Company: BRK-A
Filing Date: 2025-03-25
Form Type: PX14A6G
Source: 0001214659-25-004756
Chunk: 9

Company: BERKSHIRE HATHAWAY INC
Filing Date: 2025-03-25
Form: PX14A6G
Chunk 9
---
ig-sustainability-report-2023.pdf,
p.35

https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/sustainability-net-zero-fact-sheet.pdf

| 6 |

| 2025                                                 
 Proxy Memo                                           
 Berkshire                                            
 Hathaway Inc | Disclose Clean Energy Financing Ratio |

| · | Travelers has been disclosing a portion of its invested emissions since 2019, and gives a breakdown of such emissions by sector, thus 
 allowing investors to better understand the exposure of its investments in fossil fuels.37                                            |

| · | The Hartford Financial Services Group has established a goal to invest $2.5 billion in advancing the energy transition and addressing 
 climate change.38                                                                                                                     |

| · | European insurers including Swiss Re, Munich Re, Groupama, and Ageas have begun disclosing financed emissions. |

U.S. banks have begun to provide clean energy financing ratios to allow
investors to track progress toward a 4:1 ratio. JPMorgan has released its “Energy Supply Financing Ratio Methodology,” which
defines low carbon and high carbon activities and calculates the ratio; JPMorgan has $30 billion invested in low carbon and $23 billion
in high carbon, amounting to a 1.29:1 ratio. Citibank and Royal Bank of Canada have also committed to releasing their own
financing ratios. Travelers has also begun disclosing the dollar amount of its investments in different fossil fuel sectors
and green bonds, laying the groundwork for a clean energy supply ratio.

Berkshire, in contrast, has not outlined any target or policy to reduce
investment in high-emitting sectors. Continued investment in high-emitting sectors exposes Berkshire to business, competitive and physical
risk that must be assessed and addressed. In the absence of climate targets or transition policies, information about whether Berkshire
is moving toward a 4:1 investment ratio of clean energy to fossil fuels will be decision useful to investors.

RESPONSE TO BERKSHIRE
HATHAWAY BOARD OF DIRECTORS’ OPPOSITIONSTATEMENT

In its Opposition Statement, Berkshire states, “The Board does not believe it is relevant, necessary or in the best interests of shareholders to disclose its ‘clean energy financing ratio.”

Berkshire is exposed to risk from increasingly severe
and frequent weather events; continued investment in fossil fuels exacerbates this risk. If Berkshire is unwilling to disclose climate
related goals or a plan to reduce its insured and financed emissions, information on its clean energy