Buffett Says Son Represents Coke Investors, Not Berkshire AloneNoah Buhayar and Zachary Tracer
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said his son Howard is on the Coca-Cola Co. board of directors to represent all investors in the soft-drink maker.
“He is there because Coke asked him to go on the board,” Buffett said in an interview today on CNBC. “I’m sure the fact that I had been on the board and we owned a lot of stock may have entered into that. But he is there to represent Coca-Cola shareholders, not to represent Berkshire Hathaway.”
Warren Buffett, 83, drew scrutiny last week for abstaining from a vote on an executive pay plan at the soft-drink maker, even though he said it was “excessive.” Fund manager David Winters, who controls shares of both companies, said that the proposal violated many of the principles that the billionaire has promoted over the years. Omaha, Nebraska-based Berkshire is Coca-Cola’s largest shareholder.