msn
The largest state public pension fund in the U.S. has sided with a minority shareholder, which has sponsored a proposal to remove Warren Buffett from the post of chairman of the board of Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B).
What Happened: The California Public Employees’ Retirement System, aka CalPERS, would vote in favor of a proposal brought by the National Legal and Policy Center that calls for amending the bylaws to make an independent member the chair of the board.
NLPC, which owns Berkshire shares with a value in excess of $2,000, argues that the roles of CEO and chairman are separate and come with different responsibilities that are critical to the success of a company. When held by a single person, these roles are greatly diminished, it said.
Berkshire countered in the proxy statement, saying that its board recommends against voting for the proposal. Given that Buffett holds a 32% voting interest in the company, he should continue to be the chairman and CEO, it added. More
NEVER LIKED HIS COUSIN JIMMY
Since Berkshire does not pay dividends, and the only way to realize any gain, or income is to sell your shares, a pension fund should not be invested in it in the first place.
But Buffet is a loyal leftist, he is against pipelines, but for BNSF rail (which Berkshire owns) that leaks oil all up and down the rail lines from their oil tankers, so CALpers will willingly tie up their money with him.
Bill Gates, Buffey, Bezos – the sooner they croak, the better.
Dang it! I was thinking of purchasing a .001 share of “A” this week, but I guess I’ll wait till this smoke settles..
FJB