BUF­FETT PRES­SURED TO SELL FUEL STOCK

The Denver Post - - BUSINESS -

A group of en­vi­ron­men­tal­ists is propos­ing that War­ren Buf­fett’s com­pany sell off its in­vest­ments in Phillips 66 and other com­pa­nies tied to fos­sil fu­els over 12 years.

Ne­braskans for Peace said Thurs­day it had sub­mit­ted a for­mal pro­posal for Berk­shire Hath­away Inc. share­hold­ers to con­sider next spring. The same group failed last year with a dif­fer­ent pro­posal re­lated to cli­mate change.

The group’s Tim Rinne says he hopes Buf­fett and Berk­shire share­hold­ers will take a stand.

Buf­fett didn’t im­me­di­ately re­spond to ques­tions about the pro­posal Thurs­day. His opin­ion of the idea will be im­por­tant be­cause he con­trols nearly one-third of the vote.

The pro­posal would ap­ply only to Berk­shire’s stock in­vest­ments, such as its nearly 81 mil­lion shares of Phillips 66 stock. But the pro­posal would not ap­ply to the com­pa­nies it owns out­right, which in­clude sev­eral ma­jor util­i­ties — such as MidAmer­i­can En­ergy in Iowa, NV En­ergy in Ne­vada and Paci­fiCorp in the North­west — and spe­cialty chem­i­cal maker Lubri­zol. The As­so­ci­ated Press

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