巴菲特伯克希尔哈撒韦公司-商业行为和道德准则

BERKSHIREHATHAWAYINC.

CODEOFBUSINESSCONDUCTANDETHICS

1.1Scope

ThisCodeofBusinessConductandEthics(“Code”)appliestoallBerkshireHathawayInc.(“Berkshire”)directors,officersandemployees,aswellastodirectors,officersandemployeesofeachsubsidiaryofBerkshire.Suchdirectors,officersandemployeesarereferredtohereincollectivelyasthe“CoveredParties.”Berkshireanditssubsidiariesarereferredtohereincollectivelyasthe“Company.”

2.1Purpose

TheCompanyisproudofthevalueswithwhichitconductsbusiness.Ithasandwillcontinuetoupholdthehighestlevelsofbusinessethicsandpersonalintegrityinalltypesoftransactionsandinteractions.Tothisend,thisCodeservesto:

.EmphasizetheCompany’scommitmenttoethicsandcompliancewiththelaw;.Setforthbasicstandardsofethicalandlegalbehavior;

.Providereportingmechanismsforknownorsuspectedethicalorlegalviolations;and.Helppreventanddetectwrongdoing.

GiventhevarietyandcomplexityofethicalquestionsthatmayariseintheCompany’scourseofbusiness,thisCodeservesasabroadviewofhowBerkshireandeachofitssubsidiariesshoulddirectthework,businessrelationships,decisionsandactionstakenontheirbehalfbytheirrespectivedirectors,officersandemployees.Whenconfrontedwithethicallyambiguoussituations,theCoveredPartiesshouldremembertheCompany’scommitmenttothehighestethicalstandardsandseekadvicefromsupervisors,managersorotherappropriatepersonneltoensurethatallactionstheytakeonbehalfoftheCompanyhonorthiscommitment.Whenindoubt,rememberWarrenBuffett’sruleofthumb:

“…Iwantemployeestoaskthemselveswhethertheyarewillingtohaveanycontemplatedactappearthenextdayonthefrontpageoftheirlocalpaper–tobereadbytheirspouses,childrenandfriends–withthereportingdonebyaninformedandcriticalreporter.”

3.1ViolationofEthicalStandards

3.1.1ReportingKnownorSuspectedViolations.

CoveredPartiesshouldreportknownorsuspectedillegalorunethicalbehaviortosupervisors,managersorotherappropriatepersonnel.TheseCoveredPartiesmayalsoreportquestionablebehaviorinthesamemannerastheymayreportcomplaintsregardingaccounting,internalaccountingcontrolsorauditingmattersbycontacting(anonymously,ifdesired)athird-partyorganizationcalledNAVEXGlobal(toll-freenumber800-261-8651orwebsiteat

).SeparateanonymousreportingproceduresareavailableforCompanyemployeesworkingoutsidetheUnitedStates.Noretaliatoryactionofanykindwillbepermittedagainstanyonemakingsuchareportingoodfaith.

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3.1.2AccountabilityforViolations.

IfadeterminationismadethatthisCodehasbeenviolated,whetherdirectly,byfailuretoreportaviolation,orbywithholdinginformationrelatedtoaviolation,theoffendingCoveredPartywillbesubjecttodisciplinaryactionuptoandincludingterminationofemploymentandpossibleliabilityfornon-compliance.ViolationsofthisCodemayalsoconstituteviolationsoflawandmayresultintheimpositionofcriminalpenaltiesandcivilliabilitiesfortheoffendingCoveredPartyandtheCompany.AllCoveredPartiesareexpectedtocooperateininternalinvestigationsofmisconduct.

4.1EthicalStandards.

4.1.1ConflictsofInterest.

AconflictofinterestexistswhenaCoveredParty’sprivateinterestinterferesinanywaywiththeinterestsoftheCompany.AconflictcanarisewhenaCoveredPartytakesactionsorhasintereststhatmaymakeitdifficulttoperformtheirworkfortheCompanyobjectivelyandeffectively.ConflictsofinterestmayalsoarisewhenaCoveredParty,ormembersoftheirfamily,receiveimproperpersonalbenefitsasaresultoftheCoveredParty’spositionattheCompany.LoanstoCoveredPartiesandguaranteesofobligationsofCoveredPartiesortheirfamilymembersmaycreateconflictsofinterest.ItisalmostalwaysaconflictofinterestforaCoveredPartytoworksimultaneouslyforacompetitor,customerorsupplier.

Conflictsofinterestmaynotalwaysbeclear-cut.ACoveredPartywithquestionsregardingapossibleconflictofinterestshouldconsultwiththeirsupervisorormanageror,ifcircumstanceswarrant,thechieffinancialofficerorchieflegalofficeroftheCompany.AnyCoveredPartywhobecomesawareofaconflictorpotentialconflictshouldbringittotheattentionofasupervisor,managerorotherappropriatepersonnelorconsulttheproceduresdescribedinSection3.1.1ofthisCode.

AlldirectorsandexecutiveofficersofBerkshireandthechiefexecutiveofficersandchieffinancialofficersofBerkshiresubsidiariesshalldiscloseanymaterialtransactionorrelationshipthatreasonablycouldbeexpectedtogiverisetoaconflictofinteresttotheChairofBerkshire’sAuditCommittee.

4.1.2CorporateOpportunities.

CoveredPartiesareprohibitedfromtakingforthemselvesopportunitiesthatarediscoveredthroughtheuseofcorporateproperty,informationorpositionwithouttheconsentoftheBoardofDirectorsoftheCompany.NoCoveredPartymayusecorporateproperty,informationorpositionforimproperpersonalgain,andnoemployeemaycompetewiththeCompanydirectlyorindirectly.CoveredPartiesoweadutytotheCompanytoadvanceitslegitimateinterestswheneverpossible.

4.1.3FairDealing.

CoveredPartiesshallbehavehonestlyandethicallyatalltimesandwithallpeople.Theyshallactingoodfaith,withduecare,andshallengageonlyinfairandopencompetition,bytreatingethicallycompetitors,suppliers,customers,andcolleagues.Stealingproprietaryinformation,possessingtradesecretinformationthatwasobtainedwithouttheowner’sconsent,orinducingsuchdisclosuresbypastorpresentemployeesofothercompaniesisprohibited.NoCoveredPartyshouldtakeunfairadvantageofanyonethroughmanipulation,concealment,abuseofprivilegedinformation,misrepresentationofmaterialfacts,oranyotherunfairpractice.

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4.1.4GiftsandEntertainment.

Thepurposeofbusinessentertainmentandgiftsinacommercialsettingistocreategoodwillandsoundworkingrelationships,nottogainunfairadvantagewithcustomers.NogiftorentertainmentshouldeverbeofferedoracceptedbyaCoveredPartyoranyfamilymemberofaCoveredPartyunlessit(1)isconsistentwithcustomarybusinesspractices,(2)isnotexcessiveinvalue,(3)cannotbeconstruedasabribeorpayoffand(4)doesnotviolateanylawsorregulations.TheofferoracceptanceofcashgiftsbyanyCoveredPartyisprohibited.CoveredPartiesshoulddiscusswiththeirsupervisors,managersorotherappropriatepersonnelanygiftsorproposedgiftswhichtheythinkmaybeinappropriate.

4.1.5InsiderTrading.

CoveredPartieswhohaveaccesstoconfidentialinformationarenotpermittedtouseorsharethatinformationforsecuritiestradingpurposes(“insidertrading”)orforanyotherpurposeexcepttheconductoftheCompany’sbusiness.Allnon-publicinformationabouttheCompanyshouldbeconsideredconfidentialinformation.ItisalwaysillegaltotradeinBerkshiresecuritieswhileinpossessionofmaterial,non-publicinformation,anditisalsoillegaltocommunicateor“tip”suchinformationtoothers.WhileallCoveredPartiesareprohibitedfrominsidertrading,Berkshirehasadoptedspecific“InsiderTradingPoliciesandProcedures”applicabletotheCompany’sdirectors,executiveofficersandkeyemployees(“DirectorsandCoveredEmployees”).ThisdocumentispostedonBerkshire’swebsiteandissentperiodicallytoDirectorsandCoveredEmployeesinconnectionwithcertificationofcompliance.

4.1.6Confidentiality.

CoveredPartiesmustmaintaintheconfidentialityofconfidentialinformationentrustedtothem,exceptwhendisclosureisauthorizedbyanappropriatelegalofficeroftheCompanyorrequiredbylawsorregulations.Confidentialinformationincludesallnon-publicinformationthatmightbeofusetocompetitorsorharmfultotheCompanyoritscustomersifdisclosed.ItalsoincludesinformationthatsuppliersandcustomershaveentrustedtotheCompany.Theobligationtopreserveconfidentialinformationcontinuesevenafteremploymentends.

4.1.7ProtectionandProperUseofCompanyAssets.

AllCoveredPartiesshouldendeavortoprotecttheCompany’sassetsandensuretheirefficientuse.Theft,carelessness,andwastehaveadirectimpactontheCompany’sprofitability.Anysuspectedincidentoffraudortheftshouldbeimmediatelyreportedforinvestigation.TheCompany’sequipmentshouldnotbeusedfornon-Companybusiness,thoughincidentalpersonaluseispermitted.

TheobligationofCoveredPartiestoprotecttheCompany’sassetsincludesitsproprietaryinformation.Proprietaryinformationincludesintellectualpropertysuchastradesecrets,patents,trademarks,andcopyrights,aswellasbusiness,marketingandserviceplans,engineeringandmanufacturingideas,designs,databases,recordsandanyunpublishedfinancialdataandreports.UnauthorizeduseordistributionofthisinformationwouldviolateCompanypolicy.Itcouldalsobeillegalandresultintheimpositionofcivilorcriminalpenalties.

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4.1.8CompliancewithLaws,RulesandRegulations.

Obeyingthelaw,bothinletterandinspirit,isthefoundationonwhichtheCompany’sethicalstandardsarebuilt.InconductingthebusinessoftheCompany,theCoveredPartiesshallcomplywithapplicablegovernmentallaws,rulesandregulationsatalllevelsofgovernmentintheUnitedStatesandinanynon-U.S.jurisdictioninwhichtheCompanydoesbusiness.

Berkshire’sProhibitedBusinessPracticesPolicysetsforthBerkshire’spolicyoncompliancewithlaws,specificallyaddressingsuchtopicsasprohibitedoffersorpayments,giftsandentertainment,transactionswithcertaincountriesandpersons,exportcontrols,anti-moneylaundering,accountingcontrols,andaccuraterecord-keeping.Berkshire’sProhibitedBusinessPracticesPolicyshouldbemadeavailabletoSeniorManagementandotherindividualswhomanagetheriskareasorarelikelytobefacedwiththecompliancerisksdescribedinthatdocument.

4.1.9TimelyandTruthfulPublicDisclosure.

InreportsanddocumentsfiledwithorsubmittedtotheSecuritiesandExchangeCommissionandotherregulatorsbytheCompany,andinotherpubliccommunicationsmadebytheCompany,theCoveredPartiesinvolvedinthepreparationofsuchreportsanddocuments(includingthosewhoareinvolvedinthepreparationoffinancialorotherreportsandtheinformationincludedinsuchreportsanddocuments)shallmakedisclosuresthatarefull,fair,accurate,timelyandunderstandable.Whereapplicable,theseCoveredPartiesshallprovidethoroughandaccuratefinancialandaccountingdataforinclusioninsuchdisclosures.Theyshallnotknowinglyconcealorfalsifyinformation,misrepresentmaterialfactsoromitmaterialfactsnecessarytoavoidmisleadingtheCompany’sindependentpublicauditorsorinvestors.

4.1.10SignificantAccountingDeficiencies.

TheCEOandCFOofeachBerkshiresubsidiaryshallpromptlybringtotheattentionofBerkshire’sChiefFinancialOfficer,DirectorofInternalAuditoritsSeniorManagerofEthicsandComplianceanyinformationtheymayhaveconcerning(a)significantdeficienciesinthedesignoroperationofinternalcontrolsoverfinancialreportingwhichcouldadverselyaffecttheCompany’sabilitytorecord,process,summarizeandreportfinancialdataor(b)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheCompany’sfinancialreporting,disclosuresorinternalcontroloverfinancialreporting.

4.1.11PoliticalandCharitableContributions

TheCompanyrespectsCoveredParties’righttoengageinpersonalandpoliticalgiving.Contributionsandactivitiesmustbelawful.PersonalgivingmustnotinvolvetheuseofCompanytimeorresources.TheCompanymustensurethatcharitablegivingonbehalfoftheCompanyalignswithstatedCompanyvaluesandmustnotbegivenasaconditionoforinordertoinfluenceabusinessdecision.

5.1Waivers

AnywaiverofthisCodeforexecutiveofficersordirectorsmaybemadeonlybytheCompany’sBoardofDirectorsoritsAuditCommitteeandwillbepromptlydisclosedasrequiredbylaworstockexchangeregulation.

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6.1ComplianceProcedures.

TheCompanyandCoveredPartiesmustworktoensurepromptandconsistentactionagainstviolationsofthisCode.Insomesituations,however,itisdifficulttoknowifaviolationhasoccurred.Becauseitisnotpossibletoanticipateeverysituationthatwillarise,itisimportantthattheCompanyestablishaprocesstoidentifyandescalatequestionsorproblems.Thesearethestepstokeepinmind:

.Makesureyouhaveallthefacts.Inordertoreachtherightsolutions,wemustbeasinformedaspossible.

.Askyourself: