From a recent interview in Barron's:

"You are a longtime friend of Warren Buffett's, and now, a Berkshire Hathaway board member. The company pays no officers' or directors' insurance. Why take the risk?

It is a duty. Berkshire has been run with enormous transparency, integrity, a long-term orientation, and a culture of stewardship. It is run by the greatest investor in history.
Who would say no to that opportunity? That's the present. As for the future, every activist and investment banker will argue that in a world without Warren and Charlie
[Berkshire Vice Chairman Charlie Munger], Berkshire unorthodox structure should not persist. I think Berkshire is worth defending. Warren has assembled a collection of long-lived
assets that will produce cash flow for decades to come. If we had a Latin motto in my family, it would be the Latin for work before play. Eat your vegetables, then you get dessert.
Being on the board of Berkshire is a bit like getting dessert first: the chance to be with Warren and Charlie. The vegetables will come when they aren't there, when the job of the
board will be to protect this precious culture."

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