It’s not every day that CEOs from some of America’s most valuable companies, across several different industries, meet in secret to plan the future of the American company.
But that’s exactly what leaders like Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan Chase, and Mary Barra of General Motors, to name a few, have been doing intermittently over the past year, as they worked to put together a set of principles that should guide the governance of public companies at a time when fewer entrepreneurs are deciding to sell shares on public markets.
The meetings culminated in an open letter published Thursday morning on the websitegovernanceprinciples.org.
This is a bit like allowing the fox to set the rules of the hen house.Something must be really bothering these characters if they are willing to spend significant time on this effort.
A quick glance at the "principles" suggests to me that it will make things even more difficult for small publicly traded companies. as if things aren't bad enough for them.
Welcome to crony America.