NEW YORK CITY (dpa-AFX) - JPMorgan Chase & Co. (JPM) disclosed in a regulatory filing that the independent members of the Board of Directors approved the Chief Executive Officer James Dimon's total compensation for 2016, in the amount of $28 million up 3.7 percent from last year's total compensation of $27 million.
Dimon's total compensation includes an annual base salary of $1.50 million and performance-based variable incentive compensation of $26.50 million. $5 million of the variable incentive compensation will be delivered in cash and the remaining $21.50 million will be delivered in the form of Performance Share Units or 'PSUs'.
Both base salary and cash incentive remain unchanged from last year. The key features of Mr. Dimon's 2016 PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements, also remain unchanged from the PSU award granted last year.
Under Mr. Dimon's stewardship, the Firm earned record net income of $24.7 billion, or $6.19 per share in 2016, achieved a strong return on tangible common equity or 'ROTCE'1 of 13%, and returned capital to shareholders of $15.0 billion, (including common dividends and net share repurchases), while delivering sustained shareholder value over an extended period of time, the company said.
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