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Berkshire opposes shareholders' climate change, diversity proposal



(Reuters) – Warren Buffett's Berkshire Hathaway Inc. on Monday called for the rejection of shareholder proposals to produce annual reports on its efforts to tackle climate change and promote diversity and inclusion.

The proposals were revealed in Berkshire's annual power of attorney. filing before the Omaha, Nebraska-based company's scheduled annual meeting on May 1.

Berkshire also said that Buffett's compensation in 2020 was $ 380,328, including his usual $ 100,000 salary, plus $ 280,328 for personal and home security.

Although Mr. Buffett's salary is low for a CEO of a major company, his 16.2% stake in Berkshire was worth about $ 98.2 billion as of Friday.

Vice Presidents Greg Abel and Ajit Jain, who oversee Berkshire's non-insurance and insurance business and whose pay Mr. Buffett sets were each awarded $ 1

9 million, unchanged from 2019.

Berkshire's dozens of operations include the BNSF Railway, Berkshire Hathaway Ene rgy and Geico.

Berkshire, referring to its decentralized model, said that the climate proposal from California's public employees 'pension system, Federated Hermes and Caisse de Dépôt et Placement du Québec was unnecessary, and that many companies' climate decisions already made "great" sense "for the environment.

The company also cited its business model and Mr. Buffett's record of "opposing efforts, seen or invisible, to suppress diversity or religious inclusion" as opposed to the proposal on diversity from As You Sow, a non-profit organization

Berkshire said that its companies "represent different industries" operating around the world, and that it was "unreasonable to ask for uniform, quantitative reporting" to compare them.

Mr. Buffett controls 32.1% of Berkshire's voting power, and shareholder proposals he opposes normally fail by large margins.

Berkshire's annual meeting will be held in Los Angeles, allowing Vice President Charlie Munger (97), a Californian, to go in person with Mr. Buffett to answer 3-1 / 2 hour questions about shareholders.

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