In 2024, the highest-paid independent non-executive director (INED) of a Hong Kong-listed company earned US$1.67 million. Meanwhile, the lowest-paid INED received just 6,000 yuan (US$867.94). This extreme pay gap of nearly 2,000 times is much wider than in other major markets. The data comes from a survey by the Hong Kong Independent Non-Executive Director Association (HKINEDA), based on over 2,600 listed companies' annual reports. Experts say that such a wide pay difference can cause problems. Robert Lee Wai-wang, a financial services lawmaker, said, "Too wide of a disparity may indicate quality issues with attracting talent in the case of low fees, or a lack of independence if fees are too high." He added, "Striking a proper balance helps companies attract suitable personnel to join boards." The top-paid director worked for United Company Rusal, Russia’s largest aluminium producer. The lowest-paid director was with Haina Intelligent Equipment International, a maker of automated machines for disposable hygiene products based in Fujian province. Looking at the top 10 earners in the survey, their average pay was HK$4.34 million (US$555,333). This was 202 times more than the average pay of HK$21,466 for the bottom 10 earners. By comparison, US S&P 500 companies have much smaller pay ranges—between US$28,000 and US$360,000 last year, a factor of 12, according to recruitment firm Spencer Stuart. The large pay gap in Hong Kong may point to challenges in attracting skilled directors at lower pay levels and possible lack of true independence for very high-paid directors. This raises questions about how well boards can govern and manage risks effectively.