Berkshire shareholders vote to keep Buffett as chairman, reject climate disclosures

div classBodysc17zpet90 cdBBJodivpBy Carolina Mandl and Jonathan Stempelp

pOMAHA, Neb. Reuters – Berkshire Hathaway Inc shareholders on Saturday rejected proposals to have an independent chair replace Warren Buffett, and require his company to disclose more about its climaterelated risks and efforts to improve diversity.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pShareholders supported letting Buffett keep both the chairman and chief executive roles by a nearly 6to1 margin, Berkshire said at its annual meeting in Omaha, Nebraska.p

pBuffett, 91, has run Berkshire since 1965.p

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

pIts proposal gained greater attention when Calpers, which invested 460 billion on April 28 and is the largest U.S. public pension fund, expressed support, as it has at other companies.p

pBerkshire‘s board, however, said Buffett should keep both roles. Buffett’s oldest son Howard Buffett, a Berkshire director, is expected to become nonexecutive chairman when his father is no longer in charge.p

pBy approximately 3to1 margins, shareholders also rejected proposals to have the company disclose more about the climaterelated risks, greenhouse gas emissions and diversity efforts in its dozens of businesses.p

pBerkshires board also opposed those proposals, saying its operating businesses already disclosed or appropriately managed environmental risks, and were committed to diversity, equity and inclusion.p

pThe proposals faced long odds to pass, given Buffett‘s control of 32 of Berkshire’s voting power. He owns approximately 16 of Berkshires stock.p

pBerkshires slate of 15 people to serve as directors won shareholder approval by an overwhelming margin. p

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pp Reporting by Carolina Mandl and Jonathan Stempel in Omaha, Nebraska Editing by Nick Zieminskip

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