Agenda’s study of the most overpaid and underpaid boards includes repeats in both categories.

Some of the explanations are illuminating:

At Goldman, total comp for directors actually decreased in 2020 to a flat $450,000 per director, from $575,000 in 2019. Of course, the change was a concession that Goldman’s board made this year to settle with investors who sued in 2017 for breach of fiduciary duty over high director pay levels. The new comp mix comprises $350,000 in restricted stock unit grants and $100,000 in an annual cash retainer. According to Goldman spokesman Patrick Scanlan, the RSU grants don’t vest until a director leaves the board.

Several firms strongly disagreed with our calling their boards overpaid, either because of a few outsize awards in their retirement packages, an incentive plan for one director or charitable contributions.

Agenda – Listed: The Most Overpaid and Underpaid Boards (Jan. 4)