The Board should, in theory, elect the CEO and monitor her or his performance, making sure that the CEO ´s incentives are aligned with the interest of shareholders, challenging decisions, correcting mistakes, and even firing the CEO when necessary. In some cases, when the business is small and simple, this may not be a big deal. But when it comes to JPMorgan Chase & Co. (NYSE: JPM ), the bank is exactly the opposite of small and simple: the House of Morgan is a gigantic organization with intricately complex operations and investments in different areas all over the world. The London Whale scandal should serve as a clear reminder about the importance of having an independent Chairman at a company like JPMorgan Chase & Co. (NYSE: JPM ). Dimon admittedly knew about the size and complexity of these trades, but the risk models were obviously flawed, and he has publicly stated that internal controls failed in a catastrophic way.