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Download the full report here.

FW Cook's 2025 Director Compensation Report studies non-employee director compensation practices at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure.

At the median, year-over-year trend in total director compensation remained modest:

Large-cap: 2.4% growth year-over-year (median of $324,000)
Mid-cap: flat year-over-year (median of $264,000)
Small-cap: 2.4% growth year-over-year (median of $220,000)

This year's report also highlights how director pay growth has lagged relevant reference points over the last ten years, including growth in company size, executive pay trends, and expansion of the director role.  In particular, large-cap companies have had the lowest ten-year growth in director pay despite the highest growth in market cap.  As a result, market ranges are narrowing even as company sizes are stratifying.  This gradually renders interquartile positioning less and less meaningful for evaluating director pay, which may lead boards to consider additional lenses such as absolute positioning, company size and complexity, and growth in the scope and demands of the director role.

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