Jamie Dimon’s bombshell on proxy advisory delivers a physique blow to the companies he known as ‘incompetent’

It will now rely solely on an internal, AI-driven voting platform called Proxy IQ — the first such move by a major asset manager.

It comes days after President Trump issued an executive order directing federal agencies to investigate proxy advisers, citing concerns that their influence on board votes, CEO pay, and ESG policies is driven more by political agendas than fiduciary duty.

Together, Trump and JPMorgan waged a two-front assault on the proxy advisory industry — one political, one financial. Trump’s order adds regulatory firepower. Dimon’s decision delivers a market blow.

JPMorgan CEO Jamie Dimon, relentless critic of proxy advisers, called these firms “incompetent” and their dominance “done with.”  The bank’s full exit marks a direct challenge to a system many view as opaque and obsolete.

Yet in dismantling the old gatekeepers, JPMorgan may be quietly installing itself as a new one.

By replacing outside advisers with its own AI platform, it now controls the very machinery of shareholder voting it once condemned. What began as a crusade against centralized influence may be remembered as a corporate land grab.

These developments underscore the rise of a more decentralized and digitally engaged electorate — part of a broader shift toward democratization of investing, as individuals gain real-time access to ballots and influence decisions once shaped by a handful of power brokers.

This spring’s proxy season may not hinge on an activist’s letter, banker spreadsheets or hedge fund media blitzes … but instead on the quick, quiet clicks of individual investors — each with a few hundred shares — voting between Zoom calls and scrolling through message board threads.

When digital swarms reshape the roadshow

In March 2025, ExxonMobil moved to elevate individual investors — still shaped by its 2021 clash with Engine No. 1 — even without adopting default proxy instructions. 

In September, the Securities and Exchange Commission (SEC) approved a program that lets individual stakeholders automatically follow board recommendations, aiming to counter chronically low voting turnout and disproportionate influence of institutional and activist investors.

And Exxon isn’t alone. Small investors blocked a share conversion at AMC in August 2023, triggering a lawsuit and court-approved settlement. The conversion and split took effect, revealing the persistence of a shareholder base once hailed as the company’s savior.

At Disney in April 2024, Nelson Peltz’s proxy fight culminated in a vote that drew support from fans-turned-shareholders mobilizing around board accountability and creative direction. While Peltz lost, Disney revamped investor engagement.

Main Street investors rallied behind Elon Musk’s billion-dollar pay package at Tesla in June 2024 and again in October 2025, circulating voting instructions and videos across social media. This outreach momentum carried into the subsequent vote. 

These episodes point to a shift, not a revolt 

One important new mechanism drawing attention is pass-through proxy voting — allowing mutual fund and ETF investors to vote their shares directly instead of delegating authority to fund managers. It gives individuals direct control over votes attached to their assets.

But it still only matters if they vote. Many independent shareholders skip proxy voting, as notices go unread. Engagement usually emerges in a contested election, as investors hold their ballots to see how the fight unfolds.

As of March 2024, BlackRock expanded its Voting Choice program to U.S. individual investors in select funds, enabling direct proxy voting. This marked the first major rollout of pass-through voting within fund structures.

Still, only 8% of BlackRock funds offer it, but it is increasing pressure across the industry as analysis grows around individual investor inclusion.

But Waiting for Godot is a mistake. Regulation can tweak the system, but real change begins when investors are brought in early, understand the stakes, trust the process and choose to engage.

Let the votes flow: Unlocking real shareholder influence

Funds should … Implement full pass-through voting across all funds in 2026.

BlackRock’s Larry Fink, Vanguard’s Salim Ramji, Fidelity’s Abigail Johnson, State Street’s Yie-Hsin Hung and J.P. Morgan’s Jamie Dimon can set standards now. Every individual investor’s capital carries its own vote.

Boards in parallel should …

• Make proxy voting as seamless as trading. Investors can execute options in seconds but face treasure maps to cast a proxy vote; convenience drives turnout.
• Recognize voting isn’t just procedural — it’s reputational. Individual shareholders vote on brand trust. Opaque disclosures or footnote-heavy messaging erode confidence. Say clearly what you want and why.
• Clear instructions turn a ballot into a voice. Not voting isn’t neutral — it cedes your power to others who choose to engage. Every proxy should say plainly, in bold in all correspondence: “We encourage you to vote. If you don’t, your silence increases power of those who do.”

When proxy voting really begins

Influence doesn’t begin with a proxy. It starts with a viral post that reframes a proposal in plain English, sharp YouTube explainer or social threads that turn legalese into a clear takeaway. This is where shareholder sentiment is formed and fortified.

As proxy season approaches, the same question looms: Do we have the votes? This year, outcomes may hinge on stakeholders who rarely join investor calls.

“Trust is like the air we breathe — when it’s present, nobody really notices. But when it’s absent, everybody notices.” — Warren Buffett

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