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Warren_Buffet's_Pay_as_CEO

Warren_Buffet's_Pay_as_CEO

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Published by: api-3709320 on Oct 16, 2008
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05/09/2014

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Warren Buffett\u2019s Pay Remains Modest as the CEO of
Berkshire Hathaway
By JOSH FUNK 03.14.07
Billionaire Warren Buffett received total compensation valued at $214,250 in 2006,
according to a regulatory filing Berkshire Hathaway Inc. submitted Wednesday.

But Buffett's salary remained at $100,000 last year, as it has been every year since 1980. Most of the rest of his compensation came from fees he collected for serving on other companies' boards.

Berkshire's vice chairman Charlie Munger received an equally frugal salary of $100,000
as he has for more than 25 years.

The Associated Press has been calculating total pay for executives at various public companies by including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

But most of those things don't apply to Berkshire's top executives because the Omaha- based company doesn't use them. Buffett has long been critical of excessive executive pay, perks and stock options.

"Too often, executive compensation in the U.S. is ridiculously out of line with
performance," Buffett wrote to shareholders last year.

Buffett also owns 350,000 Class A Berkshire shares and 3,139,820 Class B shares, which together are worth about $48.6 billion. Buffett plans to donate all those shares to charity eventually with the biggest share, worth about $35.6 billion, going to the Bill & Melinda Gates Foundation.

At Berkshire, the highest paid executive listed is Marc Hamburg, the vice president and chief financial officer. He received compensation valued at $673,500 in 2006, which includes $662,500 salary and an $11,000 contribution to a defined contribution plan.

And Buffett and Munger both reimburse Berkshire at the end of the year to cover any personal costs, such as postage or calls the company may have paid for. Buffett paid the company $50,000 in 2006, and Munger reimbursed Berkshire $5,500.

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