One chooses Board service for remuneration, of course. But at least in my case, the opportunities for professional growth, for spirited interaction, and for learning new skills and new industries were major factors as well.

As regards the components of Director compensation, I favor more 'risk-based' components. In my day job my compensation is largely dependent on the success of the organization and of my functional area. Given the Board's influence over strategy and CEO selection, Directors should fare as the organization does.