My vetoes are carefully explained and very well known to all of my executives, who agree to abide by them before they join the board. It’s a short list, but has worked well for many years. Without my express permission: 1. They may not vote anyone on or off the board. 2. They may not physically move the headquarters of the company. 3. They may not dispose of, or shut down, any substantial asset. 4. They may not purchase, or launch, any substantial new product or business. 5. They may not award themselves bonuses or salary increases. That’s it. No more vetoes. Within those guidelines, the
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