Economy & Business, Politics

You Won’t Believe What Berkshire Hathaway Shareholders Did

Berkshire Hathaway stockholders overwhelmingly rejected proposals related to the environmental, social, and corporate governance movement, also known as ESG, at a shareholder meeting over the weekend.

Board members at the investment and insurance conglomerate led by Warren Buffett had unanimously recommended that stockholders vote against three resolutions, two of which would have required the firm to publish annual reports on how executives manage “climate-related risks and opportunities,” and the third, which would have required the company to reveal metrics on “diversity, equity, and inclusion” efforts in hiring and employee retention. Shareholders voted against the resolutions on Saturday by margins of three to one or greater.

The climate proposals asserted that current disclosures from Berkshire Hathaway are “insufficient for investors to fully appraise climate-related risks and opportunities” and recommended that the company disclose how “climate and ESG attributes are considered in director elections and succession planning.” Board members contended that the “scope of the information and analysis requested” was inappropriate and noted that many portfolio companies already share data about their carbon emissions or other environmental concerns. Read more…

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