Berkshire Hathaway shareholders want ESG progress at Los Angeles meeting
Warren Buffett is heading to Los Angeles to reunite with longtime lieutenant Charlie Munger, showbiz-style, for Berkshire Hathaway's annual shareholder meeting Saturday.
Why it matters: At a time when many companies are taking vocal stands on social, political and environmental issues, Berkshire is bucking the trend.
- The conglomerate faces renewed calls from large institutional shareholders to provide more disclosure on climate change and diversity and inclusion progress.
- But Buffet recommends shareholders vote against these proposals.
What they're saying: “I don’t believe in imposing my political opinions on the activities of our businesses,” Buffett said at the 2018 shareholder meeting, per DealBook.
The state of play: California's pension system, CalPERS, is withholding votes on the reelection of members of the board’s audit and governance committees for failing to meet climate-risk disclosure demands, writes the WSJ.
- Proxy advisers Glass Lewis and Institutional Shareholder Services also recommend investors withhold board votes.
Yes, but: The shareholder proposals aren't expected to pass, thanks in no small part to Buffet's one-third voting power, DealBook notes.