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In our view, based on our considerable boardroom experience, the least independent directors are likely to be those who receive an important fraction of their annual income from the fees they receive for board service (and who hope as well to be recommended for election to other boards and thereby to boost their income further). Yet these are the very board members most often classed as "independent".

Warren Buffett, Chairman of Berkshire Hathaway

From the 2004 Chairman's Letter

Posted Apr 17, 2005 | # | Category: Quotations

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