Corporate board members in Massachusetts are making millions of dollars for what’s essentially a part-time job, according to The Boston Globe.
Pay for board members has increased during the last 15 years, and the instances of astronomical pay are not isolated to Massachusetts. Board members across the country are making such high wages that they sometimes earn more per meeting than a Major League Baseball player makes per game, according to the Globe.
Although board members report that the work required in the role has increased during recent years, they still average five hours or less on the job per week.
Corporate watchdogs worry that the pay may discourage board members from making vital decisions for companies in favor of decisions that benefit their position, according to the Globe.
“When you start looking at director compensation that looks like managerial compensation, that’s where you run into problems,’’ said Charles Elson, director of the Center for Corporate Governance at the University of Delaware.
Read the full story, the first in an occasional series called “The Board Game,’’ at the The Boston Globe.