Pay for mutual fund directors inched up in 2008

Year-over-year median compensation paid to mutual fund directors increased an average of 4.2% last year, bringing it to $49,000, from $47,000, according to a study released today by Management Practice Inc., a Stamford, Conn. consulting firm for independent fund directors. The increase follows more than five years of double-digit increases. The overall increase in median pay is due to a number of factors, including additional meetings called by many boards to deal with issues related to the credit crisis, according to the study. There were a few cases in which boards decided to take pay cuts, but it appears that most boards are keeping their pay at current levels. The relatively slight increase in board pay isn’t a surprise, said Jeff Kiel, president of Keil Fiduciary Strategies LLC, a Littleton, Colo.-based industry adviser. “Most fund shareholders have just realized a quite substantial loss,” he said.