Skip work, more pay!

April 6, 2004

Imagine how your boss might feel about you only showing up to work 25% of the time. How long do you think you’d be able to keep that job before being booted out the door? My guess is not very long. Former U.N. Ambassador Richard C. Holbrooke, who’s on the board at Quebecor World (IQW) only showed up for 2 of the company’s 8 meetings last year. Yet, he still managed to collect the full $50,000 paid to the other directors, each of whom attended at least 75% of the company’s board meetings. He also received $5,000 — for the two meetings he did attend. In addition, Quebecor paid Holbrooke, who joined the board last April, an additional $112,500 last year as part of a consulting contract. That’s $167,000 for what can charitably be called a part-time job. Under the contract, Holbrooke is required to provide consulting services and make personal apperances, for which he is paid $150,000 a year. Holbrooke also sits on two other boards — AIG (AIG) and Human Genome (HGSI) . While those two companies don’t break out attendance by director as Quebecor does, their proxies note that all directors attended 75% of the meetings.

Leave a Reply

You must be logged in to post a comment.