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The
fund, whose full name is the California Public Employees'
Retirement System, disclosed its vote in a regulatory filing
ahead of Berkshire's scheduled April 30 annual meeting in Omaha,
Nebraska.
CalPERS said it invests more than $450 billion, including more
than $2.3 billion in Berkshire shares.
Berkshire did not immediately respond to a request for comment.
In proposing to install an independent chair at Berkshire, the
nonprofit National Legal and Policy Center said the roles of CEO
and chairman are "greatly diminished" when one person holds
both.
Berkshire opposes the proposal. It has said someone outside
management should be chairman after Buffett is no longer in
charge, but that the billionaire should remain chairman and CEO.
Buffett, 91, has run Berkshire since 1965.
Berkshire plans for Buffett's son Howard Buffett to become
non-executive chairman after his father's departure, while Vice
Chairman Greg Abel is slated to become CEO.
Shareholder proposals that Berkshire opposes are generally
defeated by large or overwhelming margins.
Buffett recently controlled about 32% of Berkshire's voting
power, while owning about 16% of its stock.
CalPERS said it will also vote for shareholder proposals that
Berkshire report on its plans to reduce greenhouse gases and
improve diversity, and its own proposal that Berkshire report on
its plan to handle climate risk.
Berkshire opposes these proposals.
CalPERS also plans to withhold votes to reelect directors Susan
Decker and Meryl Witmer because of a lack of disclosures related
to climate change.
The fund backed U.S. company directors 72% of the time in 2021,
according to the research firm Insightia.
(Reporting by Jonathan Stempel in New York; editing by Bernard
Orr)
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