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On Tuesday, JPMorgan Chase CEO Jamie Dimon received a rare rebuke following a shareholder vote opposing his massive retention bonus. An estimated 31% of shareholders who attended the New York-based bank’s annual shareholder meeting supported Dimon’s $52.6 million award as part of his 2021 compensation package. This bonus, which is in the form of 1.5 million options that Dimon can exercise in 2026, was designed to keep him at the helm of JPMorgan for another five years. A spokesman for the bank, Joe Evangelisti, stated that its estimated value varies and depends on the bank’s share price appreciation.

“The special award was extremely rare — the first in more than a decade for Mr. Dimon — and it reflected exemplary leadership and additional incentive for a successful leadership transition,” Evangelisti said. Although the results of this “say on pay” vote are not binding, JPMorgan’s board said it takes investor feedback “seriously” and intended Dimon’s bonus to be a one-time event. JPMorgan’s board suffered its first disapproval of a pay package since pay-watch measures were introduced more than a decade ago. Simon, 66, has led JPMorgan since 2006, guiding it through several crises and transforming it into the largest U.S. bank by assets.