CalPERS to Now Vote for AmEx Directors

The California Public Employees’ Retirement System said Tuesday that it would support the reelection of four American Express Co. directors after the credit card company changed an auditing policy.

CalPERS last week said it would withhold its votes for the election of Daniel Akerson, William Bowen, Richard McGinn and Robert Walter, all independent directors who are members of the audit committee. The pension fund changed its decision because American Express agreed not to use its auditor for unrelated work, CalPERS said in a statement e-mailed to reporters.

“American Express has stepped up to the plate and agreed to not use their auditor for any other work than the audit,” Mark Anson, CalPERS chief investment officer, said in the statement.

CalPERS holds about 5.5 million shares of American Express.