Warren Buffet

I. CORPORATE GOVERNANCE
Many annual meetings are a pay off of conviction, both for fateholders
and for management. Some quantify that is true because management
is reluctant to open up on matters of communication channel substance.
More much a non-productive sitting is the fault of shareholder
participants who are more concerned close their bear moment on
stage than they are about the affairs of the corporation. What
should be a meeting place for business discussion becomes a forum for theatrics,
spleen-venting and advocacy of issues. (The deal is irresistible:
for the price of one share you get to tell a captive audience
your ideas as to how the creation should be run.) Under such circumstances,
the quality of the meeting often deteriorates from grade to
year as the antics of those interested in themselves reprove attendance
by those interested in the business.
Berkshires meetings are a diametric story. The number of
shareholders attending grows a bit each year and we have yet to
experience a silly drumhead or an ego-inspired commentary.2 Instead,
we get a wide variety of thoughtful questions about the business.
Because the annual meeting is the time and place for these,
Charlie and I are happy to answer them all, no matter how yen it
takes.



(We cannot, however, respond to written or phoned questions
at other times of the year; one-person-at-a-time reporting is a
poor use of management time in a company with 3,000 shareholders.)
3 The only business matters that are off limits at the annual
meeting are those about which candor might cost our company real
money. Our activities in securities would be the main example.4
A. Owner-Related Business Principles5
1. Although our form is corporate, our attitude is partnership.
Charlie Munger and I hazard of our shareholders as owner-partners,
and of ourselves as managing partners. (Because of the size of our
shareholdings we are also, for better or worse, controlling partners.)
We do not view the company itself as the...If you want to get a full essay, order it on our website: Ordercustompaper.com



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