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- Marx_TechcomMarx_Techcom
  ·2023-07-13
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- Marx_TechcomMarx_Techcom
  ·2021-05-09
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- Marx_TechcomMarx_Techcom
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- Marx_TechcomMarx_Techcom
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- Marx_TechcomMarx_Techcom
  ·2021-05-09
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  Why is "Stock God" Buffett questioned by shareholders?
  巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。
  Why is "Stock God" Buffett questioned by shareholders?
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- Marx_TechcomMarx_Techcom
  ·2021-04-05
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18:28","market":"us","language":"zh","title":"Why is \"Stock God\" Buffett questioned by shareholders?","url":"https://stock-news.laohu8.com/highlight/detail?id=2133685773","media":"新浪财经综合","summary":"巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的。巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。而巴菲特过去一直对独立董事会成员持批评态度。贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。","content":"<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is \"Stock God\" Buffett questioned by shareholders?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is \"Stock God\" Buffett questioned by shareholders?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-05-08 18:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Source: ESG Asia Report</p><p>The epidemic has aroused the world's attention to the field of sustainable development, and ESG investment has ushered in a new round of development opportunities.</p><p>With<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>The world's top investment institutions represented by China are increasingly confident in the long-term returns of sustainable development investments. While incorporating ESG factors into active investment strategies, they adopt the method of \"corporate engagement and shareholder action\" to supervise the ESG practices of invested companies with the help of shareholder rights.</p><p>This time, they turned their attention to the \"stock god\" Buffett<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway, questioning its ESG governance status quo.</p><p>At the recently concluded 2021 shareholder meeting, Berkshire shareholders submitted two proposals on ESG information disclosure to the board of directors: one related to a report on climate-related risks and opportunities, and the other related to employee diversity and inclusion. Related to the report of initiatives.</p><p>As an investor in Berkshire, BlackRock agreed with both proposals based on its high recognition of the concept of sustainable development.</p><p>However, Berkshire's board of directors, which has a majority of voting rights, voted unanimously against it, and neither shareholder proposal was passed in the end.</p><p>The world's largest asset manager is at odds with the world's most prominent investment institution over ESG matters.</p><p><b>01. Berkshire shareholders: Insufficient disclosure of climate-related and diversified information</b></p><p>Climate change and diversity issues have received more and more attention in recent years.</p><p><b>Combating climate change has reached a global consensus</b></p><p>The market generally believes that climate events and the transition to a low-carbon economy will bring systemic risks to global economic development. Many risks have come into play, and the value of companies in energy, transportation, chemicals and other industries has been affected.</p><p>Investors need to understand whether companies are prepared for climate risks. Therefore, climate disclosure at the company level is critical.</p><p>Due to concerns about Berkshire's insufficient disclosure of climate-related information, CalPERS, Hermes Investment Management Company, and Quebec Savings Investment Group jointly launched a proposal for the \"Climate-Related Risks and Opportunities Report\".</p><p>Shareholders are asking Berkshire's board to publish an annual report starting in 2022 that assesses how the company manages climate-related risks and articulates physical and transformational risks and opportunities.</p><p>Shareholders suggested that the report should include:</p><p>Summary of climate risks and opportunities of subsidiaries and investees, mainly based on information that the board of directors believes may be significantly affected by or contribute significantly to climate change;</p><p>The Board's approach to overseeing and managing climate-related risks and opportunities;</p><p>Review the company's greenhouse gas emission reduction targets based on the 2 °C scenario.</p><p>To \"stimulate\" Berkshire, shareholders also talked about two competitors of Berkshire's BNSF rail transportation company in the proposal (<a href=\"https://laohu8.com/S/CSX\">CSX Transport</a>Company and<a href=\"https://laohu8.com/S/UNP\">Union Pacific</a>Rail freight companies) for good practices in setting science-based carbon targets.</p><p><b>Numerous studies have shown that a diverse workforce can bring benefits to companies</b></p><p>In a research note, McKinsey noted that the top 25% of companies that outperform in gender diversity are 21% higher in terms of profitability and 27% more likely to create superior value.</p><p>Foreign media's research on the S&P 500 Index found that from 2015 to 2019, the average annualized return on the stocks of the 20 companies with the best diversification performance was 5.8% higher than that of the 20 worst companies.</p><p>Despite these advantages, diverse and inclusive workforce building presents huge hurdles in reality.</p><p>Berkshire's performance on diversity has also worried shareholders.</p><p>Not only are there shortcomings in diversity disclosure, many Berkshire subsidiaries have also been accused of sexism and racism.</p><p>Berkshire shareholders sought quantitative, comparable data to understand the company's diversity and the effectiveness of inclusion programs.</p><p>Handlery Hotels proposed to Berkshire through an agent that it publish annual reports assessing the company's progress on diversity and inclusion, including:</p><p>The process by which the Board assesses whether diversity, equity, and inclusion programs are effective;</p><p>Evaluation by the Board of Directors of the execution of inclusion programs, particularly the monitoring of indicators in recruitment, promotion and protection of special categories of employees.</p><p><b>02. Buffett: These proposals violate the company's concept of autonomy</b></p><p>Faced with these two proposals that are in line with the development of the times, Berkshire board members all voted against them, including Buffett, who has one-third of the voting rights.</p><p><b>Responses to proposals for climate-related disclosures</b></p><p>Berkshire's board of directors voted against it because, while recognizing that managing climate-related risks responsibly is critical to shareholders and operating the business, it does not want to interfere with the climate-related risk management of subsidiaries and companies it invests in. work.</p><p>The board of directors has seen many subsidiaries make wise decisions related to climate change. For example, its railway transportation companies and energy companies have taken effective actions to reduce carbon emissions.</p><p>In terms of core insurance business, Buffett personally made an understanding of climate-related risks as early as the 2015 annual report. At that time, Berkshire also received relevant shareholder proposals.</p><p>Buffett wrote in his 2015 annual report: For him, due to his lack of professional background in climate science, climate change is \"highly likely\" to pose a major threat to the earth, rather than \"certainly\".</p><p>Buffett believes that it is foolish to ask for 100% proof that the world is about to suffer a great disaster when there is uncertainty and the possibility of taking quick action to stop the danger is unlikely.</p><p>Buffett questioned that if the possibility of a major disaster on the earth is only one percent, and Noah's Ark is crucial to survival, should we start building it today in clear skies?</p><p>Buffett also mentioned that so far, there have been no extreme weather events that have seriously affected the areas covered by his insurance business.</p><p>Buffett believes that Berkshire policy prices are typically re-set annually (rather than fixed prices for ten or two decades), and if more frequent or costly climate events occur, Berkshire's insurance business will instead be larger and more profitable due to higher policy prices.</p><p>Buffett quips that as an individual citizen, you can understandably stay up at night due to climate change-as a homeowner in a low-lying area, you might as well consider moving; But climate change shouldn't be on your list of concerns when you're merely a shareholder in a large insurance company.</p><p><b>Response to the Diversity Disclosure Proposal</b></p><p>Faced with the proposal, Berkshire's board said the company has built a diverse, equitable and inclusive workforce and will continue to be an important factor in the company's success and long-term sustainability.</p><p>But in the end, Berkshire's board voted unanimously against the employee diversity report proposal.</p><p>The reason is: Berkshire operates in different industries in many regions around the world, and it is unreasonable to require unified diversified, fair and inclusive quantitative reporting; Furthermore, as in response to proposals for reporting on climate-related risks, Berkshire manages the businesses it operates in a decentralized manner, with little involvement in the day-to-day activities of those businesses.</p><p><b>03. BlackRock believes there are risks in Berkshire's governance structure</b></p><p>As a shareholder of Berkshire, BlackRock absolutely agrees with the above two shareholder proposals based on its emphasis on sustainable development investment.</p><p>BlackRock even pointed out that Berkshire also has risks in its governance structure.</p><p>BlackRock believes that the special committees under Berkshire's board of directors are insufficient. At present, there are only two committees (responsible for salary and audit respectively).</p><p>BlackRock also believes that Berkshire has Buffett as chairman and CEO, but does not have a chief independent director, which is not conducive to the independent decision-making and judgment of the board of directors.</p><p>Buffett has been critical of independent board members in the past.</p><p>In a 2020 letter to shareholders, Buffett said that independent directors can be paid hundreds of thousands of dollars per year for just a few days of work; They are not exactly interested in the future of the company and are often biased towards management, who will agree with whatever management wants.</p><p>In addition, BlackRock is concerned about succession planning for key leadership roles in Berkshire, and Berkshire has not provided information disclosure on how to address succession risks, such as the board's review process of candidates.</p><p>BlackRock believes that Buffett has strong leadership and influence at Berkshire, and this succession is riskier.</p><p>As for Berkshire's deficiencies in ESG governance, BlackRock blamed it on the dereliction of duty of the company's audit committee.</p><p>As a result, BlackRock voted against the * vote to chair Berkshire's audit committee.</p><p>In a briefing on Berkshire's vote decision, BlackRock wrote: The company has not adapted to a world where ESG is becoming more important to performance.</p><p>It can be seen that BlackRock is full of concerns about Berkshire's future sustainable development resilience.</p><p>As the world's largest asset manager, BlackRock manages $9 trillion in funds.</p><p>In 2021, BlackRock Chairman and CEO Laurence D. Fink (Laurence D. Fink) once again emphasized the long-term value of sustainability investments in a letter to all shareholders and made sustainability commitments for the new year.</p><p>BlackRock recently announced its participation in the Net Zero Emission Asset Manager Initiative Net Zero Asset Managers Initiative. Therefore, \"urging investment supervisors to encourage companies that clients invest in to consider the opportunities brought by the net-zero transition while mitigating climate risks\" has become an important action in BlackRock's sustainable investment plan.</p><p>As one of the largest investment companies in the world, Berkshire recently confirmed Buffett's successor. In an interview with American financial media on Monday, 91-year-old Buffett admitted that the directors unanimously agreed that Greg Abel, vice chairman of Berkshire's non-insurance business, would take over as CEO in the future.</p><p>It is not known whether Abel will transfer Berkshire's ESG management responsibilities to the group level after taking office to meet the increasingly strong ESG governance and disclosure needs of shareholders and investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c1b9fef028787bba142fa31212ae49d2","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210508182845774e23cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2133685773","content_text":"来源：ESG亚洲报告\n疫情唤起了世界对可持续发展领域的关注，ESG投资迎来了新一轮的发展机遇。\n以贝莱德为代表的世界顶级投资机构对可持续发展投资的长期回报信心不断增强，在将ESG因素纳入主动投资策略的同时，采用“企业参与及股东行动（corporate engagement and shareholder action）”的方式，借助股东权利督导所投公司的ESG实践。\n这次，他们将注意力转向了“股神”巴菲特麾下的伯克希尔哈撒韦公司，对其ESG治理现状提出质疑。\n在近日结束的2021年股东大会上，伯克希尔股东们向董事会递交了两项有关ESG信息披露的提案：一项与气候相关风险和机遇的报告有关，另一项与员工多元化和包容性举措的报告有关。\n作为伯克希尔的投资者，贝莱德基于自身对可持续发展理念的高度认可，对两项提案均表示赞同。\n但拥有多数投票权的伯克希尔董事会却投出了一致的反对票，最终两项股东提案均没有获得通过。\n世界上最大的资产管理公司与世界上最著名的投资机构就ESG事宜发生分歧。\n01、伯克希尔股东：气候相关与多元化信息披露不足\n气候变化和多元化议题在近年来受到越来越多的重视。\n应对气候变化已经在全球范围内达成共识\n市场普遍认为，气候事件和向低碳经济的过渡会给全球经济发展带来系统性风险。诸多风险已经开始发挥作用，能源、交通、化工等行业的公司价值受到影响。\n投资者需要了解公司是否已经做好了应对气候风险的准备。因此，公司层面的气候信息披露至关重要。\n因对伯克希尔气候相关信息披露不足的担忧，加州公务员退休基金（CalPERS）、爱马仕投资管理公司、魁北克储蓄投资集团共同发起了“气候相关风险和机遇报告”的提案。\n股东们要求伯克希尔董事会从2022年开始，每年发布一份评估公司气候相关风险管理方式，以及阐明物理与转型风险及机遇的报告。\n股东们建议该报告应包括：\n子公司和被投公司的气候风险和机遇摘要，以董事会认为可能受到气候变化重大影响或对气候变化有重大贡献的信息为主；\n董事会监督和管理气候相关风险和机遇的方法；\n检视公司基于2℃情境下的温室气体减排目标。\n为“刺激”伯克希尔，股东们在提案中还谈及伯克希尔旗下BNSF铁路运输公司的两家竞争对手（CSX运输公司和联合太平洋铁路货运公司）在设定科学碳目标方面的优秀实践。\n大量研究表明，多元化的员工队伍可以给公司带来收益\n麦肯锡在一篇研究报告中指出，性别多元化方面表现优异的前25%的公司在盈利能力方面高出21%，在创造卓越价值方面的可能性高出27%。\n外媒对标普500指数的研究发现，2015-2019年间，多元化表现最好的20家公司，其股票的平均年化收益率比最差的20家公司高出5.8%。\n尽管有这些优势，多元化和包容性的员工队伍建设在现实中存在巨大障碍。\n伯克希尔在多元性方面的表现也让股东担忧。\n不仅在多元化信息披露方面存在不足，伯克希尔许多子公司还遭到了有关性别歧视和种族主义的指控。\n伯克希尔股东寻求量化，可比的数据以了解公司多元化情况，以及包容性计划的有效性。\n汉得利酒店（Handlery Hotels）通过代理人向伯克希尔提议，要求其每年发布报告，评估公司的多元化和包容性进展，包括：\n董事会评估多元化、公平性和包容性计划是否有效的过程；\n董事会对包容性计划执行的评估，特别是在招聘、晋升和特殊类别员工保护方面的指标监督。\n02、巴菲特：这些提案违背公司的自治理念\n面对这两项顺应时代发展的提案，伯克希尔董事会成员均投出了反对票，其中也包括拥有三分之一投票权的巴菲特。\n对气候相关信息披露提案的回应\n伯克希尔董事会投出反对票的理由是，虽然认识到以负责任的方式管理与气候相关的风险对股东和经营业务至关重要，但不希望干预子公司及所投公司的气候相关风险管理工作。\n董事会看到诸多子公司做出了与气候变化相关的明智决定，如旗下的铁路运输公司和能源公司都已经在碳减排方面采取了有效行动。\n而在核心保险业务方面，巴菲特早在2015年年报中，亲自做出了对气候相关风险的理解。当时，伯克希尔也收到了相关股东提案。\n巴菲特在2015年年报中在写道：对于他而言，由于缺乏气候科学的专业背景，气候变化“很有可能（highly likely）”对地球构成重大威胁，而不是“一定（certain）”。\n巴菲特认为，如果在不确定，而且迅速采取行动阻止危险的可能性不大的情况下，就要求100%证明世界即将遭受巨大灾难是愚蠢的（foolish）。\n巴菲特质疑，如果地球发生重大灾难的可能性只有百分之一，而诺亚方舟对于生存至关重要，难道要在晴空万里的今天，就开始建造它么？\n巴菲特还提到，到目前为止，还未发生严重影响其保险业务所覆盖领域的极端气候事件。\n巴菲特认为，伯克希尔保单价格通常每年都会重新制定一次（而不是十年或二十年的固定价格），如果发生更频繁或损失更大的气候事件，伯克希尔保险业务反而会因保单价格提高而规模更大、利润更高。\n巴菲特调侃道，作为个人公民，您可能会因气候变化彻夜难眠，这是可以理解的——作为低洼地区的房主，您不妨考虑搬家；但是，当您仅仅作为一家大型保险公司的股东时，气候变化就不应列入您的担忧之列。\n对多元化信息披露提案的回应\n面对该提案，伯克希尔董事会表示公司已经建立了多元性、公平性和包容性的员工队伍，并将继续成为公司成功和长期可持续发展的重要因素。\n但最终，伯克希尔董事会还是对员工多元化报告提案投出了一致的反对票。\n其理由是：伯克希尔在全球多个地域经营着不同行业，要求统一的多元化，公平性和包容性定量报告是不合理的；此外，正如对有关气候相关风险报告提案的回应那样，伯克希尔以非集中的方式管理其经营的业务，很少参与这些业务的日常活动。\n03、贝莱德认为伯克希尔治理架构存在风险\n作为伯克希尔的股东，贝莱德基于自身对可持续发展投资的重视，对以上两项股东提案是持绝对赞成意见的。\n贝莱德甚至指出，伯克希尔在治理架构方面也存在风险。\n贝莱德认为，伯克希尔董事会下设的专门委员会是不足的，目前只有两个（分别负责薪酬和审计）。\n贝莱德还认为，伯克希尔由巴菲特兼任董事长和CEO，却没有首席独立董事，这不利于董事会做出独立的决策和判断。\n而巴菲特过去一直对独立董事会成员持批评态度。\n在2020年致股东信中，巴菲特表示，独立董事每年只需工作几天就能获得数十万美元的报酬；他们对公司的未来并不感兴趣，而且经常偏向于管理层，管理层想要什么他们都会同意。\n此外，贝莱德对伯克希尔关键领导角色的继任计划感到担忧，伯克希尔未提供有关如何解决继任风险的信息披露，如有关董事会对候选人的审查过程等。\n贝莱德认为，巴菲特在伯克希尔拥有强大的领导力和影响力，这种继任风险更大。\n而就伯克希尔在ESG治理方面的不足，贝莱德将其归咎于公司审计委员会的失职。\n因此，贝莱德在伯克希尔审计委员会主席的连任投票中投出了反对票。\n贝莱德在一份关于伯克希尔投票决定的简报中写道：该公司没有适应一个ESG对业绩变得更加重要的世界。\n可见，贝莱德对伯克希尔未来的可持续发展韧性充满担忧。\n作为全球最大的资产管理公司，贝莱德管理的资金规模达到9万亿美元。\n2021年，贝莱德董事长及首席执行官劳伦斯·芬克（Laurence D． Fink）在致全体股东的信中，再次强调了可持续发展投资的长期价值，并做出了新一年的可持续发展承诺。\n贝莱德在近期宣布加入净零排放资产管理人倡议（Net Zero Asset Managers Initiative）。因此，“敦促投资督导鼓励客户投资的公司在缓解气候风险的同时，考虑零净转型带来的机遇”成为贝莱德可持续投资计划中的重要行动。\n而作为世界最大投资公司之一的伯克希尔，在近期确定了巴菲特的接班人。本周一在接受美国财经媒体采访时，91岁的巴菲特承认，董事们一致同意，未来将由伯克希尔非保险业务副董事长格雷格·阿贝尔（Greg Abel）接任CEO。\n不知道阿贝尔上任后，是否会将伯克希尔的ESG管理职责收归到集团层面，以满足股东和投资者日益强烈的ESG治理与披露需求。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349222238,"gmtCreate":1617617938124,"gmtModify":1704700900137,"author":{"id":"3573343279305627","authorId":"3573343279305627","name":"Marx_Techcom","avatar":"https://static.tigerbbs.com/035b5f984134c85e18ee8ded501697f1","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573343279305627","idStr":"3573343279305627"},"themes":[],"htmlText":"12345","listText":"12345","text":"12345","images":[{"img":"https://static.tigerbbs.com/fab66911bcb3986e7cf203141a71a8a9","width":"1125","height":"2005"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349222238","isVote":1,"tweetType":1,"viewCount":1273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}