For the latest Warren Buffett, go to WarrenBuffettNews.com – Buffett has been a board member of 19 different companies, but no one ever wants him to be on a comp committee. They hate rationality to come into that discussion. The best way to affect the decision of board members is to embarrass them. That’s why the press can be useful in that regard. If a few institutional investors would speak out, then they could quickly change the world as well. Mostly, the board members look at it as a lucrative social experience, and they don’t want to rock the boat. If the top 5 institutional investors would speak up about an issue that matters, then they could easily change things. They just need to focus on the right issue and not dilute it by speaking about a whole bunch of other irrelevant issues. There are 4 questions that get asked by the audit committee of Berkshire. One of the most important questions is that if the auditor himself were to put together Berkshire’s books, would he have done it in the same manner?
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