Company: BRK-A
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054877
Chunk: 17

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 17
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 Berkshire Hathaway shareholders less its net realized and unrealized investment gains/losses is a more useful measurement. In that regard net operating earnings were $ 21.9billion in 2020; $ 27.6billion in 2021; $ 30.8billion in 2022; $ 37.4billion in 2023; and $ 47.4billion in 2024, which grew 164% over the past five years. As described in Berkshire’s 2024 Annual Report on Form 10-K,it would be difficult to develop a peer group of companies similar to Berkshire. The Company owns subsidiaries in a number of diverse business activities of which the most important component is the property and casualty insurance business. Accordingly, Berkshire used the Standard & Poor’s Property-Casualty Insurance Index as Berkshire’s peer group in the Table. As indicated in the Table, an investment of $100 in Berkshire at December 31, 2019 would be worth $ 200.51at December 31, 2024, whereas the same investment in the S&P Property-Casualty Insurance Index at December 31, 2019 would be worth $ 227.67at December 31, 2024. It should also be noted that an investment of $ 100in the S&P 500 Index at December 31, 2019 would be worth $ 197.02at December 31, 2024. CEO Pay Ratio As mandated by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and required under Item 402(u) of Regulation S-K(“Item 402(u)”), we are disclosing the median of the annual total compensation of all employees of Berkshire and its subsidiaries other than Berkshire’s CEO and the annual total compensation of Berkshire’s CEO, Warren E. Buffett. In preparing this disclosure, Berkshire considered the fact that the Securities & Exchange Commission (“SEC”) issued interpretive guidance to assist registrants in complying with the SEC’s Pay Ratio reporting requirements. Among other things, the SEC’s guidance addressed the use of reasonable estimates, assumptions and methodologies. Berkshire also considered that Mr. Buffett’s annual salary has been $100,000 for over 40 years and that Mr. Buffett receives no bonus or any form of equity-based compensation. Additionally, Berkshire has over 60 separate operating groups, many of whom have multiple separate operating groups. Accordingly, the identification of the median employee’s annual total compensation of the