Easy Street: McClatchy pays its board of directors good money

Talk about a cushy job:

During fiscal 2008, McClatchy paid its non-employee directors an annual retainer of $40,000 per year plus $2,000 per day for in-person attendance at meetings of the Board of Directors and $1,500 for attendance at committee meetings. Attendance at regular Board meetings by teleconference was compensated at one-half the rate for in-person attendance. Committee chairpersons, other than the chairs of the Audit Committee and the Compensation Committee, received an additional $7,500 per year for their services.

The Audit Committee chairperson received an additional $12,500 per year for his services and the Compensation Committee chairperson received an additional $8,500 per year for his services. McClatchy also [reimbursed non-employee directors for reasonable expenses] incurred by them in connection with the business and affairs of McClatchy.

The Board of Directors determined that non-employee directors would not receive [stock or option awards] in fiscal 2008.

To see the compensation MNI's directors received in 2008, click here. Other than Anthony Ridder (who has essentially flown the coop), MNI's lowest-paid director made $72,557, and the company's highest-paid director made $105,445.

It's a great gig for the inept -- the money keeps rolling in, no matter how deep into the pit McClatchy sinks.
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