Most stock funds lost money last year, but fund directors got a raise. Directors compensation at USA’s 50 largest fund companies rose 8.2% with the medium salary hitting $113,000 for directors overseeing more than $60 billion in assets, according to a survey released earlier in April 2003 by Stamford, Connecticut based consultant Management Practice Inc. “To some it will seem perverse but Directors got paid more in a down market because they really need to spend time doing this work,” said C. Meyrick Payne, a senior partner with management practice which does consulting work for fund boards.

Directors can be any one from the financial services executives to prominent figures in other fields. They're typically insured by the funds they overseen but Mr. Payne says heightened scrutiny and oversight responsibilities resulting from a Capitol Hill governance reforms like the Sarbanes-Oxley Act make these jobs onerous and less attractive at lower pay. Still, being a fund director, is hardly a full time job for the vast majority who did it. Those at small funds groups tend to meet about four times a year, while those at bigger firms may meet 11 times for two days at a time.

Computer Associates, the world's fourth largest software group, which Mr. Kumar has run for almost 3 years has been attacked by former employees and shareholders over it standards and business practices. The company, which sell software to more than 95 percent of Fortune 500 companies, is under investigation by the US Securities and Exchange Commission and the Department of Justice following concerns about its accounting practices. Since Sam Wyly, a Texas billionaire made two unsuccessful challenges to the company's board last year. CA has appointed a lead independent director and limited the company's management to three board seats as part of principles to embrace New York Stock Exchange guidelines.

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