2005 ANNUAL REPORT Board of Directors 2005-2006
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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 ..................................................................................... -
2019 Guide to the Wisconsin Supreme Court and Judicial Evaluation Fourth Edition: 2018-19 Term
2019 Guide to the Wisconsin Supreme Court and Judicial Evaluation Fourth Edition: 2018-19 Term November 2019 2019 GUIDE TO THE WISCONSIN SUPREME COURT AND JUDICIAL EVALUATION Prepared By: Paige Scobee, Hamilton Consulting Group, LLC November 2019 The Wisconsin Civil Justice Council, Inc. (WCJC) was formed in 2009 to represent Wisconsin business inter- ests on civil litigation issues before the legislature and courts. WCJC’s mission is to promote fairness and equi- ty in Wisconsin’s civil justice system, with the ultimate goal of making Wisconsin a better place to work and live. The WCJC board is proud to present its fourth Guide to the Wisconsin Supreme Court and Judicial Evalua- tion. The purpose of this publication is to educate WCJC’s board members and the public about the role of the Supreme Court in Wisconsin’s business climate by providing a summary of the most important decisions is- sued by the Wisconsin Supreme Court affecting the Wisconsin business community. Board Members Bill G. Smith Jason Culotta Neal Kedzie National Federation of Independent Midwest Food Products Wisconsin Motor Carriers Business, Wisconsin Chapter Association Association Scott Manley William Sepic Matthew Hauser Wisconsin Manufacturers & Wisconsin Automobile & Truck Wisconsin Petroleum Marketers & Commerce Dealers Association Convenience Store Association Andrew Franken John Holevoet Kristine Hillmer Wisconsin Insurance Alliance Wisconsin Dairy Business Wisconsin Restaurant Association Association Brad Boycks Wisconsin Builders Association Brian Doudna Wisconsin Economic Development John Mielke Association Associated Builders & Contractors Eric Borgerding Gary Manke Wisconsin Hospital Association Midwest Equipment Dealers Association 10 East Doty Street · Suite 500 · Madison, WI 53703 www.wisciviljusticecouncil.org · 608-258-9506 WCJC 2019 Guide to the Wisconsin Supreme Court Page 2 and Judicial Evaluation Executive Summary The Wisconsin Supreme Court issues decisions that have a direct effect on Wisconsin businesses and individu- als. -
How Do Judges Decide School Finance Cases?
HOW DO JUDGES DETERMINE EDUCATIONAL RIGHTS? Ethan Hutt,* Daniel Klasik,† & Aaron Tang‡ ABSTRACT There is an old riddle that asks, what do constitutional school funding lawsuits and birds have in common? The answer: every state has its own. Yet while almost every state has experienced hotly-contested school funding litigation, the results of these suits have been nearly impossible to predict. Scholars and advocates have struggled for decades to explain why some state courts rule for plaintiff school children—often resulting in billions of dollars in additional school spending—while others do not. If there is rough agreement on anything, it is that “the law” is not the answer: variation in the strength of state constitutional education clauses is uncorrelated with the odds of plaintiff success. Just what factors do explain different outcomes, though, is anybody’s guess. One researcher captured the academy’s state of frustration aptly when she suggested that whether a state’s school funding system will be invalidated “depends almost solely on the whimsy of the state supreme court justices themselves.” In this Article, we analyze an original data set of 313 state-level school funding decisions using multiple regression models. Our findings confirm that the relative strength of a state’s constitutional text regarding education has no bearing on school funding lawsuit outcomes. But we also reject the judicial whimsy hypothesis. Several variables— including the health of the national economy (as measured by GDP growth), Republican control over the state legislature, and an appointment-based mechanism of judicial selection—are significantly and positively correlated with the odds of a school funding system being declared unconstitutional. -
Famous Cases of the Wisconsin Supreme Court
In Re: Booth 3 Wis. 1 (1854) What has become known as the Booth case is actually a series of decisions from the Wisconsin Supreme Court beginning in 1854 and one from the U.S. Supreme Court, Ableman v. Booth, 62 U.S. 514 (1859), leading to a final published decision by the Wisconsin Supreme Court in Ableman v. Booth, 11 Wis. 501 (1859). These decisions reflect Wisconsin’s attempted nullification of the federal fugitive slave law, the expansion of the state’s rights movement and Wisconsin’s defiance of federal judicial authority. The Wisconsin Supreme Court in Booth unanimously declared the Fugitive Slave Act (which required northern states to return runaway slaves to their masters) unconstitutional. The U.S. Supreme Court overturned that decision but the Wisconsin Supreme Court refused to file the U.S. Court’s mandate upholding the fugitive slave law. That mandate has never been filed. When the U.S. Constitution was drafted, slavery existed in this country. Article IV, Section 2 provided as follows: No person held to service or labor in one state under the laws thereof, escaping into another, shall in consequence of any law or regulation therein, be discharged from such service or labor, but shall be delivered up on claim of the party to whom such service or labor may be due. Based on this provision, Congress in 1793 passed a law that permitted the owner of any runaway slave to arrest him, take him before a judge of either the federal or state courts and prove by oral testimony or by affidavit that the person arrested owed service to the claimant under the laws of the state from which he had escaped; if the judge found the evidence to be sufficient, the slave owner could bring the fugitive back to the state from which he had escaped. -
Notes on Alums Jack Auhk ('581 Was Elected to the Bench Atlanta Firm of Hurt, Richardson, Garner, in Branch 4 of the Dane County, Wis., Todd & Cadenhead
15 Notes on Alums Jack AuHk ('581 was elected to the bench Atlanta firm of Hurt, Richardson, Garner, in Branch 4 of the Dane County, Wis., Todd & Cadenhead. Mr. Thrcott recently Circuit Court in April, and assumed his completed a tour of duty with the US new position in August. Aulik has prac- Marine Corps. ticed law and lived in Sun Prairie Paul ], Fisher ('60) has been since 1959. appointed General Counsel for Ariston Steven W. Weinke ('661was recently Capital Management and California elected Circuit Court Judge for Fond du Divisional Manager. Lac County, Wis. Weinke succeeds US District Judge John Reynolds Eugene F. McEssey ('491, who served the ('491, a member of the Law School's county for 24 years. Board of Visitors, has announced that he Pat Richter ('71) has been named will take senior status in the Eastern Dis- director of personnel for Oscar Mayer trict of Wisconsin. Judge Reynolds had Foods Corp., Madison. Richter was per- also served as Wisconsin Attorney sonnel manager for the beverages divi- General and Governor. sion of General Foods, White Plains, N.Y. David W. Wood ('81) has joined the Alan R. Post ('72) has become an Columbus, Ohio firm of Vorys, Sater, associate with the firm Sorling, Northrup, Seymour and Pease. Hanna, Cullen and Cochran, Ltd., Spring- Scott Jennings ('75) has been named field, Ill. Post had been with Illinois Bell, an Associate Editor of the Lawyers Coop- Chicago. erative Publishing Co., Rochester, NY. James H. Haberstroh ('751 became a For the past seven years, Mr. Jennings vice president of First Wisconsin Trust was with the US Department of Energy Co., Milwaukee. -
Fall 2010 a Crossroads for Discussion of Public Policy—This Is an Important Emerging Initiative of Marquette University Law School
M a r q u e t t e u niversity Law s c h o o L Magazine Fa L L 2 0 1 0 eckstein hall opens Dean Kearney welcomes archbishop Dolan A ls o I n si d e : daniel d. Blinka on the changing role of trials and witnesses of new york, chief Justice abrahamson, and Matthew J. Mitten on taxing college football Justice scalia to Dedication Biskupic, Brennan, dressler, Meine, Sykes Faculty blog: Paul Robeson, Lady Gaga, and the breakdown $85 Million Project Sets Stage for Law School’s Future of social order n A e d t h e Laying the Foundation M o R F It is not unusual for me to invite you to read the Marquette University campus, where Lincoln latest issue of Marquette Lawyer. I am more self- stressed the importance of reading: “A capacity, conscious of it now because reading is much on and taste, for reading, gives access to whatever my mind. has already been discovered by others. It is the First, we have dedicated Ray and Kay Eckstein key, or one of the keys, to the already solved Hall—a building for whose exterior we set the problems. And not only so. It gives a relish, goal of being noble, bold, harmonious, dramatic, and facility, for successfully pursuing the yet confident, slightly willful, and, in a word, unsolved ones.” This speech helped inspire great; whose interior we wanted to be open our Legacies of Lincoln Conference, held last to the community and conducive to a sense of October to commemorate the sesquicentennial community; and that we intended would be, in of Lincoln’s Milwaukee speech and the Ithe aggregate, the best law school building in the bicentennial of his birth; papers from the country. -
The 2006 (Fall)
LAWDRAGON THERE IS NO SUBSTITUTE FOR SUCCESS otchett, Pitre, Simon & McCarthy believes that its willingness and Cability to bring a case to trial is the only way to ensure justice for its clients. The success of CPS&M, based on the San Francisco Peninsula for more than 40 years, can be attributed to its staff and innovative approaches to litigate complex matters in a cost effective and efficient manner. Legal matters can draw out for years but CPS&M tries to resolve these problems with creativity and teamwork. “This court has had the distinct pleasure of having the parties in this case represented by some of the finest attorneys not only in this state but in the country.” Cotchett, Pitre, Simon & McCarthy has “well reputed experience in litigation.” - Judge of the Superior Court “The Cotchett firm, in particular, has appeared before the court in other actions, and the performance of its attorneys to date in this and in other cases is a testament to the ability of these attorneys.” - Judge of the U.S. District Court Contents Cocktails With . 8 Kenneth Kraus never quite made it as a musician. Now he’s doing the next best thing: representing clients like Amy Grant, Bob Seger and the Elvis Presley estate from his office on Nashville’s Music Row. 8 Good Faith Is Good Business . 12 The disability insurance market is improving thanks to impor- tant changes to how policy claims are handled. The truly disabled can get the benefits they need, and insurers can still turn a profit. 12 The Compensation Game . -
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 -
The Third Branch Spring 2013
Vol 21 No 2 HIGHLIGHTS Spring 3 New Faces 11 New Lavinia Goodell play unveiled 2013 7 Key bills awaiting action 12 Two counties tackle court security issues 9 Awards 17 State-tribal wellness court opens Double cut to state courts’ budget remains, in part By Deborah Brescoll, Budget and Policy Officer ov. Scott Walker signed 2013 Wisconsin Act 20, the new custody for up to 365 days. The previous limit was 180 Gstate budget, into law on June 30. Of primary concern days. to the court system was the continuation into the 2013-15 l Product liability: The law was modified to narrow and biennium of a $17 million lapse requirement, including $10.3 limit the application of the risk contribution theory of million that resulted from increased state employee liability, to apply to actions or special proceedings contributions to retirement and health insurance. Since the pending on or commenced after the effective date of budget bill removed these fringe benefit savings from court the bill. a publication of the Wisconsin Judiciary a publication of the Wisconsin budgets, the Supreme Court requested that $10.3 million of Two provisions of particular interest to the court system the lapse requirement be deleted. The Governor denied the were not included in the budget act: request, but after months of consistent communications l Bail bond agents: The Governor vetoed this efforts by the Director of State Courts Office, justices, controversial provision. The courts had actively judges, clerks of court and other court staff, the Joint Finance opposed bail bondsmen, with the Committee of Chief Committee reduced the $17 million court system lapse by Judges, the Wisconsin Clerks of Circuit Court $5.15 million, half the amount requested. -
The Debate Over the Selection and Retention of Judges: How Judges Can Ride the Wave
AN AMERICAN JUDGES ASSOCIATION WHITE PAPER The Debate over the Selection and Retention of Judges: How Judges Can Ride the Wave Mary A. Celeste here is a surge in the debate in the U.S. over the methods involve four different selection methods: lifetime appoint- of judicial selection and retention, with some rallying for ment, partisan election, nonpartisan election, and merit selec- Tmerit-selection plans, others continuing to support judi- tion and retention. These movements have been in a constant cial elections, and virtually no one proposing lifetime appoint- state of flux, with many states using constitutional amend- ments. The impetus for this surge may be related to three ments, legislative acts, ballot initiatives, and executive orders recent U.S. Supreme Court cases, Republican Party of Minnesota to both move in and out of the methods, and to make modifi- v. White,1 Citizens United v. Federal Election Commission,2 and cations short of complete overhauls. For example, 9 of 16 Caperton v. A.T. Massey Coal Co.,3 and to the exploding amount states that initially only used the appointment method of campaign funds raised in judicial elections. These factors switched to judicial elections for some level of their judiciary,5 seem to have once again brought to the forefront the judicial 14 states changed from partisan to nonpartisan elections,6 and election method and consequently revitalized the merit 15 states have changed from partisan or nonpartisan elections method, which had been dormant for three decades. Whether to some form of the merit method.7 When all is said and done, this boost in the debate is tantamount to a new movement, a over the last 234 years, this activity has resulted in 39 states continuation of an old movement, a blip on the radar screen, a deviating substantially from their initial selection method. -
Guide to the Wisconsin Supreme Court
2011 Guide to the Wisconsin Supreme Court Prepared by: WISCONSIN CIVIL JUSTICE COUNCIL, INC. JANUARY 2011 2011 Guide to the Wisconsin Supreme Court By Andrew Cook and Jim Hough The Hamilton Consulting Group, LLC January 2011 The Wisconsin Civil Justice Council, Inc. (WCJC) was formed in early 2009 to represent Wisconsin business interests on civil litigation issues before the Legislature and courts. Our goal is to achieve fairness and equity, reduce costs, and enhance Wisconsin‘s image as a place to live and work. The Wisconsin Civil Justice Council Board is proud to present its first biennial Judicial Evaluation of the Wisconsin Supreme Court. The purpose of the Judicial Evaluation is to educate WCJC‘s members and the public by providing a summary of the most important decisions issued by the Court which have had an effect on Wisconsin business interests. Officers and Board Members President - Bill Smith Vice President - James Buchen National Federation of Independent Business Wisconsin Manufacturers & Commerce Treasurer-Andy Franken Secretary - Pat Stevens Wisconsin Insurance Alliance Wisconsin Builders Association John Mielke James Boullion Associated Builder & Contractors Associated General Contractors of Wisconsin Michael Crooks Beata Kalies Wisconsin Defense Counsel Electric Cooperatives Gary Manke Nickolas George Midwest Equipment Dealers Association Midwest Food Processors Association Mary Ann Gerrard Peter Thillman Wisconsin Automobile & Truck Dealers Assn. Wisconsin Economic Development Assn. Eric Borgerding Mark Grapentine