Berkshire Hathaway shareholders vote to retain Warren Buffett as chairman | US news

Berkshire Hathaway Inc shareholders on Saturday rejected proposals to have an independent chairman replace Warren Buffett, demanding that his company reveal more about its climate-related risks and efforts to improve diversity.

Shareholders supported allowing Buffett to retain both chairman and CEO by almost a 6-to-1 margin, Berkshire said at its annual meeting in Omaha, Nebraska. Buffett, 91[ads1], has run Berkshire since 1965.

The National Legal and Policy Center, a Berkshire shareholder, had said it was poor corporate governance for the legendary investor to keep both roles.

The proposal received more attention when Calpers, which invested $ 460 billion on April 28 and is the largest public pension fund in the United States, expressed support, as it has done in other companies.

However, Berkshire’s board said Buffett should retain both roles. Buffett’s eldest son, Howard Buffett, a Berkshire director, is expected to become non-executive chairman when his father is no longer in charge.

With approximately 3-to-1 margins, shareholders also rejected proposals to let the company disclose more about climate-related risks, greenhouse gas emissions and diversity work in its dozens of businesses.

Berkshire’s board also opposed these proposals, saying that their operational activities already identified or properly managed environmental risks, and were committed to diversity, justice and inclusion.

The proposals had great chances of passing, given Buffett’s control of 32% of Berkshire’s voting power. He owns approximately 16% of Berkshire’s shares.

Berkshire’s list of 15 people who will serve as board members won shareholder approval by an overwhelming margin.