(RTTNews) - Renowned investor, philanthropist and chairman and CEO of Berkshire Hathaway Inc. (BRK.A; BRK.B) Warren Buffett announced the conversion of 1,600 A shares into 2.4 million B shares to provide the B shares to four family foundations.
Buffet, on Thanksgiving week, revealed the delivery of 1.5 million shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation.
Commenting on the donations, 93-year old Buffett said these donations are in fulfillment of his lifetime pledges made in 2006. He said, "My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will. They were not fully prepared for this awesome responsibility in 2006, but they are now."
He continued that, "After my death, the disposition of my assets will be an open book - no "imaginative" trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse."
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