NEW YORK (Reuters) - JPMorgan Chase & Co (N:JPM) directors paid Chief Executive Jamie Dimon $28 million in total compensation for 2016, a 3.7 percent increase from the prior year, the company said on Thursday.
His package includes a base salary of $1.5 million as well as cash and stock-related instruments that are tied to Dimon's performance, the filing with the U.S. Securities and Exchange Commission said.
Dimon's base salary was the same as for 2015, as was a $5 million cash performance bonus. The board added $1 million of performance share units, bringing the total package to $28 million.
In setting Dimon's compensation, independent directors "took into account the firm's strong performance" in 2016 and through the business cycle, the company said.
A year ago Dimon's total annual compensation was raised 35 percent to $27 million for 2015.
How Dimon's pay is set has been sensitive at JPMorgan. One year ago the company changed its executive pay practices to tie more of Dimon's compensation to objective measures of performance and leave less leeway for judgment by directors. The change was a response to complaints by institutional investors and proxy voting advisors that Dimon's pay was too arbitrary. The change was endorsed in a shareholder vote in May.