Like most of the content in HBR – since the new editor in chief joined and succeeded in making the publication coach outlet, well discount oakley sunglasses, more magazine-y – Pozen’s article is compelling and raises interesting questions. For example, I wonder if doubling the pay would succeed in attracting the talent that Pozen indicates is needed.
A longtime buddy of mine, who is rocketing his way toward the promised executive land in one of the world’s largest companies, recently asked me what corporate directors earn.
It turns out that my estimate was on the money – and so was my suggestion to rethink the type of person who should serve as a corporate director.
The highlights of Pozen’s plan include:
• Making the corporate director a professional position;
• Boosting average S&P 500 director pay from roughly $213,000 annually to $400,000 per year;
• Reducing the size of boards to six or seven members;
• Requiring most directors to possess industry expertise; and
• Requiring directors to devote a heck of a lot more than the 200 hours per year Pozen estimates that most directors currently dedicate to their oversight responsibilities.
In the December issue of Harvard Business Review (which, like New York Magazine and Esquire, has absolutely hit its stride as an excellent read just as the magazine era comes to a close), Robert Pozen proposes applying some disruptive innovation to board composition.
I guessed that the average amount was roughly his annual salary minus incentive compensation. And then I asked him to consider appointing a nontraditional director discount oakley sunglasses, one with loads of risk-management and corporate governance research and writing experiences, once he starts floating director candidates to boards in a few years.
For those of you considering director positions beyond the S&P 500 barrier, here are some broader director compensation facts and figures just released by Equilar:
• The median total board-level compensation at S&P 1500 companies was $142,500 in 2009. This figure does not include fees for committee service.
• Audit committees met most frequently, followed by compensation and governance committees.
• Governance committee members were the most tenured of the three groups. ###
The article, “The Case for Professional Boards coach outlet,” also proposes interesting changes to the composition of director pay – essentially, by increasing the stock-based proportion of pay from an average (for S&P 500 boards) of 58 percent to 75 percent.
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