Not So Sage, Warren - Berkshire Board Rejects Voluntary Climate Goals For Utilities It Owns Stock In

[hatrack]

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At the company's annual meeting on Saturday several people spoke in favor of the measure, saying Warren Buffett's company could be hurt financially by potential liabilities associated with carbon emissions. Berkshire owns several utilities through its MidAmerican Energy Holdings subsidiary.

Investment manager Bruce Herbert of Newground Social Investment says investors should be concerned.

Buffett and Berkshire's board, which collectively controls 38 percent of the voting power, opposed the measure, so it was overwhelmingly rejected.

Buffett says he doesn't believe greenhouse gases represent a material risk for Berkshire's insurance operations. And Berkshire's major utilities are governed by state regulators who might object to changing sources of electricity, he said.

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http://news.yahoo.com/s/ap/20110430/ap_on_bi_ge/us_berkshire_hathaway_greenhouse_gases