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Warren Buffett's company rejects proposals, but it faces lawsuit over how it handled one last year

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Warren Buffett News

U.S. News,Business,Bill Gates

Shareholder proposals are usually uneventful at Berkshire Hathaway’s annual meeting, but Warren Buffett and the company are now facing a lawsuit over the way one presenter was treated last year.

Harold and Caroline Ernst of St. Louis chat with fellow shareholders as they wait for the Berkshire Hathaway annual meeting to begin on Saturday, May 4, 2024, in Omaha, Neb. Berkshire Hathaway's annual meeting

The issue last year was that Flaherty questioned the character of one of Buffett's best friends and a former Berkshire board member, Bill Gates. Flaherty suggested that Buffett's close association with Gates could hurt Berkshire's reputation because of reports that Gates had been associated withbefore he was arrested for sex trafficking. So he was proposing that Berkshire give someone else Buffett's chairman title while leaving him as CEO.

Buffett stayed silent during the business meeting after spending all day Saturday answering shareholder questions at the main part of the shareholder meeting. He let hisVice Chairman Greg Abel take the lead. He only reminded the presenters of all six proposals to keep their comments related to the proposals.

The safety chief for the SMART-TD rail union that represents conductors and other rail workers, Jared Cassity, said that if BNSF wants to argue that safety is the railroad's top priority, Berkshire's board should focus on it and review staffing and operational practices to help prevent derailments like the“Railroad safety requires effective board oversight,” Cassity said.

 

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