(Reuters) – CalPERS (NYSE:) Inc will replace Warren Buffett in the role of chairman. However, he will remain as chief executive officer.

In a regulatory filing, the fund (whose real name is California Public Employees Retirement System) disclosed its vote ahead of Berkshire’s April 30th annual meeting in Omaha.

CalPERS reported that the company has more than $450billion invested, with more than $2.3billion in Berkshire shares.

Berkshire has not yet responded to my request for comment.

The non-profit National Legal and Policy Center proposed to create an independent Berkshire chair. It stated that the CEO and chairman roles are greatly diminished when only one holds them both.

Berkshire is against the proposal. Berkshire opposes the proposal. It stated that Buffett should no longer be in control of management, but that someone else should become chairman. However, Buffett should still remain CEO and chairman.

Buffett (91) has run Berkshire ever since 1965.

Berkshire intends for Buffett’s son Howard Buffett as non-executive Chairman after his father’s death. Meanwhile, Vice Chairman Greg Abel has been slated to be appointed CEO.

Berkshire usually defeats shareholder proposals.

Buffett had recently held about 32% voting power in Berkshire, and about 16% of the stock.

CalPERS stated it would also vote on shareholder proposals for Berkshire’s report on plans to decrease greenhouse gasses and increase diversity. CalPERS will also be voting on its proposal that Berkshire reports on its plan to manage climate risk.

These proposals are opposed by Berkshire.

CalPERS will also withhold votes in order to reelect Susan Decker (Director) and Meryl Witmer (Director), due to lack of climate change disclosures.

According to Insightia research, the fund supported U.S. director 72% of all the time between 2021 and 2021.