Warren Buffett, the esteemed investor, philanthropist, and CEO of Berkshire Hathaway Inc. (BRK.A; BRK.B), has announced the conversion of 1,600 Class A shares into 2.4 million Class B shares to distribute to four family foundations.
During Thanksgiving week, Buffett disclosed that 1.5 million shares were given to The Susan Thompson Buffett Foundation, while 300,000 shares were allocated to each of The Sherwood Foundation, The Howard G. Buffett Foundation, and the NoVo Foundation.
Reflecting on these donations, the 93-year-old Buffett stated that these contributions fulfill commitments he made back in 2006. He remarked, "My three children serve as the executors of my present will and are also appointed as trustees of the charitable trust that will eventually receive over 99% of my wealth, as stipulated in the will. Although they were not entirely ready to undertake such a significant responsibility in 2006, they certainly are now."
Buffett further explained, "Following my passing, the handling of my assets will be completely transparent—no 'imaginative' trusts or offshore entities to elude public examination. Instead, there will be a straightforward will accessible for review at the Douglas County Courthouse."
