Along with the lax oversight of the board's risk committee with regard to a set of trades that cost the bank several billion, the JPMorgan board effectively isolated itself from shareholders. In the last proxy, the board recommended that several shareholder proposals be rejected. Among these were that the chairman and CEO jobs be separated -- powerful chief executive Jamie Dimon holds both now. In opposing the proposal the company said, "Implementing the proposal is unnecessary because the Firm's board leadership structure already provides the independent leadership and oversight of management sought by the proponent." Yet, a number of directors have served since the 1990s, and most of these board members served before on boards of other banks that since merged together to create current company. These predecessor banks were run by Dimon.