What is Holacracy?

Holacracy has been appearing on my radar quite a bit of late, having been recommended by several management and OD consultants I know in the UK, US and The Netherlands.

Ok so enough with the funny name already, what is Holocracy?

What is holacracy? Holacracy is an operating system for organizations looking to embed flexibility and effectiveness in their core processes, such as meetings, decision-making processes and the organizational structure. This operating system consists of an organizational structure, a governance structure, and three principles that enable the organization to steer dynamically.”
Realize (I view them as Integration Training’s long lost Dutch cousins)