OMAHA— Warren Buffett’s compensation from Berkshire Hathaway Inc. rose 15 per cent last year to $485,606, although the billionaire’s salary remained $100,000.
Buffett leads the Omaha, Neb., based Berkshire Hathaway conglomerate that owns more than 80 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing.
It also has major investments in such companies as American Express, Coca-Cola Co. and Wells Fargo & Co.
Last year it bought a big stake in H.J. Heinz, the ketchup and soup maker.
The increase came in “other compensation,” which includes company-paid costs for Buffett’s personal and home security.
As usual, Buffett reimbursed Berkshire $50,000 for personal costs such as postage and phone calls.
Buffett, 83, is the Omaha, Neb., company’s chairman and chief executive.
Most of Buffett’s wealth comes from his Berkshire stock. The share price rose 32 per cent in 2013.
The salaries of Buffett and vicechairman Charles Munger have been set at $100,000 for more than 25 years, and Buffett doesn’t want or expect a raise, the conglomerate said in a regulatory filing Friday.
Unlike many other companies, Berkshire Hathaway doesn’t grant stock options to executives.
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