US Govt Agency & Investor CalPERS Wants To Replace Warren Buffett As Chairman Of Berkshire Hathaway
CalPERS, the largest U.S. public pension fund, said this week that it will vote for a shareholder proposal to replace Warren Buffett as Berkshire Hathaway Chairman.
CalPERS, the largest U.S. public pension fund, said this week that it will vote for a shareholder proposal to replace Warren Buffett as Berkshire Hathaway Chairman. But he would remain the CEO, as per Reuters report.
The giant pension fund, whose full name is the California Public Employees' Retirement System, disclosed its vote in a regulatory filing ahead of Berkshire's scheduled April 30th annual meeting in Omaha, Nebraska.
Newyorktimes
CalPERS said it has invested more than $2.3 billion in Berkshire shares.
In proposing to install an independent chair at Berkshire Hathaway, the nonprofit National Legal and Policy Center said the roles of CEO and chairman are "greatly diminished" when one person holds both.
However, Berkshire Hathaway opposes the proposal and has reportedly said someone outside management should be chairman after Buffett is no longer in charge, but that the billionaire should remain chairman and CEO.
91-year-old Warren Buffet has been running Berkshire Hathaway since 1965.
The company plans for Buffett's son Howard Buffett to become non-executive chairman after his father's departure, while Vice Chairman Greg Abel is slated to become CEO.
As per Reuters, Buffett recently controlled about 32% of Berkshire's voting power, while owning about 16% of its stock.
And that's not all.
US¡¯ largest pension fund CalPERS said it will also vote for shareholder proposals that Berkshire report on its plans to reduce greenhouse gases and improve diversity, and its own proposal that Berkshire report on its plan to handle climate risk.
Berkshire opposes these proposals as well.
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