Ben Watsa

[Sea Island]

I received my proxy information today and as foretold in Prem Watsa's annual letter his son Ben is being nominated for a board seat. In his bio in the proxy materials it says that Ben Watsa is:

 

Partner and Portfolio Manager at Lissom Investment Management Inc., a private investment

counselor that provides wealth management services for high net worth clients through the

Owners Family of Funds, where he manages the Owners Opportunities Fund, a small and

mid-cap. focused equity fund.

 

The Lissom website is just a front page with no other detail. A web search with the fund name didn't provide much information. Does anyone have any additional insight into Ben Watsa and his credentials?

 

 

[drog]

The company just confirmed to me that Ben Watsa's comp will be the same as the other non-management directors, i.e. retainer of $75,000 per year plus $500,000 of shares vesting 10% per year.  I think at a minimum they should waive the shares in this instance.  In Ben's shoes I think the right thing to do would be to refuse all comp, accepting only travel and other expenses.  Berkshire pays it's directors $900 per meeting attended in person and $300 by phone - with no options and no D&O insurance.Curious what other people think.

[Jurgis]

I think that directors are overpaid in general for the amount of work they do.

 

It is related to the other recent thread here about proxy voting and management being overpaid.

 

I don't vote against directors' fees in proxies. It's just so prevalent that BRK might be the only company not paying directors a middle class salary for attending 5 meetings a year.

 

I can understand why boards don't do anything to rock the management boat. If I was paid $100K to sit and do nothing, I might shut up and not ask questions either. Of course, nobody would want me on the board.  8)

(OT: I was on a board of a non-profit. Hated it.  8) )

 

I have no opinion about Ben Watsa and his compensation in particular.