March 14 (Reuters) - Berkshire Hathaway ( BRK/A ) said on

Friday longtime Director Ronald Olson will be leaving its board

because of a policy change requiring directors, except for

Warren Buffett, to step down after turning 80.

In a proxy statement for its May 3 annual meeting in Omaha,

Nebraska, Berkshire also said its board unanimously urged the

rejection of seven shareholder proposals, including three on its

subsidiaries' diversity and anti-discrimination efforts.

Berkshire also said Buffett's compensation was $405,111 in

2024, comprising his usual $100,000 salary plus personal and

home security.

Vice Chairman Greg Abel, who is expected to succeed Buffett

as chief executive, and Vice Chairman Ajit Jain saw their

compensation grow $1 million to $21 million each.

Abel, 62, oversees non-insurance businesses such as the BNSF

railroad and Berkshire Hathaway Energy, while Jain, 73, oversees

insurance businesses such as Geico car insurance.

Olson, 83, is a partner at the law firm Munger, Tolles &

Olson, and has been a Berkshire director since 1997.

He is leaving Berkshire's 14-member board because of the new

age limit in its corporate governance guidelines. All other

directors apart from Buffett are 75 or younger.

Olson did not immediately respond to requests for comment.

Buffett is excused from the age limit because he controls

30.3% of Berkshire's voting power, triggering an exception for

people who control at least 5%.

The 94-year-old billionaire also owns about 14.4% of

Berkshire stock. He would be allowed to remain a director upon

retiring, if the independent directors want him to stay.

Shareholder proposals include resolutions by conservative

investors that Berkshire report on how its business practices

affect employees based on race, color, religion, sex, national

origin and political views, and on risks from its subsidiaries'

race-based initiatives.

Berkshire's board called both reports unnecessary, saying

subsidiaries set their own policies and "Berkshire's approach is

simple - follow the law and do the right thing."

The board also opposed a proposal to create a committee to

oversee diversity and inclusion, saying its audit committee

already oversees diversity matters.

It also said a proposal to have independent directors

oversee risks associated with artificial intelligence was

unnecessary and inconsistent with Berkshire's decentralized

culture.