OMAHA, Neb. (AP) — Berkshire Hathaway shareholders have overwhelmingly rejected a proposal that would have encouraged Warren Buffett's conglomerate to pay a dividend.
The preliminary voting results were shared by Buffett on Saturday. Results showed that 97 percent of Class A and Class B shareholders of Berkshire Hathaway voted against the dividend proposal.
A shareholder had proposed that Berkshire should start paying a dividend to share some of the company's roughly $48 billion in cash with investors.
But Buffett and Berkshire's board opposed the idea. The board says the company regularly reviews the best uses of its cash.
Buffett has said he believes that reinvesting Berkshire's cash is worth more for shareholders than they would receive in a dividend. Buffett controls 34 percent of the voting power himself, so it's difficult for proposals to pass without his support.