Skip to comments.Activist "letter" attacks Buffett's co.
Posted on 04/02/2012 1:43:53 PM PDT by 49parallel
April 1, 2012 Board of Directors Berkshire Hathaway Inc. 3555 Farnam Street, Suite 1440 Omaha, NE 68131
Dear Members of the Board...
"We believe that the board has conveniently chosen to maintain the status quo and ignore these critical issues in order to preserve the directors generous board fees, .... As a result, the board has stood by idly as the stock price has lagged the general market during the past three months... Given the directors excessive board fees and lack of economic ownershipin the business, it is not surprising that the Berkshire board has fought for years to maintain a dual-classstock structure, a corporate maneuver used frequently by deeply entrenched and self-interested boards.Any criticism of Berkshire is incomplete without a discussion of egregious executivecompensation practices at the company. As disclosed in the most recent proxy, Warren Buffett received asalary of $100,000 for his services as Chairman and CEO in 2011. By his own admission, Mr. Buffett hasdelegated management responsibilities to more talented subsidiary company executives. More recently, hehas hired investment managers to direct many of Berkshires public market investments. In mediainterviews Mr. Buffett has admitted to spending a significant amount of time pursuing his bridgegambling interests. In the absence of more comprehensive disclosures, shareholders are left to wonder exactly what role Mr. Buffett really plays at Berkshire. We believe that compensation of one hundredthousand dollars represents a significant transfer of wealth from shareholders to Mr. Buffett. We urge the board to retain professional compensation consultants to perform a thorough benchmarking study of executive remuneration at Berkshire. Succession Planning:..."
(Excerpt) Read more at valuewalk.com ...
If you had read the entire page you would have learned that it was a April Fools gag.
I did. Note my comment about Saturday. ;-)
I admit that it was late but the whole thing with these jokes is you’re not supposed to be a spoiler.