July 24, 2011
Most of America’s 50 Richest Funds Pay Their Board Members
When James Buchanan Duke signed his name to the document that would create the Duke Endowment in 1924, the tobacco and hydroelectric-power tycoon gave clear instructions that are still followed nearly 90 years later. The fund continues to have 15 trustees who meet 10 times a year, and its founding document is still read aloud on an annual basis.
And it also still follows Mr. Duke’s order to pay its board members.
Duke is hardly alone. A Chronicle analysis finds