New Zealand-owned company directors are likely to be paid nearly 60 percent less than their overseas counterparts.
The annual Institute of Directors' fees report also found directors' pay packets have increased 4 percent since last year, but claim their workloads have increased by 41 percent.
Directors Institute chief executive Simon Arcus says New Zealand is lagging.
"Some of the disparity between New Zealand and overseas is to do with scale obviously, however it does show quite a difference when you think about the fact the risks and the liabilities are the same, whatever jurisdiction you're in."
He's concerned the current pay levels might imply the directors are not properly valued. Only half of those surveyed said they were satisfied with their level of remuneration.
The report also shows only one in every seven members on a board of directors is female, which Mr Arcus says is concerning.
"We think that the lower median income for women probably also reflects the higher number of women working in the not-for-profit sector, and that sector has always traditionally paid either very little, or often nothing."
Maori non-executive directors make up less than 2 percent of boards.