NEW YORK, April 29 (Reuters) - Berkshire Hathaway (BRKa.N) Chairman and Chief Executive Warren Buffett said Tuesday that his son, Howard Buffett, served Coca-Cola shareholders and not Berkshire on the beverage maker’s board.
“He is there to represent Coca-Cola shareholders, not to represent Berkshire Hathaway,” the billionaire investor told CNBC with regard to his son’s role on Coca-Cola’s board of directors.
Buffett told CNBC on April 23 that he thought Coca-Cola’s controversial equity compensation plan was excessive, but that Berkshire Hathaway abstained in a shareholders vote.
In reference to the equity compensation plan, Buffett said that he had spoken to Coca-Cola chief executive Muhtar Kent “multiple times” and spoke to his son Howard “very briefly.”
As of Dec. 31, Berkshire owned 400 million shares of the company, just over 9 percent of the shares outstanding.
Berkshire will hold its annual meeting in Omaha, Nebraska on May 3. Tens of thousands of people flock to the gathering every year to hear Buffett and Vice Chairman Charlie Munger answer hours of questions about the company’s future.
Reporting by Sam Forgione; Editing by Bernadette Baum