Wherever he goes—whether it’s to chairman of the board at JPMorgan or a much-speculated career in politics—Dimon may have added “Sir” to the front of his name.

That’s because the prime minister of the U.K., Rishi Sunak, has reportedly put the Wall Street veteran forward for honors. The U.K. honors system consists of three types of awards, recognizing merit or service across a range of industries and endeavors.

The three types of award comprise of orders, decorations, and medals—forming a tradition dating back to the 12th century.

A knighthood, which the Financial Times reported Dimon is likely to have been nominated for, is the highest ranking under the Most Excellent Order of the British Empire.

If the 68-year-old chose to accept the title, he could add a “Sir” to the front of his name. The female equivalent is a damehood; among honorees are actors Dame Maggie Smith, Dame Helen Mirren, and Dame Judi Dench.

An honor for ex-Google boss Eric Schmidt?

Dimon, who was paid a record $36 million for his work in 2023, isn’t the only American who’s potentially up for an honor.

Billionaire Eric Schmidt, the former CEO of Google, is also reportedly on Sunak’s nomination list.

Schmidt—who is worth $25 billion according to Forbes—led Google from 2001 to 2011 and was on the board of the Big Tech giant’s parent company, Alphabet, from 2001 to 2019.

Both Dimon and Schmidt are U.S. citizens and as a result, the nominations by Sunak—who is currently fighting an election to stay on at number 10 Downing Street—have been routed through the Foreign, Commonwealth and Development Office (FDOC), per the FT.

The process reportedly began back in mid-May.

Additions to the honors list fall under three categories: New Year’s honors, the sovereign’s birthday honors, and resignation honors from departing prime ministers.

The FDOC, the cabinet office, the Conservative Party, and the U.K. honors system did not immediately respond to Fortune‘s request for comment. JPMorgan declined to comment.

Characteristically, for British politics, sources also provide a counterbriefing of the nomination report.

One of Sunak’s ministers told the FT Dimon is a “strong candidate” for a knighthood, while another individual close to the Conservative leader denied the reports and said no such process had begun.

About the system

While Sunak can put forward nominees for the honors list, the appointments will still have to be approved by King Charles III.

Nominations filter through a series of independent committees within the honors system infrastructure.

Anyone can be put forward by a member of the public for an award, though a “steer” is given by the prime minister about the direction the list takes.

In 2023, Sunak set out what he would like to see the system focus on, which included “entrepreneurs and innovators who create thriving businesses and deliver growth across the country.”

Focus was also put on philanthropy, education, crime reduction, and health care.

While the prime minister and sovereign have a seminal role in the process, there are also a series of subcommittees tasked with oversight in various categories.

These bodies are split into a main committee, as well as 10 groups focused on everything from services to the arts, to the economy to parliamentary and public work.

Once an individual is approved for an honor, they still don’t necessarily have to accept it.

Irish DJ and broadcaster Annie Mac, for example, turned down an MBE in 2022.

Speaking to Patrick Kielty on The Late Late Show earlier this year, Mac explained: “It was lovely to be recognized for services to broadcasting—I don’t want to sit here and sound all pompous—it was really nice.

“But the language of that I had an issue with. It’s quite mad, it’s like something from another century… It’s like: ‘We want to submit your name to be an honorary Member of the Excellent Order of British Empire.’ It’s 2022 lads, what is this language? And also I don’t want to be associated with the British Empire, I did history in school, I know about that. If they changed the language, I’d be happy to receive it.”

The honors tradition in its earliest form began in 1328, founded by King Edward III of England known as the Order of the Garter. Since then, a number of awards, orders, and medals have been added.

Honors can also be stripped from individuals, for reasons such as criminal convictions and “bringing the honors system into disrepute.”