OMAHA, Nebraska – Shareholders of Berkshire Hathaway Inc showed strong support for Warren Buffett’s conglomerate at its annual meeting, rejecting six proposals related to environmental and social policy issues. The proposals, which were opposed by Buffett and his board, faced resounding defeat at the hands of shareholders.
Among the rejected proposals were calls for greater disclosure from Berkshire’s insurance and energy operations regarding their efforts to combat climate change, specifically greenhouse gas emissions. Shareholders also voted against a proposal seeking more transparency on the company’s initiatives to promote diversity, equity, and inclusion in the workplace.
Additionally, shareholders dismissed a proposal for the establishment of a board-level committee to oversee safety at the BNSF railroad unit. Another rejected proposal required Berkshire to provide annual reports on the extent to which its business operations rely on the Chinese government, with whom the conglomerate had invested in the past.
Notably, Buffett’s substantial 31% voting stake in Berkshire, thanks to his special shares, made it challenging for shareholders to pass proposals that he opposed. With overwhelming majorities, shareholders also reelected the company’s 14-person board, affirming their confidence in the current leadership.
Despite prior investments in Chinese electric car company BYD, Berkshire has since started reducing its stake. The shareholders’ decisions reflect the trust placed in Buffett’s leadership and the existing board members. The annual meeting served as a reaffirmation of support for the strategies and direction set by Buffett and his team.