Only a few years back, serving on a company's board was a fairly easy way to collect serious pin money while seeing old friends a few times a year. Not anymore.
"My time requirements have definitely increased," said Frank Lucchino, a member of U.S. Steel Corp.'s board since 2003 and a former director at Allegheny Technologies and at National Steel.
"Clearly, when I look back at my 12 years on boards, the issues are more complicated now, and certainly the responsibilities and the reading have increased," said Lucchino, an Allegheny County Court of Common Pleas judge and former controller of Allegheny County.
Result: Most corporate directors these days are getting paid more for working harder -- as shareholders can see by reading proxy statements for their upcoming annual meetings.
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