Best News Network

Berkshire shareholders reject climate change, diversity proposals that Buffett opposed By Reuters

2/2

© Reuters. FILE PHOTO: The Chevron Pascagoula Refinery is pictured as Tropical Storm Gordon approaches Pascagoula

2/2

By Jonathan Stempel

(Reuters) – Berkshire Hathaway (NYSE:) Inc shareholders on Saturday easily rejected proposals requiring the company run since 1965 by Warren Buffett to disclose more about its efforts to address climate change and promote diversity and inclusion in its workforce.

The rejections were not a surprise, given that Buffett controls nearly one-third of Berkshire’s voting power and opposed both proposals.

But the climate change proposal won support from just over 25% of votes cast and the diversity proposal from 24%, suggesting greater discontent than Berkshire shareholders historically demonstrate.

The votes came as a growing number of major investors, including BlackRock Inc (NYSE:) and the California Public Employees’ Retirement System (CalPERS) pension plan, call for companies to promote adherence to good environmental, social and governance principles.

CalPERS, along with Federated Hermes (NYSE:) and Caisse de Dépôt et Placement du Québec, had proposed requiring Berkshire to publish annual reports about its climate change efforts.

The nonprofit shareholder advocate As You Sow separately proposed annual reports on diversity, saying companies such as Berkshire benefit from a diverse workforce.

Buffett doesn’t dispute that both issues are important, but opposed the proposals because of Berkshire’s decentralized model, where its dozens of businesses run largely without his interference so long as they perform and are managed well.

“We do some other asinine things because we’re required to do it, so we’ll do whatever’s required,” Buffett said. “But to have the people at Business Wire, Dairy Queen … make some common report, … we don’t do that stuff at Berkshire.”The company has also said it is seeing “great results” from many subsidiaries addressing climate change on their own.

Berkshire shareholders also re-elected all 14 directors, despite calls from Institutional Shareholder Services and Neuberger Berman to withhold votes from members of Berkshire’s governance, compensation and nominating committee. The vote totals were not immediately disclosed.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.