October 5, 2022
Chicago 12, Melborne City, USA
Finance

Berkshire shareholders reject proposal to remove Warren Buffett as chairman

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Warren Buffett is not going anywhere.

In a filing with the Securities and Exchange Commission on Wednesday, Berkshire Hathaway Inc. BRK.B,
+ 2.45%

BRK.A,
+ 2.73%
Revealed that a shareholder measure that would remove him as chairman was irresistibly rejected.

According to the filing, the proposal calling for an independent chair received only 54,425 votes (about 11%) to 448,868 votes (89%), according to the filing. Measurements from the National Legal and Policy Center – and CalPERS, backed by the country’s largest state public pension fund – argued that weak corporate governance exists when the same person is CEO and chairman.

Read: Dump Buffett as chairman of Berkshire? What exactly is wrong with so many shareholder proposals this year

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

According to the filing, the group’s three other shareholder arrangements have also failed by a wide margin, including the need for greater transparency in the group’s climate-related risks and opportunities.

Berkshire held its annual shareholder meeting in Omaha, Neb, on Saturday.

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