8-K
filed May 10, 2023, 7:59 PM ET
ticker BRK-B
CIK 0001067983
earnings
confidence high
sentiment positive
materiality 0.75
Berkshire Q1 operating earnings rise 12.6% to $8.07B; $4.4B in buybacks
BERKSHIRE HATHAWAY INC
- Q1 2023 net earnings $35.5B vs $5.6B YoY, driven by $27.4B investment/derivative gains (incl. $2.4B from Pilot Travel Centers).
- Operating earnings $8.065B vs $7.160B YoY; insurance-underwriting profit surged to $911M from $167M.
- Insurance float rose ~$1B to $165B; BNSF earnings slipped to $1.247B from $1.371B.
- Share repurchases totaled ~$4.4B in Q1; Class A equivalent shares outstanding 1,450,152.
- Annual meeting: all directors re-elected; all six shareholder proposals defeated (climate, diversity, CEO/Chair split, etc.).
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
BERKSHIRE HATHAWAY INC reported first quarter ended March 31, 2023 results: net income Net earnings attributable to Berkshire shareholders $ 35,504, EPS Net earnings per average equivalent Class A Share $ 24,377; Net earnings per average equivalent Class B Share $ 16.25.
- Period
- first quarter ended March 31, 2023
- Net income
- Net earnings attributable to Berkshire shareholders $ 35,504
- EPS
- Net earnings per average equivalent Class A Share $ 24,377; Net earnings per average equivalent Class B Share $ 16.25
- Result
- reported results
Exact text from the filing
On May 6, 2023, Berkshire Hathaway Inc. issued a press release announcing the Company’s earnings for the first quarter ended March 31, 2023.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
BERKSHIRE HATHAWAY INC: Amended and restated Bylaws, with most significant changes to Section 2.10 Advance Notice to address Universal Proxy Rule and other procedural matters; other amendments for virtual meetings and tracking DGCL provisions (effective 2023-05-07).
- Change
- bylaw amendment
- Effective
- 2023-05-07
Exact text from the filing
On May 7, 2023, the Board of Directors (the “Board”) of Berkshire Hathaway Inc., a Delaware corporation (the “Company”), voted to amend and restate the Company’s Bylaws effective immediately.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal requesting that the Company avoid supporting or taking a public policy position on controversial social and political issues at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 9– Shareholder proposal 4,038 484,363 1,412
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal regarding the reporting on the effectiveness of the Corporation’s diversity, equity and inclusion efforts at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 7– Shareholder proposal 97,741 369,628 2,443
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders approved Election of Directors at the 2023-05-06 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-05-06
Exact text from the filing
Proposal 1 – Election of Directors For Against Warren E. Buffett 471,669 18,143 Charles T. Munger 467,976 21,836 Gregory E. Abel 469,705 20,108 Howard G. Buffett 468,639 21,173 Susan A. Buffett 468,772 21,040 Stephen B. Burke 436,067 53,745 Kenneth I. Chenault 439,527 50,285 Christopher C. Davis 471,441 18,371 Susan L. Decker 422,181 67,631 Charlotte Guyman 422,688 67,124 Ajit Jain 469,601 20,211 Thomas S. Murphy, Jr. 476,525 13,287 Ronald L. Olson 468,578 21,234 Wallace R. Weitz 474,346 15,466 Meryl B. Witmer 476,508 16,904
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders voted on A non-binding resolution to determine the frequency with which shareholders shall be entitled to have an advisory vote on executive compensation at the 2023-05-06 meeting.
- Proposal
- say on pay frequency
- Meeting
- 2023-05-06
Exact text from the filing
1 year 2 years 3 years Abstain Proposal 3 – Advisory vote on the frequency of an advisory vote on executive compensation 148,043 1,412 339,527 830
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal regarding how the Company intends to measure, disclose and reduce GHG emissions associated with its underwriting, insuring and investment activities at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 6– Shareholder proposal 110,983 376,345 2,484
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal regarding how climate-related risks are being governed by the Company at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 5 – Shareholder proposal 87,525 399,897 2,390
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders approved A non-binding resolution to approve the compensation of Berkshire’s Named Executive Officers at the 2023-05-06 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 2 – Advisory vote on executive compensation 441,544 42,536 5,732
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal regarding the adoption of a policy requiring that two separate people hold the offices of the Chairman and the CEO at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 8– Shareholder proposal 53,287 433,434 3,091
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
BERKSHIRE HATHAWAY INC shareholders rejected A shareholder proposal regarding how the Company manages physical and transitional climate-related risks and opportunities at the 2023-05-06 meeting.
- Outcome
- failed
- Meeting
- 2023-05-06
Exact text from the filing
For Against Abstain Proposal 4 – Shareholder proposal 130,435 356,907 2,470
View on SEC.gov
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