Warren Buffett and the Securities and Exchange Commission are in a skirmish over whether Berkshire Hathaway should disclose the $344,490 a year it spends on Mr. Buffett's security as compensation, The Wall Street Journal reports:
Nor is it clear why Berkshire was arguing over including security expenses from the formal disclosure of Mr. Buffett's pay, something that is fairly standard for other companies. Perhaps one factor is the mystique surrounding the relatively low pay for Mr. Buffett. Adding in the security expenses would significantly pad Mr. Buffett's reported compensation.
Mr. Buffett and Berkshire Vice Chairman Charlie Munger each have been paid an annual salary of $100,000 for more than a quarter-century, Berkshire has said. And they don't take the standard corporate bigwig perks, like using company jets or joining country clubs on the company's dime. Mr. Buffett's compensation from Berkshire, including director fees, is about $175,000.
Wouldn't want to mess with that mystique.