For more than 30 years, Korn/Ferry’s annual survey of company directors has provided a regular ultrasound scan of the boardroom. The latest, the executive-search firm’s 32nd, just released, provides another welcome peep into the inner workings of an institution that has been affected quite dramatically by recent legislation. For instance, Korn/Ferry finds that American boards’ audit committees met on average nine times in 2005, almost twice as often as in 2002 when the Sarbanes-Oxley Act was passed. For all their extra work, boards are being rewarded more highly too. The annual fee and retainer of a director of a Fortune 1000 company was $76,707 in 2005, a 35% increase on 2004.
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