Company: BRK-A
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054877
Chunk: 28

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 28
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 the highest NEO’s pay ratio. This is against the spirit of Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act Item 402(u) of Regulation S-Kwhich requires the CEO (the highest NEO) pay ratio disclosure. Our Company’s highest NEO’s pay ratio for 2023 is 20,016,500 to 76,726 = 261 to 1 (Proxy Statement 2024). The shareholders in JPMorgan Chase & Co., Intel, Netflix, Salesforce and other big companies rejected sky-highexecutive pay packages in 2022, 2023, and 2024. Adam Smith said: “Wealth, as Mr. Hobbes says, is power.” As a social contract, the American public gives the corporate board the power and trust to run the corporate business without the employee representation in the board; and the board is nominated and elected without any competition (the number of candidates is the same number of board’s seats). To make the executive wealth abnormally far above the employees and the American people is to abuse the power and trust. Human nature has not changed so much since Aristotle. The Company has the flexibility to reform the Compensation and Human Capital Committee to improve the executive compensation program, such as including the factor of the highest NEO’s pay ratio. THE BOARD OF DIRECTORS UNANIMOUSLY FAVORS A VOTE AGAINSTTHE PROPOSAL FOR THE FOLLOWING REASONS: Berkshire’s Board recommends a “no” vote on this proposal. The disclosure of Berkshire’s CEO’s pay ratio as compared to the median of the total annual compensation of all Berkshire employees except the CEO is a requirement that was 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)”). There is no requirement under Item 402(u) to disclose the pay ratio of the highest paid other named executive officer’s pay ratio. The Board does not believe the disclosure of another executive officer’s pay ratio would improve Berkshire’s executive officer compensation program as suggested by the shareholder’s resolution. Accordingly, the Board recommends that our shareholders vote against this proposal. Proxies given without instruction will be voted AGAINST this shareholder proposal. 12By Josh Bivens, Elise Gould, and Jori Kandra, September 19, 2024. 14

| 4. | SHAREHOLDER PROPOSAL |

American Conservative Values ETF, owner of shares of