2025 S&P 500 Director Compensation Report

This report is a comprehensive analysis of the 2025 U.S. Spencer Stuart Board Index concerning director compensation across S&P 500 boards. It presents key findings on compensation levels for the year 2024, referred to as 2025 pay, and outlines significant year-on-year changes. The report details that the average total director compensation increased by 3% to $336,352, aligning with inflation rates. It documents the prevalence of stock awards, which are provided by nearly 60% of boards, while cash compensation constitutes 36%. The report also highlights the stability in the proportion of boards granting stock options, which remains at 3%. Additionally, it discusses trends over the past decade, noting shifts in compensation structures and the increasing prevalence of additional compensation for independent chairs and lead directors. The report further analyzes variations in compensation across different sectors and company sizes, providing a detailed overview of the evolving landscape of director pay.