Shareholder adviser rebukes Berkshire over executive pay Reuters 1 hr ago
April 20 (Reuters) - A large shareholder advisory firm has rebuked Berkshire Hathaway Inc for awarding large pay packages to the two leading candidates to succeed Warren Buffett as chief executive.
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Institutional Shareholder Services noted that Vice Chairmen Greg Abel and Ajit Jain were each awarded $16 million in salary and $3 million in bonuses in 2020, the same as in 2019, and said it was unclear whether any of their pay was tied to Berkshire s performance.
The firm said the continued lack of transparency raised questions about oversight by Berkshire s compensation committee, and recommended that shareholders withhold votes to reelect its members - Susan Decker, David Gottesman, Walter Scott Jr. and Meryl Witmer - as Berkshire directors.
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Berkshire Hathaway (BRK.A) Stock Hits New 52-Week High on Latest Quarterly Financial Report
Berkshire Hathaway Inc. (NYSE:BRK.A) traces its roots back to 1839 when a textile manufacturing company named Valley Falls Co. was founded by Oliver Chace. In 1929, Valley Falls merged with Berkshire Cotton Manufacturing Co., and the combined entity was renamed Berkshire Fine Spinning Associates. Warren Buffett, who was a lesser-known-investor back then, started buying Berkshire’s stock in the 1960s. Buffett took full control of the company in 1965. Under his leadership, Berkshire became one of the world’s largest holding companies.
Omaha, Nebraska-based Berkshire recently announced its financial results for the fourth quarter and full year. The company reported earnings of $35.835 billion for the quarter, up 23 percent from the same period last year. However, earnings for the full year fell 48 percent to $42.521 billion. Berkshire’s net income mostly depends on gains from big investm
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