Buffett Urges Shareholders To Act

Warren Buffett likes to play things low key. 'The Sage Of Omaha' rarely makes the news and prefers to beaver away in Nebraska on behalf of Berkshire Hathaway shareholders.

In an unusual move on Monday, however, the billionaire investor urged shareholders and audit committees to take a more pro-active and agressive role with management and external auditors.

'With the concentration of ownership....., if owners want better reports, they can get them. If they don't ask, they won't get.' Buffett stated. He continued, 'We own 100 per cent of some companies. Believe me, we can discipline managers if we want.'

Buffett expressed his views at a meeting held by the US Securities & Exchange Commission called to debate audit reforms and disclosure issues.

In a related story, Buffett has also warned investors not to expect the market to outperform business much in the next ten years.

Buffett's Berkshire Hathaway holding company has just announced 2001 profits, which are 76% down on last year at $795m. The group, one of the world's largest reissurers, took massive hits as a result of September 11th.