Berkshire Hathaway Inc shareholders rejected proposals requiring the company run since 1965 by Warren Buffett. This is to disclose more about its efforts to address climate change and promote diversity and inclusion in its workforce.
Both proposals are opposed and given that Buffett controls nearly one-third of Berkshire’s voting power. 25% supported climate change proposal and 24% for diversity proposal suggesting greater discontent than Berkshire shareholders historically demonstrate. Growing number of major investors, including BlackRock Inc and the California Public Employees’ Retirement System (CalPERS) pension plan came as the voters.
To publish annual report about climate change efforts, CalPERS, along with Federated Hermes and Caisse de Dépôt et Placement du Québec, had proposed Berkshire. Buffet opposed the proposals because of Berkshire’s decentralized model. Without his interference so long as they perform and are managed well, a large dozen of businesses.
Buffet said that they will do some other asinine things because they are required to do it. He also added that in order to have the people at Business Wire, Dairy Queen they need to make some common report, but here they don’t do that stuff at Berkshire. From many subsidiaries addressing climate change the company is seeing great results on its own.
All 14 directors were re-elected by Berkshire shareholders. The total votes were not immediately disclosed.