Locator: 49664APPLE.
This is really a huge story. There appears to be a shift in "thinking" among the huge legacy companies, perhaps in response to:
- tech behemoths;
- trillion-dollar-market-cap companies;
- unpredictability of federal and state governments;
- international interference (think EU regulators);
- China;
- global energy.
If some argue this is nothing new, that's fine. It's new to me and, if nothing else, there appears to be a shift in "emphasis" among publicly traded companies like JPM.
The new buzzwords: steward, stewards, and stewardship.
Right now, I see only three companies who have jumped to a new level of stewardship:
- JPM
- Apple
- BRK (see this link also)
JPM: Strategic Investment Group of Security and Resiliency Initiative
also announces an external advisory council to inform SRI's strategic and investment priorities.
When I see "security and resiliency" I see "stewardship."
JPM's new advisory council, at the link above.
JPM's new external advisory council certainly seems to be more than just an "advisory council." Some have argued this external council is a parallel "board" to the current and conventional board structure.
The council will initially be chaired by Jamie Dimon and will include, as spelled out by JPM at the link above. The list is sorted alphabetical by last name with the exception of the last name on the list:
- Jeff Bezos, Executive Chairman of Amazon and Founder of Blue Origin
- Chris Cavoli, General (retired); Supreme Allied Commander Europe and Commander of U.S. European Command
- Todd Combs, head (effective January 2026) of the SRI Strategic Investment Group
- Michael Dell, Chairman and CEO of Dell Technologies
- Ann Dunwoody, retired Commanding General of U.S. Army Material Command
- Jim Farley, President and CEO of Ford Motor Company
- Robert Gates, former U.S. Secretary of Defense
- Alex Gorsky, former Chairman and CEO of Johnson & Johnson
- Paul Nakasone, General (retired), former NSA Director and Commander of Cybersecurity Command
- Condoleezza Rice, former U.S. Secretary of State
- Paul Ryan, Partner at Solamere Capital, former Speaker of the U.S. House of Representatives
- Phebe Novakovic, Chairman and CEO of General Dynamics
That's how JPM sorts the list. Let's take it back one step and reorganize the list a different way and remove one member:
The council will initially be chaired by Jamie Dimon and will include:
- Robert Gates, former U.S. Secretary of Defense
- Chris Cavoli, General (retired); Supreme Allied Commander Europe and Commander of U.S. European Command
- Paul Nakasone, General (retired), former NSA Director and Commander of Cybersecurity Command
- Ann Dunwoody, retired Commanding General of U.S. Army Material Command
- Phebe Novakovic, Chairman and CEO of General Dynamics
- Condoleezza Rice, former U.S. Secretary of State
- Paul Ryan, Partner at Solamere Capital, former Speaker of the U.S. House of Representatives
- Jeff Bezos, Executive Chairman of Amazon and Founder of Blue Origin
- Michael Dell, Chairman and CEO of Dell Technologies
- Jim Farley, President and CEO of Ford Motor Company
- Alex Gorsky, former Chairman and CEO of Johnson & Johnson
Is this the Pentagon on steroids?
When you look at that list, as Jamie Dimon would have looked at that list, who or what is missing? [And why is the list "almost alphabetical"?]
- the list needs an odd number of members (either add or cut one member), unless the "leader" is a non-voting member;
- if this is truly going to be an external advisory council, Jamie Dimon needs to step aside, and someone on that list or a new member needs to lead the group;
- there is an important sector glaringly absent. Quick! Name the US sector most knowledgeable with regard to "risk." And then name the leader in that sector.
An aside: as I looked at that list a fifth time, it dawned on me that there was another glaring omission.
This is so incredibly cool. Jamie Dimon cleverly solved that problem, getting a two-for-one with Todd Combs. Wow.
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Stewardship
Being a steward means acting as a responsible manager or caretaker of resources, abilities, or property that isn't yours, ensuring they are used wisely and for the benefit of others, often with a deeper sense of accountability to a higher purpose or owner, like God in a biblical context, or simply managing household affairs, guest services, or union affairs in secular roles. It's about faithfulness, wise use of gifts (talents, time, money), and serving others rather than self-gain.
How is being a steward different that being a fiduciary?
A fiduciary has a strict legal duty to act in someone else's best interest (like a trustee managing a trust), while a steward embodies a broader ethical commitment, a voluntary standard of care that goes beyond legal requirements, focusing on long-term well-being with wisdom and integrity, often acting as a "caretaker" with shared purpose, though a fiduciary is also a type of steward.
Fiduciary duty is legally mandated and carries severe penalties for breach, requiring undivided loyalty, whereas stewardship is a higher, often self-imposed, moral standard.
Stewardship:
- security
- safety
- individual privacy
