A shareholder measure that would have removed Warren Buffett as chairman of Berkshire Hathaway was overwhelmingly rejected.
In a filing Wednesday with the Securities and Exchange Commission, Berkshire Hathaway Inc. BRK.B, +2.45% BRK.A, +2.73% disclosed that a shareholder measure that would have removed him as chairman was overwhelmingly rejected.
The proposal, which called for an independent chair, received only 54,425 votes to 448,868 against , according to the filing. The measure from the National Legal and Policy Center — and supported by CalPERS, the country’s largest state public pension fund — argued that there is weaker corporate governance when the same person hold the CEO and chairman titles.
Read: Dump Buffett as Berkshire’s chairman? That’s exactly what’s wrong with so many shareholder proposals this yearThree other shareholder measures, including one to require more transparency into the conglomerate’s climate-related risks and opportunities, also failed by wide margins, according to the filing.
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