Copyright 2010 SNL Financial LCAll Rights Reserved SNL Insurance Weekly Property & Casualty Edition
March 15, 2010
Buffett reports $100K salary; peanuts for board members
Berkshire Hathaway Chairman and CEO Warren Buffett paid himself total compensation of $175,000 for 2009, while the company’s board received between $2,700 and $7,000 each.
Berkshire Hathaway Inc. Chairman and CEO Warren Buffett paid himself total compensation of $175,000 for 2009, according to a Schedule 14A filed March 11.
Of that, $100,000 was Buffett’s base salary, the same he and Vice Chairman Charles Munger have received for more than 25 years.
And according to the filing, that sum is unlikely to change any time soon, as Buffett has told Berkshire’s compensation committee that he “would not expect or desire such compensation to increase in the future.”
Berkshire CFO Marc Hamburg’s total compensation, meanwhile, totaled $874,750 in 2009, up from $786,500 a year earlier.
This in a year when the Oracle of Omaha inked the company’s biggest deal, the $44 billion acquisition of Texas railroad operator Burlington Northern Santa Fe Corp., which Buffett called “an all-in wager on the economic future of the United States.”
Berkshire did spend a further $344,490 in 2009 on personal and home security services for Buffett. But in case anyone might think the company was going over the top, both Buffett and Munger made sure they repaid any money they splurged on items such as personal postage and phone calls, where Berkshire picked up the tab.
“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,” the company said.
During 2009, Buffett reimbursed the company $50,000 and Munger reimbursed Berkshire $5,500.
According to the filing, Buffett and Munger do not use company cars or belong to clubs for which Berkshire pays the fees, and neither executive uses corporate-owned aircraft for personal use.
Meanwhile, Berkshire’s board members were paid between $2,700 and $7,000 each for 2009.
March 19, 2010