NEW YORK (AP) — A coalition of investors said Wednesday that it filed a shareowner proposal that would split the chairman and CEO roles held by James Dimon at JPMorgan Chase since 2006.
The group holds about $820 million in JPMorgan shares and includes the AFSCME Employees Pension Plan, the ConnecticutRetirement Plans and Trust Funds, Hermes Equity Ownership Services and the NYC Pension Funds.
While a number of large U.S. companies combine the jobs of chairman and CEO, shareholders at a number of companies have pushed in recent years to separate them. Supporters argue that an independent chairman can provide a check on the CEO's power.
The shareowners' proposal comes in the wake of JPMorgan disclosing a $2 billion trading loss last May on Dimon's watch.
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