JPMorgan shareholder withdraws resolution on employee policies, citing bank’s changes

Conservative Shareholder Withdraws Resolution at JPMorgan Annual Meeting

In a surprising turn of events, a conservative shareholder has decided to withdraw a resolution that was set to be voted on at JPMorgan’s annual meeting. The resolution, known as Proposal 11, called for the bank to report on how its policies impact employees based on their religion or political views.

The decision to withdraw the resolution was made by the investor’s representative, who cited the changes that JPMorgan has recently implemented to take into account diverse viewpoints. One of the factors that influenced this decision was the bank’s move to drop a requirement that merchants using its WePay service not accept payments tied to risks like allegations of racism or sexual harassment.

Additionally, the shareholder’s representative mentioned a note in a recent climate report by JPMorgan stating that the bank serves customers regardless of their political, social, or religious viewpoints. This, along with CEO Jamie Dimon’s critical remarks about proxy advisers, was seen as a positive step towards recognizing and addressing politicized finance as a problem.

JPMorgan and other global banks have faced criticism from conservative activists for allegedly cutting off clients with right-leaning political views, a practice known as “debanking.” The bank’s decision to remove language from its WePay terms of service related to “social risk issues” was seen as a significant move by some, including the Alliance Defending Freedom, a Christian law firm.

The Alliance Defending Freedom plans to release a new edition of its “Viewpoint Diversity” index, which evaluates major U.S. companies for their terms of service related to political and social viewpoints.

Overall, JPMorgan has defended its political neutrality and commitment to serving customers regardless of their beliefs. The bank’s efforts to address concerns about politicized finance and ensure inclusivity have been met with approval from some shareholders and advocacy groups.

The withdrawal of the resolution at the annual meeting reflects a shift towards greater consideration of diverse perspectives within the banking industry, signaling a potential turning point in how financial institutions navigate political and social issues.