Berkshire Salaries for Buffett, Munger Unchanged at $100,000 Each

03/17/17 06:40 PM EDT
   By Maria Armental 
 

Warren Buffett, known for his sound investment advice that has made him a fortune, earned a salary of $100,000 in 2016 as chairman and chief executive of Berkshire Hathaway Inc.

Mr. Buffett's salary, as well as that of Berkshire's longtime vice chairman, Charlie Munger, has remained unchanged at his request at $100,000 for more than 25 years.

Total compensation for Mr. Buffett rose 3.8% to $487,881, with $387,881 tied to home security services paid for by Berkshire.

As in previous years, Mr. Buffett also reimbursed Berkshire $50,000 for "minor items, such as postage or phone calls that are personal."

The figures were disclosed in a filing with securities regulators Friday in advance of Berkshire's annual meeting in May.

Marc Hamburg, Berkshire's chief financial officer and the only other executive named in the proxy, earned a $1.55 million salary, up 15% from the year earlier.

Mr. Buffett's estimated $60.8 billion fortune ranks him No. 3 on Forbes's 2016 list of the world's billionaires. He makes most of his money from his investment portfolio.

The 86-year-old Mr. Buffett has built Berkshire into a $426 billion conglomerate. He remains the largest shareholder, though he has pledged the bulk of his stake to the Bill & Melinda Gates Foundation and four family charities.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

March 17, 2017 18:40 ET (22:40 GMT)

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