Wallace Weitz
About Wallace R. Weitz
Wallace R. Weitz (age 75) has served as an independent director of Berkshire Hathaway Inc. since April 30, 2022; he is the founder of Weitz Investment Management (est. 1983) and has held roles including Chief Investment Officer, President, and Portfolio Manager, bringing substantial financial and public-markets expertise to Berkshire’s board . He currently serves on the board of Cable One and on nonprofit boards including the Joslyn Art Museum; Berkshire’s Governance Committee cites his “owner-oriented” investor credentials among the attributes sought in directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Weitz Investment Management, Inc. | Founder; CIO; President; Portfolio Manager | Founded 1983; various roles since | Manages Partners III Opportunity Fund; co-manages Weitz Multi-Cap Equity Fund |
| Wallace R. Weitz & Company (predecessor) | Founder | 1983 | Built long-term, value-oriented investment practice |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cable One | Director | Current | Board service at broadband communications provider |
| Joslyn Art Museum | Director/Trustee | Current | Nonprofit board service |
| Other non-profit boards | Director/Trustee | Current | Additional nonprofit governance roles (unspecified) |
Board Governance
- Independence: Berkshire’s Governance Committee determined Weitz is independent under SEC Item 407(a) and NYSE standards .
- Committee assignments: Audit Committee member; 2024 Audit Committee composition was Susan L. Decker (Chair), Christopher C. Davis, Wallace R. Weitz, and Meryl B. Witmer; the committee held six meetings .
- Attendance: Each director attended all Board and applicable committee meetings in 2024; independent directors held three meetings that year .
- Lead independent director: Susan A. Decker serves as lead independent director and chairs the Audit Committee .
| Governance Item | Status/Detail | Source |
|---|---|---|
| Independence status | Independent | |
| Board meeting attendance (2024) | 100% (each director attended all) | |
| Audit Committee membership | Member (Chair: Susan L. Decker) | |
| Audit Committee meetings (2024) | 6 | |
| Independent director sessions (2024) | 3 | |
| Audit Committee Report signatories | Decker (Chair), Weitz, Davis, Witmer |
Fixed Compensation
Berkshire pays only modest cash fees to non-employee directors; there are no equity grants, retainers, or insurance benefits.
| Component | 2024 Amount/Rate | Notes |
|---|---|---|
| Total cash fees (Weitz) | $6,700 | Annual cash paid; no equity compensation |
| Audit Committee fee | $1,000 per quarter | Paid to each Audit Committee member |
| Board meeting fee (in-person) | $900 per meeting | For in-person attendance |
| Board/committee teleconference fee | $300 per meeting | For telephone participation |
| D&O insurance | Not provided | Company does not provide D&O insurance to directors |
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/options) | None disclosed for directors; Berkshire director compensation is cash-only |
| Performance metrics tied to director pay | None; no performance-linked pay structure for directors |
| Clawbacks/COC/severance/gross-ups | Not applicable to director fees; none disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Interlocks/Notes |
|---|---|---|
| Cable One | Director | No Berkshire-disclosed interlocks with other Berkshire directors at Cable One |
| Nonprofit boards | Director/Trustee | Philanthropic roles (Joslyn Art Museum and others) |
Expertise & Qualifications
- Long-tenured public markets investor; founder and portfolio manager with demonstrated capital allocation skill and governance experience .
- Recognized for “owner-oriented” attitude and substantive Berkshire share ownership, aligning with Berkshire’s board candidate attributes .
- Audit Committee experience and participation in oversight of financial reporting and auditor independence .
Equity Ownership
| Security | Shares Beneficially Owned | % of Class | Voting Power % (A+B) | Economic Interest % (A+B) | Notes |
|---|---|---|---|---|---|
| Class A | 174 | * (<0.1%) | * (<0.1%) | * (<0.1%) | Includes 154 Class A shares held by a private foundation; Weitz has voting/investment power but disclaims beneficial interest |
| Class B | — | — | — | — | No Class B holdings disclosed |
Governance Assessment
- Board effectiveness and engagement: Weitz is an active Audit Committee member with perfect attendance in 2024; the Audit Committee met six times and he co-signed the committee’s report, signaling hands-on oversight of financial reporting and auditor independence .
- Independence and conflicts: Berkshire affirmatively classifies Weitz as independent; no related-party transactions involving Weitz are disclosed, and the Audit Committee maintains a formal approval/ratification process for related-person transactions, which provides conflict controls .
- Ownership alignment: He holds 174 Class A shares (with most held via a foundation where he disclaims beneficial interest), representing less than 0.1%—consistent with Berkshire’s preference for directors with meaningful long-term ownership relative to resources, though not a material percentage of voting or economic power .
- Compensation and incentives: Director compensation is symbolic and cash-only, with no equity; combined with lack of D&O insurance, Berkshire’s framework emphasizes duty and alignment over financial incentives, but may reduce typical market protections—an unusual governance signal requiring investor judgment .
- RED FLAGS: None disclosed specific to Weitz (no pledging, hedging, related-party dealings, or attendance issues reported). Watchpoint: absence of D&O insurance (company-wide) is atypical and may be viewed as a governance risk by some institutions, although Berkshire has long maintained this policy .