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Sustainability Matters

Nearly Half of Berkshire Hathaway's Independent Shareholders Support Climate, Diversity Reporting

Investors reject board advice; a climate report "would be good for investors to hear," Morningstar analyst says.

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Rejecting the advice of the board led by legendary chairman and CEO Warren Buffett, nearly half of Berkshire Hathaway's (BRK.A) independent investors supported proposals requesting climate-change-related reports and reporting on Berkshire's diversity, equity and inclusion efforts.

Altogether, Berkshire faced four shareholder proposals. One, led by Federated Hermes (FHI) on behalf of other shareholders, asked Berkshire to publish an annual assessment of how it manages physical and transitional climate-change-related risks and opportunities. It won 27% of the overall vote, or around 47% of the vote excluding insiders. A second, led by shareholder advocate As You Sow, asked Berkshire to report on its greenhouse gas emissions. It also won 27% of the overall vote. A third, also led by As You Sow, asked Berkshire or its holding companies to report on the outcomes of their DEI efforts by publishing data on workforce composition and promotion rates by gender, race, and ethnicity. It won 26% of the vote. The board of directors recommended voting against the proposals.

Leslie Norton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.