According to a Cabinet meeting summary dated February 14, Cabinet approved an increase in pay for members of the board of directors of the Water Authority. To some members of the public who have not previously served on boards of Government companies, the amounts may seem high. For others who previously served on these boards, the increases are timely.
Concerning the Water Authority Board increases, the remuneration for the Chair was raised to CI$672 per meeting, the Deputy Chair will now get CI$552 per meeting and Ordinary Members will be paid CI$480 per meeting.
Generally speaking (with no specific reference to the Water Authority Board), the reason that some people may think the amounts are high is there is a perception that board members do very little work in exchange for the pay. Further, some believe that board appointments for Government companies should be done on a voluntary basis.
Those who are intimate with the roles of board members have a different view. They are aware that board members:
See also
Spend hours outside monthly or bi-monthly meetings researching board matters, including legislation related to those mattersSacrifice time away from family and work (time that you cannot get back)Assume the risk of becoming politically exposed persons (which can impact their personal lives and business)Are often professionals like lawyers and accountants whose normal hourly rates are far above what boards pay
Understanding the above and knowing what is required of board members allows members of the public to appreciate why they should be rewarded for their roles. The public may also see why their compensation should be reviewed from time to time to take into account the accompanying legal, fiduciary and reputational risks.
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