Buffett's pay rises; Berkshire urges rejection of shareholder proposals

Fri Mar 17, 2017 6:09pm EDT
 
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By Jonathan Stempel

(Reuters) - Warren Buffett's compensation for running Berkshire Hathaway Inc (BRKa.N: Quote) edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world's second-richest person safe.

Buffett's pay was disclosed in a Friday regulatory filing, in which Berkshire also recommended the rejection of three shareholder proposals at its May 6 annual meeting, including that it disclose its political contributions twice a year.

Berkshire said Buffett's salary in 2016 was $100,000, the same amount he has received for more than a quarter century, while the cost of providing him with home and personal security services rose to $387,881 last year from $370,244.

Buffett, 86, has run Omaha, Nebraska-based Berkshire since 1965, building it into a conglomerate with more than 90 units including Geico insurance, Dairy Queen ice cream and the BNSF railroad.

Despite being worth $77.4 billion according to Forbes magazine, Buffett avoids some trappings associated with the rich.

For example, he has lived for nearly 60 years in the same Omaha home, on less than three-quarters of an acre, bordering a well-traveled street.

Berkshire billionaire Vice Chairman Charlie Munger also drew a $100,000 salary last year, while Chief Financial Officer Marc Hamburg's pay rose 15 percent to $1.56 million.

Executives who run some of Berkshire's units make more money. They include Berkshire Hathaway Energy Chief Executive Gregory Abel, who made $17.5 million last year.   Continued...

 
FILE PHOTO - Berkshire Hathaway CEO Warren Buffett plays bridge during the Berkshire annual meeting weekend in Omaha, Nebraska, U.S. on May 3, 2015.  REUTERS/Rick Wilking/File Photo