Berkshire Hathaway shareholders reject six environment, social policy proposals
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During their Saturday meeting, shareholders of Berkshire Hathaway Inc. decisively rejected six proposals related to environmental and social policies at Warren Buffett’s conglomerate.
The majority rejected these proposals, including two specifically requesting increased disclosure on climate change efforts within Berkshire’s insurance and energy divisions, which Buffett and the board had advised against.
In addition, shareholders also rejected a proposal that called for increased disclosure regarding efforts to promote diversity, equity, and inclusion in Berkshire’s workplaces.
Also read: Woodside’s shareholder rejects climate plan
Furthermore, they overwhelmingly voted against another environmental proposal that sought to establish a board-level committee responsible for monitoring safety at the BNSF railroad unit.
Additionally, shareholders declined a proposal requiring Berkshire to annually report on the extent to which its business operations rely on the ‘hostile’ Chinese government, with these decisions being made by substantial margins.
Berkshire Hathaway’s investment in Chinese electric car company BYD in 2008 was notable, although the stake was reduced starting in 2022.
Regarding the recent shareholder votes, the outcomes were largely expected given that Warren Buffett holds special shares that grant him a 31% voting stake in Berkshire. This substantial ownership makes it challenging for proposals opposed by Buffett to gain traction.
In addition to the rejected proposals, Berkshire shareholders also reelected the company’s 14-person board during the annual meeting.
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