Buffett: Didn't want to 'go to war' with Coca
Warren Buffett told shareholders that Berkshire abstained in a vote over Coca-Cola's controversial executive pay plan because he didn't 'want to go to war' with the company but did want to express his unhappiness with a plan he called 'excessive.'
Speaking before roughly 38,000 shareholders at Berkshire Hathaway's annual meeting in Omaha, Buffett said abstaining was the 'most effective way' for him to make a 'clear statement' opposing the plan. 'I don't think going to war is a very good idea in most cases.'
Buffett said he met with Coke CEO Muhtar Kent before the vote and told him Berkshire would abstain, and publicly spoke about his opposition to the plan immediately after Coke announced the plan had been approved by 83 percent of the share voted.
Buffett also said he disagreed with activist investor David Winters' argument on the extent of the plan's dilution of existing shareholders, making him even less willing to join Winters in a 'war' against the company.
Buffett told CNBC on Thursday that he believes Coke will be responsive to shareholder concerns about the plan and he wouldn't be surprised if there's a revision before the plan goes into effect next year.
Before the meeting began, Buffett told reporters he had lunch with General Motors CEO Mary Barra last week and he thinks she's doing a good job handling the automaker's recall controversy.
- By CNBC's Alex Crippen. Follow him on Twitter: @alexcrippen
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