DJ Warren Buffett Has Been Berkshires Chairman for 52 Years. Calpers Wants Him Replaced. -- Barrons.com
7:27 AM ET 4/20/22 | Dow Jones
By Lina Saigol
The California Public Employees' Retirement System (Calpers), said on Tuesday that it will vote for a Berkshire Hathaway shareholder proposal that would replace Warren Buffett as chairman.
The largest public pension in America disclosed its stance in a filing with the U.S. Securities and Exchange Commission, ahead of Berkshire's annual shareholders meeting on April 30 in Omaha, Nebraska.
Calpers said that it holds more than $450 billion in total assets, including about $2.3 billion in Berkshire Class A (ticker: BRK.A) and Berkshire Class B (ticker: BRK.B) stock.
The shareholder measure from the National Legal and Policy Center calls for an independent chairman and says that the roles are "greatly diminished" when a single person holds both the CEO and chairman titles, weakening its governance structure.
Buffett, 91, became CEO of Berkshire in 1965, and has held the chairman role since 1970. [Reply]
Originally Posted by Nightfyre:
Biting the hand, CALPERS?
Well, I've listened to Buffett speak a lot over the last year and I must say he doesn't seem senile BUT that could change tomorrow. He's twice as old as Tom fucking Brady! [Reply]
Originally Posted by Hog's Gone Fishin:
Well, I've listened to Buffett speak a lot over the last year and I must say he doesn't seem senile BUT that could change tomorrow. He's twice as old as Tom ****ing Brady!
I think his partner ,Monger I believe it is , is 98 [Reply]
For most of the rest of us Buffett has maintained that not trying to beat the market is what pays off long-term.
"In a 2017 CNBC "On the Money" interview, Buffett suggested that investors "consistently buy an S&P 500 low-cost index fund... I think it's the thing that makes the most sense practically all of the time." At his annual meeting in 2020, he said, "In my view, for most people, the best thing to do is to own the S&P 500 index fund." [Reply]