Berkshire Hathaway Bylaws

Article 1: Purpose

The purpose of these bylaws is to establish guidelines and procedures for the investment and financial management activities of Berkshire Hathaway Inc. ("the Company"), ensuring alignment with its core principles of long-term value creation and prudent financial stewardship.

Article 2: Board of Directors

2.1. Financial Oversight and Strategy: The Board of Directors shall be responsible for overseeing the investment and financial management strategies of the Company.

2.2. Composition and Expertise: The Board shall consist of individuals with diverse expertise in finance, economics, and investment management, appointed based on their ability to contribute to the Company's long-term financial success.

2.3. Establishment of Investment Committee: The Board shall establish an Investment Committee, comprised of select directors, charged with evaluating and recommending investment opportunities consistent with the Company's investment objectives.

Article 3: Investment Objectives

3.1. Objective of Investment Strategy: The primary objective of the Company's investment strategy shall be the preservation and enhancement of shareholder value over the long term.

3.2. Criteria for Investments: Investments shall be made with a focus on businesses and assets that demonstrate durable competitive advantages, attractive growth prospects, and strong management teams.

3.3. Prioritization of Investments: The Company shall prioritize investments with the potential for consistent earnings growth and sustainable cash flows, thereby facilitating the generation of long-term shareholder returns.

Article 4: Investment Guidelines

4.1. Diversification of Investment Portfolio: The Company's investment portfolio shall be diversified across a range of asset classes, including but not limited to equities, fixed-income securities, and alternative investments.

4.2. Establishment and Review of Investment Guidelines: The Investment Committee shall establish and periodically review guidelines for asset allocation, risk management, and performance evaluation, taking into account prevailing market conditions and the Company's financial objectives.

4.3. Guiding Principles for Investments in Publicly Traded Securities: Investments in publicly traded securities shall be guided by thorough fundamental analysis, assessing factors such as business fundamentals, competitive positioning, and valuation metrics.

Article 5: Financial Reporting and Transparency

5.1. Financial Reporting Obligations: The Company shall provide regular and transparent financial reporting to shareholders, including quarterly and annual financial statements, accompanied by management commentary and analysis.

5.2. Investment Portfolio Disclosure: Financial reports shall include comprehensive disclosures regarding the Company's investment portfolio, including asset composition, market valuations, and performance metrics.

5.3. Regulatory Compliance and Transparency: The Board shall ensure compliance with all applicable regulatory requirements governing financial reporting and disclosure, promoting transparency and accountability to shareholders.

Article 6: Dividend Policy

6.1. Prudent Dividend Policy: The Company shall adopt a prudent dividend policy, balancing the distribution of profits to shareholders with the retention of earnings for reinvestment in value-enhancing opportunities.

6.2. Determining Dividend Distributions: Dividend distributions shall be determined by the Board based on the Company's financial performance, cash flow generation, capital requirements, and long-term growth prospects.

6.3. Consistent and Sustainable Dividend Payout Ratio: The Company shall strive to maintain a consistent and sustainable dividend payout ratio, providing shareholders with a reliable income stream while preserving financial flexibility for future investments.

Article 7: Amendments

7.1. Amendment Procedure: These bylaws may be amended by a majority vote of the Board of Directors, provided that such amendments are consistent with the Company's corporate objectives and in the best interests of shareholders.

7.2. Submission and Circulation of Proposed Amendments: Proposed amendments to these bylaws shall be submitted to the Board in writing and circulated to all directors at least [insert time frame] before the scheduled vote.

7.3. Communication of Approved Amendments: Upon approval, amendments to these bylaws shall be communicated to shareholders by applicable regulatory requirements, ensuring transparency and adherence to corporate governance principles.

Article 8: Effective Date

Upon receiving approval from the Board of Directors, these bylaws shall become effective immediately. Once in effect, these bylaws will substitute any prior existing bylaws or provisions that are inconsistent with those contained in the new set. This means that any previous bylaws or provisions that contradict the ones stipulated in this new version will no longer be valid.

Article 9: Governing Law

These bylaws shall be governed by and construed by the laws of the state of Nebraska, without regard to its conflicts of law provisions.

Article 10: Severability

If any provision of these bylaws is determined to be invalid or unenforceable, such provision shall be severed from the remainder of these bylaws, which shall remain in full force and effect to the fullest extent permitted by law.