Despite a proposal seeking to split the roles of Chairman and CEO Jamie Dimon, major pension plans on Tuesday voted overwhelmingly in favor of Mr. Dimon's membership on J.P. Morgan Chase's board.
The $265.5 billion California Public Employees' Retirement System, $163.7 billion California State Teachers' Retirement System, the C$183.3 billion (US$178.5 billion) Canada Pension Plan Investment Board, the $168.5 billion Florida State Board of Administration, and the $90 billion State of Wisconsin Investment Board all voted in favor of Mr. Dimon's re-election as a director. The $1 billion American Federation of State County and Municipal Employees Pension Plan, Washington, opposed his re-election.
All of these plans voted against the re-election as director of David H. Cote, James S. Crown and Ellen V. Futter. In addition, FSBA voted against Laban P. Jackson, while SWIB and the AFSCME plan voted against Lee R. Raymond, presiding director. SWIB also opposed Stephen B. Burke and William C. Weldon.
All the directors were re-elected.
CalPERS, CalSTRS, CPPIB, FSBA and the AFSCME plan voted in support of ratifying the compensation of Mr. Dimon; Mary Callahan Erdoes, CEO, asset management; and three top executives in non-binding say-on-pay voting. SWIB voted against the executive compensation program.
The voting results, provided by the company, are preliminary.