Warren Buffett
Chairman and chief executive of Berkshire Hathaway, 1970–2025
The extraordinary delegation of authority now existing at Berkshire is the ideal antidote to bureaucracy. In an operating sense, Berkshire is not a giant company but rather a collection of large companies. At headquarters, we have never had a committee nor have we ever required our subsidiaries to submit budgets (though many use them as an important internal tool). We don't have a legal office nor departments that other companies take for granted: human relations, public relations, investor relations, strategy, acquisitions, you name it. We do, of course, have an active audit function; no sense being a damned fool.
Recorded
Berkshire Hathaway annual shareholder letter, Berkshire Hathaway Inc., 27 February 2015
source ↗