David Winters tells Fox Business’ Maria Bartiromo he believes that Warren Buffett and the Board of Directors at Coca-Cola have failed their fiduciary duties to shareholders by allowing Coca-Cola’s equity compensation plan to pass. He calls him the “abstainer from Omaha.” Cries about “CokeGate.”
Watch the Video (sorry can’t seem to paste in video)
“We had no desire, never will have a desire to go to war with Coca-Cola,” Buffett said regarding Berkshire’s decision to abstain from the shareholder vote on Coca-Cola’s equity compensation plan for executives, even though Buffett thought the plan was excessive. I could never vote against CocaCola.
He has no regrets.
Warren Buffett’s reluctance to come out against Coke’s pay package in advance of the meeting led to a call for advance disclosure of proxy votes by institutional investors as part of their fiduciary duty where such announcements could possibly impact the vote. See Fiduciary Duty to Announce Votes (Part 1): Editorial Calls For Advanced Disclosure.