Berkshire Hathaway Inc. (BRKA)(BRKA) Vice Chairman Charlie Munger underlined his opposition to a proposal that would force Warren Buffett to give up his role as chairman of the conglomerate. Backers of the proposal "have some professor somewhere who thinks American businesses run better if" the CEO and chairman roles are split in two, he said at Berkshire's annual meeting. "To me, it's the most ridiculous criticism I ever heard," Munger said. It's as if the ancient Greek hero Odysseus returned home only to be told by someone they didn't "like the way you were holding that spear when you won that battle," he said. A proposal from the National Legal and Policy Center calls for an independent chairman, saying that the roles are "greatly diminished" when held by one person. Buffett became CEO of Berkshire in 1965, and has been chairman since 1970. Under the proposal, Buffett could continue to serve as CEO. The proposal, which has been endorsed by CalPERS, the country's largest state public pension fund, is opposed by Berkshire's board and is expected to fail.
(END) Dow Jones Newswires
April 30, 2022 12:01 ET (16:01 GMT)
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