Christian Brothers Investment Services is opposing the election of all Berkshire Hathaway Inc. directors, including Warren E. Buffett, chairman and CEO, according to the proxy-voting disclosure of the manager of managers whose clients are Catholic institutions.
CBIS is withholding its votes for the directors “due to a lack of information on diversity of the composition of the board” and insufficient background about the directors, even lacking photographs of them, said Marietta L. Parenti, CBIS spokeswoman.
Berkshire Hathaway's proxy ballot permits shareholders the choice of voting in favor of all directors or withholding the vote for directors.
The $201.5 billion (US$182.9 billion) Canada Pension Plan Investment Board, Toronto, will vote in favor of all directors, according to its proxy-voting disclosure.
Both CBIS and CPPIB oppose Berkshire Hathaway's proposal for a three-year frequency on non-binding say-on-pay voting by shareholders and instead call for annual voting on executive compensation. The two funds plan to vote in support of the current pay package for Mr. Buffett and other top executives.
CPPIB is opposing a shareholder proposal calling for setting quantitative goals for reduction of greenhouse gas and other air emissions at the company's energy-generating holdings. CBIS supports the proposal.
Both CBIS and CPPIB oppose a shareholder proposal calling for Berkshire Hathaway to pay annual dividends. The company hasn't paid a dividend since 1967, according to its 10-K filing.
CPPIB holds 4.2 million Berkshire Hathaway Class B shares, according to CPPIB's filing with the Securities and Exchange Commission. They are valued at $543 million. CBIS' shares weren't available. Berkshire Hathaway has 1.1 billion Class B shares outstanding.
Berkshire Hathaway's annual meeting is May 3.