Corporate directors among highest paid part-time employees in America – The Boston Globe

Michael Heffernan earned $1 million from Ocata Therapeutics Inc. in Marlborough last year, including stock and stock options. William D. Young received $1.7 million in compensation from Vertex Pharmaceuticals Inc. of Boston. And Phillip A. Sharp hauled in $1.9 million from Cambridge-based Alnylam Pharmaceuticals Inc.

But the men are not chief executives or vice presidents. They’re not even full-time employees.

They’re corporate board members, receiving premium paychecks in exchange for, typically, attending a meeting every few weeks. The Boston Globe calculated the men earned more per board meeting than the average Major League Baseball player received per game.

Like pay for chief executives, compensation has skyrocketed for board members at publicly traded companies across Massachusetts and the United States over the past 15 years, even as wages have stalled for most American workers.

Board pay has nearly doubled at the 200 largest US public companies since 2000 to a median of $258,000 last year, according to a Globe analysis of data from the National Association of Corporate Directors. And the pay — which is typically set by the board members themselves — has risen at an even faster clip at smaller and midsize companies. By contrast, weekly wages for full-time US workers overall rose just 37 percent during the same span, according to the Bureau of Labor Statistics .

via Good work if you can get it: Corporate directors among highest paid part-time employees in America – The Boston Globe.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s