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BERKSHIRE HATHAWAY INC. 3555 Farnam Street Omaha, Nebraska 68131 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS May 1, 2021 TO THE SHAREHOLDERS: Notice is hereby given that the Annual Meeting of the Shareholders of Berkshire Hathaway Inc. will be held on May 1, 2021 at 5:00 p.m. Eastern time. Due to the COVID-19 pandemic, the Annual Meeting will be held in a virtual format only to provide a safe experience for our shareholders and employees. Items of Business: 1. To elect directors. 2. To act on two shareholder proposals if properly presented at the meeting. 3. To consider and act upon any other matters that may properly come before the meeting or any adjournment thereof. The Board of Directors has fixed the close of business on March 3, 2021 as the record date for determining the shareholders having the right to vote at the meeting or any adjournment thereof. A list of such shareholders will be available for examination by a shareholder for any purpose germane to the meeting during ordinary business hours, during the ten days prior to the meeting. You are requested to date, sign and return the enclosed proxy which is solicited by the Board of Directors of the Corporation and will be voted as indicated in the accompanying proxy statement and proxy. A return envelope is provided which requires no postage if mailed in the United States. If mailed elsewhere, foreign postage must be affixed. At 1:30 p.m. Eastern time, a Question and Answer period will commence. The Question and Answer period will last until 5:00 p.m. -
Agency Costs in Law-Firm Selection: Are Companies Under-Spending on Counsel?
Draft of June 30, 2016 AGENCY COSTS IN LAW-FIRM SELECTION: ARE COMPANIES UNDER-SPENDING ON COUNSEL? Elisabeth de Fontenay* __ CAP. MKTS. L. J. __ (forthcoming) ABSTRACT A growing body of literature examines whether corporate clients derive sufficient value from the law firms that they engage. Yet little attention has been paid to whether clients optimally select among law firms in the first place. One entry-point is to identify discrepancies in the quality of counsel selected by different corporate clients for the very same work. Using a large sample of loans, this Article finds that major U.S. public companies select lower-ranked law firms for their financing transactions than do private equity-owned companies, controlling for various deal characteristics. While some of this discrepancy can be attributed to value-maximizing behavior, agency and other information problems within public companies may distort their choice of counsel. Contrary to the thrust of existing commentary, U.S. public companies may well be spending too little on outside counsel. TABLE OF CONTENTS Introduction ............................................................................................................. 2 I. Law Firm Selection in Practice: Private Equity Firms vs. Public Companies ......... 5 A. Description of Data ...................................................................................... 6 B. Model and Results ........................................................................................ 9 II. Interpreting the Results ..................................................................................... -
Berkshire Hathaway Inc. Brkb 084670702
Research Report Company Ticker Symbol CUSIP BERKSHIRE HATHAWAY INC. BRKB 084670702 Guideline Meeting Date Record Date Date Published Standard 04/30/16 03/02/16 04/20/16 © 2016 Egan-Jones Proxy Services. All rights reserved. Meeting Information Meeting Type Annual Meeting Date 04/30/16 Record Date 03/02/16 Items & Recommendations We recommend that clients holding shares of BERKSHIRE HATHAWAY INC. vote: Management Item Egan-Jones Recommendation Recommendation 1 – Election of Directors FOR, WITH EXCEPTION OF FOR ALL Warren E. Buffett, Susan L. Decker, David S. Gottesman, Walter Scott, Jr., and Meryl B. Witmer 2 – Shareholder Proposal Regarding the AGAINST AGAINST Reporting of Risks Posed By Climate Change Considerations and Recommendations Egan-Jones' review centered on the Proposals in the context of maximizing shareholder value, based on publicly available information. Board and Compensation Rating Score Summary Ticker BRKB Company name BERKSHIRE HATHAWAY, INC. Board Rating Score Item TRUE/FALSE CEO and Chairman Separate FALSE Annual Director Elections TRUE One Class of Voting Stock Only FALSE Compensation Committee with All Independents TRUE Audit Committee with All Independents TRUE Nominating Committee with All Independents TRUE Non-binding Compensation Vote on Agenda FALSE Majority Independent Directors on Board TRUE Over-boarded CEO Director FALSE Over-boarded Non-CEO Director FALSE Major cyber security breach FALSE Failure to implement sufficient carbon risk plan FALSE Other financial or operational risk control failure FALSE Other -
2005 ANNUAL REPORT Board of Directors 2005-2006
“To no one will we sell, to no one will we deny, justice.” MAGNA CARTA A nonprofit organization improving justice through leadership and service to courts. 2005 ANNUAL REPORT Board of Directors 2005-2006 CHAIR Howard “Skip” Chesshire Rufus G. King III Robert S. Peck Randall T. Shepard Court Administrator Chief Judge President Chief Justice Cobb County Superior Court, Superior Court of the Center for Constitutional Litigation, P.C. Supreme Court of Indiana Georgia District of Columbia Washington, DC VICE-CHAIR Zelda M. DeBoyes Dale R. Koch Jonathan Lippman Court Administrator Presiding Judge Charles B. Renfrew Chief Administrative Judge Aurora Municipal Court, Colorado Multnomah County Circuit Court, New York State Unified Court Oregon Law Offices of Charles B. Renfrew System Gerald T. Elliott San Francisco, California Judge CHAIR-ELECT Brenda S. Loftin Robert M. Bell 10th Judicial District, Kansas Associate Circuit Judge St. Louis County Circuit Court, Ronald B. Robie Chief Judge Associate Justice Court of Appeals of Maryland James D. Gingerich Missouri Director Court of Appeals, California Supreme Court of Arkansas Gary L. Lumpkin Shirley S. Abrahamson Vice-Presiding Judge Chief Justice Thomas A. Gottschalk Court of Criminal Appeals, Lee Suskin Supreme Court of Wisconsin Executive Vice President & General Oklahoma State Court Administrator Counsel Supreme Court of Vermont Curtis H. Barnette General Motors Corporation Charles W. Matthews, Jr. Skadden, Arps, Slate, Meagher Detroit, Michigan Vice President & General Counsel & Flom LLP ExxonMobil Corporation Jean Hoefer Toal Washington, DC Eileen A. Kato Irving, Texas Chief Justice Judge Supreme Court of South Carolina Daniel Becker King County District Court, Mary McCormick State Court Administrator Washington President Supreme Court of Utah Fund for the City of New York Mary Campbell McQueen Elizabeth Keever President Ruben O. -
The Berkshire Business Model Published by Columbia University Press
GW Law Faculty Publications & Other Works Faculty Scholarship 2019 Chapter 4 from Margin of Trust: The Berkshire Business Model published by Columbia University Press Lawrence A. Cunningham George Washington University Law School, [email protected] Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Recommended Citation Cunningham, Lawrence A., Chapter 4 from Margin of Trust: The Berkshire Business Model published by Columbia University Press (December 2019). GWU Law School Public Law Research Paper No. 2019-72; GWU Legal Studies Research Paper No. 2019-72. Available at SSRN: https://ssrn.com/abstract=3502942 This Book Part is brought to you for free and open access by the Faculty Scholarship at Scholarly Commons. It has been accepted for inclusion in GW Law Faculty Publications & Other Works by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. Margin of Trust: The Berkshire Business Model Lawrence A. Cunningham George Washington University Contents Prologue: The Carrot of Trust Part I: Pillars 1. The Players 2. Partnership Practices 3. Business Methods Part II: Perspectives 4. Deals 5. Boards 6. Internal Affairs Part III: Alternatives 7. Contrasts 8. Comparisons Part IV: Challenges 9. Judgment 10. Public Perception 11. Scale 12. Succession Epilogue: The Stick of Ruthlessness 2 4. Deals In his wonderful book, Capitalism, Democracy and Ralph’s Pretty Good Grocery, Ohio State University professor John Mueller stresses trust as an essential element in deal making. Trust enabled some of the most substantial deals in American industrial history: People in American business rely on trust and reputation to make deals happen. -
BERKSHIRE HATHAWAY ANNUAL MEETING 2020 Streamed By
BERKSHIRE HATHAWAY ANNUAL MEETING 2020 Streamed by Yahoo Finance. Warren Buffett: This is the annual meeting of Berkshire Hathaway. It doesn’t look like an annual meeting. It doesn’t feel exactly like an annual meeting, and it particularly doesn’t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here. I think most of the people that come to our meeting really come to listen to Charlie. But I want to assure you, Charlie at 96 is in fine shape. His mind is as good as ever. His voice is as strong as ever, but it just didn’t seem like a good idea to have him make the trip to Omaha for this meeting. Charlie, Charlie is really taking to this new life. He’s added Zoom to his repertoire. So he has meetings every day with various people, and he’s just skipped right by me technologically. But that really isn’t such a huge achievement. It’s more like kind of stepping over a peanut or something. But nevertheless, I want to assure you, Charlie is in fine shape, and he’ll be back next year. We’ll try to have everything in the show that we normally have next year. Ajit Jain also, who is the vice chairman in charge of insurance, is safely in New York. Again, it just did not seem worthwhile for him to travel to Omaha for this meeting. But on my left we do have Greg Abel, and Greg is the vice chairman in charge of all operations except insurance. -
Li Lu: from Tiananmen Square to Possible Buffett Successor from Tiananmen Square to Possible Buffett Successor
Li Lu: From Tiananmen Square to Possible Buffett Successor From Tiananmen Square to Possible Buffett Successor By SUSAN PULLIAM Twenty-one years ago, Li Lu was a student leader of the Tiananmen Square protests. Now a hedge-fund manager, he is in line to become a successor to Warren Buffett at Berkshire Hathaway Inc. Mr. Li, 44 years old, has emerged as a leading candidate to run a chunk of Berkshire's $100 billion portfolio, stemming from a close friendship with Charlie Munger, Berkshire's 86-year-old vice chairman. In an interview, Mr. Munger revealed that Mr. Li was likely to become one of the top Berkshire investment officials. "In my mind, it's a foregone conclusion," Mr. Munger said. The job of filling Mr. Buffett's shoes is among the most high-profile succession stories in modern corporate history. Mr. Buffett, who will turn 80 in a month, says he has no current plans to step down and will likely split his job after he leaves the company into separate CEO and investing functions. Mr. Li's emergence as a contender to oversee Berkshire investments is the first time a name has been identified to fill the investment part of Mr. Buffett's legendary role. The development illustrates that Berkshire is moving toward putting in place—possibly sooner than investors anticipated—certain aspects of its succession plan. The Chinese-American investor already has made money for Berkshire: He introduced Mr. Munger to BYD Co., a Chinese battery and auto maker, and Berkshire invested. Since 2008, Berkshire's BYD stake has surged more than six-fold, generating profit of about $1.2 billion, Mr. -
1 Appendix B
Appendix B Berkshire Hathaway, Inc.’s Definitive Proxy Statement (DEF 14A) Filed with the Securities and Exchange Commission on March 16, 2018 DEF 14A 1 d526293ddef14a.htm DEF 14A SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential for Use of the Commission Only (as permitted by Rule 14a-6[e][2]) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to § 240.14a-12 BERKSHIRE HATHAWAY INC. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (Check the appropriate box): ☒ No fee required ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (set forth the amount on which the filing fee is calculated and state how it was determined.) 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: ☐ Fee paid previously with preliminary materials. ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. -
Paul Weiss, Munger Tolles Lead Bill, Melinda Gates Divorce Teams
Paul Weiss, Munger Tolles Lead Bill, Melinda Gates Divorce Teams “Teams of lawyers led by Munger, Tolles & Olson and Paul, Weiss, Rifkind, Wharton & Garrison are handling the divorce of Bill and Melinda Gates, who announced Monday the end of their 27-year marriage,” reports Brian Baxter inBloomberg Law’s Business & Practice. “Bill Gates, co-founder of Microsoft Inc., is being advised by Munger Tolles partners Ronald Olson, Robert Denham, and Eric Tuttle in Los Angeles.” “Olson, a name partner at the firm and longtime adviser and confidant of billionaire Warren Buffett, didn’t respond to a request for comment about how his law firm came to land a role on a divorce that will divide an estimated $146 billion fortune.” Read the article. Settlement in Deadly Sinking of Scandies Rose Crab Boat Calls for More Than $9M Payout “The owners of the Scandies Rose have reached a settlement of more than $9 million with two surviving crew and the families of four men who died when the Washington-managed crab boat went down Dec. 31 off Alaska,” reports Hal Bernton inThe Seattle Times. “The agreement was confirmed by Michael Barcott, an attorney representing the Washington and Alaska owners, who said the settlement will be funded by insurance.” “The agreement will be subject to review in state Superior Court, and how the money will be divided up among survivors and families of the deceased is under discussion, according to Markham.” Read the article. Jennifer Dulos’ Family Sues CT Judge Over Court Delays Due to COVID “A lawyer representing Jennifer Dulos’ family has filed a federal complaint seeking to require the state Judicial Branch to foreclose on Fotis Dulos’ former Farmington residence even though housing proceedings have been halted due to the coronavirus pandemic,” reports Lisa Backus inStamford Advocate’s Local News. -
Berkshire Hathaway Ecosystem Omaha, NE 68131 Phone: +1 (402) 346-1400 Outside Relationships Berkshire Hathaway Inc
Berkshire Hathaway Inc. 3555 Farnam Street Berkshire Hathaway Ecosystem Omaha, NE 68131 Phone: +1 (402) 346-1400 www.berkshirehathaway.com Outside Relationships Berkshire Hathaway Inc. (Delaware Corporation) Outside Relationships Regulators Capital Suppliers Customers Securities Customers Suppliers Capital Regulators Debt Structure Background Regulation and Equity Structure NYSE Listing Rules Debt ($103.4B @ 12/31/19) Securities Equity Regulators 2020-2045 4.0% Other Significant Berkshire Hathaway Berkshire Hathaway is a holdings company with nearly 60 2020-2047 3.2% U.S. Dollar Subsidiary Borrowings ($5.3B) Shareholders US Securities (BH) Inc. ($19.9B) subsidiaries that it wholly owns. Its subsidiaries operate in various Equity Capital denominated Notes ($8.3B) and BH Energy Company countries across the world, including key services such as Class A Common Stock The Vanguard Exchange 2020-2035 1.1% Euro 2023-2049 0.5% Japanese Yen ($42.6B) insurance, railroad transportation, energy and utilities, (702K Shares Outstanding) Group Commission Public denominated Notes ($7.6B) denominated Notes ($3.9B) 2020-2064 4.5% manufacturing, clothing, and financial. (1 vote per share) Bond Financing Stock Repurchase Program (9.94%) Debtholders 2020-2049 4.6% Senior Subsidiary and Other Debt The management is conducted in a decentralized manner to allow (Repurchase anytime unless Berkshire The New Unsecured Debt ($8.6B) ($30.8B) greater control within each subsidiary, with Berkshire Hathaway BH Finance Corporation Hathaway cash and U.S. Treasury Bills Blackrock York Stock Inc. serving to provide oversight. Fund Exchange ($17.7B) 2039-2059 2.5% Great holdings are less than $20B) Burlington Northern Santa Fe and Its Subsidiaries Berkshire Hathaway also has a large investments arm worth Class B Common Stock Advisors 2020-2049 4.1% U.S. -
2012 Proxy Voting Report 3M Co. Ticker Security ID: MMM CUSIP
2012 Proxy Voting Report 3M Co. Ticker Security ID: Meeting Date Meeting Status MMM CUSIP 88579Y101 05/08/2012 Voted Meeting Type Country of Trade Annual United States Issue No. Description Proponent Mgmt Rec Vote Cast For/Agnst Mgmt 1 Elect Linda Alvarado Mgmt For For For 2 Elect Vance Coffman Mgmt For For For 3 Elect Michael Eskew Mgmt For For For 4 Elect W. James Farrell Mgmt For For For 5 Elect Herbert Henkel Mgmt For For For 6 Elect Edward Liddy Mgmt For For For 7 Elect Robert Morrison Mgmt For For For 8 Elect Aulana Peters Mgmt For Against Against 9 Elect Inge Thulin Mgmt For For For 10 Elect Robert Ulrich Mgmt For For For 11 Ratification of Auditor Mgmt For For For 12 Advisory Vote on Executive Mgmt For For For Compensation 13 Amendment to the General Mgmt For For For Employees Stock Purchase Plan 14 Amendment to the 2008 Long- Mgmt For For For Term Incentive Plan 15 Shareholder Proposal Regarding ShrHldr Against For Against Lobbying Report 16 Shareholder Proposal Regarding ShrHldr Against Against For Prohibition on Political Spending 17 Shareholder Proposal Regarding ShrHldr Against For Against Independent Board Chair Abbott Laboratories Ticker Security ID: Meeting Date Meeting Status ABT CUSIP 002824100 04/27/2012 Voted Meeting Type Country of Trade Annual United States Issue No. Description Proponent Mgmt Rec Vote Cast For/Agnst Mgmt 1.1 Elect Robert Alpern Mgmt For For For 1.2 Elect Roxanne Austin Mgmt For For For 1.3 Elect Sally Blount Mgmt For For For 1.4 Elect W. -
2011 Proxy Voting Report 3M Co. Ticker Security ID: MMM CUSIP
2011 Proxy Voting Report 3M Co. Ticker Security ID: Meeting Date Meeting Status MMM CUSIP 88579Y101 05/10/2011 Voted Meeting Type Country of Trade Annual United States Issue No. Description Proponent Mgmt Rec Vote Cast For/Agnst Mgmt 1 Elect Linda Alvarado Mgmt For For For 2 Elect George Buckley Mgmt For For For 3 Elect Vance Coffman Mgmt For For For 4 Elect Michael Eskew Mgmt For For For 5 Elect W. James Farrell Mgmt For For For 6 Elect Herbert Henkel Mgmt For For For 7 Elect Edward Liddy Mgmt For For For 8 Elect Robert Morrison Mgmt For For For 9 Elect Aulana Peters Mgmt For Against Against 10 Elect Robert Ulrich Mgmt For For For 11 Ratification of Auditor Mgmt For For For 12 Advisory Vote on Executive Mgmt For For For Compensation 13 Frequency of Advisory Vote on Mgmt 1 Year 1 Year For Executive Compensation 14 Shareholder Proposal Regarding ShrHldr Against For Against Political Contributions and Expenditure Report Abbott Laboratories Ticker Security ID: Meeting Date Meeting Status ABT CUSIP 002824100 04/29/2011 Voted Meeting Type Country of Trade Annual United States Issue No. Description Proponent Mgmt Rec Vote Cast For/Agnst Mgmt 1.1 Elect Robert Alpern Mgmt For For For 1.2 Elect Roxanne Austin Mgmt For For For 1.3 Elect W. James Farrell Mgmt For For For 1.4 Elect H. Laurance Fuller Mgmt For For For 1.5 Elect Edward Liddy Mgmt For For For 1.6 Elect Phebe Novakovic Mgmt For For For 1.7 Elect William Osborn Mgmt For For For 1.8 Elect Samuel Scott III Mgmt For For For 1.9 Elect Glenn Tilton Mgmt For For For 1.10 Elect Miles White Mgmt For For For 2 Ratification of Auditor Mgmt For For For 3 Advisory Vote on Executive Mgmt For Against Against Compensation 4 Frequency of Advisory Vote on Mgmt 1 Year 1 Year For Executive Compensation 5 Shareholder Proposal Regarding ShrHldr Against Against For Pharmaceutical Price Restraints Accenture PLC Ticker Security ID: Meeting Date Meeting Status Page 1 of 146 2011 Proxy Voting Report ACN CUSIP G1151C101 02/03/2011 Voted Meeting Type Country of Trade Annual United States Issue No.