Berkshire Hathaway's (NYSE: BRK.A, stock) annual meeting is here again and the greatest investor of all time, Warren Buffett, together with his general Charlie Munger are two individuals expected to be bombarded with questions from shareholders. It was reported that about 30,000 people are expected to fill the Qwest Center Omaha in their efforts to ask or hear what the two masters got to say in the five hours question-and-answer session.
The top question is definitely about the current credit crunch crisis and the second question would be the succession plan after the 77-year-old Warren Buffett is gone. Berkshire’s 2007 performance was great when it generate $13.2 billion net income and staggering $118.2 billion revenue. However the group from the Pacific Northwest plans to protest outside the meeting and ask tough questions inside about PacifiCorp's dams, which are up for federal re-licensing. There’re four American Indian tribes fighting for removal of four dams on the Klamath River owned by one of Berkshire's utilities so salmon can spawn again.
Berkshire had mooted the plan to split Warren’s job into three parts with each going to the shoulder of Chief Investment Officer, Chief Executive Officer and Chairman. Warren Buffett’s son, Howard Buffett, will take over as chairman when the senior dies to ensure Berkshire’s culture is preserved. As for the position as CEO, Buffett said the company's board now has three internal candidates.
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Monday, April 28, 2008
Warren to face tribes protest at Berkshire annual meeting
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