Liberal Democrat strategist Lord Razzall holds the most, with 21 posts, followed by former Labour Treasury spokesman Viscount Chandos, with 17, according to a study undertaken by the Financial Times.
A total of 15 MPs held more than 150 directorships, while on average there was one directorship for every two MPs.
In total there were 819 directorships held in parliament, with Tories dominating the list with one in three Tory MPs holding a post and one in two Tory Lords represented. A quarter of Labour MPs sit on company boards.
The news drew stinging rebuke from the Trade Union Congress, which questioned how an MP could perform the duties required of a non-executive director while at the same time take on the fulltime job of representing constituents.
The results of the survey comes as the Higgs review is undertaken, investigating the role of non-executive directors, following the debacle at Enron.
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