Company: BRK-A
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054877
Chunk: 16

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 16
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us Performance Table (“Table”). Gregory E. Abel, Ajit Jain and Marc D. Hamburg were named executive officers (“NEOs”) for each of the five years included in the Table. Charles T. Munger, former Vice Chairman who died on November 28, 2023, was a NEO between 2020 and 2023. |

| (2) | Represents the cumulative total return on $100 invested in Berkshire Common Stock on December 31, 2019 as of December 31 of each year listed in the Table. |

| (3) | It is difficult to identify a Berkshire peer group. Berkshire uses the S&P 500 Property & Casualty Index in preparing its performance graph as required by Item 201(e) of RegulationS-K.Accordingly, that index is utilized for purposes of preparing the Table. |

| (4) | Under existing Generally Accepted Accounting Principles, unrealized gains and losses on equity security investments are required to be included in earnings. Accordingly, due to the large size of Berkshire’s equity investment portfolio and the volatility in equity markets there can be significant volatility in Berkshire’s periodic net earnings. |

| (5) | Berkshire does not use any financial performance measure in setting the compensation of its PEO or NEOs. |

As disclosed in the Compensation Discussion and Analysis section of this proxy statement, the annual base compensation of Berkshire’s PEO (Warren Buffett) has been $100,000 for more than 40 years. Excluding Mr. Munger whose total annual compensation was $100,000 in each of the four years ending December 31, 2023, the average Non-PEOcompensation increased 11.7% during the five years ended December 31, 2024. During the same five-year period, Berkshire’s total shareholder return was 100.5% or 14.9% compounded annually. 8

Berkshire does not believe that comparing compensation actually paid to its PEO and the average compensation actually paid to its NEOs to Berkshire’s net earnings is meaningful due to the volatility in its net earnings caused by the GAAP requirement to include the annual changes in unrealized appreciation of Berkshire’s significant equity investment portfolio in its net earnings. The additional information which follows is being presented on a supplemental basis to the disclosure in the preceding paragraph that is required by Regulation S-XItem 402(v)(5)(ii). Berkshire’s management and its Board members believe that Berkshire’s net operating earnings which is defined as Berkshire’s net earnings attributable to