A Quote by Charlie Munger
We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting; it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.
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Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of Berkshire, so it isn't because of large holdings. It's because we have a really unusual shareholder body that thinks of itself as owners and not holders of little pieces of paper.
I think every responsible public board at every board meeting should be discussing succession. And, of course, Walmart has a very mature board: our chairman Rob Walton and other members. So succession is an ongoing. I think when I first joined the board of directors, it was discussed then. And it's discussed at every board meeting continually.
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
When I was first elected to the Colorado State Board of Education in 2000, we had to carry a big binder filled with hundreds of pages to every meeting. By 2004, the State Board had gone paperless. We even persuaded the less-tech-savvy members to use laptops to pull up their information during meetings.
Lots of entrepreneurs don't want to be hassled by a board of directors early on. The entrepreneurs want to control the company, don't want to be responsible to a board, or don't want to waste time communicating with board members. This is a classic error of thinking about the early stage board incorrectly.
Can you imagine what five or 10 dollars was like in 1925? In those days, you could get room and board for $1.50 a week. Room and board!
Give serious thought to why your company should care about your strategy. Specifically, find problems that the board wants to be solved. What are senior managers scared of? Part of becoming a credible strategic thinker is learning effective approaches to selling ideas for your situation. You’ll know that you’re getting better at selling (or pitching) strategy when managers start coming to you when there is strategic thinking to be done.
When the founder of World Energy Solutions Inc. assembled his first board in 2000, it consisted of nine investors and friends. The group met quarterly, generally affirming Domaleski's every action. But the Worcester, Mass., company, which auctions electricity and gas credits, lacked customers and financing. It needed more from its board to survive.
It's a bit disappointing when board members who don't know a thing about football are making decisions on your career. When you look at it you've got coaches, senior players and CEO's who wanted me but then it gets to a board meeting and you've got fat businessmen who are making the decision on your career. It was frustrating and it made me a bit angry.
If we're united, I wouldn't care about a White school board getting me a little something. The hell with the school board; that's the White supremacy board and the White supremacy board wants you reading stupid books rooted in the idea of White supremacy. I don't want a thing to do with White supremacy.
The company [Microsoft] really has to chart a direction in mobile devices. Because if you're going to be mobile-first, cloud-first you really do need to have a sense of what you're doing in mobile devices. I had put the company on a path. The board as I was leaving took the company on a path by buying Nokia, they kind of went ahead with that after I told them I was going to go. The company, between me and the board, had taken that sort of view. Satya, he's certainly changed that. He needs to have a clear path forward. But I'm sure he'll get there.
My dad got me a huge board when I was little. He loves to surf. He suited me up and sent me out on this huge wave. I went under, and when I came out and the board hit me in the face. So I said, I never wanted to do this again. I stayed away until I was 13.
Being on a board is not just about showing up for the meetings. A board member needs to materially contribute to the success of the business.
As board members, we only meet infrequently and are not as engaged with the front line, necessarily. The first thing I did as CEO was I left this board room.
There were certainly those who rubbed their eyes in astonishment. But when we held a company discussion forum with Joschka Fischer, interest was high. Six hundred senior managers came to the meeting. In the end, there was tremendous applause for Fischer, because he offered a precise analysis of the challenges our industry faces worldwide.
The role of a board of directors is to be a sounding board for the vision of the company - to hold executives accountable in executing that vision and to ensure a management succession plan is in place.
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