Compensation for U.S. corporate board members rose nearly 20% last year, in part because corporate governance reforms have forced directors to attend more meetings and do more board-related work, according to a survey released Tuesday by research firm Corporate Library.
The median board compensation was $801,500 in the most recent fiscal year, the survey of proxy filings from the 2,000 largest public companies found. The median is the point at which half the directors earned more and half earned less.
Individual directors saw their compensation rise 16.5% from the same period a year earlier, including cash and equity retainers, committee retainers and meeting fees, according to data from Corporate Library, based in Portland, Maine.
"I think there has been a general increase in the amount of time directors have had to spend on board business," said Paul Hodgson, senior research associate at Corporate Library.
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