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42 percent of company directors want more pay

Newshub logoNewshub 10/08/2018 Newshub staff

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42 percent of New Zealand company directors are unhappy with their remuneration, the Institute of Directors (IoD) 2018 fees report has found.

The median pay for is $45,000 for non-executive directors and $36,000 for executive directors, and

The average time they spend on board matters is 127 hours, up from the median of 114 hours worked in 2014, and met six to 15 times a year.

IoD chief executive Kirsten Patterson said: "Directors are spending more time on strategy, performance, compliance and risk-oversight. Public scrutiny on performance and behaviour can be intense, and fiduciary responsibility is weighty."

Most non-executive directors have an average of four directorships, meaning that at the median rate they'd earn $180,000 a year.

An executive director is a board member who also has management responsibilities, while a non-executive director is not responsible for daily management operations.

Male board chairs earned a median fee of $54,029 while female board chairs were paid a median fee of $60,000. Women worked more hours at a median of 194 hours, compared to the 152 median hours worked by male board chairs.

Women comprise 34 percent of non-executive directors on boards in 2018 according to the report, an increase of 4 percent from 2017.

Ms Patterson said the increase is a "healthy trend" but the institute wants to see further movements towards diversity.

Most non-executive directors in the 2018 survey were New Zealand European at 85.3 percent, while 4.7 percent were Māori and 0.7 percent were Pacific peoples.

The report analysed data collected from 2,158 directorships and 792 members of the Institute of Directors of New Zealand.

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