Berkshire Hathaway announced that longtime Director Ronald Olson will step down from its board due to a new policy requiring directors, excluding Warren Buffett, to retire at age 80. Olson, 83, has been a director since 1997 and is a partner at the law firm Munger, Tolles & Olson. Buffett, who controls 30.3% of Berkshire’s voting power, is exempt from this age limit.

In a proxy statement for the May 3 annual meeting, Berkshire’s board unanimously recommended rejecting seven shareholder proposals. These included three proposals related to subsidiaries’ diversity and anti-discrimination efforts. The board deemed these proposals unnecessary, stating that subsidiaries set their own policies and that Berkshire’s approach is to “follow the law and do the right thing.”

Berkshire also disclosed that Buffett’s 2024 compensation was $405,111, consisting of his $100,000 salary and personal and home security costs. Vice Chairmen Greg Abel and Ajit Jain saw their compensation increase to $21 million each. Abel, 62, oversees non-insurance businesses, while Jain, 73, manages insurance operations.