Skip to main content
MENU
Subscribe
  • Login
  • My Account
  • Logout
  • Register For Free
  • Subscribe
  • Topics
    • Alternatives
    • Artificial Intelligence
    • CIOs
    • Consultants
    • Defined Contribution
    • ESG
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Private Credit
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • Special Reports
    • Washington
    • White Papers
  • International
    • U.K.
    • Canada
    • Europe
    • Asia
    • Australia - New Zealand
    • Middle East
    • Latin America
    • Africa
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Influential Women in Institutional Investing 2024
    • Eddy Awards
  • Resource Guides
    • Active Thematic Global Equities
    • Retirement Income
    • Fixed Income
    • Pension Risk Transfer
    • Pooled Employer Plans (PEPs)
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • ESG Rated ETFs
    • Divestment Database
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • DC Plan Design: Improving Participant Outcomes
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
  • Print
Breadcrumb
  1. Home
  2. GOVERNANCE
May 02, 2014 01:00 AM

3 more reveal votes for Berkshire Hathaway

Barry B. Burr
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Andrew Harrer/Bloomberg
    Warren Buffett

    Berkshire Hathaway Inc. faces opposition to the re-election of directors from CalSTRS, Florida State Board of Administration and Trillium Asset Management, according to their proxy voting disclosures.

    The $183.3 billion California State Teachers' Retirement System, West Sacramento, will vote against Susan L. Decker, Charlotte Guyman, Donald R. Keough, Thomas S. Murphy and Ronald L. Olson; all are independent directors except Mr. Olson.

    The Tallahassee-based $177.9 billion FSBA, will vote against Messrs. Murphy and Olson.

    Trillium Asset Management will vote against the election of all 11 directors, including Warren E. Buffett, chairman and CEO.

    The C$140.8 billion (US$128 billion) Ontario Teachers' Pension Plan, Toronto, will vote in favor of the re-election of all directors.

    Institutional Shareholder Services, a proxy-voting advisory firm, recommends its clients vote in support of electing all directors.

    The FSBA opposed Mr. Murphy, chairman of the board's audit committee, because Berkshire Hathaway doesn't put the selection of the company's external auditor up for shareholder ratification, according to an FSBA statement. FSBA opposes Mr. Olson because he is “over boarded” serving on more than three outside boards in addition to full-time employment, as well as a potential conflict because Mr. Olson is “a partner at a law firm (Munger, Tolles & Olson LLP) that received approximately $5.6 million from the company for legal services” in 2013.

    Trillium opposes all of the directors because of a lack of any minority representation on the board, said Jonas Kron, Trillium senior vice president-director shareholder advocacy.

    CalSTRS, FSBA, Trillium and ISS will vote to require Berkshire Hathaway to conduct a non-binding shareholder vote on the executive compensation package every year, while OTPP will vote in favor of the company's recommendation of a three-year frequency.

    In favoring a one-year frequency for say-on-pay voting, ISS said in a report, “A company providing triennial votes … would not know whether the shareholder vote references the compensation year being reported or a previous year, making it more difficult to understand the implications of the vote and detracting from its usefulness.”

    All of the pension funds as well as Trillium and ISS oppose a shareholder proposal calling for the company to pay dividends.

    Berkshire Hathaway hasn't paid a dividend since 1967, according to its 10-K filing. FSBA opposes the dividend proposal “due to (its) prescriptive nature … as balanced against the performance of the company,” according to the FSBA statement.

    Trillium and ISS support a shareholder proposal calling for setting goals for reduction of greenhouse gas emissions and disclosure of such progress. The others oppose the proposal. FSBA opposes the greenhouse gas proposal because the company currently provides disclosure, the FSBA statement said.

    FSBA holds 3.2 million Class B shares, or 0.275% of the total outstanding, Dennis D. MacKee, FSBA director of communications, said in an e-mail.

    Berkshire Hathaway's annual meeting is Saturday.

    Related Articles
    Berkshire adds stocks in pension fund handoff to Buffett lieutenants
    Buffett warns of rough road ahead for public pension funds
    Los Angeles needs Warren Buffett model for pension plans, panel says
    Christian Brothers doesn't want Buffett on Berkshire Hathaway's board
    Recommended for You
    Rick Funston
    Rick Funston aims to help plan fiduciaries with new handbook
    Delaware-flag-main_i.jpg
    Delaware OKs company-friendly changes to corporate law in win for Zuckerberg camp
    Sponsored
    White Papers
    The State of Lifetime Income Report
    The Next Wave of LDI Evolution
    Retirement security to future income wins, TIAA brings you the latest financial…
    U.S. Public Funds Top Performers: Q2 2024
    Generative AI Investing: Opportunities at a Key Tech Inflection Point
    Research for Institutional Money Management: Advancing Physical Risk Modelling,…
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    October 23, 2023 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Custom Content
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2025. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Artificial Intelligence
      • CIOs
      • Consultants
      • Defined Contribution
      • ESG
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Private Credit
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • Special Reports
      • Washington
      • White Papers
    • International
      • U.K.
      • Canada
      • Europe
      • Asia
      • Australia - New Zealand
      • Middle East
      • Latin America
      • Africa
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Influential Women in Institutional Investing 2024
      • Eddy Awards
    • Resource Guides
      • Active Thematic Global Equities
      • Retirement Income
      • Fixed Income
      • Pension Risk Transfer
      • Pooled Employer Plans (PEPs)
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • ESG Rated ETFs
      • Divestment Database
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • DC Plan Design: Improving Participant Outcomes
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
    • Print