By Investing.com Staff
Warren Buffett's Berkshire Hathaway (NYSE:BRKa) (NYSE:BRKb) said it received an official notice of noncompliance from the NYSE following news that independent director David S. Gottesman died on September 28, 2022.
Gottesman's death made the company out of compliance with Section 303A.01 of the NYSE Listed Company Manual which states that the Board of Directors must be comprised of a majority of independent directors.
Prior to Mr. Gottesman’s death, the Board of Directors was comprised of eight independent directors and seven non-independent directors.
On September 30, 2022, as required by Section 303A.12 of the NYSE Listed Company Manual, Berkshire Hathaway submitted an interim written affirmation to the NYSE as a notice of noncompliance with Section 303A.01 of the NYSE Listed Company Manual.
On October 3, 2022, the Company received an official notice of noncompliance from the NYSE. The NYSE notice stated that the Company will need to correct the noncompliance as promptly as practicable.
The Berkshire Hathaway Board of Directors said it intends to appoint a new independent director as soon as practicable.