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Weekend with Warren: Brandon Rees of the AFL-CIO on Warren Buffett's succession disclosure proposal.
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-- right well for years investors have been asking Warren Buffett for -- the planned when he can no longer run Berkshire Hathaway last month things became more urgent when Buffett announced he has stage one prostate cancer.
With AFL CIO a big -- our investor is demanding a written plan in a proposal this weekend.
I was clean and asked Warren Buffett about the request last night.
I'm curious isn't going to succeed -- present at a June 5 LC I -- not.
They'll be very resilient and I -- if you.
You look at.
ExxonMobil.
And apple look at -- we -- anti American Express co cola wells part I don't know -- the next.
May I just know more.
Other jobs figure.
Yeah Liz joins us -- an exclusive interview with deputy director.
Other investments for the AFL CIO who -- it got -- -- bridge like every day I think is brain is just fine.
His brain as -- as much sharper than most of us in certain areas especially in.
-- -- put the AFL CIO is in essence talking about something a lot of people -- in the past.
What's the plan and now they say we need the succession articulated written out.
And in fact they're taking it to the floor of the shareholder meeting tomorrow we are joined now by branded -- Who runs the investment -- I'll be -- Twelve million union workers on.
It's 56 unions have -- you're -- you're the director of investments you're just the perfect person to speak with thank you for joining us you heard what mr.
Buffett just said.
-- the smack -- down and said.
While who's gonna run the AFL CIO in the future why do you need to hear a name of a CEO articulated by Buffett.
Well let me first say that we have enormous respect and admiration for Warren Buffett's leadership of Berkshire Hathaway.
And we hope that his successor will help carry on his legacy for shareholders.
DA FL CIO by the way does have they written succession plan it's part of our constitution.
And we are asking Berkshire Hathaway's board of directors to simply commit to providing annual reporting to update shareholders.
As to the state of the board succession planning.
Every company should have the succession plan for their CEO it's a primary board level function.
And I note that after we filed our shareholder resolution Berkshire Hathaway.
Has disclose that they have in fact picked an internal candidate and to back up candidates.
To replace.
Mr.
Buffett when that time should come.
But you you want the name doesn't sound like he's going to give it because he says.
I don't want to have a crown prince out there let me just ask you how many shares.
On behalf of your investors do you all about Berkshire Hathaway like what's your voice as far as representation here with -- shares.
Well it is suffice to say Berkshire -- Hathaway is 37%.
Owned by mr.
Buffett himself on and so what -- We don't we don't expect our proposal to get a majority vote.
However we think we've already achieved success in encouraging the company to address this issue.
I in fact we've not asked for the company to disclose the identity of the success or simply -- for the board to seek.
To find an internal candidate to replace.
Mr.
Buffett and it's so important at Berkshire Hathaway because Berkshire Hathaway has a strong internal culture.
That we hope will continue.
After.
Mr.
Buffett's succession it it's it's taken place.
Brandon were here in the lobby of the Hilton where a lot of these Berkshire managers day in fact a -- Jane who runs the insurance business.
Just walked in and he was -- -- We we've also heard about other names that are out there Tony nicely who runs -- And you've got Greg gable that American insurance and so so there are names that have been floated -- and he claims he has these ideas is that not.
Sort of enough for you and what is it hoped to accomplish on Saturday at the meeting.
Yes well -- we hope to accomplish.
To encourage the board to.
Provide more information to shareholders and they've already done that in response to our shareholder proposal.
Date set for the first time that they've identified an internal candidate.
So we believe that we've -- achieved -- of our -- all we're asking her.
Is that the company continue.
To provide that level of disclosure to shareholders on an annual basis and and that's where the point of disagreement is.
But I it's my hope that Berkshire -- we will continue to be transparent about whether they have selected -- candidate.
And and if that's an internal candidates to the company.
Brandon Greece is the deputy director of investment for the AF LCI what will be watching on Saturday -- you make that proposal and your team does thank you very much for joining big GO.
