CalPERS voted in favor of a non-binding shareholder resolution that would split the dual positions held by Jamie Dimon as J.P. Morgan Chase chairman and CEO, confirmed CalPERS spokesman Joe DeAnda.
The formal vote comes Tuesday at the financial institution's annual meeting in Tampa, Fla.
Institutional investors have been pushing J.P. Morgan Chase to split the roles after a $6 billion trading loss last year called into question risk oversight. The company's board has not said what it would do if the resolution passes, and Mr. Dimon has not indicated whether he would leave the company if his roles were split.
The $265.5 billion California Public Employees' Retirement System, Sacramento, also withheld votes against three of the financial institution's board of directors, all members of its risk committee. The pension fund said on its website that “failures in risk oversight” during the trading loss were why it was not supporting the re-election of Honeywell International Inc. Chairman and CEO David Cote, American Museum of Natural History President Ellen Futter and Henry Crown & Co. President James Crown.
