Lawrence Cunningham is the Henry St. George Tucker III Research Professor of Law at the George Washington University Law School. This post is based on Mr. Cunningham’s recently published book, The Buffett Essays Symposium: Annotated 20th Anniversary Transcript.
Warren Buffett spoke from the front row about director stewardship: “As a stockholder, I’m really only interested in the board accomplishing two ends. One is to get a first class manager and the second is to intervene in some way when even that first class manager will have interests that are contrary to the interests of the owners.”
The occasion was a 1996 symposium I hosted with Warren, and his business partner Charlie Munger, featuring Buffett’s letters to Berkshire shareholders, which I had rearranged thematically in The Essays of Warren Buffett: Lessons for Corporate America.
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