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Mutual Fund Directors' Compensation Skyrockets
A great job if you can get it. This year the 50 top-compensated mutual fund directors are receiving an average of $234,420. Given the (lack of) time that directors actually work, the hourly pay figures to be $1,000 per hour.
Here's the problem for investors. Fund directors are supposed to be independent -- supposed to guard the best interests of investors in the fund, and not the best interests of the funds' management. But how independent can they be with this kind of pay? In fact, Ralph Ward, editor of the newsletter, Boardroom Insider, claims that excessive pay is directly correlated to how cozy directors get with managers of the mutual fund.
Source: Investment News, March 20, 2000
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