ASM 2019

May 21, 2019

Good morning, everyone. Welcome to the annual shareholders' meeting for JPMorgan Chase & Co. We're going to start the morning with a brief video, after which we'll be joined by Jamie Dimon and our General Counsel, Stacey Friedman. Please start the video. Chicago is a tremendous city. It has great food, it has theater, arts, sports, but it really has this rich tradition of these diverse communities and neighborhoods. Our lineage in Chicago is very deep. It goes back some 150 years. The First National Bank of Chicago opened for business July 1st, 1863. JPMorgan Chase has deep roots in Chicago, and we know for our business to thrive, for the Chicago economy to thrive, communities have to thrive. We've made a three-year commitment of $40 million to the West and South sides of Chicago, because we understand that those are areas that through the years, really have had some struggles with participating in the broader economy. At JPMorgan Chase, we have tremendous resources and capabilities, and we solve big problems, and we want to put that same ingenuity against problems facing communities. It's important for us to recognize that these are neighborhoods that have been under-resourced, but there's tremendous talent in these neighborhoods, and by partnering with our philanthropic investments and deploying the talent at the firm, we can really make a difference. I grew up in Chicago. This is my home, and it really inspires me to see that the company is committed to making this city better, and I'm really proud of the progress we're making. Good morning, ladies and gentlemen. It is 10:00 A.M. I'm pleased to call to order the annual meeting of the shareholders of JPMorgan Chase & Co. I am Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase, and the chairman of this meeting. The video you just saw shows our commitment to the state and people of Illinois. We employ today a number of our employees from the Chicago area, and I'd like to thank them for attending and extend them a special welcome. With me today is Stacey Friedman, our General Counsel, and Stacy will serve as secretary of this meeting and will lead us through the agenda. Stacy? Thank you, Jamie. Welcome everybody this morning. I know that many of you, hopefully all of you, are customers as well as shareholders. I do want to point out that we have with us today a team from the executive office. Larry Tody, are you here? This is Larry. He heads our executive office. If you have a question about a service or a product that we offer, please see Larry or the team outside at the end of the meeting. They'd be happy to answer any questions you have. Just to set the ground rules, as a reminder, the use of personal devices, cell phones, or other electronic or mobile devices to record, photograph, or video the meeting is prohibited. Let's turn to the business of the meeting. I do have with me the affidavit of mailing of the notice of the meeting, the proxy statement, the form of the proxy, and the annual report. The shareholder list is available for inspection. Representatives of the American Election Services, LLC has been appointed to serve as our inspectors of election. The meeting is now properly convened. Quorum is present. The proposed resolution set forth in the proxy statement will be filed as part of these proceedings. It is 10:02 A.M. The polls on all proposals set forth in the proxy statement are now open and will remain open until we announce that they have been closed. We've received proxies up until just before this meeting began for 80% of the outstanding shares eligible to vote. These have been voted in accordance with the shareholders' wishes. If there are shareholders present who have not yet submitted their proxies and would like to do so, we will collect them after all proposals have been submitted. They'll be reflected in the final vote. Remarks today may contain forward-looking statements. Please refer to the agenda and our annual report on Form 10-K filed with the SEC for a disclaimer regarding such statements. Jamie, that completes the necessary formalities. I'll turn it back to you. Thanks, Stacey. Thank you very much. I'd like to first recognize our directors. I'll ask each director to stand when I introduce you. Please hold your applause until after all the directors have been introduced. Your directors are. Their biographies are in detail in the proxy. I'll just name them here. Linda Bammann, Stephen B. Burke, Todd Combs, James Crown, Timothy Flynn, Mellody Hobson, Laban Jackson, Jr., Michael O'Neill, Lee Raymond. James Bell, who's retired, who couldn't be with us today. I'd also like to acknowledge William C. Weldon, who did not stand for re-election. Thank him for his many years of service. I'm very proud to tell you. You can all please have a seat. I'm very proud to tell you that the dedication and commitment of your directors play a huge part in making this a great company. In addition to the directors, we also have here with us today, Catherine Kaminski, our audit partner from PricewaterhouseCoopers. Thank you for being here and for all the work you do to help make us a great company, too. We're pleased today to be here in Chicago. We've been doing business for over 150 years. I moved here in 2000 with all three of my girls and my wife. All three of my girls graduated from high school in Chicago. My whole family feels a special connection to this great city, and I always love visiting. Our earliest predecessor in Chicago opened its doors as The First National Bank of Chicago to serve the city and its people in 1863. In fact, we were Abraham Lincoln's Springfield Bank. Today, JPMorgan Chase is the third largest private employer and largest local bank with over 14,000 employees living and working here. We serve almost six million consumers and 500,000 businesses across the metro area. Highlights of our business presence include: number one in deposit market share, $13.9 billion outstanding commercial banking loans, $1.7 billion in financing for local nonprofits, governments, and hospitals, and $1.4 billion in financing to small business. This is a vibrant and dynamic city, but not every resident is sharing in the economic growth of the city, and our mission is also to help drive inclusive economic growth and create an economy that works for more people. That's why in 2017, we made a $40 million three-year pledge to expand access to opportunity on Chicago's South and West Sides, focusing on jobs and skills, small business expansion, financial health, and neighborhood revitalization. In 2018, we committed an additional $10 million to help small businesses on the South and West Sides through long-term, low-cost capital. We not only commit our resources, but even more important, we have the time and talent of some of our best employees to help Chicago flourish. One example of our employee volunteerism is The Fellowship Initiative. We're offering 60 young men of color in Chicago hands-on college access and academic support by a mentor from JPMorgan Chase over a two-year time period. We've had 345 of them, 145 of whom have actually gone through college very successfully. It's been a fabulous program. In addition, our employees volunteered over 17,000 hours in 2018. More importantly, we know this cannot be done alone, and we're very grateful to our community partners and their broad range of support and collaboration. We're also proud of our collaboration with government, elected leaders, and business leaders in Chicago as we work together to create an economy that works for more people. I'll turn to our company's performance in 2018. Throughout a period of continued political and economic change around the world, our company has been steadfast in our dedication to our clients, communities, and countries we serve while earning a fair profit for our shareholders. 2018 was another strong year for our company as we added clients and customers and delivered record revenue and net income. We earned $32.5 billion in net income on revenue of $111.5 billion, reflecting strong underlying performance across our businesses. We now have delivered record results in eight of the last nine years, and we are confident that we'll continue to deliver in the future. I want to reinforce some very important principles about how we run this company. First and foremost, we look at the business from the point of view of the customer. We continue to drive good and healthy organic growth, giving good customers products and service they need and want at fair and reasonable prices across all of our businesses. We maintain a fortress balance sheet and fortress financial principles, which includes strong, properly diversified earnings and margins as well as plenty of capital and liquidity and great accounting. We like to use our capital to grow. We believe buying back stock should be considered only when we cannot invest or we are generating excess capital we do not expect to use in the next few years. As we continue to keep our company healthy and vibrant, we also take very good care of our employees and our communities. We continue to strengthen the diversity of our workforce. We have more than 250,000 employees globally, 50% is definitely diverse. Today, notably, women represent more than 50% of my direct reports and more than 30% of our company's senior leadership. Recently, we announced Advancing Black Pathways to help Black people at the firm and the community we serve to achieve economic success. We've been raising wages for our 22,000 employees at the low end of the pay range up to between $16 to $18 an hour. This is in addition to comprehensive retirement benefits, a competitive 401 plan, comprehensive health benefit package, including the subsidized health benefit cost of lower-wage employees, up to 90% of the total cost. We continue to invest in employee training and development and increased parental leave for primary caregivers to 16 weeks, up from 12 weeks for our eligible employees in the U.S. We've accomplished an extraordinary amount in our corporate responsibility efforts. Over the next five years, we will spend $1.75 billion to help drive inclusive growth in communities around the world. This includes the launch of our $500 million five-year AdvancingCities initiative to drive inclusive growth in global cities. The Entrepreneurs of Color Fund, which has made loans totaling $6.6 billion to 78 minority small businesses, resulting in over 803 new and preserved jobs. This program is growing rapidly. Our $350 million New Skills for Youth initiative to address future work of our own employees and underserved communities globally. We are successfully applying our Detroit investment model to other communities, including the South Bronx; Chicago's South and West Side; Greater Paris; Greater Washington; L.A.; San Francisco; New Orleans, et cetera. We are very optimistic about our future growth opportunities. We believe the underlying growth of the U.S. and the global economy will continue to drive the future growth of our company. In 2018, we continued to accelerate investments in products, services, and technology. For example, for the first time in nearly a decade, we extended our presence to new states with new Chase branches, and we plan on opening 400 in the coming few years. In addition, among many other things, we started a new digital investment platform. If you're a Chase customer, you can buy and sell stock for free on this. For free, not for $9.95 like at bloody Schwab. Launched a partnership with Amazon, Berkshire Hathaway on healthcare. While it's too soon to assess the full impact of these efforts, we're seeing terrific results so far. I'd also like to spend a few minutes talking about the critical issues confronting our country and some public policy considerations that might help all Americans. I've written extensively on these issues in the past. I encourage you to read my annual letter to shareholders if you would like a more detailed view. I'll start by saying the United States is truly an exceptional country with unparalleled blessings, but it is clear that certain things are holding us back. I'd like to highlight 10 ways to address what has been holding us back, and we've got to look at this cumulatively over time. On a dot view is a list of 10 terrible things that have hurt the citizens of our country. I think we have to do a better job focusing and fixing them. Education. Many of our high schools, vocational schools, and community colleges do not properly prepare today's younger generation for available professional-level jobs. High schools and community colleges should work with local businesses to create specific skills training programs, internships, and apprenticeships to prepare graduating students to be job-ready when they go on to earn a credential, work, or college. Healthcare costs. They now represent almost 20% of GDP, more than twice the cost per person of most developed nations. While we have some of the best healthcare in the world, our outcomes are not twice as good as those of the rest of the world. Some of these solutions may include aligning incentives better, eliminating extraordinary amount of money wasted in bureaucracy, administration, fraud, empowering employees to make better choices with real transparency, which they do not get today, and developing better employee pricing options that reflect the actual cost of medical procedures, having better wellness programs, teaching wellness, health, nutrition, exercise in K through 12, because obesity is becoming a disease in this country, and reduce the extraordinary amount of expense of unwanted end-of-life care. Regulatory reform, excess regulation. Just think of mind-numbing paperwork and bureaucracy for both large and small companies to reduce growth and reduce business formation without making the economic system safer or better. Reducing this red tape will make it easier to open and run small businesses. Infrastructure. It took 8 years from the time President Kennedy said we're going to put a man on the moon to have a man walking on the moon. It now takes 10-12 years to get the 49 permits required to rebuild a broken bridge. That's not true with most other companies. There are solutions to this. I won't go through them. This includes our waterways, our ports, our airports, the water delivery to that people get through their faucets, et cetera, canals. It's a disgrace. If any of you travel to Hong Kong or Singapore or Shenzhen or Shanghai, you know exactly what I'm talking about. Our tax system. Over the past 20 years, the world reduced its tax rates. America did not. Our previous tax code was uncompetitive, overly complex, loaded with special interest provisions that created winners and losers. While we accept the increase in minimum wages, it should be done locally and carefully. We need to expand the earned income tax credit, which is essentially a negative income tax for people making between $7 and $12 an hour. Litigation reform. Our litigation system is capricious and arbitrary. It now costs 1.6% of GDP, which is 1% more than most other developed nations. There are fixes to this. I won't go through them here. Immigration reform. The Congressional Budget Office estimates that the failure to pass immigration reform is costing 0.3% of GDP a year. There has been broad support for bipartisan, comprehensive legislation that provides substantial money for border security, creates more merit-based immigration, makes DACA permanent, and gives a path to legal status or citizenship to law-abiding, hardworking, but undocumented immigrants. Most Americans are in favor, I just said, by most polls. Mortgage reform. The inability to reform mortgage markets has dramatically reduced mortgage availability. In fact, our analysis shows that conservatively more than $1 trillion of mortgage loans that would have been made were not made over the last five years. Reducing onerous, not necessarily origination and servicing requirements. There are 3,000 federal and state requirements today. Opening up the securitization market for safe loans would dramatically improve the cost and availability of mortgages to consumers, particularly young, self-employed, and those with prior defaults. Labor markets. The wages for low-skilled work are no longer a living wage. The incentives to start work have been declining over time. We know that jobs and living wages lead to better social outcome, dignity, household formation, more marriages and children, less crime, as well as better health and well-being overall. Reducing recidivism of those who have been incarcerated is not only important to citizens with criminal records families, but it also has a profound positive implication for public safety. Lastly, we welcome the FDIC's proposed changes to allow banks more flexibility in hiring citizens convicted of a crime. Budgeting and planning. This one kills me. The lack of proper federal government budgeting and planning inevitably leads to waste, inefficiency, constraints in multi-year planning. All levels of government should be doing proper budgeting and planning and should be done on a multi-year basis and should report back to the American public if it's successful, all that money being spent was or lack of success. The lack of doing this in the military, they somewhat estimate, could cost 20% of our procurement budget. You're talking about $50 billion a year just in things like that. If you just add up these 10 things I just mentioned, they represent an enormous burden to the American economy, job retention, opportunity, and better wages. To confront and fix these issues, we need the business community and government to work together and collaborate to find meaningful solutions and create better outcomes in education, healthcare, and job creation. Let me close by thanking our more than 235,000 employees, including our exceptional senior management team, some of who are here today, and our board of directors. Our board is fully engaged in all the critical matters of the company, from setting the agenda of the board meetings to reviewing strategy to helping carry the culture and determining CEO compensation and succession planning. We also have a strong public culture that we'll continue to fortify, and we're actively combating bureaucracy and complacency that can often affect large and small companies. Personally, I'm humbly honored to work at this company with these great people. I love seeing our people close up in action. I'd like to end by expressing my deep gratitude to all the employees at JPMorgan Chase. Now I'd like to hand it off to Lee Raymond, our Lead Director, for some additional remarks. Lee? Thank you, Jamie. On behalf of the board, I'd like to thank our fellow shareholders for participating in today's meeting. To those shareholders who are also employees, thank you for the work you do every day for JPMorgan Chase. JPMorgan Chase is an exceptional company with an extraordinary heritage and a promising future. The firm has continually innovated and evolved, and today we have a proven business model with a breadth, scale, and reach that is unparalleled. Jamie has described 2018 as another strong year for the firm, as we generated record earnings per share and added clients and customers while continuing to make significant investments in products, people, and technology. At the same time, the firm maintained its fortress balance sheet and its strong culture, which supported sustained shareholder value. We are a leading global investment bank, a U.S. retail powerhouse, a strong player in commercial banking, financial transaction processing, and asset management, with a presence in over 100 countries. Our global completeness cannot be matched, nor can it be acquired. Our global reach and diverse business model present us with unique opportunities as we interact with clients and customers, employees, regulators, shareholders, and communities all over the world. The board is confident we have a management team prepared to seize these opportunities while also addressing the attendant complexities and risks. Having a first-rate management team is one of the board's highest priorities. We regularly review succession planning for the CEO and other members of the Operating Committee and meet formally and informally with them and high-potential senior management leaders. Recent Operating Committee appointments demonstrate the strength of our management team and our commitment to provide ongoing opportunities for future leaders to develop the capabilities critical for the firm's long-term health and success. Along the same lines, our long-term success as a premier financial services firm depends on our ability to attract, retain, and reward our talent. To that end, a top priority of the board is the development and assessment of the Executive Compensation Plan. We believe our performance-based incentive program and our balanced approach to compensation effectively align executive comp and shareholder value. We will continue to review our compensation plan and its alignment with shareholder value, and we'll consider shareholder feedback in our deliberations. Looking to the future, the board oversees the firm's long-term Strategic Planning and meets regularly with senior management to discuss the firm's investments in innovation. We have observed management's commitment to pursuing the leading technology capabilities and infrastructure while maintaining expense discipline and an effective risk and control environment. This allows us to operate effectively in an evolving financial landscape, regardless of interest rates, state of the credit cycle, capital and liquidity, and other requirements. In addition, our oversight of the firm's culture and reputation are key board responsibilities. In fulfilling this role, we hold management to the highest standards of conduct, respect, and personal accountability in everything we do for our clients, our customers, our employees, our shareholders, and the communities in which we serve. The board is also focused on its own succession planning and the need to ensure we have the right mix of skills and expertise and an appropriate balance of experience and fresh perspective. As a result of these efforts, four new directors, including two women, have joined the board in the last six years. Finally, we would like to take this opportunity to thank our friend and colleague, Bill Weldon, who is retiring from our board immediately prior to the end of the meeting. We are grateful for Bill's service on the Compensation Management Development Committee and as chair of the Corporate Governance and Nominating Committee. We will miss his perspective and his commitment. Finally, we look forward to continuing to deliver value to our customers, shareholders, and communities. On behalf of all of my colleagues on the board, I am grateful for your support of our board, support of Jamie, and support of the firm. Thank you. Thank you, Jamie. Thank you, Lee. It's now time to turn to the proposals that are in the proxy statement. I'll introduce the management proposals and then invite the shareholder proponents to introduce their proposals. After all the proposals are done, then we'll turn to Q&A. I will ask people to hold their questions until we get to that point in the program. I want to now move all of the management proposals as set forth in the proxy statement. These are four. Number one, election of the 11 nominees listed in our proxy statement as directors. Number two, an advisory resolution to approve executive compensation. Number three, the ratification of the registered public accounting firm, PricewaterhouseCoopers. Now I'm going to ask the shareholder proponents to introduce their proposals. Proponents, we do ask you limit your time to three minutes and confine your comments to the subject matter of the proposal being presented so that everybody has an opportunity to speak today. We have a clock with lights that will turn yellow after two minutes and red after three minutes. There's two standing microphones to my left and right. Please proceed to the microphone nearest to you. Again, I ask all other speakers to allow these shareholder proposals to be presented and wait until the general question and answer period before proceeding to microphone for Q&A. Proposal number four, submitted by Arjuna Capital on behalf of Raynor Yudjud. We've been advised Mr. Nicholas Abel will present the proposal. Please begin. Good morning. My name is Nicholas Abel. I move proposal number four on behalf of Arjuna Capital, asking for a report on gender and racial pay equity. These are the comments from Arjuna Capital. This is the third year that Arjuna Capital has engaged with JPMorgan Chase on pay equity. We have been encouraged by the progress so far. Last year, the company took an important first step by publishing statistically adjusted equal pay for equal work numbers, assessing the pay of men and women performing similar jobs, the pay of minorities and non-minorities performing similar jobs. JPMorgan Chase reports women and minorities earn 99% of the compensation received by men and non-minorities on this basis. The statistically adjusted number is only half the story. The other half is median pay disclosure, which is the objective of this proposal. Median pay is an unadjusted raw measure used by the Organisation for Economic Co-operation and Development to assess not only equal pay, equal opportunity. Women in the U.S. make $0.80 on the dollar versus men on this basis. African American women make $0.60 on the dollar, Latina women make $0.55 on the dollar. Gaps in median pay is literally the definition of gender pay gap. While adjusted equal pay gaps measure that women and people of color are being paid commensurate with their peers for the work they do today, median pay gaps measure whether those groups are holding as many high-paying jobs within companies. Given the importance of this measure, disclosure for median pay is now mandated in the United Kingdom. For JPMorgan's London branch, the company reported a 26% median pay gap and a 41% median bonus pay gap. Notably, the company has not published median pay information for its global operations. In the company's opposition statement, JPMorgan Chase asserts that its median pay gap is not a meaningful metric, despite disclosing it in the U.K. for two years. While median pay data may not be flattering, it is certainly meaningful. Transparent disclosures that tell the whole story of gender and racial pay equity are essential to investors as they create accountability and drive change. That change is in service to a more diverse company and leadership, therefore better performance. Thank you so much for your time. In support of proposal number four, that concludes my remarks on behalf of Arjuna Capital. Thank you. We oppose this resolution. Our reasons for doing so appear in the proxy at page 86. Proposal number five was submitted by Mr. Kenneth Steiner. We've been advised that Sister Mary Ann O'Ryan will present this proposal. Sister, go ahead. My name is Sister Mary Ann O'Ryan. I am speaking for proposal five, enhance shareholder proxy access, sponsored by Kenneth Steiner of Great Neck, N.Y. Stockholders ask the board of directors to amend the proxy access bylaw provisions to include the following change. A previous shareholder proxy access director candidate shall not need to obtain a specific percentage vote in order to qualify as a shareholder proxy access director candidate at any future shareholder meeting. This proposal is important because a shareholder proxy access candidate might not obtain the current required 20% vote and thus be disqualified the following year under a current rule, even if he or she is a more qualified candidate to join our board of directors than certain existing directors. Shareholders may simply believe that at the time of the annual meeting that the company is not ready for a proxy access candidate, and hence may not support the candidate because the timing is not right. A year later, a majority of shareholders might determine that the timing is right, and hence they should be able to vote for such a highly qualified candidate. The following are just a few of the scores of companies that do not require a previous proxy access director candidate to obtain a specific percentage vote in order to be a candidate in the following year. Citigroup, eBay, FedEx, Goodyear, The Home Depot. The vote reported for this proposal will be understated because JPM has again put its hand on the scale and distributed advertisements at extra company expense against shareholder proposals such as this proposal. Please vote yes. Enhance shareholder proxy access, proposal five. Thank you. We oppose this resolution, and the reasons for doing so appear on page 88 of our proxy. Proposal six was submitted by John Chevedden. Mr. Chevedden, I believe you were going to present this proposal as well. Yes. Please go ahead. Proposal six, cumulative voting, sponsored by John Chevedden of Redondo Beach, California. Shareholders recommend that the board of directors take the steps necessary to adopt cumulative voting. Cumulative voting means that each shareholder may cast as many votes as equal to number of shares held, multiplied by the number of directors to be elected. A shareholder may cast all such cumulative votes for a single candidate or focus on a few candidates. Under cumulative voting, shareholders can withhold votes from poor-performing directors in order to cast multiple votes for other director candidates. This is an important protection for shareholders. Cumulative voting also allows a significant group of shareholders to elect a director of its choice, to safeguard minority shareholder interests, and to bring a greater independent risk management perspective to board decisions. Cumulative voting won 54% support at Aetna and 51% support at Alaska Air. It also received 53% support at General Motors in two annual elections. The Council of Institutional Investors and CalPERS have recommended adoption of this proposed topic. Cumulative voting can be used to elect one director with a highly focused specialization in banking risk management. This is of utmost importance because shareholders of big banks have paid tens of billions of dollars in fines since big bank managers failed to prevent misconduct related to Bernie Madoff's Ponzi scheme, mortgage security sales, energy market manipulation, foreclosures, collateralized debt obligations, and foreign exchange rigging. The vote reported for this proposal will be understated because JPM has again put its hand on the scale and distributed advertisements against shareholder proposals, such as this proposal, at extra company expense. Please vote yes. Cumulative voting, proposal six. Thank you. We oppose this resolution, and our reasons for doing so appear on page 90 of the proxy statement. That does conclude our introduction of the shareholder proposals. We oppose them for the reasons set forth in the proxy. Agenda item three. Before we move to the general discussion, Mr. Abel, I believe you wanted to make a statement on behalf of Walden Asset Management. Thank you. Good morning, Mr. Chairman, board members, and fellow shareholders. I'm Nicholas Abel. I'm here to read comments prepared by Walden Asset Management, a part of Boston Trust & Investment Management, which together owns approximately 1.3 million shares of JPMorgan Chase. Walden's comments are as follows. Walden is one of many investors who have engaged JPMorgan over the years in constructive discussions on a variety of issues, including climate change, corporate governance, disclosure of lobbying expenditures, and the proxy voting record of the asset management unit. We recognize the excellent corporate responsibility report you published and the deep commitment to rebuild communities like Detroit and Chicago. Walden is a long-term investor in JPMorgan and strongly believes in the importance of being an involved and active shareowner. Sometimes that commitment to active ownership leads us to file shareholder resolutions which are motivated by a desire to protect shareholder value. We seek dialogue as well as an opportunity for an agreement that can lead to a withdrawal. We explain this because a number of trade associations, including the Business Roundtable, are pressuring the SEC to change the rules in order to make it more difficult to file shareholder resolutions. The Business Roundtable has called resolution sponsors special interest groups motivated by a social or political agenda. To be clear, we are fiduciaries who act in support of long-term shareholder value. Suggestions that we are motivated by political agendas are simply untrue. We encourage JPMorgan to use its voice and considerable influence to urge trade associations such as the Business Roundtable to end their efforts to curtail shareholder rights. The issues behind such resolutions matter economically to the company and its investors. Last year, Walden and other institutional investors filed a shareholder resolution and held discussions with the bank about your direct and third-party lobbying activities. We had detailed and constructive conversations that led to JPMorgan expanding the disclosure of its lobbying activities. This resulted in the withdrawal of the resolution. We thank the corporate secretary for leading the dialogue. We look forward to ongoing conversations, particularly on how the trade associations JPMorgan supports are lobbying on issues like climate change and shareholder rights. This concludes my remarks on behalf of Walden Asset Management. Thank you. Thank you, thank you for your constructive dialogue. For those of you who want to see the enhanced disclosure, it was posted on our website in April and is available to the public. We're now ready for general questions or comments from shareholders, after which I'll need to close the polls. There are two standing microphones to my left and my right. If you wish to address the meeting, please proceed to the microphone and take your place in line. When addressing the meeting, I ask that you start by stating your name and whether or not you're a shareholder. As a reminder, we do ask that people limit their time to three minutes. We will have lights up here to indicate the time to allow everyone the opportunity to speak. There's going to be a total time limit on any topic of 10 minutes. Please direct your questions to our CEO and chairman, Mr. Dimon. I'll start with the microphone on my right, number one, please. My name is Tara Houska. I'm an attorney and director of Honor the Earth, Anishinaabe from Couchiching First Nation. You're all looking at me, which is great. Oftentimes it feels like in rooms like this, people put their arm almost immediately and try to stop listening to what I'm saying. I'm coming to you with a few questions. Namely, I understand that JPMorgan Chase has several policies addressing the environment. You have policies addressing human rights, you have policies addressing indigenous peoples. I'm coming from a territory where we're looking at a massive tar sands line called Line 3 coming through our territory, as many other indigenous peoples around the world are facing the expansion of the fossil fuel industry. Those policies, I question how they're working in real time and in actuality, when JPMorgan Chase is responsible for $67 billion of fossil fuel expansion around the world. I'm also asking, as human beings, human to human, putting everything aside, every single person in this room needs water to drink. Every single person in this room depends on clean air to breathe. That is the legacy that we are leaving our children, that we are leaving our grandchildren. We know that climate change is happening. It is a fact. It is not a question anymore at this point. In the face of that, how is the expansion of the industry going to address that problem? How can we say that we have a policy and we have this incremental change plan, and we have this societal need to do these things, yet we continue to expand the industry in the other hand. Well, I have a deep respect for your cause, which is clean water, clean environment, carbon, climate change. JPMorgan is dedicated to, first of all, going to be a green company by 2020, 100%. We do $200 billion of green financing, which will expand over time, and we do rigorous review of anyone involved in the fossil fuel business of what they do on the laws of the land, both United States, Canada, et cetera. They maintain the highest standards. We do that. Business expands because the world is expanding, population is expanding. People need to eat, get clothes, heating, air conditioning, and we do it quite responsibly. We always review it over and over, and you're welcome to come in and sit down with our experts on it. I have done that actually several different times, where I've talked with JPMorgan Chase bankers one-on-one, which has been amazing, to talk about exactly what I just said. They say the exact same things. Still my question is still, how are these policies working in real time, in actual practice, if you're coming from a tribal nation that has clearly said no and not given its consent, yet the pipeline or the mine or whatever it happens to be is running through our treaty territory and into our drinking water. How is that working in real time? I know that the tendency is to say, well, it's the company, right? The company is doing this. As the financier of the company, the company cannot engage in these activities without funding to do it. I do not know your specific circumstances. I don't know what you're talking about specifically. I do know that most of the people we do business with maintain the highest quality and standards. Thank you. Thank you. Hi, David Almasi with the National Center for Public Policy Research. We're a shareholder. I'd like to address allegations that Chase Bank has recently de-banked several people affiliated with the conservative movement. I'm not here to defend anything they have said or done, and I don't personally know of any of the people I'm going to be mentioning. Frankly, as someone who works in the conservative movement, I have a personal reason to ask this question, am I next? Conservative activists Enrique Tarrio, Joe Biggs, Laura Loomer, and Martina Markota all found accounts they had with Chase Bank canceled in the space of just a few weeks this past January and February. They say they don't know why. In Mr. Tarrio's case, he said he was a 10-year Chase customer. He says the online shop he runs went through a three-month Chase certification process long before the account was suddenly closed. Video of Mr. Tarrio appealing the case to Chase employees is available on the website of Project Veritas. In the video, several Chase managers say they can't explain the irrevocable closure of Mr. Tarrio's accounts. One business manager calls it mind-boggling. Since the 2016 elections, conservatives are increasingly finding themselves de-platformed on social media and shut out of business opportunities that seem unfettered for the other side of the aisle. Ms. Loomer, for example, says she's also been kicked off of PayPal, GoFundMe, and Venmo. Alliance Defending Freedom can't make money through AmazonSmile. Do you know why ADF can't make a profit from AmazonSmile? After it defended the Christian baker in Colorado who refused to decorate a cake for a gay wedding, the Southern Poverty Law Center labeled it a hate group. That was enough for Amazon to give ADF the boot. Why did I bring this example up? The Southern Poverty Law Center, that seems to control the charitable giving of one of the world's biggest companies, is the same Southern Poverty Law Center which you gave $500,000 to in 2017 and refused to discuss it when my colleague brought it up during last year's shareholder meeting. It's the same SPLC that accused this year of having systemic culture of racism, sexism within its workplace. I think it's fair to ask if they have a relationship now with Chase. There's plenty of circumstantial evidence here. I'm asking for you to clear the air. I know you cannot speak about personal banking matters, can you, as Chairman and CEO, on the record and before your investors, pledge that JPMorgan Chase and Company is not de-banking people or will not de-bank people because of their politics? If you are, will you pledge to end this practice so conservatives like me don't have to worry about becoming unpersons like in the book "1984." I will give Bridget over here a copy of "1984" so that you guys can take a look at it later if you're not concerned about it. Thank you. Let me direct you. We have not and do not de-bank people because of their political views. Thank you. Have not and do not. We de-bank people because of BSA, AML, KYC, we're unable to meet regulatory type requirements for them. Okay. Thank you. Hello, everyone. My name is Nina Berglund. I am a member of the Northern Cheyenne Nation. I'm also Oglala Lakota. I'm coming to you from Minneapolis, Minnesota. I'm 19 years old, I am one of the intervening parties of the Line 3 case. What we're coming here to do is to tell you is how long do we have? Why are you funding these projects that are only going to our extinction? Us young people, we care about our futures. All of you that help fund these pipelines, fund these projects, you're putting towards that continual extinction of my people, of people around the world, that we can't afford to expand anymore. We can't afford. We don't have the time. We don't have the time to keep continuing this course down the wrong path. We have the chance to stop what it is we're doing and go toward the right path because I want my children to have a beautiful future. With these pipelines, our clean water is at cost. Think about your daughters. Think about your grandchildren, your great-great-great-great-grandchildren. Think about what they're going to have to deal with in 50, 60 years when these pipeline projects are out of commission and their water is dirty, and they can no longer go out and eat food because all we're eating is things that have been processed. We just want to be able to live our lives. I'm scared for my future. I'm scared for my grandchildren. I'm genuinely concerned because as a Native woman, I have to worry if I'm going to go outside and I'm going to be stolen. That's something I face, that's my reality that I have to worry with, and I have to live with every single day. For me to be able to come up and speak to you with my truth, with my reality, with my entire being, I come to you as a plea for you to understand from human to human, from person to person, understand the urgentness in my voice when I come to you and say that I don't want this pipeline project to go through because we're dealing with the Enbridge Inc. putting Line 3 through our boundary waters in Minnesota. We have to worry about the cleanest water in the entire world that's going to be threatened. You, each and every one of you, are helping put that pipeline in our ground with each and every one of your fundings. Understand what you're doing, understand that it's hurting our people, and understand that us young people will not stop until this pipeline is gone through because we care too much about our futures. Thank you. Thank you. I'm Mike Mayo. I'm a Wall Street analyst for three decades. I appreciate the access I have to management of the company, but I'm here today as a shareholder of JPMorgan shares. The reason I do this is because this is the only chance, one time per year, when I can ask questions of the general board and have them be held publicly accountable. My question really is, can the board, Jamie, maybe Lee Raymond, and whoever else, reassure us about the oversight of management by the board in three areas? One would be strategy, two would be succession, and three would be compensation. Let's start on strategy. Look, JPMorgan right now has best-in-class returns, best-in-class long-term stock price performance. We've seen other companies that have been at the top and have stumbled. In fact, we've bought several of those. Bank One, bank of the year, early 90s, then they had interest rate problems. Legacy JPMorgan, early 90s. They were the best of the best. They didn't evolve strategically. Bear Stearns, capital market issues. Valley National, which was part of Bank One, credit issues. What sort of assurance can the board give us that JPMorgan of today won't wind up like those other companies going back? The second question as it relates to succession. Look, we officially, as a Wall Street house, we recommend JPMorgan's stock for purchase. We are bullish, but JPMorgan has key man risk. That's you. If you take an informal survey, the stock would go down maybe five or 10% if you left tomorrow. That would be about $20 billion of market value that would go. What can the board do to reassure us that succession's in place and that it would be smooth if you take your list of 10 items and go run for president or learn to fish or play golf or whatever? None of those three things are going to happen, don't worry about it. As it relates to the third part, the compensation, it's not so much as the level as far as, but it's the process. Now, has the board gotten complaints in how they set your compensation? I'd appreciate any insight that you have, Jamie, but especially the broader board. Okay. The strategy, I can't assure you that our strategy is always going to work. I can assure you that we, including the whole board, rigorously look at every business, every strategy, the risks of those strategies. We assess what our competition is doing. We assess what Silicon Valley is doing. We assess what the Chinese are doing because we're just as scared as you are. I think it's the best way not to have a tail strategy, to not be complacent about it. We look at it from many different angles all the time. It's a free conversation. The management teams have an offsite in July. Again, we do extensively, over a four-day period. We kind of take the results of that offsite, and we present that to the board. It's an ongoing, diligent process. Succession, also the board, I mean, I want to assure you right now, the board, if I was hit by that truck, which of course is not my preference. Okay. We have people who are quite capable who can run this company, okay, who report to me on the operating committee, and there are more than one. There are several who can do it. The board talks about this every single time with me, and I think just about every single time, every board meeting without me. They review all the top people. They hit by the bus. They review if it's going to be in five years, who's on that list. It might be a slightly different list, at least part of it might change over time. I think we're all completely comfortable. They're very senior, very capable people who can run this company. In fact, our biggest fear is they get recruited away by somebody else. Okay? Because we know how good they are. Then the operating committee also meets and does exactly the same thing. It presents the board. What about all their jobs? Who are the people who can take their jobs? We just certainly just made a new CFO. We've been talking about that for two years inside the company. That didn't just happen overnight. We're planning, moving people around to make them capable. If you look what we've done, we've moved people from the investment banking side, the consumer side to the asset management side, and back in corporate to prepare people to run big parts or the whole parts of this company. Compensation, we actually review, the operating committee, again, my direct reports, review the compensation of the top 500 people. It's not just about financial results, it's about do we trust them? Do they have integrity? Do they complain? We train. Do they recruit? Do they have ideas? Are they complacent? Have they gotten arrogant? We present a lot of those results to the board, and then look at the comp of all my direct reports and obviously extensively of my comp. They compare it to everybody else out there. They look at financial performance, products and services, satisfaction levels, and they make their own qualitative and quantitative judgments every single year. Every single year, they listen to what people have to say about what they think is right or wrong about how we did or how we went about it. Why do you think companies stumble? Why do you think companies that are at the top, five years from now, we come back and say, "Well, we did not expect this from JPMorgan." What are you on the lookout for there? Yeah. I think there's competition coming from when you don't see it. That's one way. The biggest risk to me is complacency, arrogance, and bureaucracy. You get slow, you get stupid, you slow down. People inherit these very good businesses. They think they're doing a very good job, they don't know there's some very scrappy people out there who want to eat your lunch. That's a good thing, by the way. It's called capitalism. It's good for the world, we try to protect ourselves. We're not complacent. We try to kill bureaucracy any time we can, always looking around us to make sure we're properly assessing the competition. Last, Ken, to you. The shareholders should know that I go to China every year, but I recently took our consumer people who don't do business in China, and we put them on an airplane and sent them to see a bunch of these native Chinese media companies, payment companies, financial companies, to let them see the power of some of the AI cloud and things other people are doing so we can replicate the best of it here. Lastly. Which we are doing, by the way. Okay. Last, you go to Washington, D.C., and Congress asks you all sorts of questions, but you have a group of people here that oversee what you're doing. Can we have a little bit more insight, perhaps from somebody else on the board to say, hey, Jamie Dimon's being watched by this group of people in the room today. Shareholders are filling that void that some people think exists. I think the most important thing, if we want to add something. The most important thing is, where people don't really talk about corporate governance, is that a board meet without the CEO in the room. I started working in this building in the year 2000. The Bank One board, it was not a legal requirement, but I made them meet without me in the room so they can speak freely and openly about what they heard, what they saw. We've been doing that for almost every single meeting for almost 20 years. Bank One, JPMorgan, and almost all the time, the lead director was currently Lee Raymond, but before that, David Novak, would come down and give me a little advice, coaching, feedback, what they want to see, what they don't want to see. They want to get to know someone better. That one single thing is the most important thing to make sure the board has its job. They also get to meet all the senior people all the time. If you're a board member and you can't spend time with the senior people, not the CEO, and you can't talk without the CEO in the room, you're not going to have that open conversation. I think that is the single best sole protection. All right. Thank you. You're welcome. Thank you. Good morning, Jamie, distinguished board, talented JPMorgan Chase leadership and workforce, and loyal shareholders. Greetings from Reverend Jesse Jackson and the Rainbow PUSH Coalition. I'm Cynthia DiBartolo, Chairperson of the Rainbow PUSH Coalition Steering Committee, and CEO of Tigress Financial Partners, a woman-owned and operated investment bank and broker-dealer. More than 25 years ago, I had the privilege to work with you, Jamie, and even back then, you were a man way ahead of your time. You were an early adopter of diversity and inclusion and meritocracy. You understood that diversity and inclusion is not the cost of doing business, but simply is good business. Today, I'm here as the voice of diversity and inclusion for workforce, C-suite, board, and for stakeholders. I know that without a voice, you can be easily marginalized in society. Cancer took my tongue several years ago, and I did not speak for two years. Today, I speak with a tongue reconstructed from both my arms, and I'm committed to being a voice for diversity and inclusion. On behalf of Reverend Jesse Jackson, we ask that JPMorgan Chase join with us and the other mega banks to advocate for a community development fund, which would hold some of the allocated fines that so many of the mega banks paid during the financial crisis. We feel that that community development fund could be used to rebuild the communities that were greatly impacted and advocate for that type of capital to be used to repair the damage to small businesses, individuals, and communities across the U.S., targeting infrastructure, education, financial literacy, technology, housing, and small business and healthcare. At this stage, it means leave no one behind. We need to include everyone in a path to economic inclusion and prosperity. Women and people of color are being disproportionately left behind in society. It's undisputed that women and people of color represent significant market share, money, talent, location, and growth. We ask that JPMorgan Chase provide us with policies and procedures focused on increasing your racial diversity C-suite, executive, and middle management. At the same time, we applaud the initiatives that you do have underway because they are meaningful and they are quantifiable, and you're making tremendous progress. We request for JPMorgan Chase to disclose its current employee information report EEO-1 to Rainbow PUSH and request for information on the size and list of asset managers that JPMorgan Chase's 401(k) plan uses and if there are any diversity firms in there. We also request that you try to include more women and minority broker-dealers in the hundreds of transactions that have $billions in transaction value that JPMorgan Chase leads as either book runner or as manager. We thank you again, and we look forward to a continued collaborative effort with you, Jamie, and the team at JPMorgan Chase. Well, we support your cause. We do a lot of the things already. There's some we have to follow up on that I'm not quite sure. Yeah That we do, but we are working hard to do that. Thank you. Thank you. Okay. My name is Dan Sutherland. I live on the northwest side of Chicago. I teach in town here at Columbia College. I volunteer a great deal. One of the organizations that I volunteer with is Scouting or Boy Scouts of America. I'm not here as an advocate for them. What I am here is to ask you to consider camperships for young people. I really believe that youth benefits a great deal from being out in the woods, being out in the fields, being out camping during the summer. As you go through your annual request for giving, the philanthropy, et cetera, please consider how many inner city kids can we send to camp this summer. How many kids from Detroit or Chicago would benefit from a week, 10 days in a tent in some of the mosquito farms? They would benefit greatly. I know. I've been there. As someone who was born and raised in Detroit, Michigan, I also was a counselor for inner city kids from Detroit. Please, when you think about the annual giving, please think about how many kids we can send to camp. Secondly, encourage your employees to volunteer to learn how to work with youth. They are the future, and they are the future of this company. Thanks. You're welcome. Thank you. We do extensive work with the Boy Scouts and Girl Scouts. We do encourage volunteership. We have a lot of kids, and we'll follow up on your specific request. Mr. Chairman, distinguished board members, and fellow shareholders, good morning. My name is Jessica Sarewitz. I am a board member of The Sierra Club Foundation. I'm a longtime JPMorgan shareholder, client, and community philanthropic partner. I consider myself a friend, as I have many good relationships with employees of this institution. Obviously, as a long-term shareholder, I thought of JPMorgan Chase as best in class. However, I recently learned about a March 2019 Banking on Climate Change report that provides a report card on fossil fuel financing since the 2016 Paris Agreement. The banking report measures financing of the top 33 global banking institutions. In this report, I was shocked and deeply troubled to see that we are best in funding fossil fuel projects, lending and underwriting approximately $196 billion. We are the number 1 banker of the top 100 companies aggressively funding expansion of fossil fuels. Instead of lending less or actively transitioning away, we are lending more every year to these companies. Why do I have to get this information from a third party? I personally do not want to be on the wrong side of environmental justice and impacts to human rights and people of color and reduced economic needs. My fellow shareholders, I was struck by our chairman's opening statement where environmental and climate impacts was not one of the 10 listed risks to be considered as strategic positioning. Complacency, arrogance, and bureaucracy. Those are our chairman's words. I need ESG. What I'm asking for is ESG investments aligned with products and companies that are best in class for this effort. I look to JPMorgan Chase to be a competitive leader to these type of investors of which I am. We should be the first major American bank to proactively articulate our position on the Paris Agreement by setting financing restrictions in key fossil fuel subsectors in our ESG document. We can look to Barclays Bank and National Australia Bank as examples of better ESG policy articulation. My question for you today, Mr. Chairman, is the company strategy to remain the number 1 banking financing fossil fuel expansion projects? If not, what measurable outcomes of benchmarks can we expect in the next three to five years to change this strategic position? First off, that report you referred to, we don't recognize those numbers, and I don't necessarily agree with them. Second of all, I think one of the most important things we do is that we bank the safest and best companies on the planet through rigorous due diligence and risk management. We make sure that they are doing things the right way and the healthy way. That is probably the most important thing we do. I publicly stated that we think something should be done about climate change, and that's getting clean energy, clean air, safe pipelines, and eventually having a CO2 tax of some sort, which would really solve the problem. My list of 10 things is not top 10 risks. It was 10 things holding back the U.S. economy. In addition, Jamie, you've pressed for us to do more disclosure, which I think was one of your points, and that's fairly been heard. I believe the climate report is coming out, I don't know if it's this month or next month, but in response to the TCFD, that we put our own report out and provide some of the information that the Task Force on Climate-related Financial Disclosures thinks is prudent along the lines of what you suggested. We very much appreciate your comments and thoughts. Thank you. Are we okay over here? All right. We'll continue on, Mike San Juan. Good morning, Mr. Dimon, board members, fellow shareholders. My name is Patrick McCully. I'm Managing Program Director with Rainforest Action Network, one of the main organizations producing the report that was just mentioned. I have to say, we stand by our numbers, and we do send it to your staff before we publish it. Our methodology is very transparent. We've not yet heard any rebuttal to our numbers, any explanation why our numbers may be wrong. I do look forward to the report on the recommendations of the Task Force on Climate-related Financial Disclosures, and I hope that that does include a methodology for showing your financed emissions, which is a really vital part, is to show what are the emissions you're financing and then show a long-term plan for reducing them. Mr. Dimon, I'm here specifically to deliver to you, in that regard, you are the world's leading banker of climate change, a letter from over 300 organizations representing 30 million people from around the world, calling on your bank to stop funding expansion of fossil fuels and commit to phasing out funding of fossil fuels in time to limit climate change to one and a half degrees Celsius. Last year's path-breaking UN report shows that keeping global warming below one and a half degrees Celsius requires cutting carbon emissions by almost half by 2030 and to effectively zero by 2050. Potential emissions from oil, gas, and coal already in production will take the world well beyond two degrees centigrade, which we know will be completely disastrous. We need banks to immediately stop expansion of fossil fuel extraction and infrastructure and to produce plans for a long-term phase out of all fossil fuel finance. We are in a climate hole, and we've got to stop digging. Mr. Dimon, you've stressed that you support the Paris Agreement. You talked earlier about how your bank is working to make its own properties energy efficient and so on. Your financing activities are completely antithetical to the goals of keeping global warming below one and a half degrees Celsius and fully respecting human and indigenous rights. Since the Paris Agreement was signed, JPMorgan Chase has been the world's biggest banker of fossil fuels overall, with financing nearly a third higher than any other bank. You just disputed those numbers. I would love to see an alternative calculation, which is reliable and which shows that you're not the world's worst banker of climate change. In the coming years, today's leaders will be judged first and foremost by what they did or didn't do to address climate change. We've seen the youth climate strikes. We've seen what a huge issue this is for the young people of this country and the world. We know what it means for their future. We know how they'll look back and regard the people who did nothing. My question is, as you plan your succession over the next few years, are you going to forge a legacy as the far-sighted financial leader who steered the banking sector away from its current pathway towards disaster? Will you continue with business as usual and write yourself into history as the greedy, yes, and complacent and arrogant bank CEO who did the most to finance the climate crisis and all the death, destruction, and misery that it will entail? Here is the letter, Mr. Dimon. The decision is yours. I look forward to your- Thank you. I look forward to your response to the letter and to your response to me now. Thank you for your comments. I can't respond to a question like that. Thank you for your comments. Go ahead. Thank you. Go ahead and exit because you're disrupting the meeting. Thank you. You can go ahead and exit through this door. Thank you. Let's return to the Q&A. Microphone one. On that note, good morning, Chairman Dimon, and everyone assembled here today. My name is Nels Leweller. I am here today representing the Sierra Club, America's oldest and largest environmental organization, with over 3.5 million members and supporters across the country. Both personally and through my businesses, I have been a customer of JPMorgan Chase for many years. I am here today to call on JPMorgan Chase to help protect the Arctic National Wildlife Refuge, as some other major banks have already done, before it is too late. The Arctic Refuge was originally set aside by President Eisenhower in 1960 to be protected from development, the 2017 GOP tax bill included a provision to open the coastal plain of the refuge to oil and gas drilling for the first time. The Trump administration plans to hold the first lease sale in the Arctic Refuge as soon as this summer, despite the fact that polls show 70% of Americans think that it should be off-limits to drilling. It is unacceptable to me and to millions of people around the world that we might permanently destroy a pristine ecosystem like the Arctic Refuge for a bit more oil, which may never make it to market, especially when we need to rapidly transition off fossil fuels. The Arctic Refuge is sacred to the indigenous Gwich'in people, who have lived in the region for thousands of years and still rely on it for their food security and a way of life. The Gwich'in nation remains unanimous in its opposition to the development of the refuge. Any company that invests in drilling there would face enormous reputational risk and public backlash. Your brand would be associated with trampling on human rights, destroying one of the world's last intact wildernesses, and further accelerating the climate crisis. There is also financial risk. Last year, a group of institutional investors with more than $2.5 trillion in assets under management, sent a letter to oil companies and banks, including JPMorgan Chase, to express their opposition to Arctic Refuge drilling. This year, we have seen some banks take action. Barclays Bank and National Australia Bank both issued new policies that explicitly rule out financing for Arctic Refuge development, JPMorgan Chase could become the first major American bank to do the same. On a personal note, although I grew up in the Chicago suburbs, I attended the University of Alaska. After graduating, I helped build the Alaska Pipeline, operating heavy equipment from the Brooks Range north to Prudhoe Bay. Recently, I returned to the Arctic and floated a river in the Arctic National Wildlife Refuge from the mountains to the Arctic Ocean. These disparate experiences gave me a unique perspective on the pristine beauty of the Arctic National Wildlife Refuge and the threat oil and gas development poses. My question to you is this: Will JPMorgan Chase make a commitment to not finance any oil and gas development in the Arctic National Wildlife Refuge before it is too late? I'm not an expert in that, in what you're talking about, and we'll certainly look at it and have a conversation later. Thank you. Thank you. Thank you, Chairman Dimon. My name is Mike Telford. I'm here representing the National Pork Producers Council, which is a stockholder, and I also own the stock personally. Since we're in Chicago and surrounded by a very strong agriculture industry in many states, and the fact that it's going through some stress points, I thought I'd ask you your opinion on what's taking place there. I'd like to make just a brief comment. On behalf of the National Pork Producers, we want to thank the staff, the management, and the board of directors for JPMorgan, for your continued efforts in supporting agriculture and our family pork producers through your investments. With less than 2% of the nation's population engaged in agriculture, and with most consumers three to four generations removed from farming, we want all the shareholders to know that pig farmers take great care to ensure pigs are raised responsibly, and with great care to minimize the overall carbon footprint of pig farming. Through innovations in technology, the nation's pig farmers have implemented some sustainable methods to minimize the environmental impact, as identified through independent research at the University of Arkansas, which includes utilizing 78% less land and 41% less water than 50 years ago. Sustainable agriculture holds great promise for alleviating a host of environmental issues, including nutrient management programs, social opportunities, and safe employment, and support of agroecological research. The nation's family pig farmers have made many improvements in animal care, responsible use of animal health products, in particular, antibiotics and production practices. Like JPMorgan, producers are committed to continuous improvement. We hope that your company will always remain diligent in consideration of requirements on production practices and their impact on the supply chain and family farmers. We certainly want to work with you, and we appreciate your efforts, and there's much information about our industry at porkcares.org. I hope everybody will join me in thanking the staff and management of JPMorgan for your continued finance and banking efforts and your achievements. We appreciate it. Thank you very much. Thank you. Any other words? I think we have time for one last question. Thank you. My name is Amanda Hanley, and I'm here representing the Sierra Club and various faith-based climate organizations. I'd like to note that the climate crisis is a critical issue that we cannot ignore. It is an enormous burden on our economy and an unfolding catastrophe for humanity. As Pope Francis has urged decision-makers around the world, we must listen to the cries of the earth and the cries of the poor. As 16-year-old Nobel Peace Prize nominee Greta Thunberg has been pointing out, our house is on fire. Active support for the exploitation of fossil fuels is beyond absurd. I applaud JPMorgan's environmental and social goals and statements outlined in this report. I hope that everyone at your company has read this. It states that you will evaluate the risks posed by environmental and social matters, and you will not finance certain activities. For all the reasons that have already been stated here in financing oil drilling in the National Arctic Refuge, and also other fossil fuel projects, I hope that your upcoming climate report will include specific rationale and criteria for the exclusions of projects, so that they will not undermine the transition towards a clean energy project. Will that be part of this upcoming report that you mentioned? I think so. We'll be looking at all of that and- Not only the great things that you will do with clean energy to power your operations and finance clean projects, but I'm also saying, will you talk about how you intend to pull out of the projects that are undermining climate progress? I think that the report talks about our risk process, which is continual. It looks at what we'll finance- Will you have a red line as to what you will not fund? I don't know that we're going to meet every expectation that you have, and I don't know that in a dialogue today, but why don't we meet afterwards and talk about what we expect to be in there? I think these constructive dialogues are very useful for us. Great. Thank you. Okay. Our discussion period is now concluded. I will ask anybody who has any remaining ballots and proxies to hold up your ballot, and somebody will come collect it. We have one right here. We have a couple over there as well. I declare the poll closed at 11:15 A.M. That does conclude the formal portion of our meeting. I will now read the preliminary vote results that were received immediately prior to the meeting. The final voting results will be reported on an 8-K that will be filed with the SEC, along with the minutes from the meeting. With respect to the election of directors, all directors were elected, and each director received a vast majority of the shares cast for and against. No director received less than 81% of the votes cast. With respect to the other proposals today, the results I read will be the percentage who voted for each proposal based on the shares marked for, against, and abstain. On the advisory vote, the resolution to approve executive compensation, it was 71.64%. For the vote for ratification of our independent registered public accounting firm is currently 96% for. For the vote on gender pay equity report, it is 29% for. The vote on the proposals to enhance shareholder proxy access, it was 28% for. For the vote on proposals regarding cumulative voting, it was 10% for. Jamie, do you want to say a few closing words? We greatly appreciate the views of all of our shareholders and how thoughtful they were in engaging us in this process. The entire board takes their feedback seriously and will continue to incorporate their input in how we govern the company. We will continue to build towards being best in class in every way. That does conclude our business. Jamie, if you'll adjourn the meeting, now is the time. This concludes the business before the meeting. The meeting's adjourned. Thank you all for coming.