Warren Buffett, chairman and CEO of Berkshire Hathaway tosses a newspaper during a newspaper tossing competition in Omaha, Neb., Saturday, May 5, 2012. Berkshire Hathaway is holding it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)
Warren Buffett, chairman and CEO of Berkshire Hathaway tosses a newspaper during a newspaper tossing competition in Omaha, Neb., Saturday, May 5, 2012. Berkshire Hathaway is holding it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)
Warren Buffett, chairman and CEO of Berkshire Hathaway tosses a newspaper during a newspaper tossing competition in Omaha, Neb., Saturday, May 5, 2012. Berkshire Hathaway is holding it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)
Warren Buffett, chairman and CEO of Berkshire Hathaway sings with University of Nebraska cheerleaders prior to the annual shareholders meeting in Omaha, Neb., Saturday, May 5, 2012. Berkshire Hathaway is holding it's annual shareholders meeting this weekend. (AP Photo/Dave Weaver)
Phil Martin of Minneapolis is watched by his wife Linda as he snacks with other shareholders outside the Berkshire-owned Borsheims jewelry store in Omaha, Neb., Friday, May 4, 2012. Berkshire Hathaway is expected to have 30,000 shareholders come to Omaha for it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)
A $376,000 necklace of cultured pearls from Australia is shown to a shopper at the Berkshire-owned Borsheims jewelry store in Omaha, Neb., Friday, May 4, 2012. Berkshire Hathaway is expected to have 30,000 shareholders come to Omaha for it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)
OMAHA, Neb. (AP) ? Berkshire Hathaway shareholders have rejected a proposal that would have required annual updates on how the company is preparing to replace Warren Buffett.
The resolution submitted by the AFL-CIO attracted about 32,000 votes while 672,000 votes were cast against the idea.
The labor union's Ken Maas says the group didn't want Berkshire to publicly identify the 81-year-old Buffett's successor. It just wanted an annual update on the planning.
Buffett says he doesn't see any need to create a formal report on succession planning because he talks about it in his annual letter to shareholders and in interviews. Plus, the subject regularly comes up at the annual meetings.
Buffett says Berkshire's board spends more time on succession planning than any other subject.
Associated Press
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