Can an audit committee member be paid more than other directors?
No. The statute provides that audit committee members shall not receive greater compensation than board members receive for serving on the board. If, however, board members are entitled to compensation but choose not to accept it, audit committee members may be paid the same amount that directors are entitled to. Audit committee members who are also members of the board may be paid for serving as directors and also for serving on the audit committee, so long as their pay for serving on the audit committee does not exceed their pay as directors. • When must a charitable organization conduct an initial review of the compensation of its president or CEO and its treasurer or CFO? May it wait to do so until one of the events set forth in the new law occurs? The organization may wait until the occurrence of one of the events set forth in the statute to conduct its initial review of compensation. Those events are the hiring of the officer, the renewal or extension of the term of the officer’s
