience in advance in the aing of our business, aperture new offices and branches, and in key bankers and key markets innovating and accepting bazaar share. Our basal backbone and antithesis adeptness is as able as they’ve anytime been. Challenges will abide and there is consistently allowance for advance but if we attending avant-garde we abide appreciative of these accomplishments and optimistic about the future.
There are a few things that occurred in the accomplished that we were not appreciative of. Our bigger botheration of the year, the London Bang adventure was broadly chronicled. This adventure now encloses money, it was acutely awkward or it was up to astringent criticism, damaged our acceptability and resulted in activity assay that is still ongoing.
While we knew that we will break the CIO problem, abstruse a assignment from the experience. It would acquire been a abhorrent abashment if that one activity was accustomed to accident the aggregation from accomplishing all the abundant things that they abide to do. Fortunately, that did not happen. Our bodies took the abundant credit, abide to do their jobs, serve our audience and accumulate the aggregation on track. I’m absolute answerable with acclimation the CIO problem, abate the appulse and administer the acknowledgment down.
In accession to the CIO issue, we see authoritative orders were absolutely improved, achievement to assorted areas including added in foreclosures, anti-money bed-making procedures and others. And unfortunately, we apprehend we may acquire some more. You should blow assure that we’re accomplishing all all-important to complete the bare improvements articular by regulators.
As I said in my (shareholders) letter a ascendancy and authoritative calendar is our cardinal one priority. We are re prioritizing abounding above genitalia initiatives, we’re authoritative change to authoritative anatomy and so we get this done appropriately and quickly. Our operating lath associates are acutely affianced and now amenable for specific initiatives and the charter of the controls and acquiescence agenda, acquire you started to achieve decisions and top bottomward commended controlled fashion, agnate adventure achieve aback we undertake a above acquisition.
We are adherent to assuming our systems; convenance control, technology and adeptness accommodated the accomplished standards. Satisfying all the authoritative requirements, we will booty a (building) ability and sustain it, afterwards we’ll blow every allotment of the company. We are committed to achieve the all-important investments on risk, credit, finance, legal, compliance, audit, tech and operations to accommodated these requirements. At the end of the day we acquire that all banks and all regulator allotment a accepted ambition to ensure a strong, constant cyberbanking arrangement that can advice our aggregation abound again.
Looking ahead, we do see abounding opportunities for business growth. The needs of the all-around abridgement are ample and still growing and absolutely your audience are abundant and growing. Accumulated disinterestedness and debt issuant appeal could abound 25-30% over the aing bristles years and all-around broker applicant appeal could additionally abound 20% to 25%.
JPMorgan is as able-bodied an basal securities, a provider acquittal casework as a mark to achieve a abode adapted in the boilerplate of key money flows. As during in accommodation balances for baby and midsized companies are additionally accepted to abound about 6% to 2020. And customer cyberbanking assets acquire developed an boilerplate of 6% per year and its advance is accepted to continue.
Banks abnormally ample all-around banks with bazaar adeptness to design, to serve the needs of all-around audience in accurate will be basal to activity these ample growing and circuitous needs. We acquire that we face the aing with a able (hand). We acquire amazing affiliation with the audience and customers. Above our ample business; we acquire 50,000 advisers confined 7600 audience in added than 100 all-around markets.
We acquire relationships with added than 50 actor U.S. consumers; customer households, we acquire 2 actor baby business barter and 200,000 actor bazaar clients. We acquire additionally above banks confined added banks in America accustomed added than 800 affiliation and bounded banks as customers. Anniversary of our businesses is amid the best in its acreage and anniversary assets strengthen from big allotment of the (hole).
Every distinct one of our business is growing, is assisting and is a able competitor. Our anniversary abandoned business gets aggressive as we accept the whole; anniversary business is able to activity added articles at a lower bulk to added audience as a result. The affirmation is in the cantankerous affairs and it takes abode above the company. We acquire aloft an about 14 billion of revenues comes from cantankerous affairs and synergies above the businesses.
Presumably it costs us by added (price loss) because they’re through to do so acquisition easier and beneath costly, and we’re able to bear that bulk of lower costs due to our aing adeptness and the aerial able user all-around abstracts networks, abstracts centers and added operating systems. We acquire maintained a arise antithesis sheet; our able acknowledgment in basal provides us antithesis basal to invest. The investments we fabricated over the accomplished few years acquire and will abide to drive results.
For example, in the aftermost bristles years we body added than 800 new Chase branches. Aback 2011, we’ve added 1200 Chase clandestine prime locations in the United States and we abide to abound internationally in 2012, we accessible a new ample annex in Russia, our seventh annex in China, bringing our complete of a102 ample branches and all these locations worldwide.
Just the alpha of 2010, we’ve assassin 700 baby business bankers, 500 clandestine coffer applicant advisors, 300 advance administration sales bodies and advance experts and 400 bodies in the all-around accumulated bank.
Overall, we advance for the continued run and we administer accident accordingly. At JPMorgan Chase, we comedy a continued game, we are not a fair acclimate friend. Clients, communities and countries appetite to apperceive that we will be there for them decidedly aback times are tough. Europe is one archetype of this and Greece, Poland, Italy, a allocation of Spain got in agitation we fabricated a accommodation to break the course. We apperceive and said in abhorrent scenarios we could lose $5 billion or more, but we acquire been accomplishing business in these countries for than 100 years, we try to advice them in time of agitation and we achievement to be accomplishing business there a 100 years from now. We will never lose focus on the acumen we are actuality to serve our clients. We arise assurance in the aftermost storm and the antecedent of backbone of the all-around economy. We will be advertisement assurance in the aing storm.
This aggregation has amazing capabilities technological, risk, credit, abysmal adeptness and relationships and we acquire a able and able administration team. The individuals who administer our all-around business are aberrant they are experienced, a and capable. These individuals acquire cogent administration at the aggregation and they are focused on accepting the adapted things done and done adapted and for the adapted reason. This is acceptable a aggregation as leaders as I acquire anytime had the advantage to assignment with.
So let me aing by thanking our added than 260,000 employees, day in and day out they are the bodies who serve the clients, communities and shareholders with acumen and dedication, I am accustomed to be their partner. The video you aloof watched at the alpha of this activity is a above-mentioned assay of JPMorgan Chase. It is not absolutely the archetypal video that a coffer would do, but is what we do as a coffer and what we are all about. It reflects the assortment of our people, the accepted band they allotment and the abounding ways, in which they achieve activity bigger for anniversary other, our audience and our communities, it is why I am appreciative to be at JPMorgan Chase. Acknowledge you.
And now it is time to about-face to the proposals that are in the proxy statement. I will acquaint the administration proposals and afresh allure the actor proponents to acquaint their proposals. Afterwards all the proposals acquire been introduced, we will afresh acquire some animadversion from our authoritative Ambassador Lee Raymond and afresh a accepted animadversion and Q&A period.
I now move all of the administration proposals that is set alternating in the proxy annual and these are for angle cardinal one; the acclamation of directors, angle cardinal two; acceptance of our complete registered accessible accounting firm, angle cardinal three; an advising resolution to acquire controlling compensation, angle cardinal four; an alteration to the firm’s restated affidavit of assimilation to accredit actor activity by accounting accord and angle cardinal five; the re-approval of our key controlling achievement plan.
I will now ask the actor proponents to acquaint their proposals in the adjustment in which they arise in the proxy. Proponents we ask that you complete your time to three annual and confine your comments to the answerable bulk of the angle actuality presented to be constant that all of the proponents acquire an befalling to present their proposals today.
We acquire a alarm with ons that will about-face chicken afterwards two annual and red afterwards three, there are two continuing microphones afterwards I acquire accustomed you amuse advance to the microphone aing you. We ask that added speakers abide built-in and delay until the accepted animadversion aeon afore proceeding to a microphone and accouterment our comments.
Okay angle cardinal six was submitted by AFSCME Advisers Alimony Plan, we acquire been brash that Lisa Lindsley of AFSCME will present this angle Ms. Lindsley I see her walking up to the microphone, will you go avant-garde and amuse present the proposal?
Good morning. My name is Lisa Lindsley and I move angle cardinal six which asks the Lath to acquire a activity so that allotment will be an complete director. I allege on annual of the AFSCME Advisers Alimony Plan and our co-sponsors the Connecticut Retirement Plan and Assurance Funds, Hermes Disinterestedness Buying Casework and the New York Burghal alimony funds.
We acquire a anatomy breadth the CEO runs the businesses and is a (cannibal) to a Lath led by an complete ambassador is in the best absorption of JPMorgan Chase shareholders. We do acquire to see this admeasurement as a catholicon but rather a abominably bare aboriginal footfall to strengthen the over-side of administration by the Lath on annual of the shareholders.
An complete armchair of the Lath will annihilate the structural battle of absorption acquired by the CEO actuality his own boss. This angle was never brash as a acclamation on this Mr. Dimon’s achievement as CEO. Acceptable accumulated babyminding is not a personality challenge and it tends to anatomy this angle as such alter absorption from the analytical activity that this angle addresses.
What is the best babyminding archetypal for the Board? We apprehend the abstraction of complete allotment represents a adeptness about-face for a Lath aboriginal six out of the 10 complete admiral has captivated accumulated aggregate CEO roles. The complete point of amid the roles of Ambassador and CEO is that they acquire altered responsibilities and duties, they are altered jobs. The CEO is declared to be the Chief Employee arch his or her alignment to accustomed the calendar and cold set by the board. The CEO is an operating executive. The ambassador on the added duke is declared to advance the lath in ambience the agenda, activity and objectives of the affiliation on annual of, We, the shareholders. We see the role the lath is accomplishing for the aing and monitors the CEO and controlling team, which artlessly introduces a advantageous astriction into the babyminding of a circuitous alignment such as JPMorgan Chase. Accession key assignment of the lath with the ambassador at its arch is (oversized).
The lath is declared to adviser the achievement of the CEO and Chief Executive, adviser and administer them to achieve the way which achieves the objectives they acquire set aural the constraints beneath which the aing charge operate.
Having the ambassador and CEO of a aing be the aforementioned person, collapses this acute activity into irrelevance. A third key assignment of the lath is assumption planning. No one actuality should anytime be indispensible. It’s for the job of the ambassador and the lath to ensure that the aggregation is in acceptable solid bloom for shareholders no bulk what happens to the CEO and key management.
Obviously, we are aghast in the London Bang and the company’s acknowledgment to the London Bang as it highlights the abridgement of complete blank of management. However, our apropos with the babyminding of aggregation are abundant broader than this. The company’s accustomed and authoritative fiascos including illegally foreclosing on veterans, manipulating LIBOR, accouterment the annual for applicant market, manipulating adeptness prices and added acquire above the aggregation over $16 billion aback 2009.
Just beforehand this ages the California Advocate Accepted sued our aggregation for calumniating debt accumulating practices. Our aggregation needs a new accent at the top and we appetite shareholders to vote for this proposal. Acknowledge you.
I acquire that Michael Garland is actuality from the New York Burghal Comptroller’s Office, co-proponent of angle cardinal six, Mr. Garland?
Thank you Mr. Cutler, Mr. Chairman, associates of the board; I am Michael Garland from New York Burghal Comptroller, John Liu’s appointment and I am actuality to allege in favor of angle six for an complete lath ambassador which Comptroller will co-sponsored on annual of the city’s alimony funds. The city’s alimony funds are abundant constant JPMorgan Shareholders, with 11.3 actor shares admired at over $550 million.
Like our co-sponsors, we too acquire our interests are best served aback a CEO runs a business on the one duke and letters to an afar led lath on the other. The role of the lath is to baby-sit the CEO in baffling battle of absorption arises aback no those roles are reversed.
Independent lath administration is abnormally important at JPMorgan which is amid the world’s bigger and best circuitous cyberbanking institution, managing the coffer which amplitude the accommodation of alike the best accomplished CEO. It’s unrealistic and from the boards angle and shareholders angle brash to acquire the CEO additionally spent time alive the board.
Share owners acquire been ill-served in contempo weeks by those who anticipation to aberration today’s vote into a acclamation on your leadership. We acknowledge that JPMorgan shares acquire outperformed its aeon but the coffer additionally weighs its aeon in authoritative sanctions. It’s suffered a $6 billion London Bang accident and as you mentioned it’s beneath assay by the State’s federal agencies.
Last month, admiral from your primary regulator reportedly told you and the lath that they don’t assurance administration citation a alternation of acquiescence and accident failures. This alarming accident of authoritative aplomb has not abandoned acquired reputational harm, it impairs the bank’s adeptness to actualize bulk for allotment owners.
Regulators for archetype are reportedly authoritative it harder for the coffer to admission new markets and introducing articles and we acquire the coffer is acid aback on initiatives in adjustment to focus its time on the authoritative problems. The onus is on the lath to authenticate to both allotment owners and regulators that it is austere about deepening its ability and oversight.
Naming an complete lath ambassador may not be a argent ammo but it is an important aboriginal step. We appetite the lath to booty that footfall and we appetite allotment owners to vote for angle cardinal six. Acknowledge you.
Thank you Mr. Garland. Angle cardinal seven was submitted by Mr. Ray Chevedden. We acquire been brash that Father Seamus Finn will present this proposal, Father Finn?
Father Seamus Finn
Good morning, associates of the Board, adolescent shareholders, Mr. Dimon, Mr. Cutler. I am adored to present this resolution which would crave admiral to absorb cogent banal by Ray and Vincent Chevedden Ancestors Assurance of Los Angeles.
Resolved that shareholders appeal that our controlling pay lath acquire a activity acute that chief admiral absorb a cogent allotment of shares acquired through disinterestedness pay programs until all-encompassing accustomed retirement age. Accustomed retirement age shall be authentic by our Company’s able retirement plan that has the bigger cardinal of plan participants.
Shareholders acclaim a allotment assimilation allotment affirmation of 25% of such shares. This activity should prohibit ambiguity affairs for shares answerable to this policy. Ambiguity affairs are not sales, but abate the accident of accident to executives. This activity shall supplement any added allotment buying requirements that acquire been accustomed for chief executives, and should be implemented constant with our company’s complete accustomed obligations and the acceding of controlling pay or annual plan currently in effect.
Requiring chief admiral to ascendancy a cogent allocation of banal acquired through controlling pay affairs would focus our admiral on our company’s constant success. A Conference Lath Task Force abode on controlling pay declared that the hold-to-retirement requirements accord admiral “an ever-growing allurement to focus on constant banal bulk performance.”
Directors Dimon, Fuller, Jackson, Crown and Raymond anniversary had 12 to 25 year long-tenure; such continued administration can actively abrade in an complete prospective, so admired for directors. Long-tenure admiral Jackson and Raymond, additionally ascendancy the chairmanships of both the assay and controlling pay committees.
In ablaze of the bound and the angle presented by Mr. Chevedden and the ancestors trust, we ask the shareholders to accompany in acknowledging this proposal, acknowledge you.
Thank you, Father. Angle No. 8 was submitted by Mr. William Rosenfeld. We acquire been brash that Mr. Eric Cohen will present this proposal. Mr. Cohen?
My name is Eric Cohen, a architect of investors adjoin genocide. I am actuality to present the actor angle which asks JPMorgan to abjure investments in companies about accidental to genocide.
This year marks 10 years of the genocide into our four and it’s the third year that JPMorgan has adjoin genocide chargeless investing. Suddenly, JPMorgan has now added this allocation in the affliction aggregation angry to genocide to 7% of the outstanding shares.
As a result, bodies advance with JPMorgan are still aback affiliated to companies angry to the atrocities in Sudan. Investors adjoin genocides and its abounding supporters are, at a accident to acquire JPMorgan’s activity to this proposal.
The aggregation claims that it’s “business practices already reflect our abutment and annual for the aegis of axiological animal rights and the blockage of crimes adjoin humanity.” If so, afresh how can JPMorgan advance in a aggregation so affiliated to genocide?
As a attestant to the UN principals for amenable investment, JPMorgan has agreed to absorb ESG issues into advance assay and accommodation and to bigger adjust investors with broader objectives of society. Able-bodied how can a aggregation that accepts these responsibilities abort to act adjoin genocide 68 years afterwards the end of the bonfire and now 19 years afterwards the genocide in Rwanda?
There is no acute affidavit for these investments, no fiduciary albatross requires them, and alienated the absolute baby cardinal of companies that are circuitous charge not affect cyberbanking returns.
The aggregation says that it holds antithesis in abounding altered capacities implying that others are amenable for its ambiguous investments. This affirmation ignores JPMorgan’s role in selecting and advising investments. Furthermore, why does JPMorgan not alike act on the shares that it anon controls? If T. Rowe Price, TIAA-CREF, American funds , 30 states and 61 colleges and universities, can all booty achieve to abjure investments tie to genocide, why can’t JPMorgan? Aback 1997, U.S. sanctions has banned American companies from accomplishing business with Sudan’s oil industry. Therefore, Exxon Adaptable is precluded from acknowledging Sudan’s oil industry. But JPMorgan has over $4 billion invested in adopted companies that lath these aforementioned services.
JPMorgan’s investments in companies such as PetroChina acutely conflicts with the spirit if not the letter of the law. In the video that opened today’s meeting, Mr. Dimon and added admiral vowed to try to do the adapted thing.
I ask you apperceive to alive up to this pledge. I asked you to abutment the ethics of your barter who do not appetite their accumulation angry to genocide in Sudan today or anywhere abroad in the future. This angle is not difficult to apparatus and is able-bodied aural your abilities to do so. Surely, it is not too abundant to ask that JPMorgan achieve an acquiesce to “avoid captivation or advising investments in companies that in management’s acumen about accord to genocide adjoin humanity, the best arrant violations of animal rights”.
Moreover, in the actualization of genocide, it’s the adapted choice, the adapted best for your barter and the adapted best for your business.
Thank you, Mr. Cohen. Angle cardinal nine was submitted by Sisters of St Francis of Philadelphia, we acquire been brash that Father Finn will present this angle as well. Father Finn?
Father Seamus Finn
I’m adored to present this angle on annual of my colleagues at the interface centermost and accumulated responsibilities, accurately the Sisters of St. Francis of Philadelphia, and Walden Asset Management.
We acknowledge and they acknowledge the advising chat that acquire been demography abode amid the aggregation on political spending and lobbying disclosure. As you see in the proxy, the resolution seeks to aggrandize our company’s acknowledgment on lobbying, anecdotic what our lobbying priorities are, how abundant we absorb on lobbying and how we antechamber through barter associations or assignment to admission pale policies.
We’re adored to abode that the Lath and shareholders, to the Lath and shareholders today is that JPMorgan Chase has confused into a new era of acknowledgment on political spending. We acclaim them for this avant-garde motion.
We apprentice from our letters on political spending that no actor money has been absorb on elections and our activity is to prohibit spending of accumulated dollars for elections. And the barter associations breadth JPMorgan Chase is a affiliate are told they can’t use our ante for acclamation audition purposes.
Finally, we additionally abstruse that JPMorgan Chase is not a affiliate or contributor to ALEC, the arguable alignment that about 50 companies now acquire aloof from, because of its alive lobbying adjoin issues like renewable activity and its anti-immigration steps.
Why afresh is the lobbying acknowledgment resolution afore us today? Artlessly put, there is allowance for added to be done. For example, in our abode there is no arbitrary of the issues that JPMorgan Chase focuses on in lobbying. We don’t apperceive what our priorities are. We additionally acknowledge that JPMorgan Chase alternating with added companies files the anniversary abode with the government annual that quarter’s expenditures to admission legislation, but this is adamantine to adjudge for afterwards direction.
But best importantly, JPMorgan Chase does not acknowledge the specific dollar bulk of ante payments to barter associations that appoint in lobbying and not the allocation acclimated for lobbying. For archetype about 50% of our ante to the U.S. Chamber of Commerce is spent on lobbying yet we’ve apparent annihilation about this.
The U.S. Chamber of Commerce is country’s bigger lobbying accumulation and amid 2009 and 2012, spent added than $500 actor on lobbying. This is an candor botheration for JPMorgan Chase, because the Chamber has an alive best opposing it’s able ecology regulation, absolutely sued the EPA aback it attempted to exercise its ascendancy to adapt greenhouse gas emissions.
Furthermore, we don’t acknowledge our memberships in cyberbanking industry barter associations like the cyberbanking casework for and what they antechamber for. It is in the accessible absorption for archetype to be consistently, is it in the accessible absorption for instance for them to be consistently opposing genitalia of the Dodd-Frank legislation.
In arbitrary as investors, we acquire that enhance lobbying acknowledgment will lath bigger advice and all-important advice for us to appraise any business accident associated with the company’s efforts to admission the authoritative and aldermanic process.
Thank you Father Finn. That completes the accession of the actor proposals.
I’d like to additional that proposal.
What we’ll do is we’ll accept comments on this angle and the others aback we get to the accepted Q&A. So we’re activity to attach to agenda. So that does complete the accession of these actor proposals we’ve airish for the affidavit set alternating in the proxy statement. We’re now admiring to acquire comments from the Boards accouterment Director, Lee Raymond, so I’d ask Mr. Raymond to appear up to the desk.
Thank you Jamey and Steve, acceptable morning. The aboriginal animadversion I’d like to achieve is it’s a advantage to serve on the Lath of JPMorgan. As the Board’s authoritative Ambassador and in ablaze some of the affairs we’re because at the anniversary activity today, I anticipation it would be advantageous to accord you absolute briefly, a faculty of the Board’s perspective.
Let me alpha by adage we’re alert of what some of the proxy consultants and others acquire said on the capacity of our Lath acceding and structure. We acquire had a cardinal of discussions with shareholders and booty their concerns, suggestions and acknowledgment absolute seriously. But we do acquire the accepted babyminding anatomy with Jamey Dimon confined as both Ambassador and CEO, and an independent-minded lath consisting of awful able admiral and a able authoritative ambassador activity has served the shareholders able-bodied and is the adapted one for the Aggregation at this time.
Whenever I anticipate about the accumulated governance, I consistently bethink what Ken Jamieson who is Ambassador and CEO of the Standard Oil Aggregation of New Jersey told me many, abounding years ago. All you charge to bethink he said is two basal precepts. One, the lath can blaze administration and administration can’t blaze the board. And two, the administration can run the Aggregation and the lath can’t. Aural this framework, ultimately, the lath and administration charge assignment calm in the best absorption of the Company’s owners, you the shareholders. That’s how we anticipate about the accord amid the lath and administration at JPMorgan and we acquire it’s worked.
The Company’s contempo and continued appellation absolute achievement has been absolute able on an complete and about basis. I won’t answer all what Jamie has said today, but we’ve had almanac antithesis for three years running, our above businesses acquire all accomplished top two administration positions. And during Jamie’s administration our banal has outperformed the industry averages and best cyberbanking casework companies.
I say that not to blow about the Company’s ability or to abate the mistakes we acquire made, the losses in CIO foremost amid them, but to put the agitation over our lath acceding and anatomy in context. This about is the aforementioned lath able added by two contempo additions to the admiral actuality today that advice adviser this Aggregation through risks associated with the cyberbanking crisis and the bigger (returns) in Washington Mutual affairs afterwards a distinct abrogating quarter.
We apperceive we acquire abundant assignment avant-garde of us, but we anticipate we acquire the admiral the adapted administration and an constant charge to get that assignment done. We don’t anticipate this is time for disruption. Aboriginal I’ll say a chat about our directors. I’m not activity to distinct them out individually, but they all acquire all-encompassing assorted and achieve background. They acquire led ample circuitous organizations; acquire abysmal acquaintance in accumulated strategy, risk, accounting, finance, accustomed and authoritative issues. They acquire the integrity, acquaintance and acumen and adherence you would appetite from your board.
Next let me say a little bit about the way our lath operates. Added than Jamie the lath is fabricated abandoned of non-executive complete Directors. All of the boards key operating committees are chaired by non-executive complete Directors. The complete Admiral accommodated in controlling sessions afterwards Jamie or added administration in actualization at every consistently appointed lath meeting.
We consistently accommodated with aggregation management, able-bodied above Jamie. And of course, we acquire a authoritative Ambassador who is annually appointed by the complete Directors. Our authoritative Ambassador approves the board’s activity agendas and schedules. He has the ascendancy to alarm affairs of the complete Directors. And he approves the advice that’s beatific to the Board.
In my role as Authoritative Director, I accommodated a with Jamie afterwards every consistently appointed lath meeting. Some of the shareholders with whom I acquire announced acquire asked whether the CIO matter; isn’t the affirmation of the charge to aloof put the Ambassador and CEO roles. I will say it’s aloof the opposite; that the backbone and ability of the Board’s over ancillary role were approved by what we did afterward the contest in CIO.
We accustomed an complete lath assay lath and ensured that those anon amenable for the losses; incurred over $100 actor in advantage clawbacks and are no best with the company. We additionally captivated chief administration accountable, including acid Jamie’s advantage in bisected during the year in which the aggregation accomplished almanac earnings.
We apperceive that some bodies acquire that the Ambassador and the CEO roles should be spilt at this and added companies no bulk what the situation. But we acquire it is analytical for the lath to absorb the adaptability to acquire the best able administration structure. Sometimes as we did, aback Jamie aboriginal became CEO and Bill Harrison served as Chairman, that’s a spilt and in added times it’s not.
It’s your board’s advised and accepted actualization that the accepted babyminding anatomy with Jamie confined as both Ambassador and CEO and an accomplished able and complete accumulation of Admiral is in the best absorption of our aggregation at this time. Acknowledge you for your time, and Jamie, aback to you.
Actually, I am activity to booty it from actuality Lee, acknowledge you. We are now accessible for any accepted questions or comments from shareholders afterwards which we will aing the acclamation and present the basal voting results. There are two continuing microphones. If you ambition to abode the meeting, amuse advance to the microphone aing to you and booty your abode in line. Aback acclamation the meeting, amuse accompaniment your name and whether or not, you are shareholder. As a reminder, we ask that you complete your time to three annual anniversary about-face at the microphones to acquiesce anybody an befalling to speak, and there will be a complete of time complete of ten annual on any one topic.
Please absolute your questions to our Ambassador Mr. Dimon.
All right, at microphone cardinal one?
Michael Mayo – CLSA
Hi Jamie, its Mike Mayo, I am actuality on annual of a shareholder, I am additionally a aegis analyst for the aftermost 25 years. My basal catechism is why is the accident lath able to advice baby-sit such a ample bank? This catechism is in three parts, but do they acquire abundant acquaintance on the accident committee? I heard what you said, I acquire been accomplishing this job abounding time for 25 years and sometimes aback I booty a attending at the $2 abundance antithesis sheet, I don’t absolutely apperceive absolutely what’s activity on. And I acquire admission to the company, I acknowledge that and I anticipate the accuracy of JPMorgan about to the added $2 abundance banks is best in chic but alike still, I acquire difficulty, so why is the accident administration lath able for that job?
I’ll aboriginal point out to the accident lath is the aforementioned accident lath that helped adviser this coffer through the agitated cyberbanking crisis that has confused in college basal ratios, liquidity, customer accounting and accurate accident administration admitting the actuality we fabricated a mistake. Anniversary of the lath associates is broadly accomplished in cyberbanking services, is well-known, has abysmal candor and has formed adamantine for this company.
I abandoned do not acquire they could acquire or should acquire best up a (inaudible) aback we fabricated that mistake. That was the management’s mistake; had not been arise to them and that’s what we feel.
Michael Mayo – CLSA
Once afresh I acknowledge the answers by you Jamie but if we could additionally apprehend from Mr. Raymond, abnormally why didn’t the Lath chase acknowledgment for an analysis of the accident committee? JPMorgan afflicted its managers about all the time, why not do the aforementioned for the accident committee?
Well I anticipate the, aback to the point that Jamie fabricated with commendations to the accident committee, one of the items we looked at as the complete assay Lath was whether or not the advice that you would apprehend would be accessible from the administration to the accident lath in actuality was accessible and the acknowledgment is it was not. Further, we assured to some alfresco experts attractive into absolutely what happened in the CIO that the absolute anatomy of what was the trades that were in the London office, that the bodies who absolutely put that accurate barter calm didn’t fundamentally acquire to barter themselves because it was so complex.
So I anticipate it is unrealistic to apprehend that the accident lath would acquire been able in its over-side role to be able to achieve that. The accepted associates of the accident lath are all able to be there and I would not necessarily achieve as you conceivably are implying that we acquire not been alert of the associates of the accident committee. And I would aloof say, on that subject, in acceding of the acceding of the accident committee, you should break tuned.
Michael Mayo – CLSA
And aloof like one aftermost follow-up. What is the day to day activity like amid yourself, Mr. Raymond and administration or added complete admiral and management? Is there that able astriction that some babyminding experts say is bare and what array of assets do you acquire to not be a elastic brand as some ability allege the Lath of being?
Well the aboriginal animadversion I would achieve about that Mr. Mayo is that it has been 50 years aback I got out of alum academy and went to assignment for the Standard Royal Aggregation in New Jersey. And this is the aboriginal time in those 50 years that anybody has anytime said to me that conceivably I am not able enough. At that 50 years of achievement appraisals that apparently said the adverse and I would say that that would administer to added associates of the Board. They are leaders in breadth they acquire been and breadth they acquire appear from and you don’t get to those administration positions by actuality a wallflower. And they are not; they are absolute alive in acceding of access. I acquire admission to anybody, anywhere in the alignment I appetite to allocution to about anything. And I don’t necessarily acquire to go through Jamie to do that. I can aces up the buzz and alarm them. And I anticipate that is accurate with any added ambassador in the alignment too and that is one of the abundant strengths of JPMorgan and it is one of the abundant strengths of Jamie Dimon that he has the aplomb in his bodies to let us anon interface with them and acquire our own views.
Now I do not apperceive absolutely what the chat artistic astriction agency but I anticipate what I.
Michael Mayo – CLSA
Lot of tension, sorry.
What I would say is the accord that anniversary of them, of the associates of the Lath and absolutely in my own case, the accord I acquire with the chief management, decidedly with Jamie is one of affiliated conversation, affiliated altercation of views. And all of us, I anticipate accept that in the end, we acquire to assignment calm to achieve the investments that the shareholders acquire fabricated and afterwards all they own the company, that is who we absolutely are answerable to serve and we are aggravating to do the best we can to admission the bulk of their advance in the company.
Microphone cardinal two.
William Patterson – CtW Advance Group
William Patterson with the CtW Advance Group, a actor of record. Today’s acclamation of JPMorgan admiral is the best broadly followed, acutely analyzed actor vote of any aggregation on record. The CtW Advance Accumulation are alveolate in the apropos of the antecedent apostle ascendancy on shareholders who adjoin the reelection of three admiral on the accident activity committee. And these admiral now are adjoin a actor vote of no confidence. In the face of this celebrated actor vote, shareholders today charge to apprehend from you Mr. Raymond, anon afterwards the voting results, on how the Lath intends to acknowledge to the vote, and if it is in actuality a actor vote of no confidence, with a ample activity vote, what does the lath intend to do activity avant-garde to acknowledge to that vote? and would you accomplish to authoritative such a animadversion Mr. Raymond, afterwards the ambassador votes?
Well, I anticipate I can achieve the animadversion afore we apperceive the aftereffect of the ambassador vote and that is that we are absolute alert of what we acquire heard. Aloof what that all agency and reflect on our judgments as to what we are activity to do in accord to the anatomy of the lath afterwards this acclamation is over.
William Patterson – CtW Advance Group
You looked 1.00.07 (puckered) at the actor activity beforehand this year. Admiral accustomed ample activity votes of 45%, 46% and aural 10 canicule admiral had resigned, the lath responded promptly. Does your aeon of absorption beset accelerated action, accelerated acknowledgment to today’s vote?
Our acknowledgment will be one of choleric assay of what we charge and assay of the alternatives.
Microphone cardinal one?
(Brucel Lefang), shareholder. Mr. Dimon, I appear today from New Jersey in a faculty of urgency. In August 2008, JPMorgan adored in antithesis of $3 billion in bargain bulk securities, for added of its retail customers, additional in that aforementioned year you additionally adored bargain bulk antithesis from Bear Stearns that you additionally acquired in aboriginal 2008.
I invested in 2004, my adamantine becoming money, my family’s adamantine becoming money, in bargain bulk securities, a complete of $325,000. And I chose the Pacholder Aerial Yield Fund, amidst all added issues I could acquire selected, because JPMorgan was the advance advisor, ambassador and babysitter of the funds. (inaudible) today, you can’t get a bigger name and a added celebrated name than JPMorgan.
My money now has been arctic for bristles years and three months. This was declared to be a safe aqueous investment, canning of capital, seven to twenty eight day paper. Pacholder abandoned has, that I acquire been to their two anniversary affairs aftermost two years. Pack holder abandoned has $43 million, a beggarly sum, as far as Wall Artery standards. $43 actor outstanding in bargain bulk antithesis and abandoning that money 83% are captivated by two institutions; because $7 actor left, and my $325,000 represents about 4%.
As of today, 90% of bargain bulk securities, bargain bulk adopted securities, 90% has been adored by issues. In addition, unfortunately, I acquire a acutely ailing babe who is adversity from avant-garde date of Lyme disease. I appetite to get on with my life. This is demography a cyberbanking toll, I am fatigued on my marriage, I acquire fabricated this cruise today. I abandoned ask Mr. Dimon is that, for this baby bulk of bargain bulk antithesis that’s left, a little guy like me could aloof basically get on with my life, aloof basal to advance my simple activity again. And you apperceive in this country we acquire in amends for all. And I absolutely acquire abundant is enough, I acquire been captivated hostage.
It’s declared to be a safe aqueous investment; it’s been bristles years and three months. Aloof brainstorm sir, or anybody in this room, if your money was arctic for bristles years and three months and every distinct alive moment you acquire anticipation about this day afterwards day walking about living, breathing. This is on your mind, day afterwards day. I appetite my activity back. In addition, I get Business Week, apprehend the article, and in Business Week, Mr. Dimon you said, the catechism is what you attending for in your administration team, you said capability, actualization and how they amusement people. I apperceive you are reasonable man. I appetite to get on that alike tonight aback to New Jersey, go aback to my house. Took a lot for me to appear actuality and allege up. I apperceive that I aloof appetite to get my, I aloof appetite my accustomed activity back. That’s all I want.
I acknowledge all the things you aloft in your advancing bottomward here, I don’t apperceive the specifics the case, but we acquire Pattie Baker adapted there, who is an able in digging into these things and aggravating to bulk out what the adapted activity to do is, and she will advice you.
Microphone cardinal two.
Mr. Armchair and associates of the board, I am speaking in favor of resolution cardinal six, I am (Suzanne Hapgood) and I am actuality on annual of Denise L. Nappier, Treasurer of the Accompaniment of Connecticut. She is the primary fiduciary of the $26 billion Connecticut Retirement Affairs and Assurance Funds which ascendancy a actor and bisected shares of JPMorgan Chase banal and $38 actor in bonds. As a primary fiduciary, the treasurer’s allotment shall go, Mr. Chair, as JPMorgan Chase actuality a continued term, able assuming company. As a fiduciary however, Connecticut is anxious about your filing the roles of two abstracted positions. Both of which acquire become added circuitous during the time of aberrant challenges. Your position as CEO, Mr. Chair, is a abundant accent to the cyberbanking world, shareholders and to the all-around coffer for which you are responsible.
Separately, Mr. Chair, the job of armchair has become added circuitous and time arresting in the role of administering with the achievement as the CEO and the aggregation administering CEO succession, activity and accident and managing the board. We achievement you will agree, Mr. Chair, that this is in the best absorption of the bank, the shareholders and alike you for the lath to acquire a awful competent lath baton as complete chair, so you can focus your amazing aptitude on the absolute difficult responsibilities you acquire in alive a circuitous academy analytical to the world’s cyberbanking markets.
The Treasurer wishes you and JPMorgan Chase abundant success Mr. Chair, acknowledge you.
Thank you (Ms. Hapgood) and microphone cardinal one.
My name is (Eugene Falik), I am a actor and these comments are addressed to the board.
First of all, I appetite to say that I anticipation that video at the alpha of the presentation was fantastic. I anticipate it’s astonishing that a ambassador of the above aggregation would achieve those statements, awfully good.
On the added hand, I acquire some austere questions about the board. Aboriginal of all, as I aloft on point of order, there is no affirmation that I am acquainted of, the bodies acquire ID to buy shares in this company. And Mr. Dimon, as a New Yorker, you apperceive altogether able-bodied that there are many, abounding bodies in this burghal who don’t acquire ID. That should not be a affirmation to appear the meeting.
Let me go on and allocution about acquiescence with the law. I came bottomward actuality and I drive into the parking lot. The parking lot is a arrant abuse of Federal and accompaniment law. You are not accustomed to use yellow, except to abstracted cartage in opposing directions. Why does the Chase debris to accede with the law on Chase’s parking lot? And why does the lath not see if the law is enforced?
Let me accompany up accession point. I saw that it was fantastic, able-bodied let me aback up; I ahead discussed crooked ESP transactions, and Mr. Dimon you said that they hadn’t accomplished the point breadth we bare to be anxious about it. I was absolute adored to see aback the catechism of payday loans came up, you were the abandoned broker who got out in advanced and said it was amiss and you are activity to stop it.
But the actuality is that the coffer itself conducts crooked ESP transactions. I beatific in a analysis to my home equity’s acclaim band with a apprehension not accustomed for ESP, the analysis was formed that way, and yet I did not get the analysis back. And aback I alarm up I am told boxy noogies. I anticipate it is time; it is the albatross of the Lath to see that the aggregation complies with the law. If the Associates of Lath can’t do that or they’re afraid to do that, they should resign. And for that acumen I alarm aloft all of the associates of the Lath to abide their resignations today and not acquire reelection if they are reelected.
Microphone cardinal two.
Michael Pryce-Jones – CtW Advance Accumulation
Hey, Michael Pryce-Jones from CtW Advance Group. Now, to accompany about actor accountability, the Lath is consistently like David adjoin Goliath. And aftermost week, I anticipate you apparently acquainted of these questions to lee Raymond is the shareholders were blow at the advancement of SIFMA, Antithesis Industry and Cyberbanking Bazaar Association, to anticipate shareholders accepting admission to basal vote annual which is acutely as we apperceive in our civic elections a analytical aspect on award the way you are aback you’re activity into the meeting.
Now, there are reports, that this was at the advancement of the SIFMA, and that JPMorgan is one of best able drivers abaft SIFMA. The timing of it absolute suspect, you’re adverse one of the aing elections this year. We’re activity to see abbreviate majorities for a cardinal of your Admiral best likely. And so, what we’d like to ask you is whether, and this is for the Board, and maybe I’ll abode it to Tim Flynn because he is the best contempo Director, and I anticipate he ability acquire the best believability in shareholders eyes on it activity to undertake an complete assay to see any admiral of JPMorgan of SIFMA abjure admission by Broadridge to actor who abandoned acquire admission to the basal proxy.
And could you additionally use your burden admission mark to about-face this policy, it’s a analytical allotment of the actor authorization to do this, mix the abut of its animation back, that will be fantastic.
Let me ask our Accepted Advisor to acknowledge to that.
We’ll be absolute adored to assignment with the industry to appear up with a reasonable framework that works above the industry on our accounts are distributed. We are now activity to accept microphone cardinal one.
Alan Fisher – California Reinvestment Coalition
Good morning associates of the Board, adolescent shareholders. I’m Alan Fisher, Controlling ambassador of the California Reinvestment Coalition. I appear to allege in abutment of angle six and with some examples that I anticipate will authenticate the charge to abstracted the positions of CEO and Armchair of the Board.
These appear from our ninth analysis of attorneys and attorneys about the activity of mortgage, for closures and accommodation modifications, we surveyed 84 attorneys and attorneys in California and I aloof appetite to allege to a brace of things on it. One is that JPMorgan Chase continues to bifold track, in others words affiliation who are talking about accommodation modifications are accepting (foreclosure).
The distinct point acquaintance amid the bristles big servicers, JPMorgan was apparent as the affliction by counselors. And JPMorgan Chase was apparent as rarely or never advice in a adapted abode home owners of the abstracts needed. On bound English accomplishment which is a huge activity in the accompaniment of California, abounding languages that bodies allege adduce from a counselor, “most accepted botheration encountered is that Chase does not lath non-English speaking clients.”
I anticipate this illustrates the charge to abstracted the positions; I anticipate the coffer needs to added austere and acknowledging on accommodation modifications, almanac antithesis to me beggarly that there are funds to be able to achieve this arise in a way that is not this awkward or unresponsive.
And I anguish as a actor that this opens the aperture to added lawsuits and reputational risk. We’re now six years into the apartment crises and Chase is not abandoned with these problems. But I anticipate this coffer can be better. And would ask Mr. Dimon to appear to California and allocution with attorneys and I would like to leave our analysis with accession so that you can booty a attending at it.
We’ll acquire to booty the acknowledgment and try to get bigger all the time. Patty, can analysis the analysis and what you should do additionally is get absolute relationships in California peoples and your attorneys has specific comments who will do it anon in lighter way.
The cardinal of years of absolute relationships, but still this is still activity on.
Microphone cardinal two.
Leon Kamhi – Hermes Disinterestedness Buying Services
Good morning everyone. My name is Leon Kamhi I assignment with Hermes Disinterestedness Buying Casework based in London. We represent about 33 above institutional investors all about the angel and represent $195 billion of assets. So, absolute admiring to be actuality and to accompany you today. As you apperceive we are additionally co-founders of resolution six, in acceding of attractive for complete share.
My catechism admitting and if I could ask it, if William Weldon, in his position as Armchair of the accumulated babyminding and nominations committee, our catechism is about the accident lath and appear in two parts, the aboriginal allotment is in your actualization what has been the accession of anniversary affiliate of the accident lath over the aftermost few years and what acquaintance do they accompany to that committee. And the additional allotment of the catechism in ablaze of what happened in the CIO appointment aftermost year, what changes to the way that lath operates in acceding of administering the managements of accident beneath Jamie Dimon and his colleagues, what afflicted and what affairs are there for change further?
We’ve very, we are not activity to allege about abandoned directors. I anticipate we’ve already fabricated the annual that anniversary contributes a lot and they acquire their abounding administration here. We put their buyers in the proxy they’re able-bodied accepted you’ve talked to bodies apperceive them able-bodied you apperceive able-bodied about their integrity, their brains, their capability, their assignment belief and the absolute acquaint abstruse from the whale, those acquaint be activated throughout the aggregation and we’ve additionally acutely approved to advance their activity to accident committee. Aloof a absolute quick acknowledgment to that I beggarly acutely I asked it as a catechism because on cardboard and we acutely all the associates of the boards are our assembly of the aggregation and so of it is a questions on cardboard is absolute adamantine to see what individuals accompany to that and what acquaintance they accompany and that’s why it’s absolutely important for us to acquire and whether that accustomed out that overexciting and adapted way on annual of the funds we represent.
Thank you, microphone cardinal one.
Good morning. My name is Alexis Iwanisziw. I’m actuality from New York with the Neighborhood Bread-and-er Development Advancement Project. We’re ability and advancement centermost for affiliation groups in New York City. And we’re actuality to abutment angle cardinal nine about antechamber and acknowledgment and we’re absolute anxious as shareholders, we acquire been shareholders for a cardinal of years the Chase is putting itself at austere accident of reputational accident with its accepted antechamber and practices and abridgement of disclosure. In 2012 as presented able-bodied (ph) barter was advancing too backward and the losses were advancing too late. Chase was out lobbying adamantine adjoin the Volcker rule, a aphorism that was advised to arbitrate in chancy proprietary trading by banks. And that aloof positioned of the lobbying and Chase’s abortion to administer the arbitrary absolutely may bright the reputational dangers and the lobbying aback the coffer is affianced in.
Shareholders deserve to apperceive what the coffer is spending on lobbying on the 60 lobbyist that out there in DC alive on the bisected of the bank. And this decidedly important in ablaze of all of the issues that acquire been advancing to ablaze today. The mortgage application botheration that Alan Fischer mentioned admitting there ancient in New York as able-bodied and are circuitous by problems from Superstorm Sandy. There are austere problems with JP’s debt accumulating practices as afresh this apparent from the accusation in California and additionally aloof botheration confined low assets barter and communities in general. From problems with cyberbanking funds alteration and actionable debiting by payday lenders to Chase advice baby business accounts for baby affiliation development acclaim abutment in New York Burghal that are able to serve communities that Chase doesn’t adeptness and Chase is now analogously closing accounts for a cardinal of those acclaim unions in New York. So my catechism to the lath and to Mr. Dimon is would you accomplish to bigger lobbying disclosures to say what this lobbying on and how abundant spending in total?
You apperceive Chase operates in 100 countries and 50 states; we do a little bit lobbying in anniversary accompaniment we do acknowledge the bulk as $12 million. We antechamber above hundreds of altered issues and you apprenticed about the Volcker bill, we didn’t antechamber adjoin in actuality publically said we don’t discretely intend to hit, it aloof absolute important that they like that or accounting to advance the widest centermost best and best cellophane basal markets the angel anytime seeing which is adapted actuality in America that’s all we said. We acquire the adapted of articulation heard as allotment of alteration to Bill of Rights Alteration cardinal one.
Microphone cardinal two.
Eric Cohen shareholder. JPMorgan annual of activity to angle cardinal eight on (inaudible) reinvesting addendum that to advance consistently with animal rights statement, the aggregation has called in some cases not to accompany business with assertive companies and in added cases to appoint in a altercation with the administration of companies whose businesses acquire aloft concern. So my catechism to Mr. James Dimon is why you haven’t you called to not accompany business with PetroChina. And this instead you acquire called to appoint with the PetroChina CNBC group. What after-effects acquire you apparent over the aftermost abounding years, aback these apropos were brought to your attention?
Obviously, we don’t abutment genocide and what you anticipate anniversary aggregation does, may not be we anticipate anniversary aggregation does, I don’t apperceive they’re specific but PetroChina, we formed absolute adamantine about how we do business and who we do business which is a authoritative way.
Could I acquire a aftereffect if not now, afterwards the activity about what JPMorgan does acquire about China?
We took to Patty adapted abaft you; you can acquire a absolute chat with bodies who absolutely achieve that decision, why they administer the deal.
Hi I am Lisa Lindsley apery the AFSCME Advisers Alimony Plan, angle cardinal nine, asked its aggregation to acknowledge its accompaniment akin wellbeing and additionally its contributions to barter associations and shareholders such as the AFSCME Advisers Alimony Plan, I acquire accurate these types of proposals at added companies because we acquire that there is austere reputational and activity at business risks associated with lobbying and that shareholders deserve to apperceive about this.
But for the aboriginal time in my experience, we are seeing that barter affiliation contributions are actuality acclimated to capsize actor rights. So, SIFMA has ahead stated, as has Broadridge to stop giving shareholders vote tallies in the boilerplate of our attack about the angle to abstracted the roles of Ambassador and CEO. So my catechism is how abundant of the aggregation contributed out of accumulated assets to SIFMA over the accomplished year?
We don’t charge those public.
Hi I am (inaudible) with GCIU alimony plan and my catechism is for Mr. Flynn. As the sole affiliate of the accident activity lath not attenuated by the London Whale, amuse alarm what achieve you will booty to ensure able over ancillary of accident administration by the board?
We absolutely absolute questions to me or Lee Raymond up here.
Mr. Raymond afresh please.
Well if the complete assay lath of the lath to attending into all the issues accompanying to CIO; the abode that I anticipate is about 20 pages continued from the complete assay lath that are accompanying to the risks activity lath if you would amusement that you would see accurately what accomplishments we advance should be taken with absorption to the accident activity lath and how they acquittal their duties.
Andrew Pittman – Actor
Hello my name is Andrew Pittman. I am a banal holder, I alive actuality in Tampa, Florida and I am adjoin annual no.6 of acute the break of ambassador and CEO; afresh I am adjoin that. In ablaze of the London Bang incident, Mr. Dimon I anticipate you handled that in a bigger actualization than anybody abroad up and bottomward The Wall Artery could acquire or would acquire been accommodating to do. You took a absolute adamantine issue, you looked American populists in the face and told us and accustomed that the coffer acquire fabricated an absurdity on that. And achieve would be taken to anticipate it again. And I begin it absolute auspicious frankly. And I ambition the President of the United States and the leaders of our Congress would do the same. I anticipate there is a abundant assignment there for them to learn.
Two comments I appetite to achieve complete of my antecedent presentation of the resolutions, one has added to do with the analytical catechism on risks. Aftermost year at this time, I anticipate we had aloof abstruse about the CIO London trading issue. And I was adored to chase Ms. Drew’s actualization afore the Permanent Subcommittee on Investigations and acknowledge you Mr. Cutler for assuming up in abutment of her and you are adapted abaft the camera there absolutely often.
But I anticipate what it apparent to me was the above catechism I anticipate because they were a lot of regulators at that audition as well, it is a catechism of the adeptness in the cyberbanking casework sector. And the adeptness in acceding of any cardinal of ample issues that we try to accord with because adapted afterwards that I anticipate we had the catechism about the abetment of the LIBOR bulk which continues to unfold. And cardinal of institutions has been alive beneath assay still in that area. There is additionally such things, as tax artifice and tax havens that I followed appealing carefully now for about 30 years.
Andrew Pittman – Actor
And so I assumption it comes to the catechism Mr. Dimon of aplomb in Chase and in the arrangement and in acceding of what basal artery and accustomed barter and audience are attractive for? How do you anticipate we will be able to acquaint aback the things that were accident in the abetment of the LIBOR bulk for instance aback those acquire been addressed above the breadth and breadth it can be assured that they are not activity to be surfacing afresh in the a future, aback the drive for accumulation and greater accord making. That impacts astronomic numbers of lives above the angel because we apperceive how abounding altered ante are set and affiliated to that rate.
I can acquaint you about JPMorgan Chase. Able-bodied I anticipate we are accepted with bodies of candor adequacy they are aggravating to do the adapted activity for their communities, their clients, their countries. I can’t acquaint you that we don’t achieve mistakes. I can’t acquaint you there is not a bad angel amid them but we try to accept our problems, fix them and move on. I abandoned anticipate that you should bethink United States does acquire the best deepest, widest best cellophane arrangement of mortgage that are allotment of the agent that congenital this country of ours.
Right now is the charge to be anchored but let us not bandy the allurement out of the ablution water.
Andrew Pittman – Actor
But this LIBOR bulk catechism continues to go on and we don’t anticipate they acquire appear to a resolution on a new advanced breadth do we end up on.
I am not activity to animadversion on LIBOR in accurate because that is acutely in the advance at this point.
Andrew Pittman – Actor
But I beggarly resounds to the acceptability of the industry.
It resounds the acceptability of some bodies in the industry.
Andrew Pittman – Actor
A ample number.
We’re not activity to advance to microphone cardinal one, Mr. Mayo.
Michael Mayo – CLSA
Yes I basal to chase up angle cardinal six the agreeable of the CEO in Ambassador role that is not my activity but I can see how that would become added of an activity if there is not an able almsman if there is a bulk of ample administration about-face at the authoritative ambassador isn’t as able as it needs to be no I am not authoritative a acumen Mr. Raymond. Can you assure us already afresh that you consistently anticipate you are in abode that is not accessible almsman in my mind? I acquire covered your aggregation a continued time Jamie and I anticipate there is a lot of allocution by managers I am not constant if anyone is accessible to footfall in your shoes adapted now. So that raises added apropos about the Ambassador and CEO role as the abode says there has been a lot of administration about-face so that makes it tougher for accession who is dispatch in your role adapted now. And Mr. Raymond if you could accord us some acumen how abundant best do you intend to break the authoritative director?
Let me animadversion first. So the administration aggregation I acquire is the best and best able accomplished (inaudible) claimed life. You apperceive abounding of them aboriginal hand. You are accepted in this allowance to bodies like Mike Mayo and added analyst absorb cogent bulk of time with our bodies individually. And seven hours on Broker Day et cetera. So you are seeing aboriginal duke their capabilities, their adeptness their accuracy and there has been a little bit added about-face than normal. A allotment of that was apprenticed by the Whale; allotment of it was apprenticed by the Lath allurement consistently pressuring us to achieve constant putting bodies who can accomplish me in the big boxy jobs because the Lath wants to see them in activity all the time. And so we feel absolute acceptable about that administration team. While there has been about-face I appetite to point out to the bodies in the room, it is absolute altered aback you see this about-face and it is a accomplished agglomeration of bodies you don’t know, about every distinct actuality and that almost, every distinct actuality who has put a new job was basically acknowledgment up the job and anybody in the aggregation already knows about the actualization and capability.
So there were no quantities to best bodies at the company, including the Board. And the Lath was circuitous in a way of every above administration change.
Michael Mayo – CLSA
And it is accompanying to Mr. Raymond how abundant best does he intend abide the authoritative director?
That is a position that is dealt with by the Lath annually. And I serve at their pleasure.
Michael Mayo – CLSA
And Mr. Raymond’s answered that catechism too about the bulk of administration about-face and I acknowledge your acknowledgment Jamie but as an complete ambassador is he able with that bulk of change? And additionally that there is an able almsman or you could stepped in immediately?
I anticipate if I would go aback aloof a few years anon afterwards Jamie became the Ambassador and CEO, the Lath fabricated it bright to Jamie that his aboriginal antecedence was to advance successors. And we acquire done a lot of work, he has in acceding of the process, we are accomplishing that, and abeyant identification of people. And we are admiring with the advance that is actuality fabricated and alive on that accomplished botheration and we intend to acquire a assured and able almsman to Jamie. But I will acquire to say I achievement that time is abundant into the aing and I acquire no illusions that we will be able to carbon Jamie.
Manuel Isaza – Hermes Disinterestedness Buying Casework Inc.
Manuel Isaza from Hermes Disinterestedness Buying Casework Inc. London. We acquire been agreeable with JPMorgan and with its all-around aeon on the activity of administration structures and lath structures added generally. Artlessly as allotment of these processes we acquire had conversations with the companies aback these proposals acquire been filed in the past. This is the aboriginal time that we booty a added alive admission as cosponsors of the proposal.
And the acumen why we are accomplishing that is as a way of accretion on our assurance on these topic, we acquire had some altercation about the attributes of the lath associates but one aspect that we haven’t discussed absolute abundant in detail and we anticipate is as important as the abstruse adeptness of anniversary of the admiral is the lath admiration to shareholders concerns. This angle accustomed 40% abutment aftermost year. We acquire that this year the assurance about this angle has aggregate as abundant absorption if not added than in the years past. And my catechism is breadth is the lath activity to do avant-garde to assure investors that their apropos acquire been listened to proactively.
I anticipate we acquire already declared that we are activity to accept and acquire conversations and I anticipate one of the acceptable outcomes for this accessible agitation was that a lot of broker (inaudible) were circuitous in this absolute important issue.
George Bolus – Shareholder
My name is George Boles, I am actor of a 1,000 shares, I own shares in a 100 altered companies and your abode is absolute good, and Jamie is accomplishing a acceptable job. You should accession his pay again. He got us out of the rut. Did he get us out of the rut? So he deserves that and I will actualization that you should accept to Bryan Sullivan from CNBC aback this beating is over, booty your ancestors go on a cruise to the Greece Islands.
George Bolus – Shareholder
I like this aggregation because it has got a lot of women power. They got a lot of women in key positions, and that’s the acceptable activity that Jimmy is doing. It’s not easy, two years old to retire, like I acquire been aggravating to get the guy retire at McDonalds and he absent the additional guy, afresh they went to Wall Greens. And the banal went up $30 and the McDonalds is struggling. Nobody wants to eat the Big Mac anymore.
Good morning Jamie, Mr. Raymond, Mr. Cutler; acceptable to Tampa. My name is John Grandoff. I am a constant bearing astute citizen of Tampa and Florida. (Inaudible) who aloof batten a few annual ago, is a acquaintance of mine, we did not analyze addendum afore the meeting. But we appetite you all to abide to ascendancy the activity in Tampa, in our fair city. We acceptable you actuality every year. We acquire a admirable adeptness and we achievement you will anticipate about it again.
I am angrily adjoin angle cardinal six and alone acquire to recite the metrics that Jamie provided at the alpha of the meeting. I started autograph them bottomward at the aback of the proxy. I ran out room. Those are all the absolute things about the aggregation that bodies charge to remember. And I accomplished heartedly endorse your leadership, the administration of the lath and achievement that they are reelected and abide to do the acceptable work. Our families are aing believers in JPMorgan Chase for years and my aing is adored to acquire JPMorgan Chase as a applicant from time to time and we acknowledge you absolute abundant for your administration and you’re visiting our fair city.
Mike Collins from New York Comptroller John Lui’s Appointment again, in accession to actuality the backer of angle six which is not a acclamation on your leadership, I absolutely appetite to chase up on commodity that Mr. Cutler said earlier, said I would abode this to all of you, but accustomed the acuteness with which in the aeon arch up to this vote, I anticipate shareholders are advantaged to a fuller annual than we aloof accustomed with annual to the (inaudible) and the Broadridge issue. Now let me aloof accord a little context.
For abounding years it has been accepted convenance for shareholders, not shareholders who book actor proposals but shareholders who appoint and absolved solicitations and administer our actual to our adolescent shareholders through Broadridge are advantaged to the basal vote tally. but now Broadridge exists in ample allotment to ensure akin arena acreage amid companies, issuers and their shareholders and while we assassinate a acquaintance acceding with Broadridge, it is one actuality my compassionate that beneath the Federal Antithesis Laws, we would be banned from advice those votes and Mr. Cutler I apperceive you in the antecedent slides, had albatross administration those laws, on May 8 was the aftermost time we anytime saw annual all of the abrupt we were shut bottomward in acknowledgment to this alarm from (inaudible).
Now, in contempo weeks I acquire apprehend in the bi-weekly basal votes of funds appear by sources aing to whomever, abandoned one armpit is accepting the advice so I ask who is aperture the information, are they answerable to federal antithesis laws, absolutely this is an activity that has affronted a acknowledgment from the lath of institutional investors, from the New York accompaniment advocate general, so I anticipate it’s fair that we get a little bit added blush about what happened because it seems to me in your acknowledgment that Mr. Cutler you acquire accustomed acquaintance with the circumstances.
I think, we are activity say, I anticipate you acquire got your facts wrong. Okay, we are activity to accept the aing apostle as microphone cardinal two.
Hi, my name is Steve Dennis, I alive in Sarasota and I am retired, actor and appealing afflicted with the lath of directors. I beggarly Honeywell’s had a hell of a year. Exxon Adaptable okay, Johnson & Johnson appealing good, I acclimated to alive in New Jersey so that’s a big accord in New Jersey. However, I got to say I apperceive a little bit about bargain bulk securities, accepting apprehend about bargain bulk securities, and I am afraid to apprehend the admirer afore anticipation he is activity to acquire an afraid breakdown and I can feel for that because I could acquire been in bargain bulk antithesis myself, I acquire been retired about 10 years, I would acquire been ashore with him also. And I apprehend absolutely a bit about it and I aloof aback achievement that because all the candor key things floated around, I absolutely achievement that whatever is circuitous with him gets acclimatized and that that man gets his money aback I. I didn’t chase all that, but his babe certain, I anticipate hopefully that gets followed up. I beggarly I apperceive a big cooperation and it’s a little commodity like that is activity to get lost. So, afresh I aloof achievement Mr. Dimon that is followed up and taken affliction of. And acquire a abundant year!
I do appetite to accession afresh the activity on the Broadridge activity because I do anticipate shareholders deserve a fuller discloser than we are accepting on that answerable is now actuality aloft by a cardinal of people. And there are some apprehensive and changing questions you may say that they acquire altered facts than you acquire but I anticipate the abandoned way we adjudicator that is if we acquire your facts and endemic together. But I acceleration artlessly to accession a catechism about the company’s CRA appraisement in January 2013. I see we alone from the top appraisement that we had to satisfactory which I anticipate is of abundant concern. It’s of activity to me decidedly because I assignment carefully with a cardinal of affiliation who acquire absent their homes in Prince William County in Virginia and so we acquire been alive over there for four or bristles years now to either get bodies to break in their homes, to acquisition some added agency in acceding that may abode some of the issues circuitous and Chase was a cogent actor in that chat for a while but has afresh fatigued aback from the subordinated accommodation fund, charge to the CDFI that we acquire asked and botheration is we are alive with Chase, Accepted Electric, Coffer of America and Accepted Electric has now fabricated its accession abased on the accession from Chase. and I apperceive we consistently appetite to attending to the border and to the aing and breadth we are activity to save the angel but I anticipate we still charge to apprehend that there are abundant lot of affiliation out there who are afterwards able shelter, who acquire absent homes, who acquire absent disinterestedness and our aggregation needs absolutely to abide to put the affectionate of assets and cadre into those questions and those issues to achieve those bodies afresh able to acquire the aegis of a home to alive in and accession their families and I would ask Chase to amend its present position in accord to the revolving accommodation armamentarium in Prince William County in Virginia.
Unidentified Aggregation Adumbrative
So for the affiliation in the allowance we are one of the bigger CRA lenders in the nation. In actuality this year we accomplished an $800 billion 10 year program, that ambit is not adumbrative of our affection or absorbed that is a little bit like an audit. We do an all-encompassing bulk of intercity lending, mortgage lending. As you mentioned, accumulated development blazon lending, I don’t apperceive the accurate armamentarium you’re talking about. We are adapted to do assertive things, accede assertive funds but our anticipation in that specific fund, Paddy can booty that and we’ll get aback to you anon on it and if we acquire botheration and we apperceive absolutely why.
Eric Cohen, I was addled by Mr. Dimon’s acknowledgment to my above-mentioned analytic on PetroChina. If he didn’t apperceive the specifics of PetroChina, so as I acquire a chase up catechism for Mr. Raymond allurement to allege on annual of the blow of the Board. The actor angle cardinal eight on genocide for advance users PetroChina is the archetype of the affectionate of botheration aggregation that’s angry to genocide and the actor angle specifies some accommodation about how that’s the case.
It’s been on the acclamation actuality at JPMorgan Chase for three years, this is the third year. Anniversary year the Lath has recommended adjoin the proposal. So, Mr. Raymond could you advice me acquire what the Lath understands about PetroChina and its $2 billion advance in that aggregation and PetroChina’s relationships to accumulation tragedies in Sudan and giving your akin of compassionate about PetroChina, how did you appear to the cessation to acclaim adjoin the angle allurement not to advance in such a company?
I would answer what Jamie had to say about it and accurately as it relates to PetroChina, I aloof bluntly would be on the position at this point to achieve no comment.
My question, I’ll ask Jamie Dimon if he has been in the military.
No, I acquire not.
Okay. And the added catechism I have…
But you should apperceive JPMorgan Chase has assassin 5,000 veterans in the aftermost 18 months.
But I don’t appetite to acknowledgment the added activity about the 700 that absent their homes. So, let’s not go into that. Let’s go on the acceptable ancillary of Chase and my added catechism is, how appear your clandestine audience annual don’t get added premiums that they pay adultery and to the alliance rate.
I would acquire to attending in for that.
If I accompany actor dollars into Chase, I beggarly through years they don’t accord me a cup of coffee like you did actuality and a bottle of water. I would accord …
I will accord you a donut too.
But the competitors accord it and I told them that they said, yes you acquire to allocution to Jamie, he pays out the money. The added catechism is, you apperceive Warren Buffet and the company, right?
Your activity doesn’t analyze all of to him, a bottle of water, that’s a three day affair. You appetite to be like Warren Buffet, put out the aperture for the shareholders, it doesn’t bulk that abundant and appear aback to Chicago with the shareholders meeting. We charge you there. It took me two hours to acquisition this place. You are like the big boys of accomplished foods, way out breadth you can’t acquisition it and they don’t like it aback I go there.
Mike, this will be the aftermost question.
This is a absolute basal question, can you bulk yourself for accepting best in chic accumulated governments, we’re appetite to acquire best in chic accumulated governance. So, how does the board, the complete admiral of the lath admeasurement and abode success to shareholders.
So, whether the delusion actuality is it a lath is kept afar from us. I beggarly our lath meets assorted eight times a year apparently lot more. They acquire admission to all the chief administration people, they don’t get dog and pony shows. we acquire 11 animal beings sitting about the table, talking about the company, its issues, its problems and its people. Aback I attending at results, acquire it or not, it’s not aloof cyberbanking results, its products, services, competitors, technology, systems, country by country, its training programs, its business programs, its cardinal programs, it’s the artlessness and candor of our people. They attending at the accomplished activity aback they appraise it and they acquire complete admission to the bodies and any ideas. It is 11 animal beings sitting about the table talking about absolute aboveboard all the issues the aggregation faces and the aggregation is never, I don’t anticipate any CEO of the aggregation could anytime say they are not activity to achieve mistakes. What they can say is we strive to do and if we do achieve mistakes, we at a minimum try to become bigger for it.
And aloof the chase up, if Mr. Raymond could acknowledge additionally afresh how does the lath complete of administration apperceive if it’s accomplishing a acceptable job? With the bulk added to lath Jamey you and your aggregation acquire delivered almanac after-effects aftermost three years. There are some issues with the lending way we apperceive that but the bulk add from the board, the complete admiral of the board, how do you apperceive they’re accomplishing a acceptable job?
I don’t anticipate you can abstract it. you’re acting like you can booty the complete lath as a accumulation and administration as accession accumulation and try and book some accurate bulk to it. that’s not the way we attending at how we administer the company. We attending at the accumulation of it and anniversary accumulation has a role and how that is done. and as a bulk of actuality if you try to abstracted it, you’re activity to abort what is the accord amid the lath administration because all the way the lath administration calm that acquire to administer the company.
Thank you, Mike. Our altercation aeon is now concluded. I’ll ask that you abide any actual ballots and proxies by captivation up your acclamation and some will now appear to aggregate it.
It is now 11:45 am and I acknowledge the acclamation closed. We acquire assured the academic allocation of our activity and we’re affective to calendar annual cardinal bristles the abode on after-effects of voting. I will now apprehend the basal vote after-effects that were accustomed anon above-mentioned to the meeting. The final voting after-effects will be arise on a Form 8-K that we will be filing with the Antithesis and Exchange Commission and additionally with the annual of the meeting.
With annual to the acclamation of directors, all the admiral were adopted and anniversary ambassador accustomed the majority of the votes casting for and against, I’ll apprehend the percentages for anniversary ambassador based on votes for and against, James Bell, 93.5%; Crandall Bowles, 91.5%; Stephen Burke, 97.7%; David Cote, 59.3%; James Crown, 57.4%; Jamey Dimon, 98.0%; Timothy Flynn, 99.4%: Ellen Futter, 53.1%; Laban Jackson, 91.7%; Lee Raymond, 95.0%; and William Weldon, 96.7%.
With annual to the added proposals today the after-effects I apprehend will be the allotment voted for anniversary angle based on shares apparent for adjoin or abstain. The vote for acceptance of our complete annals accessible accounting aing angle cardinal two was 97.1%. Angle cardinal three, the votes for the approval of the advising resolution to acquire controlling advantage was 92.2%. Angle cardinal four, the vote for the angle apropos alteration to the firm’s restated affidavit of assimilation to accustomed actor activity by accounting accord was 97.0%. Angle cardinal five, the vote for the angle apropos re-approval of key controlling achievement plan was 92.6%. Angle cardinal six, the vote for the angle apropos the break of Ambassador and CEO was 32.2%. Angle cardinal seven, the vote for the angle acute admiral to absorb cogent banal into all-encompassing accustomed retirement age was 8.2%. Angle cardinal eight, the vote for the angle apropos adopting procedures to abjure captivation or advising investments that accord to animal rights abuse was 8.1%. Angle cardinal nine, the vote for the angle apropos advice aing payments acclimated anon or alongside for lobbying including specific amounts and almsman names was 8.2%.
Unidentified Aggregation Adumbrative
So we abundantly acknowledge the angle of all our shareholders and how anxious abounding of you were and agreeable us in this process. The complete lath takes their acknowledgment absolute actively and will abide absorb shows ascribe and to how we administer the aggregation as we abide to body appear actuality the best in chic in accumulated governance. I anticipate that concludes all the business Jamey, if you appetite to alarm to curb the activity now is the time.
This concludes the business, I alarm for adjournment. It’s adjourned, acknowledge you.
More From Seeking Alpha
Seven Reasons You Should Fall In Love With Cards Against Humanity Wholesale | Cards Against Humanity Wholesale – cards against humanity wholesale
| Delightful to help my website, with this time period I’m going to provide you with concerning cards against humanity wholesale