The NZ Institute of Directors (IoD) has released its 2018 IoD Directors Fees’ report.
The data is based on a survey of 2,158 director positions, covering 792 IoD members and 1,546 organisations. The Institute does not release much information on its findings, retaining the majority of data for paying survey users.
The median NED fee has increased over the past year from NZ$44,000 to NZ$45,000.
The 2.3% increase is lower than the 2.9% increase experienced by Australian NEDs from the ASX 300 between 2016 to 2017 reported in Guerdon Associates research in March (See HERE), though higher than the 1.6% increase experienced by Chairmen.
The median female Chairman fee was NZ$60,000 while the median male chairman fee was NZ$54,029.
The number of women NEDs on boards increased by 4% to 34%. This news comes after the NZ Minister for Women last month reportedly threatened quotas if private businesses do not appoint more women directors (See HERE).
The number of hours directors work on each board has increased from 106 hours a year to 127 hours. Almost 80% of directors meet 6 to 15 times a year. The new NZX Corporate Governance Code (Which also requires better remuneration disclosure see HERE) has added to boards’ workloads.
Most of the directors in the survey had four directorships, with a total annual income of $180,000.
Only 58% of directors were satisfied with what they were paid.
The IoD release detailing survey results can be found HERE.
© Guerdon Associates 2023 Back to all articles