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2021-03-16

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How Warren Buffett’s Company Is Corporate Old School<blockquote>沃伦·巴菲特的公司如何成为老派企业</blockquote>

Berkshire Hathaway’s proxy reports hows that the company under Warren Buffett’s longtime leadership

How Warren Buffett’s Company Is Corporate Old School<blockquote>沃伦·巴菲特的公司如何成为老派企业</blockquote>

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Buffett has told the board that he doesn’t want to be paid any more. The company did pay $280,000 for security services for Buffett in 2020.<blockquote>巴菲特2020年的薪水仅为10万美元，没有奖金，25年来一直如此——这还是在向公司报销5万美元的邮费和其他杂费之前。巴菲特告诉董事会，他不想再获得报酬了。该公司确实在2020年为巴菲特支付了28万美元的安全服务费用。</blockquote> Buffett personally determines the compensation of his top managers without considering Berkshire’s overall financial performance and stock price.<blockquote>巴菲特亲自决定其高层管理人员的薪酬，而不考虑伯克希尔的整体财务表现和股价。</blockquote> “Berkshire’s program regarding compensation of its executive officers is different from most public company programs,” the company said in its proxy.<blockquote>该公司在其委托书中表示：“伯克希尔哈撒韦公司有关高管薪酬的计划与大多数上市公司的计划不同。”</blockquote> Buffett is generous toward his two top managers, Greg Abel and Ajit Jain. The two vice chairmen earned $19 million apiece in each of the past two years, with $16 million in salary. Unlike most big companies, Berkshire doesn’t grant stock compensation to its top executives. Abel oversees Berkshire’s huge non-insurance operations, while Jain runs its large insurance business.<blockquote>巴菲特对他的两位高级经理格雷格·阿贝尔和阿吉特·贾恩很慷慨。两位副主席在过去两年中每年的收入各为1900万美元，其中工资为1600万美元。与大多数大公司不同，伯克希尔不向其高管提供股票薪酬。阿贝尔负责监管伯克希尔庞大的非保险业务，而贾恩则负责其大型保险业务。</blockquote> Berkshire’s 14-member board is one of the lowest paid—and oldest—among major companies. Each board member gets just $300 for each telephone board meeting and $900 for those held in person. Many members earned a total of $1,200 for the year, against an average of more than $250,000 in annual compensation for board members of companies in the S&amp;P 500.<blockquote>伯克希尔董事会由14名成员组成，是大公司中薪酬最低、历史最悠久的公司之一。每位董事会成员每次电话会议只能获得300美元，亲自召开的会议只能获得900美元。许多成员一年的总收入为1,200美元，而标普500公司董事会成员的平均年薪超过250,000美元。</blockquote> Many board members view it as a privilege to serve with Buffett and they are willing to do so without getting the financial protection of directors and officers’ insurance—a contrast with nearly all big companies.<blockquote>许多董事会成员认为与巴菲特一起服务是一种特权，他们愿意在没有董事和高管保险的财务保护的情况下这样做——这与几乎所有大公司形成鲜明对比。</blockquote> The board has four members 90 years or older: Buffett (90), Vice Chairman Charlie Munger (97), longtime Berkshire holder and Buffett friend David “Sandy” Gottesman (94), and the former CEO of Capital Cities/ABC, Thomas Murphy (95). The two youngest board members are 58.<blockquote>董事会有四名90岁或以上的成员：巴菲特（90岁）、副主席查理·芒格（97岁）、伯克希尔的长期持有人和巴菲特的朋友大卫·“桑迪”·戈特斯曼（94岁），以及Capital Cities/ABC前首席执行官托马斯·墨菲（95岁）。两位最年轻的董事会成员58岁。</blockquote> Buffett is both CEO and chairman and doesn’t believe in splitting those positions.<blockquote>巴菲特既是首席执行官又是董事长，他不相信拆分这些职位。</blockquote> “It is Mr. Buffett’s opinion that a controlling shareholder who is active in the business, as is currently the case and has been the case for Mr. Buffett for over 50 years, should hold both roles,” the proxy says.<blockquote>该委托书称：“巴菲特先生认为，活跃于该业务的控股股东（目前的情况以及巴菲特先生50多年来的情况）应该同时担任这两个角色。”</blockquote> Buffett owns a 16% economic stake in Berkshire worth around $95 billion and has a 32% voting stake reflecting his ownership of supervoting class A stock.<blockquote>巴菲特拥有伯克希尔16%的经济股份，价值约950亿美元，并拥有32%的投票权股份，反映了他对超级投票权A类股票的所有权。</blockquote> Berkshire asked shareholders to reject proposals on climate change and diversity, likely reflecting Buffett’s views on those matters. On the diversity issue, a shareholder has proposed that Berkshire publish an annual report on diversity and inclusion.<blockquote>伯克希尔要求股东拒绝有关气候变化和多样性的提案，这可能反映了巴菲特对这些问题的看法。在多元化问题上，一位股东提议伯克希尔发布一份关于多元化和包容性的年度报告。</blockquote> Berkshire cited its decentralized conglomerate structure as a reason for opposing them.<blockquote>伯克希尔以其分散的企业集团结构作为反对他们的理由。</blockquote> Berkshire said that three of its 14 board members are women and that two are ethnically diverse: Jain and former American Express CEO Kenneth Chenault.<blockquote>伯克希尔表示，其14名董事会成员中有3名是女性，两名是不同种族的：贾恩和美国运通前首席执行官肯尼斯·陈纳德。</blockquote> Unlike most big companies, Berkshire doesn’t focus on having a diverse board. Berkshire’s statement on the matter is unlike anything among major companies:<blockquote>与大多数大公司不同，伯克希尔并不注重拥有多元化的董事会。伯克希尔对此事的声明与大公司中的任何声明都不同：</blockquote> “Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. In identifying director nominees, the governance committee does not seek diversity, however defined. Instead, as previously discussed, the governance committee looks for individuals who have very high integrity, business savvy, an owner-oriented attitude and a deep genuine interest in the company.”<blockquote>“伯克希尔没有关于在确定董事提名人时考虑多元化的政策。在确定董事提名人时，治理委员会并不寻求多元化，无论其定义如何。相反，正如之前所讨论的，治理委员会寻找具有非常高诚信、商业头脑、以所有者为导向的态度以及对公司真正感兴趣的个人。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Warren Buffett’s Company Is Corporate Old School<blockquote>沃伦·巴菲特的公司如何成为老派企业</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Warren Buffett’s Company Is Corporate Old School<blockquote>沃伦·巴菲特的公司如何成为老派企业</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-16 15:01\n\n</h4>\n</header>\n<article>\nBerkshire Hathaway’s&nbsp;proxy reports&nbsp;hows that the company under Warren Buffett’s longtime leadership&nbsp;remains old school&nbsp;in the way it conducts business and is unlike virtually every major corporation.<blockquote>伯克希尔·哈撒韦公司的委托书报告称，在沃伦·巴菲特的长期领导下，该公司的经营方式仍然是老派的，与几乎所有大公司都不同。</blockquote> The conglomerate’s board gives considerable authority and deference to Buffett—rare among major companies -- reflecting his stature after leading the company so successfully for more than 55 years.<blockquote>该集团董事会给予巴菲特相当大的权威和尊重——这在大公司中是罕见的——反映了他在成功领导公司超过55年后的地位。</blockquote> Buffett was paid a salary of just $100,000 in 2020 with no bonus as has been the case for more 25 years—and that is before reimbursing the company $50,000 for postage and other incidental expenses. Buffett has told the board that he doesn’t want to be paid any more. The company did pay $280,000 for security services for Buffett in 2020.<blockquote>巴菲特2020年的薪水仅为10万美元，没有奖金，25年来一直如此——这还是在向公司报销5万美元的邮费和其他杂费之前。巴菲特告诉董事会，他不想再获得报酬了。该公司确实在2020年为巴菲特支付了28万美元的安全服务费用。</blockquote> Buffett personally determines the compensation of his top managers without considering Berkshire’s overall financial performance and stock price.<blockquote>巴菲特亲自决定其高层管理人员的薪酬，而不考虑伯克希尔的整体财务表现和股价。</blockquote> “Berkshire’s program regarding compensation of its executive officers is different from most public company programs,” the company said in its proxy.<blockquote>该公司在其委托书中表示：“伯克希尔哈撒韦公司有关高管薪酬的计划与大多数上市公司的计划不同。”</blockquote> Buffett is generous toward his two top managers, Greg Abel and Ajit Jain. The two vice chairmen earned $19 million apiece in each of the past two years, with $16 million in salary. Unlike most big companies, Berkshire doesn’t grant stock compensation to its top executives. Abel oversees Berkshire’s huge non-insurance operations, while Jain runs its large insurance business.<blockquote>巴菲特对他的两位高级经理格雷格·阿贝尔和阿吉特·贾恩很慷慨。两位副主席在过去两年中每年的收入各为1900万美元，其中工资为1600万美元。与大多数大公司不同，伯克希尔不向其高管提供股票薪酬。阿贝尔负责监管伯克希尔庞大的非保险业务，而贾恩则负责其大型保险业务。</blockquote> Berkshire’s 14-member board is one of the lowest paid—and oldest—among major companies. Each board member gets just $300 for each telephone board meeting and $900 for those held in person. Many members earned a total of $1,200 for the year, against an average of more than $250,000 in annual compensation for board members of companies in the S&amp;P 500.<blockquote>伯克希尔董事会由14名成员组成，是大公司中薪酬最低、历史最悠久的公司之一。每位董事会成员每次电话会议只能获得300美元，亲自召开的会议只能获得900美元。许多成员一年的总收入为1,200美元，而标普500公司董事会成员的平均年薪超过250,000美元。</blockquote> Many board members view it as a privilege to serve with Buffett and they are willing to do so without getting the financial protection of directors and officers’ insurance—a contrast with nearly all big companies.<blockquote>许多董事会成员认为与巴菲特一起服务是一种特权，他们愿意在没有董事和高管保险的财务保护的情况下这样做——这与几乎所有大公司形成鲜明对比。</blockquote> The board has four members 90 years or older: Buffett (90), Vice Chairman Charlie Munger (97), longtime Berkshire holder and Buffett friend David “Sandy” Gottesman (94), and the former CEO of Capital Cities/ABC, Thomas Murphy (95). The two youngest board members are 58.<blockquote>董事会有四名90岁或以上的成员：巴菲特（90岁）、副主席查理·芒格（97岁）、伯克希尔的长期持有人和巴菲特的朋友大卫·“桑迪”·戈特斯曼（94岁），以及Capital Cities/ABC前首席执行官托马斯·墨菲（95岁）。两位最年轻的董事会成员58岁。</blockquote> Buffett is both CEO and chairman and doesn’t believe in splitting those positions.<blockquote>巴菲特既是首席执行官又是董事长，他不相信拆分这些职位。</blockquote> “It is Mr. Buffett’s opinion that a controlling shareholder who is active in the business, as is currently the case and has been the case for Mr. Buffett for over 50 years, should hold both roles,” the proxy says.<blockquote>该委托书称：“巴菲特先生认为，活跃于该业务的控股股东（目前的情况以及巴菲特先生50多年来的情况）应该同时担任这两个角色。”</blockquote> Buffett owns a 16% economic stake in Berkshire worth around $95 billion and has a 32% voting stake reflecting his ownership of supervoting class A stock.<blockquote>巴菲特拥有伯克希尔16%的经济股份，价值约950亿美元，并拥有32%的投票权股份，反映了他对超级投票权A类股票的所有权。</blockquote> Berkshire asked shareholders to reject proposals on climate change and diversity, likely reflecting Buffett’s views on those matters. On the diversity issue, a shareholder has proposed that Berkshire publish an annual report on diversity and inclusion.<blockquote>伯克希尔要求股东拒绝有关气候变化和多样性的提案，这可能反映了巴菲特对这些问题的看法。在多元化问题上，一位股东提议伯克希尔发布一份关于多元化和包容性的年度报告。</blockquote> Berkshire cited its decentralized conglomerate structure as a reason for opposing them.<blockquote>伯克希尔以其分散的企业集团结构作为反对他们的理由。</blockquote> Berkshire said that three of its 14 board members are women and that two are ethnically diverse: Jain and former American Express CEO Kenneth Chenault.<blockquote>伯克希尔表示，其14名董事会成员中有3名是女性，两名是不同种族的：贾恩和美国运通前首席执行官肯尼斯·陈纳德。</blockquote> Unlike most big companies, Berkshire doesn’t focus on having a diverse board. Berkshire’s statement on the matter is unlike anything among major companies:<blockquote>与大多数大公司不同，伯克希尔并不注重拥有多元化的董事会。伯克希尔对此事的声明与大公司中的任何声明都不同：</blockquote> “Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. In identifying director nominees, the governance committee does not seek diversity, however defined. Instead, as previously discussed, the governance committee looks for individuals who have very high integrity, business savvy, an owner-oriented attitude and a deep genuine interest in the company.”<blockquote>“伯克希尔没有关于在确定董事提名人时考虑多元化的政策。在确定董事提名人时，治理委员会并不寻求多元化，无论其定义如何。相反，正如之前所讨论的，治理委员会寻找具有非常高诚信、商业头脑、以所有者为导向的态度以及对公司真正感兴趣的个人。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/berkshire-hathaway-proxy-shows-warren-buffett-is-old-school-when-it-comes-to-compensation-board-makeup-51615834287?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.barrons.com/articles/berkshire-hathaway-proxy-shows-warren-buffett-is-old-school-when-it-comes-to-compensation-board-makeup-51615834287?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190305569","content_text":"Berkshire Hathaway’s proxy reports hows that the company under Warren Buffett’s longtime leadership remains old school in the way it conducts business and is unlike virtually every major corporation.\nThe conglomerate’s board gives considerable authority and deference to Buffett—rare among major companies -- reflecting his stature after leading the company so successfully for more than 55 years.\nBuffett was paid a salary of just $100,000 in 2020 with no bonus as has been the case for more 25 years—and that is before reimbursing the company $50,000 for postage and other incidental expenses. Buffett has told the board that he doesn’t want to be paid any more. The company did pay $280,000 for security services for Buffett in 2020.\nBuffett personally determines the compensation of his top managers without considering Berkshire’s overall financial performance and stock price.\n“Berkshire’s program regarding compensation of its executive officers is different from most public company programs,” the company said in its proxy.\nBuffett is generous toward his two top managers, Greg Abel and Ajit Jain. The two vice chairmen earned $19 million apiece in each of the past two years, with $16 million in salary. Unlike most big companies, Berkshire doesn’t grant stock compensation to its top executives. Abel oversees Berkshire’s huge non-insurance operations, while Jain runs its large insurance business.\nBerkshire’s 14-member board is one of the lowest paid—and oldest—among major companies. Each board member gets just $300 for each telephone board meeting and $900 for those held in person. Many members earned a total of $1,200 for the year, against an average of more than $250,000 in annual compensation for board members of companies in the S&P 500.\nMany board members view it as a privilege to serve with Buffett and they are willing to do so without getting the financial protection of directors and officers’ insurance—a contrast with nearly all big companies.\nThe board has four members 90 years or older: Buffett (90), Vice Chairman Charlie Munger (97), longtime Berkshire holder and Buffett friend David “Sandy” Gottesman (94), and the former CEO of Capital Cities/ABC, Thomas Murphy (95). The two youngest board members are 58.\nBuffett is both CEO and chairman and doesn’t believe in splitting those positions.\n“It is Mr. Buffett’s opinion that a controlling shareholder who is active in the business, as is currently the case and has been the case for Mr. Buffett for over 50 years, should hold both roles,” the proxy says.\nBuffett owns a 16% economic stake in Berkshire worth around $95 billion and has a 32% voting stake reflecting his ownership of supervoting class A stock.\nBerkshire asked shareholders to reject proposals on climate change and diversity, likely reflecting Buffett’s views on those matters. On the diversity issue, a shareholder has proposed that Berkshire publish an annual report on diversity and inclusion.\nBerkshire cited its decentralized conglomerate structure as a reason for opposing them.\nBerkshire said that three of its 14 board members are women and that two are ethnically diverse: Jain and former American Express CEO Kenneth Chenault.\nUnlike most big companies, Berkshire doesn’t focus on having a diverse board. Berkshire’s statement on the matter is unlike anything among major companies:\n“Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. In identifying director nominees, the governance committee does not seek diversity, however defined. Instead, as previously discussed, the governance committee looks for individuals who have very high integrity, business savvy, an owner-oriented attitude and a deep genuine interest in the company.”","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":2709,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}