The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fund Directors Get 8 Percent Raise Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 31, 2003

Fund Directors Get 8 Percent Raise

by: Sean Hanna, Editor in Chief

Directors of funds advised by the 50 largest fund firms took home an average check in 2002 that was 8 percent bigger than in 2001. The median compensation of this group was $113,000 last year, according to a survey by Stamford, Connecticut-based Management Practice Inc. based on SEC filings.

While two cost conscious firms -- Vanguard Group and American Funds -- both raised board director pay, Fidelity and Janus both cut costs in this area. The average Fidelity director earned $262,450, down a little from $266,050 while Janus slashed director compensation to between $94,000 and $184,000 from a flat $185,000 in 2001.

Despite giving directors a slight raise, Vanguard still paid an average of only $110,500, though.

The biggest checks were brought home by the independent directors of Putnam Investments' funds. That group earned an average of $228,000 in 2002, up from $207,000 in 2001. John Hill, vice chairman of First Reserve Corp., was the Putnam director earning the largest compensation. His pay totaled $388,250, down from $403,500 in 2001.

The highest paid director at the 50 fund complexes was Joseph DiMartino, who earned $816,000 for serving on 189 fund boards for Dreyfus.

One explanation offered for the increase in director compensation is the growing thicket of regulations of funds specifically involving the boards. Top on that list is last year's Sarbanes-Oxley legislation. As a result, directors are finding they must attend more board meetings and spend more time devoted to board issues.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use