Warren Buffett: Annual Letter Comments Regarding the Selection of Corporate Directors
Berkshire Hathaway 2003 Annual Report: Pages 9-10 (bold added):
True independence – meaning the willingness to challenge a forceful CEO when something is wrong or foolish – is an enormously valuable trait in a director. It is also rare. The place to look for it is among high-grade people whose interests are in line with those of rank-and-file shareholders – and are in line in a very big way.
