Salary Unchanged, Buffett Takes Home $100,000 For 29th Year

Omaha, NE, United States (AHN) – Earnings at Berkshire Hathaway jumped more than 60 percent last year, but the firm’s Chairman Warren Buffett held steady on his 2009 compensation, receiving just $100,000 for the 29th consecutive year.

Buffett, 79, is Berkshire’s largest shareholder, directly tying his best interest to the performance of the company. Last year, he helped direct a 20 percent increase in shareholder equity, but took no bonus from the company.

Berkshire has a compensation committee that determines salaries, which has been in place since 2004. Before that time, Buffett recommended his salary to the board of directors.

Charles Munger, the company’s vice chairman, also received a salary of $100,000 in 2009. Munger and Buffett also reimbursed Berkshire for the use of postage, phones and staff that handled personal tasks, according to a regulatory filing.

The compensation practice comes to light during a time of widely criticized Wall Street bonuses at banks that received government bailouts during the credit crisis in late 2008.

Buffett, otherwise known as the Oracle of Omaha, also serves as the chief executive officer of Berkshire Hathaway.

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