Life in the Boardroom: How Turnover Shapes Remuneration?

For the 2025/26 edition of Life in the Boardroom, MM&K collected responses from Chairs and NEDs who hold a total of 435 board appointments, surveying them on their fees, their use of time, and their opinions and experiences on topics such as board governance, board effectiveness, and more.

The survey highlights a clear and consistent trend: there is a strong positive correlation between fee levels, both for Chairs and NEDs, and company size, measured by turnover. As turnover increases, remuneration for Chairs and NEDs rises accordingly. This relationship is illustrated in the chart below, which shows the average total fees across selected turnover brackets. Full details are available in the complete report.

This pattern is no coincidence. As organisations grow, the demands placed on their boards increase. Larger organisations typically involve greater complexity, more decisions, and higher levels of responsibility. Chairs and NEDs in these environments are therefore expected to bring wider expertise, commit more time, and work under closer scrutiny.

Viewed in this context, the rise in remuneration is a natural market response. Fees are not just increasing with turnover. They reflect the greater scope, time commitment, and risk that are associated with board roles in larger, more complex organisations.

More detailed analysis on the remuneration, time use, opinions, and experiences of Chairs and NEDs can be found in our 80+ page report on 435 boardroom positions. You can download a free report preview and find out more here.

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