Berkshire shareholders vote to maintain Buffett as chairman, reject local weather disclosures By Reuters


© Reuters. Investors and friends arrive for the primary in-person annual assembly since 2019 of Berkshire Hathaway Inc in Omaha, Nebraska, U.S. April 29, 2022. REUTERS/Scott Morgan


By Carolina Mandl and Jonathan Stempel

OMAHA, Neb. (Reuters) – Berkshire Hathaway (NYSE:) Inc shareholders on Saturday rejected proposals to have an unbiased chair substitute Warren Buffett, and require his firm to reveal extra about its climate-related dangers and efforts to enhance variety.

Shareholders supported letting Buffett hold each the chairman and chief govt roles by a virtually 6-to-1 margin, Berkshire mentioned at its annual assembly in Omaha, Nebraska.

Buffett, 91, has run Berkshire since 1965.

The National Legal and Policy Center, a Berkshire shareholder, had mentioned it was poor company governance for the legendary investor to retain each roles.

Its proposal gained better consideration when Calpers, which invested $460 billion on April 28 and is the biggest U.S. public pension fund, expressed help, because it has at different corporations.

Berkshire’s board, nevertheless, mentioned Buffett ought to hold each roles. Buffett’s oldest son Howard Buffett, a Berkshire director, is anticipated to turn out to be non-executive chairman when his father is not in cost.

By roughly 3-to-1 margins, shareholders additionally rejected proposals to have the corporate disclose extra concerning the climate-related dangers, greenhouse fuel emissions and variety efforts in its dozens of companies.

Berkshire’s board additionally opposed these proposals, saying its working companies already disclosed or appropriately managed environmental dangers, and have been dedicated to variety, fairness and inclusion.

The proposals confronted lengthy odds to go, given Buffett’s management of 32% of Berkshire’s voting energy. He owns roughly 16% of Berkshire’s inventory.

Berkshire’s slate of 15 folks to function administrators received shareholder approval by an awesome margin.

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