OMAHA, Nebraska, May 3 (Reuters) - Berkshire Hathaway ( BRK/A )
shareholders on Saturday rejected a resolution
requiring the company to report on risks from its subsidiaries'
race-based initiatives, one of seven proposals tied to
diversity, artificial intelligence and other issues that were
voted down.
Shareholders also voted against a resolution that Berkshire
report on how its business practices affect employees based on
race, color, religion, sex, national origin and political views.
Also voted down were proposals requiring Berkshire's board
of directors to create a committee to oversee diversity and
inclusion, having independent directors oversee AI-related
risks, and requiring a report on "voluntary" environmental
activities that exceed federal and state requirements.
The votes were announced after Buffett unexpectedly
announced he planned to step down as Berkshire chief executive
at the end of the year.
He will be replaced by Vice Chairman Greg Abel, who presided
over the reading of the shareholder proposals.
Buffett, who controls about 30% of Berkshire's voting power,
and the other Berkshire directors opposed all seven proposals,
finding them unnecessary and in some instances inconsistent with
the company's decentralized culture.
The board also said Berkshire's operating companies set
their own policies concerning race and other employment factors,
and that Berkshire's overall approach was "simple - follow the
law and do the right thing."
Businesses across corporate America have curbed public
support or initiatives for diversity, equity and inclusion in
the workplace, as conservatives including U.S. President Donald
Trump push to curb DEI in the private sector and society, as
well as in the federal government.
Berkshire has discussed generally in its annual reports the
hiring practices of its operating businesses. In its latest
report in February, it removed a reference to "diversity and
inclusion in the workforce" as a hiring goal.
At Saturday's meeting, Berkshire shareholders also reelected
all directors who were eligible, including Buffett and Abel.