Kraft Heinz's (KHC) shock slide on Friday is bringing into question the company's corporate governance structure.

Shares of the consumer staples leader have cratered over 28% toward Friday's close after a poor earnings report, weak guidance, an SEC investigation disclosure, and a myriad of downgrades not only from analysts but from a ratings agency as well. That's a lot of news for one day.

The amount of bad headlines coming out in just one day's stock crash has some governance-focused investors begging the pardon of both Warren Buffett and his private equity partner 3G Capital, the majority stakeholders in the beleaguered company.

As Buffett prepares to address CNBC's Squawk Box for a special 3-hour interview on Monday, Martin Kremenstein, Head of ETFs at Nuveen Investments, said that addressing the board oversight at Kraft Heinz will be a key issue.

Kremenstein noted that the company's board is essentially not independent as it is populated largely with former Kraft, Heinz, or Berkshire Hathaway-subsidiary executives.

As such, its ballooning debt and private equity-powered strategy have not come under proper scrutiny.

Given the investigation into the company's accounting practices by the SEC, the need for sound oversight is only intensified.

For Kremenstein's full thoughts on what Buffett needs to address on Monday morning, check out the interview above.

For more on what to expect from Buffett, check out Real money's James "Rev Shark" DePorre for his priorities.