As one of the world's wealthiest individuals, Warren Buffet's wallet alone would wield power. But Buffet also sits on the boards of businesses that include Borsheims Jewelry Co., the Gillette Co., MidAmerican Energy Holdings, Geico, Citigroup Global Markets Holdings, the Washington Post Co., the Bill & Melinda Gates Foundation, and The Urban Institute (as a life trustee), and serves as a Trustee of Grinnell College. Buffet also is a member of The American Academy of Arts and Sciences. He believes in a hands-on board.
"In my view, a board of directors of a huge financial institution is derelict if it does not insist that its CEO bear full responsibility for risk control," Buffett wrote in his annual letter to Berkshire Hathaway shareholders this year. "If he's incapable of handling that job, he should look for other employment. And if he fails at it -- with the government thereupon required to step in with funds or guarantees -- the financial consequences for him and his board should be severe."