JP Morgan Chase 2006 Annual Report Download - page 15

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13
• We have minimized personal
perquisites, and have been particu-
larly vigilant when it comes to
club dues, car allowances and
financial planning services.
• We believe pay should relate to
building a company with sus-
tained good performance. There
is no magic in a single quarter or
year, and we try to recognize when
a friendly market, rather than
excellent performance, lifts results.
• We provide senior managers limited pension and
deferred-compensation programs. Also, we do not
match the 401(k) plan contributions of our highest-
paid employees, while we provide that benefit for
most other U.S. employees.
• To recognize their hard work and to make them
owners of the company, we made a special contri-
bution worth $400 in stock to the 401(k) accounts
of eligible lower-paid employees (and a compa-
rable cash grant to similar employees outside the
United States). This grant created about 12,100 new
401(k) participants and about 17,400 new JPMorgan
Chase shareholders. I hope they will become regular
401(k) contributors and long-term investors. In all,
more than 115,000 of our colleagues are now
JPMorgan Chase shareholders.
A fond farewell to our dedicated
directors and Bill Harrison
I would like to thank retiring Board
members John Biggs, Jack Kessler
and Richard Manoogian for their
long and distinguished service to
our company.
And finally, I would like to thank Bill
Harrison, my friend and partner, who
retired as Chairman last year. We –
and I – were blessed to have such a great, thoughtful leader.
To Bill and his many great predecessors, we owe thanks for
bequeathing to us this extraordinary opportunity.
One last, optimistic thought
We have an outstanding strategic position, a great brand,
strong character, fantastic employees and a remarkable
future. I am privileged to lead this company. I don’t
think we know yet how good we can be.
James Dimon
Chairman and Chief Executive Officer
March 12, 2007