NEW YORK: Warren Buffett's Berkshire Hathaway Inc will urge shareholders to reject a proposal by a Nebraska nonprofit that it sell its investments in oil refiner Phillips 66 and other companies involved in fossil fuels over 12 years, the nonprofit said on Tuesday.The Nebraska Peace Foundation, which focuses on anti-war, civil rights and environmental issues, said it received a Feb. 9 letter from Berkshire detailing the Omaha-based conglomerate's opposition to its proposal, to be voted on at Berkshire's annual meeting on May 6. "The Board believes that Berkshire should not limit its universe of potential investments based upon complex social and moral issues," Berkshire said, according to the nonprofit. "Berkshire's businesses and the companies in which it invests have corporate governance structures in place to comply with state and federal laws, including compliance with state and federal environmental regulations and laws which reduce the environmental impact of their operations," it added.An assistant to Buffett did not immediately respond to a request for comment.The Nebraska Peace Foundation called the recommendation "profoundly disappointing. Buffett called that proposal unnecessary.Two other shareholder proposals will be introduced at Berkshire's annual meeting, Buffett said on Saturday.Buffett is the world's second-richest person, according to Forbes magazine. The richest, Microsoft Corp co-founder and philanthropist Bill Gates, is also on Berkshire's board.Berkshire's more than 90 businesses include Geico auto insurance, Dairy Queen ice cream and the BNSF railroad.- Reuters

Source: The Star February 28, 2017 23:03 UTC