Director pay continued to climb last year, according to a new survey from Mercer Human Resource Consulting.

Over the last four years, median director pay has increased almost 50 percent, to $155,000, including increases in both cash compensation (up 10 percent) and equity (up 30 percent) in 2004. Compensation had risen only 2.3 percent in 2003, and 8.4 percent in 2002.

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