Warren Buffett discussed this in his 2007 letter to shareholders
Buffett says that "90% of your job as a director is having the right CEO."
"There is a natural tendency for people with big egos and big motors who get to be CEOs who like to do big things and to become bigger spending other people's money. Normally, when big deals come along [for approval] management has already made the deal anyway, they have investment bankers there that will go through a little ritual - I've never seen one come in and do a presentation which says it's a dumb idea! They know what the answer is supposed to be, and it becomes a little game."
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