Berkshire disclosed executive pay and the recommendations on shareholder proposals in its annual proxy filing on Friday, ahead of the Omaha, Nebraska-based conglomerate’s May 4 annual meeting
said Warren Buffett raised the pay of his designated successor Greg Abel to $20 million last year, as the conglomerate posted a record operating profit.
Abel’s salary comprised virtually all his compensation, which grew from $19 million a year earlier. That sum included a $16 million salary and $3 million bonus. Buffett’s own pay totalled $413,595, comprising a $100,000 salary unchanged for more than 35 years, plus personal and home security. Buffett controls 31.2 per cent of Berkshire’s voting power, making passage of proposals he opposes an uphill battle.
But Berkshire said BNSF already has state-of-the-art safety programs, and a committee was inconsistent with Berkshire’s culture of letting its operating units handle their own affairs.