Buffett Opposes Climate Proposal, Pays $19 Million to Jain, Abel

Warren Buffett’s Berkshire Hathaway Inc. is opposing two shareholder proposals related to climate change and diversity, citing the unique structure of the sprawling conglomerate.

While the company’s board acknowledged that it needs to responsibly manage climate risks and maintain a diverse and inclusive workforce, it said that Berkshire, which owns companies ranging from railroad BNSF to auto insurer Geico and retailer See’s Candies, operates on a decentralized basis, with each firm free to deal with the issues in a way that’s best for its business and industry.

“There are few centralized or integrated business functions. We want our managers ...