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"From the beginning, ISS took swift action of its own and also fully cooperated with the SEC to investigate and promptly resolve this matter," ISS spokeswoman Cheryl Gustitus said in a statement. "The confidentiality of our clients' information is essential and is of the highest priority to us at ISS. We now consider this matter closed." An example of ISS' high-profile role came recently, when ISS and Glass Lewis, another prominent shareholder advisory firm, recommended removing three members of JPMorgan Chase's board who also sat on its risk policy committee during last year's "London whale" $6 billion trading loss. The surprise loss hurt the reputation of the biggest U.S. bank and led to a management shake-up and a congressional investigation. JPMorgan CEO and Chairman Jamie Dimon easily survived a vote Tuesday that would have called on him to give up his role as chairman. But shareholders sent a message that the bank needed better oversight, giving only narrow approval to the three directors cited by ISS and Glass Lewis.
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