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'This is the shareholders' money': Billionaire Warren Buffett argues that companies should stop making decisions based on their social beliefs

'This is the shareholders' money': Billionaire Warren Buffett argues that companies should stop making decisions based on their social beliefs
Reuters



Legendary investor Warren Buffett thinks that companies should prioritize shareholders' returns over social causes, The Financial Times reported.




More companies and funds are moving toward environmental, social, and governance (ESG) investments in a bid to curry public favor, but Berkshire Hathaway's CEO thinks such shifts should be driven by government policy.




Berkshire recently spent about $30 billion on wind turbines in Iowa, but Buffett admitted that the investment was driven by "the production tax credit we get."




"The government has to play the part of modifying a market system," Buffett told the FT.




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Legendary investor Warren Buffett thinks that companies shouldn't assign their investors' cash to social causes, and instead focus on what would benefit the shareholders most, The Financial Times reported.
More companies and funds are shifting attention from simple profitability to environmental, social, and governance (ESG) issues in a bid to gain public favor. The Berkshire Hathaway CEO opposes the idea, saying that public companies' primary concern should be maximizing shareholder value.
"This is the shareholders' money," Buffett told the FT. "Many corporate managers deplore governmental allocation of the taxpayer's dollar, but embrace enthusiastically their own allocation of the shareholder's dollar."
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