JPMorgan Chase & Co.’s board will consider changes to how it compensates senior managers after a record low percentage of shareholders approved the latest pay packages.

Just 61 percent voted in favor of the measure at Tuesday’s annual meeting in Detroit, down from 79 percent last year and 94 percent in 2013, according to data compiled by Bloomberg.

JPMorgan investors want a greater portion of the executives’ incentive pay to be based on performance rather than vest over time, said Lee Raymond, the board’s lead director and chairman of the compensation committee.

“They generally did not question the actual level of compensation, but the structure of a component of compensation,” Raymond said. “We acknowledge the importance of the question,” he said, adding that he would update shareholders on changes.

JPMorgan, the biggest U.S. bank by assets, awarded Chief Executive Officer Jamie Dimon $20 million for 2014, including a $7.4 million cash award. Proxy advisers Institutional Shareholder Services and Glass Lewis & Co. had recommended that investors vote against the resolution. The lender lacks preset goals to determine compensation and didn’t give a good reason for awarding Dimon his first cash bonus in three years, ISS said in a May 5 report.

Shareholders can endorse or object to executives’ pay packages in the non-binding vote.

Morgan Stanley shareholders on Tuesday approved the company’s pay plan for executives including CEO James Gorman with about 89 percent voting in favor, down from about 92 percent last year, data compiled by Bloomberg show.