Warren Buffett has been Berkshire's CEO and chairman since 1970. But the country’s largest state public pension fund is backing a proposal to change that.
CalPERS, the country’s largest state public pension fund, disclosed Tuesday that it intends to vote for a Berkshire Hathaway shareholder proposal that would replace Warren Buffett as chairman.
The shareholder measure from the National Legal and Policy Center calls for an independent chairman and says that the roles are “greatly diminished” when a single person holds the CEO and chairman titles, resulting in weaker corporate governance. Berkshire’s board opposes the measure, saying it believes that “as long as Mr. Buffett is Berkshire’s CEO, he should continue as board chair and as Berkshire’s CEO,” though added that in the past Buffett has said that when he is no longer CEO, a non-management director should be named board chair.In its filing, CalPERS said it holds over $450 billion in total assets, including about $2.3 billion in Berkshire Class A BRK.A, +0.72% and B stock BRK.B, +0.53%.
CalPERS also disclosed it supports four other shareholder proposals that the Berkshire board opposes, including one that would require more transparency into the conglomerate’s climate-related risks and opportunities.
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