A conservative shareholder has withdrawn a resolution filed for a vote at JPMorgan’s annual meeting on Tuesday, reflecting the bank’s recent changes to consider diverse viewpoints more inclusively. The resolution, proposed by David Bahnsen and represented by fund consultant Jerry Bowyer, aimed to have the bank report on how its policies impact employees based on their political views. Bowyer explained that the resolution was withdrawn due to JPMorgan’s steps to reduce political tests for customers, including the removal of a requirement for merchants using its WePay service to avoid payments tied to risks like allegations.
Additionally, JPMorgan included a note in a recent climate report affirming it serves customers regardless of political, or social viewpoints. This move, along with recent comments from CEO Jamie Dimon criticizing proxy advisers, were seen as positive steps toward depoliticizing finance. JPMorgan and other banks have faced criticism from conservative activists for allegedly cutting off clients over right-leaning political views, while also being pressured by other investors to address social and environmental issues. A bank representative emphasized that their policies have long supported clients of all political and religious affiliations, and the new language merely articulates this longstanding approach. During the virtual annual meeting, investors approved JPMorgan’s compensation plans and director nominees, but did not pass other shareholder proposals.