Principles are ways of successfully dealing with reality to get what you want out of life.
Ray Dalio, one of the world’s most successful investors and entrepreneurs, cites principles as his key to success.
That is because an idea meritocracy needs to operate in accordance with agreed-upon principles and to be evidence-based and fair instead of following the more autocratic and arbitrary decisions of the CEO and his or her lieutenants. Rather than be above the principles, the people responsible for running the organization must be evaluated, chosen, and--if needed--replaced in an evidence-based way according to rules, just like everyone else in the organization. Their strengths and weaknesses, like everyone's, must be taken into consideration. Collecting objective data about all people is essential for this. And you need good tools to convert data into decisions in agreed-upon ways. Moreover, the tools allow the people and the system to work together in a symbiotic way to improve each other.