JPMorgan Chase shareholders continued to bobby for separating the chairman and CEO roles, formally calling for the company to install an independent director as chair.
JPMorgan Chairman and CEO Jamie Dimon has been under pressure from a group of investors that say the bank needs to separate the roles of chairman and CEO so that the board can provide more oversight of management.
A group of pension funds, including AFSCME Employees Pension Plan, Connecticut Retirement Plans and Trust Funds, Hermes Equity Ownership Services, and New York City Pension Funds, on Monday formerly threw their support behind the call for an independent director as chair.
"Our proposal is not intended as a referendum on Jamie Dimon's leadership as CEO or fitness as a director, but solely on his continued service as chair," the funds said in a statement.
JPMorgan shareholders are expected to vote for the proposal at its annual meeting next month.
-Reuters contributed to this report.
image: © Wetsun