8-KShareholder Matters

BERKSHIRE HATHAWAY INC 8-K Report, Shareholder Vote Results (May 6, 2014)

Filed May 6, 2014For Securities:BRK-BBRK-A

Summary

Berkshire Hathaway Inc. (BRK-B) filed an 8-K on May 5, 2014, reporting on its annual shareholder meeting held on May 3, 2014. The primary purpose of the filing was to disclose the voting results on several key agenda items, including the election of directors, advisory votes on executive compensation, and a shareholder proposal. Investors can use this information to gauge shareholder sentiment and the company's governance practices. The meeting saw the uncontested re-election of all directors, with overwhelming support for each nominee, including Warren E. Buffett and Charles T. Munger. Shareholders also provided a strong advisory vote of approval for the compensation of the company's Named Executive Officers. However, the vote on the frequency of future advisory votes on executive compensation indicated a preference for a triennial vote, with a significant majority supporting this option over annual or biennial votes.

Key Highlights

  • 1All incumbent directors were overwhelmingly re-elected at the annual shareholder meeting.
  • 2Shareholders provided strong advisory support for the compensation of Berkshire Hathaway's Named Executive Officers.
  • 3A majority of shareholders voted in favor of holding an advisory vote on executive compensation every three years.
  • 4A shareholder proposal regarding quantitative goals for greenhouse gas and other emissions at energy holdings was narrowly defeated.
  • 5The filing confirms the date of the annual shareholder meeting as May 3, 2014.
  • 6The voting was conducted with Class A and Class B common shareholders voting together as a single class.

Frequently Asked Questions

The main topics voted on were the election of directors, a non-binding advisory vote on executive compensation, a non-binding advisory vote on the frequency of executive compensation votes, and a shareholder proposal concerning greenhouse gas emissions at energy holdings.

All directors were re-elected in an uncontested election with very high levels of support. For instance, Warren E. Buffett received 666,753 'For' votes versus only 2,978 'Against' votes.

The advisory vote to approve the compensation of Berkshire's Named Executive Officers received strong support, with 666,751 'For' votes and only 1,776 'Against' votes.

Shareholders indicated a preference for holding an advisory vote on executive compensation every three years, with 552,310 votes in favor of '3 years' compared to 113,530 for '1 year'.

No, the shareholder proposal requesting the establishment of quantitative goals for the reduction of greenhouse gas and other emissions at Berkshire's energy generating holdings was not approved. It received 49,554 'For' votes and 561,642 'Against' votes.