Buffett also said he disagreed with activist investor David Winters' argument on the extent of the plan's dilution of existing shareholders, making him even less willing to join Winters in a "war" against the company.
Buffett told CNBC on Thursday that he believes Coke will be responsive to shareholder concerns about the plan and he wouldn't be surprised if there's a revision before the plan goes into effect next year.
Berkshire owns 400 million shares of Coca-Cola, just over 9 percent of the shares outstanding.
Buffett criticized a staple of corporate governance reform: the government's requirement that corporations publish the salaries of their highest paid executives. It "very seldom" helps shareholders, he said, because it just provides "jealous" CEOs more ammunition to push for more money so they don't fall behind. "There's no CEO who looks at proxy statements and comes away thinking they should be paid less... It is only human to look at a whole bunch of proxy statements and say, I'm worth a lot more than that guy."
He also said pay disclosures should not be expanded from executives to include a company's top earners.
Charlie Munger, Buffett's longtime business partner, added, "Envy is doing the country a lot of harm. We take actions to dampen envy."
Buffett's salary as Berkshire CEO is $100,000 a year. He suggested his successor will get a bigger paycheck. "They're certainly entitled to be paid a lot... I'm going to write about that very question next year in the annual report."
Buffett rejected the idea of moving Berkshire's headquarters overseas because U.S. taxes are too high. He said that while Berkshire doesn't give the government more than it needs to, it does not "begrudge" paying taxes. "We've made a lot of money while paying U.S. taxes."
Munger added, "I think it would be crazy to be as prosperous as Berkshire and get our tax to zero."