One way is being on the board of a corporation. In this article, Sledd to keep Board jobs, the following paragraphs knocked me over.
Sledd serves on the board of two Richmond-based companies: tobacco giant Universal, since last year, and medical supplies distributor Owens & Minor, for two years. He has served on the board of Louisiana-based SCP Pool (now Pool Corp.) since 1996. He spends 10 to 15 days a year on the jobs.
He said he receives about $200,000 a year in compensation altogether, along with stock options.
That's right $200,000 plus stock options for 15 days work.
How many days of work does it take someone in the warehouse at either company make 200K? 4 years? They really make $50K a year? No, they make even less, so 8 years at about $12.50 an hour sounds about right.
But to Sledd, $200,000 is just money to give away. These companies NEED his help.
So let's say he makes $100 K per company. Universal has 10 board of directors. Owen's and Minor has 12.
Can you see where I am going?
These two companies could instead of paying $2.2 million for a board of directors, pay them nothing, since most of them don't need the money, in the same article Sledd says
Sledd said he donates hundreds of thousands of dollars to about 60 charities each year, including Homeward and the Healing Place, which both help the homeless, the Better Housing Coalition, Virginia Supportive Housing and Center Stage. He said his board services enable him to give to charity.
These companies could hire an additional 176 people. Less need for charity then.
But then, at this guy's level, it isn't about money because he already has enough. It is about prestige. "Look how much I give" and "Look how important I am."
The rest of us just want to pay the utilities and the rent.