Berkshire holders reject succession-plan proposal

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Associated Press

Posted on May 6, 2012 at 7:01 AM

Updated Sunday, May 6 at 7:02 AM

OMAHA, Neb. (AP) — Berkshire Hathaway shareholders have rejected a proposal that would have required annual updates on how the company is preparing to replace Warren Buffett.

The resolution submitted by the AFL-CIO attracted about 32,000 votes while 672,000 votes were cast against the idea.

The labor union's Ken Maas says the group didn't want Berkshire to publicly identify the 81-year-old Buffett's successor. It just wanted an annual update on the planning.

Buffett says he doesn't see any need to create a formal report on succession planning because he talks about it in his annual letter to shareholders and in interviews. Plus, the subject regularly comes up at the annual meetings.

Buffett says Berkshire's board spends more time on succession planning than any other subject.

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