Warren Buffett explains the problem with corporate boards

Today Warren Buffett shared his thoughts on the current state of corporate boards in his annual shareholder letter (pdf). This comes after Goldman Sachs announced last month that it won’t take companies public unless they have at least one “diverse” member on the board. Having served as a director of 21 publicly owned companies (including Berkshire, Kraft Heinz, Coca-Cola, and Gillette), Buffett has yet to see a CEO who craves an acquisition bring in a board member who is against it—including himself.