QuestionerThis spring, Koch asked shareholders to approve a magnanimous stock option program for its executives. Ask about it by the press after the vote, you said the program was excessive. Yet you did not tell the world prior to the Koch shareholders meeting that you believed the program to be excessive. A disclosure that had it been made earlier might have made shareholders vote against it. And in fact, you did not vote Berkshire's shares against the plan. You only abstained in the voting. But I still would like to know why you engaged in this very strange, unbuffet-like behavior.
OtherWell, some people incidentally think that strange and unbuffet-like are really not quite right. That's strange as frequently Buffett-like.
WarrenI did talk to Muttar Kent, and I informed him that we were going to abstain. I told them that we admired enormously the Coca-Cola company. We admired the management. And we thought the compensation plan, although it was very similar to great many plans, was excessive. And Mutar and I had a very good discussion right here in Omaha, as a matter of fact, as well as a couple of telephone discussions. And then immediately after the vote, I announced that we had abstained. and gave the reasons that we thought the plan was excessive. And I think that in terms of having an effect on the Coca-Cola compensation practices, as well as maybe having an effect on some other compensation practices, that that is the most effective, was the most effective way of behaving for Berkshire. We made a very clear statement. about the excessiveness of the plan. And at the same time, we in no way went to war with Coca-Cola. We have no desire to go to war with Coca-Cola.