BERKSHIRE HATHAWAY INC. | Assessment of transitional and physical risks of climate change at BERKSHIRE HATHAWAY INC.

Status
26.76% votes in favour
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
BRK/A US
Lead filer
California Public Employees' Retirement System CalPERS
Co-filers
Caisse de dépot et placement du Québec (CDPQ)
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Climate adaptation
  • GHG targets / emissions
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
United States
Resolved clause
Resolved: In the interest of the long-term success of Berkshire Hathaway Inc. (the “Company”) and so investors can manage risk more effectively, shareholders request the board of the Company publish an annual assessment addressing how the Company manages physical and transitional climate-related risks and opportunities, commencing prior to its 2024 annual shareholders’ meeting. Shareholders recommend the assessment include a summary of risks and opportunities at the parent Company level, and for only those Company subsidiaries and investee organizations that the board believes could be materially impacted by climate change and the energy transition, disclosed in accordance with the Taskforce on Climate-related Financial Disclosure (TCFD) recommendations.

The assessment may be a stand-alone report or incorporated into existing reporting, be prepared at a reasonable cost, and omit proprietary information.
Supporting statement
Supporting Statement: Climate change and the transition to a low-carbon economy pose critical risks to investors. All companies should appraise and disclose physical and transitional climate risks. The Company’s current disclosures are insufficient for investors to fully appraise climate-related risks and opportunities.

It is important to recognize that shareholders can purchase shares only in the combined parent-company entity – not in the individual subsidiaries that may or may not have climate risk exposure. A parent Company climate risk disclosure to investors does not currently exist, is needed, and entails a modest degree of reporting centralization.

Unfortunately the Company continues to stand out as a laggard on climate-risk reporting relative to the broader market. Over 3,900 companies globally support the TCFD recommendations, with 132 of the Climate Action 100+ companies already reporting in line with this framework.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Anima Sgr For Given that Berkshire Hathaway does not seem to have a comprehensive plan for managing its GHG emissions, nor a climate change strategy, greater information would allow shareholders to better understand how the company is managing systemic risks posed by climate change and the transition to a low carbon economy.
VidaCaixa For
Rothschild & co Asset Management For

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