Summary by Futu AI
Berkshire Hathaway Inc. is facing a shareholder proposal urging the company to report on its plans to measure, disclose, and reduce greenhouse gas (GHG) emissions in alignment with the Paris Agreement's 1.5°C goal. The proposal, submitted by As You Sow, highlights the risks posed by climate change to the insurance industry, including increased insured losses from natural catastrophes, which Swiss Re predicts will double within the next decade. Despite two consecutive years of significant shareholder support for similar proposals, Berkshire Hathaway has not yet disclosed a clear plan to address its Scope 3 financed and insured emissions, nor has it set targets to reduce them. The upcoming annual meeting on May 4, 2024, will see investors vote on this issue. The proposal emphasizes the company's substantial investments in the fossil fuel sector and its lagging position compared to peers in addressing climate-related risks. As You Sow and other investors are advocating for a 'Yes' vote on the resolution, seeking greater transparency and action from Berkshire Hathaway on climate change mitigation.