Chapter 8 of Berkshire Beyond Buffett: An Excerpt and Link (The following is an excerpt from Chapter 8, Autonomy, from Lawrence Cunningham’s upcoming book,Berkshire Beyond Buffett: The Enduring Value of Values; the full text of the chapter, which considers the case for Berkshire’s distinctive trust-based model of corporate governance, can be downloaded free here] . . . Berkshire corporate policy strikes a balance between autonomy and authority. Buffett issues written instructions every two years that reflect the balance. The missive states the mandates Berkshire places on subsidiary CEOs: (1) guard Berkshire’s reputation; (2) report bad news early; (3) confer about post-retirement…
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