(Reuters) — Warren Buffett’s Berkshire Hathaway Inc. on Monday urged the rejection of shareholder proposals that annual studies be produced about its efforts to handle local weather change and promote variety and inclusion.
The proposals had been disclosed in Berkshire’s annual proxy submitting, forward of the Omaha, Nebraska-based firm’s scheduled Could 1 annual assembly.
Berkshire additionally stated Buffett’s compensation in 2020 totaled $380,328, comprising his traditional $100,000 wage, plus $280,328 for private and residential safety.
Although Mr. Buffett’s wage is low for a CEO of a significant firm, his 16.2% stake in Berkshire was value about $98.2 billion as of Friday.
Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee Berkshire’s non-insurance and insurance coverage operations and whose pay Mr. Buffett units, had been every awarded $19 million, unchanged from 2019.
Berkshire’s dozens of working companies embrace the BNSF railroad, Berkshire Hathaway Power and Geico.
Citing its decentralized mannequin, Berkshire stated the local weather proposal from the California Public Workers’ Retirement System, Federated Hermes and Caisse de Dépôt et Placement du Québec was pointless, and that many companies’ local weather choices already made “nice sense” for the setting.
The corporate additionally cited its enterprise mannequin and Mr. Buffett’s report of “opposing efforts, seen or unseen, to suppress variety or non secular inclusion” in opposing the proposal on variety from As You Sow, a nonprofit shareholder advocate.
Berkshire stated its companies “symbolize dissimilar industries” working around the globe, and it was “unreasonable to ask for uniform, quantitative reporting” to check them.
Mr. Buffett controls 32.1% of Berkshire’s voting energy, and shareholder proposals he opposes usually fail by huge margins.
Berkshire’s annual assembly can be in Los Angeles, permitting Vice Chairman Charlie Munger, 97, a Californian, to hitch Mr. Buffett in particular person to reply 3-1/2 hours of shareholder questions.