Now in its third year, the U.S. Financial Services Board Index examines the data and trends in board composition, board practices and director compensation for the 79 S&P 500-listed financial services firms, providing a window into the governance trends affecting these companies.
Among the trends highlighted in this year's index:
- Financial services firms welcomed more new directors; 53 new independent directors joined S&P 500 financial services boards in 2012 compared to 45 in 2011.
- The profile of new directors has evolved, with the boards of financial services firms adding more women and financial services executives and fewer private equity professionals and retired CEOs. Of the new directors joining financial services boards in 2012, 30% are women.
- The private equity/investment sector registered the greatest decrease in representation among new independent directors (3% of new directors in 2012 compared to 11% in 2011).
- Average director compensation increased by 7% from $200,519 in 2011 to $214,852 in 2012.
- The sectors with the highest average director compensation were investment banking and brokerage, consumer finance, and asset management and custody banks.
- S&P 500 financial services firms were somewhat more likely to provide stock as part of director retainers in 2012 than in 2011 (23% on average, versus 20% increase in 2011).
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