Despite the stormy economic climate in the US, company directors' salaries surged by 10.9% in 2001, a new study has revealed.
Accountancy Age, 19 Aug 2002
By contrast, the average CEO saw an increase in pay of only 6.9%, according to the survey of 350 large US firms conducted by Mercer Human Resource Consulting.
The research by the New York-based company also highlighted the increasing role stock plays in pay packages. Stock grants made up 59% of pay in 2001 ? that's compared to 57% in 2000 and 44% in 1997.
Directors within the IT industry were top earners with average pay of $238,000, whilst those in retail were the lowest paid, coming in at an average of $95,000.
Peter Opperman, a consultant at Mercer, said: 'Companies don't change their director pay programmes frequently, so this isn't a case of directors enriching themselves while their company struggles.'
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