Berkshire Hathaway Inc.

Berkshire Hathaway Inc. is a holding company that owns subsidiaries involved in many different business activities. Its most significant operations include insurance, offered on both a primary and reinsurance basis, a freight rail transportation business, and a collection of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses across manufacturing, services, and retailing. The company is based in Delaware, with its corporate headquarters in Omaha, Nebraska. Berkshire's operating subsidiaries are managed in a highly decentralized way, with few centralized or integrated business functions. The Chief Executive Officer is responsible for major capital allocation and investment decisions, as well as evaluating the operating performance of the businesses. Senior corporate management oversees corporate governance practices and helps resolve related issues. The Board of Directors is tasked with selecting a successor to the Chief Executive Officer. The Berkshire Code of Business Conduct and Ethics emphasizes ethical conduct and compliance with laws. As of the end of 2025, Berkshire and its operating subsidiaries employed approximately 387,800 people worldwide. About 80% of these employees were in the United States, and 19% were represented by unions. Employees work in a broad range of occupations. Each operating subsidiary develops its own policies and practices for attracting and retaining personnel, reflecting the diverse nature and size of their respective business activities.