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Buffett voting all shares for Wells Fargo’s board

First Published      Last Updated Apr 20 2017 06:06 pm

Warren Buffett's Berkshire Hathaway Inc. is voting all of its Wells Fargo & Co. shares to support the re-election of the bank's board.

Berkshire, Wells Fargo's largest investor with a stake of about 10 percent, has already voted most of the holding, Debbie Bosanek, an assistant to Buffett, said in an email Thursday. Buffett, 86, is also voting shares he personally owns, she said.

The board of the San Francisco-based bank is under pressure after proxy adviser Institutional Shareholder Services Inc. urged that investors oppose the re-election of 12 of 15 directors at Tuesday's annual meeting in Florida.

Reuters reported earlier that Buffett was likely to vote his shares in favor of the board.