Mutual fund directors, 50% of whom are independent, are nonetheless a "mockery of stewardship," Warren Buffet told Berkshire Hathaway shareholders in his annual letter, The Wall Street Journal reports.

As they fail to keep investment fees in check and replace investment advisors, most independent directors of mutual fund boards fail their mandate, Buffet said. "When you are seeking investment help yourself, those two goals are the only ones that count," Buffett wrote. "Yet when it comes to independent directors pursuing either goal, their record has been absolutely pathetic."

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