(Reuters) – CalPERS, the largest U.S. public pension fund, said on Tuesday it would vote for Berkshire Hathaway Inc's shareholder proposal to replace Warren Buffett as chairman, but he would remain chief executive.
The fund, whose full name is the California Public Employees Retirement System, disclosed its vote in a regulatory filing ahead of Berkshire's annual meeting scheduled for April 30 in Omaha, Nebraska.
CalPERS said it invested more than $450 billion, including more than $2.3 billion in Berkshire stock.
Berkshire did not immediately respond to a request for comment.
In proposing an independent chairman at Berkshire, the nonprofit National Law and Policy Center said that when one person serves as both CEO and chairman, their roles are “significantly reduced.”
Berkshire opposed the proposal. It has said that after Buffett is no longer in power, someone other than management should serve as chairman, but the billionaire should remain chairman and CEO.
Buffett, 91, has run Berkshire since 1965.
Berkshire Hathaway plans to make Buffett's son Howard Buffett non-executive chairman after his father leaves, while vice chairman Greg Abel will become chief executive.
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