ISS gives 'cautionary' backing for JPMorgan lead director Raymond

BOSTON (Reuters) – Institutional Shareholder Services (ISS) recommended on Thursday that investors vote in favor of all board nominees at JPMorgan Chase & Co (JPM.N) but called its support for lead independent director Lee Raymond “cautionary.”

The leading proxy adviser also backed a shareholder proposal seeking climate change reporting.

The recommendations issued by ISS late on Thursday marked just a partial win for the New York bank ahead of its annual meeting set for May 19. Activists are campaigning against Raymond, a former Exxon Mobil Corp (XOM.N) CEO, citing concerns including JPMorgan’s lending to fossil fuel companies.

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