© 2019 by Steven Hall & Partners LLP.

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2019 Director Compensation Study


This represents Steven Hall & Partners’ thirteenth annual study of compensation paid to non-employee directors. Our review included 600 companies in the following three groups:

  • Top 200 – 200 companies with the largest revenues in fiscal 2018

  • Mid Cap 200 – 200 companies included in the S&P MidCap 400®

  • Small Cap 200 – 200 companies included in the S&P SmallCap 600®


Director Pay Limits

  • In 2018, director pay limits were disclosed by 59% of Top 200 companies, 41% of Mid Cap 200 companies and 50% of Small Cap 200 companies

  • Among the director pay limits disclosed, the majority of limits are within a range of 2x – 5x the limit type (equity, cash, total compensation)



2018 Director Compensation Snapshot

Among the three groups studied, the Top 200 pays the highest compensation to directors, followed by Mid Cap 200 and Small Cap 200 companies, respectively. In 2018, median total compensation for the Pro Forma Director ranged from $188,550 at Small Cap companies to $309,333 at Top 200 companies.