AFL-CIO fund wants Buffett successor ID’d
3/15/2012OMAHA — A group of Berkshire Hathaway investors from the AFL-CIO wants the firm to reveal Warren Buffett’s successor.
The AFL-CIO Reserve Fund submitted a proposal for Berkshire shareholders to vote on at the annual meeting in May. The proposal would address something many Berkshire shareholders have worried about because much of the company’s success is attributed to Mr. Buffett, 81.
The proposal faces long odds because Berkshire’s board opposes it unanimously, and that group controls 38 percent of the votes. Mr. Buffett controls 34 percent of votes. He has said the board has chosen his successor, but that person has not been identified.