My favorite business story from last Sunday’s paper?

A New York Times piece on JPMorgan Chase & Co. chairman Jamie Dimon’s governance approach.

The article quotes Dimon describing government relations as the banking company’s “seventh line of business.”

JPMorgan Chase’s governance strategy may stand out within its industry, but a new report on board composition suggests that public policy expertise – and experience – represents an increasingly sought-after directorship competency.

Here’s an excerpt from the Dimon article:

“With the crisis, Mr. Dimon, a longtime Democratic donor, has become even more politically engaged, in the process becoming perhaps the most credible voice of a discredited industry. Other onetime giants like Citigroup and Bank of America find themselves muted as wards of the state.

“JPMorgan gave back its bailout money quickly, though like all the country’s big banks it still benefits from government loan guarantees and lending facilities.”

Board and executive leadership among other industries appear interested in avoiding Citigroup and Bank of America’s current plight. And they’re doing so by enhancing the public policy expertise on their boards.

This white paper shows how leading boards are relaying on a broader set of perspectives and experiences to grapple with issues that require (CFOs take note) “more than just financial literacy skills.” ###