Berkshire Shareholders Reject Proposal to Remove Warren Buffett as Chairman

MarketWatch2022-05-05

Warren Buffett isn’t going anywhere.

In a filing Wednesday with the Securities and Exchange Commission, Berkshire Hathaway Inc. BRK.B, +2.45% BRK.A, +2.73% disclosed that a shareholder measure that would have removed him as chairman was overwhelmingly rejected.

The proposal, which called for an independent chair, received only 54,425 votes (about 11%) to 448,868 against (89%), according to the filing. The measure from the National Legal and Policy Center — and supported by CalPERS, the country’s largest state public pension fund — argued that there is weaker corporate governance when the same person hold the CEO and chairman titles.

Buffett, 91, became CEO of Berkshire in 1965, and has been chairman since 1970.

Three other shareholder measures, including one to require more transparency into the conglomerate’s climate-related risks and opportunities, also failed by wide margins, according to the filing.

Berkshire held its annual shareholders meeting Saturday in Omaha, Neb.

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Comments

  • Ermmmmmm
    2022-05-06
    Ermmmmmm
    Hahaha
  • Ironman2002
    2022-05-06
    Ironman2002
    Long live Buffet!
  • LWZ2218
    2022-05-05
    LWZ2218
    Good job
  • Targarean
    2022-05-05
    Targarean
    Did anyone actually think that the shareholders would vote to remove Buffett?! Thank God there are still many shareholders who can think straight 
    • Targarean: 
      Absolutely. He has made made ppl very rich 😀
    • AhBart: 
      The wise old man certainly has lots of loyal investors and fans 💪🏽
  • yensen76
    2022-05-05
    yensen76
    👍
  • Eded
    2022-05-05
    Eded
    if Can , I will raise motion to remove Cathie from ARkk
    • AhBart: 
      Strongly agree. She should voluntarIly resign for mismanaging investors’ funds 😎
    • Targarean: 
      😂👍🏼
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