Buffett defends abstention from vote on Coca-Cola executive pay
Warren Buffett on Saturday defended his recent controversial vote on executive pay at Coca-Cola Co. and disappointing performance at railroad BNSF, as investors grilled him on his Berkshire Hathaway Inc. conglomerate at its annual shareholder meeting. Buffett was immediately questioned about Berkshire’s decision to abstain from the shareholder vote on Coca-Cola’s equity compensation plan for executives, even though Buffett thought the controversial plan was excessive. That revelation drew sharp criticism in the run-up to the meeting - particularly since Buffett has in the past called options wasteful and akin to a free lottery ticket.
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