The Strategist

Berkshire Hathaway shareholder backs Buffett's resignation as chairman

04/21/2022 - 07:55

CalPERS, the largest US public pension fund, will vote to replace Warren Buffett as chairman of Berkshire Hathaway, Reuters writes citing the fund's documents.

The agency specifies that in doing so, the organisation intends to vote to keep Buffett as CEO. Another Berkshire shareholder, the National Legal and Policy Center, suggested in March that the positions of chairman and chief executive should be separated. It believes the roles of chairman and chief executive become less meaningful when the positions are combined by one person.

Berkshire Hathaway opposed the proposal. The company believes that as long as Buffett can perform his duties, he should hold both positions.

CalPERS has $450 billion in assets, of which more than $2.3 billion is in Berkshire stock, according to Reuters and Bloomberg.



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