Corporate directors made 11% more in 2008, despite 39% fall in S&P

The S&P 500 fell 39% last year, but that didn't stop directors from paying themselves 11% more, according to The Corporate Library.

"The median increase in total board compensation was just under 11%, while the median increase in compensation for individual directors was slightly higher, almost 12%," according to the report.

These figures should put to rest once and for all any notions of a pay for performance culture in corporate America. If shareholders lost 39% of their money while directors earned an additional 11%, it's hard to argue that there isn't as serious problem with corporate governance.