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Berkshire Hathaway AGM 2008

Discussion in 'Shares' started by pthm, 2nd May, 2008.

  1. pthm

    pthm Well-Known Member

    Joined:
    25th Aug, 2005
    Posts:
    136
    This weekend (Saturday 3rd May 2008) is Berkshire Hathaway's AGM in Omaha, Nebraska. I wished I would be there - but we had our US trip this year, a wedding in Texas last month. Our American nephew (we went to his wedding last month, he works for a fund manager in the US) will be at the AGM this weekend, so he will give us his impressions. I am hoping to go to BRK AGM in May 2009. :)

    Anyway, I have been reading BRK annual report, and reflecting on the salary and compensation packages for CEOs of Australian public companies - shameful really.

    As most of you know that Warren Buffett only takes an annual salary of US$100,000. Most CEOs who work in the BRK group of companies (WB called them managers) are independently wealthy and all work hard and productively for BRK for reasons that go beyond compensation.

    This is what the notice of the AGM said: "Like Mr Buffett, Mr (Charlie) Munger has been paid an annual salary of $100,000 for the last 25 years. Mr Buffett does not anticipate that Mr Munger's compensation will be increased in the future. Both Mr Buffett and Mr Munger will on occasion utilize Berkshire personnel and/or have Berkshire pay for minor items such as postage or phone calls that are personal. Mr Buffett and Mr Munger reimburse Berkshire for these costs by making an annual payment to Berkshire in an amount that is equal to or greater than the costs that Berkshire has incurred on their behalf. ... Mr Buffett and Mr Munger do not use Company cars or belong to clubs to which the Company pays dues. It should be noted that neither Mr Buffett or Mr Munger utilizes corporate-owned aircraft for personal use. Each of them is personally a fractional NetJets owner, paying standard rates, and they use Berkshire owned aircraft for business purposes only."

    Any CEO & Chairman of the Board of an Australian company doing this?

    Also, has any (personally) written a well-read annual letter to the shareholders - like WB?