Blockbuster Board Doubles Compensation11 Apr, 2005 By: Erik Gruenwedel
A governance committee of Blockbuster Inc. last month recommended an increase of board members' annual retainer fees in 2005 from $50,000 to $100,000.
The fees, which include 50 percent in cash and 50 percent in Blockbuster common stock, were outlined in filings with the Securities and Exchange Commission.
Chairs of the audit and compensation committee increased their annual retainer fees from $7,500 to $10,000 and $5,000 to $7,500, respectively. Finally, the board established for the first time a $7,500 compensation fee to the chair of the governance committee.
A Blockbuster spokesperson said since the company was no longer a subsidiary of Viacom, it intended to pay its “board members competitively.”