Here are the DEF 14A proxy statements from Biglari Holdings Inc. (BH) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A DEF 14A covers the proxy statement, with executive pay and the shareholder votes, so if you follow BH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BH filings page.
Biglari Holdings Inc. calls its annual shareholder meeting for April 8, 2026 in San Antonio to elect five directors and ratify Deloitte & Touche LLP as independent auditor for 2026. Holders of 211,176.1 Class A shares outstanding as of February 26, 2026 may vote, with each share entitled to one vote.
Chairman and CEO Sardar Biglari, age 48, remains both controlling shareholder and capital allocator, with beneficial ownership representing about 73.1% of the Class A voting power. Three of the five director nominees are classified as independent under New York Stock Exchange standards, and the company relies on controlled-company exemptions from some governance requirements.
Executive pay is highly concentrated: in 2025 Mr. Biglari received salary of $900,000 and no bonus or equity, while Controller Bruce Lewis received $1,300,000 in salary. The company highlights an incentive agreement for the CEO based on return on equity for operating businesses and discloses a 2025 CEO-to-median employee pay ratio of roughly 58 to 1.
The proxy also details related-party arrangements, including performance-based investment fees and a rolling service agreement with entities owned by Mr. Biglari, as well as compensation to certain family members employed or consulting within subsidiaries. Shareholders receive guidance on how to submit director nominations, communicate with the board, and bring proposals to future annual meetings.