Midcap companies bump up their board pay.

• Position: DIRECTOR COMPENSATION

Ed. Note: Directors serving on a key index of midcap company boards have benefited from a respectable increase in their compensation, as documented by Buck Consultants in its latest survey, "Board of Directors Compensation Report for S&P MidCap 400 Companies." Median levels of total retainers from cash and equity are up over 20% from the firm's similar analysis two years ago. Companies across many industries are found in this index, with revenues from S900 million to $3.4 billion primarily represented. The index "contains many fast-growing companies where the need for highly qualified directors is very important," according to the firm. Excerpted from the survey, here are the firm's major findings, and more information about the study can be found at www.buck-surveys.com.

Some highlights from this year's study regarding board director compensation are:

* Median levels of total retainers from cash and equity are up over 20% from our analysis two years ago--driven mostly by higher equity retainers as stock prices are higher than two years earlier.

* The typical annual retainer is delivered with just under two-thirds in equity, and the balance in cash. This has not materially changed from two years ago. Smaller companies tend to provide slightly more equity than cash in comparison to larger companies.

* Grants of full value shares have generally continued to increase in relation to stock option grants at the smaller companies in our survey.

* The trend towards eliminating board meeting fees is continuing as only...