Members of Boulder-based Clovis Oncology Inc.’s board of directors are among the most highly compensated — at least on paper. But a single-day dive in the company’s stock from to means they probably won’t be able to cash in.
As of Thursday, the stock was trading at $13.82 per share.
Clovis’ board members accounted for spots No. 3 through 10 in total director compensation for fiscal year 2015, according to data on Colorado’s publicly traded companies provided by S&P Global Market Intelligence*. Four seats are held by members of the company’s compensation committee.
The eight board members, seven men and one woman, received a combined $4.94 million. Each received $562,399 in options awards. The rest came in director fees that ranged from $45,000 to $80,000 per person.
Each director’s compensation is broken down in .
Clovis’ stock climbed from July 2014 until it plummeted in November. Then in April, an advisory panel , rociletinib.
Clovis officials did not respond to requests for comment about board compensation.
Summit Materials chairman Howard L. Lance, last year’s most highly paid board member, earned more than five times what the second-place earner, Intrepid Potash co-founder Hugh E. Harvey Jr., made.
Lance received $4.76 million, most of which came through stocks and options. Summit officials declined to comment on his compensation.
The company went public in March 2015. Its initial public offering was listed at $18 a share. The stock hit a high of nearly $29 a share in May 2015 and a low of about $14 in February.
A breakdown of Lance’s compensation, as well as that of Summit Materials’ two other board members, is available in .
Harvey took in $905,000. The company’s stock followed a downward trend throughout 2015 and reached a low of about $0.65 per share in March of this year. It’s hovered around $1.50 a share in June. Compensation for Harvey and the company’s four other board members is listed in .
The median 2015 compensation for the 580 board members was $175,000. The average was about $184,000, pulled up by Lance’s figure.
Among the 107 companies, total board member compensation averaged nearly $1 million.
High director pay can compromise director independence, said Brandon Rees, deputy director of the AFL-CIO Office of Investment.
“When you are making upwards of half a million a year to serve on the board, and face the possibility of not being renominated, you are incentivized to collaborate with management,” he said.
*Numbers for Liberty Media and Liberty Interactive were not included in the data.
