Berkshire shareholders reject diversity, AI proposals

Of Jonathan Stempel

Omaha, Nebraska (Reuters) -Berkshire Hathaway The shareholders rejected a resolution on Saturday that required the company to report on the risks of initiatives based on the race of their subsidiaries, one of the seven proposals related to diversity, artificial intelligence and other issues that were voted on.

The shareholders also voted against a resolution that Berkshire reports on how their business practices affect employees based on race, color, religion, sex, national origin and political opinions.

The proposals required by the Berkshire Board of Directors, which created a committee to supervise diversity and inclusion, were also voted on, which the independent administrators oversee the risks related to the AI ​​and require a report on “voluntary” environmental activities that exceed the federal and state requirements.

The votes were announced after Buffet unexpectedly announced that he was planning to abandon as Berkshire CEO by the end of the year.

He will be replaced by Vice President Greg Abel, who presided over the reading of shareholders’ proposals.

Buffett, who controls about 30% of Berkshire’s voting power and the other Berkshire directors opposed the seven proposals, finding -unnecessary and in some cases inconsistent with the decentralized culture of the company.

The Council also said that Berkshire operating companies establish their own policies on race and other work factors, and that the Berkshire global approach was “simple: you follow the law and do the right thing.”

Businesses from all over corporate America have slowed public support or initiatives for diversity, equity and inclusion in the workplace, as conservatives, including the President of the United States, Donald Trump, press to brake Dei in the private sector and society, as well as in the federal government.

Berkshire has generally discussed in her annual reports on the hiring practices of her operational businesses. In his latest February report, he deleted a reference to “diversity and inclusion in labor” as a hiring goal.

At Saturday’s meeting, Berkshire shareholders also released all eligible counselors, including Buffett and Abel.

(Jonathan Sumpel’s report in Omaha, Nebraska, edition of Deepa Babington)