U.S. public corporations spent an average of just over $1 million on board compensation last year, according to a study of more than 3,000 U.S. companies by The Corporate Library. These payments included the total of director cash payments, equity awards, and changes in value of pensions and non-qualified deferred compensation amounts.
Nearly one-third (32%) of the companies in the study paid less than $500,000 in compensation to the full board last year. At the other extreme, nine companies paid over $2 million in cash director fees in 2006, including American International Group, Honeywell International, and Northrop Grumman. One company -- Valero Energy -- spent over $30 million on its board of directors, with most of that pay going to a single director, William E. Greehey. The amount of total board compensation varied based on market capitalization.
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