Directors pay is going up, according to a new study from the Corporate Library.

Directors' pay has gone up 12 per cent and the explanation given is that it's because of the increased workload. According to those stats, directors are now putting in 200 to 225 hours a year, compared to 150 hours previously. Much of this is also because of the impact of Sarbanes-Oxley. Just ask anyone who now serves on an audit committee.

There are also claims that there is a shortage of qualified candidates but the reality is that, more often than not, boards wanting to recruit are not looking in all the right places.

Still, the perceived shortage plus the workload means that compensation for company directors will continue to soar. There's still a long way to go.