Kemper survives another challenge to his UMB leadership

For the third year in a row, Mariner Kemper survived a proxy vote that would have required him to resign as chairman or CEO of UMB Financial Corp.

During the Kansas City-based company's annnual shareholders meeting Tuesday, a vote was held on a shareholder proposal to adopt an independent chair of the board. The shareholder claimed nepotism at the company, as Kemper is the third son of R. Crosby Kemper Jr. to hold the post. R. Crosby Kemper Jr. retired in 1994, according to the Kansas City Business Journal.

"Although nepotism is not illegal, the proponent deems this much nepotism as distasteful, impractical and an unsound practice," the shareholder wrote in the proposal. "He believes an independent chairman would end these practices."

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