IT sounds like good work if you can get it, and thousands of people in corporate America do. On average, they attend 8 to 12 meetings annually. Although they are supposed to have fiduciary obligations, they often appear simply to warm their assigned seats, and to raise their hands when their leader calls for a vote. For that, they can receive as much as $640,000 a year.
Who are these people? Company directors, who are typically handpicked from other companies, banks, academia and, in some cases, social directories.
But underworked, overpaid corporate boards are doing serious harm to the shareholders of public companies and the economy as a whole, according to “Money for Nothing: How the Failure of Corporate Boards Is Ruining American Business and Costing Us Trillions” (Free Press, $27), by John Gillespie and David Zweig.
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