Fund directors' median compensation rose by 4.2 percent to $49,000 in 2008, according to Management Practice Inc. This marks a continuation of a trend of slower growth after more than five years of double-digit increases since the passage of Sarbanes-Oxley and the dawn of the fund scandals at the beginning of the decade.

In the biggest asset group, director compensation fell 1.4 percent last year.

The 4.2 percent rise in median compensation is likely due to additional meetings and other trends like the increase in committee chair pay.

Last year, some boards held bi-weekly meetings after the Reserve's Primary Fund broke the buck, noted C. Meyrick Payne, senior partner at Stamford, Connecticut-based Management Practice Inc.

MPI's data includes 2,140 directors from 411 fund families.  

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