Calpers, the largest U.S. public pension fund, has voted for a shareholder proposal to separate the roles of chairman and chief executive at JPMorgan Chase & Co , roles currently held by veteran banker Jamie Dimon.
California Public Employees' Retirement System, known as Calpers, has voted 12.7 million shares for the proposal, the fund said on its website. http://r.reuters.com/rak74k
JPMorgan has about 3.98 billion shares outstanding as of April 30, according to Reuters data.
JPMorgan's shareholder meeting is scheduled to take place on Tuesday.
Calpers believes if the chairman is not the CEO the board may be able to exercise stronger oversight of management, the fund said on its website.
Calpers has also voted for a proposal that requires additional disclosure related to executive compensation saying that the move would be a benefit to shareholders.
The pension fund, which manages about $213 billion in assets, had earlier voted for splitting the chairman and chief executive roles at Goldman Sachs Group Inc that is held by Lloyd Blankfein.
However, Goldman shareholders had voted against the proposal and declined to separate the office of chairman and chief executive.
(Reporting by Sakthi Prasad in Bangalore; Editing by Lincoln Feast)