RiskMetrics does not expect director pay to rise by the same amount it did during last year, after a study found the median S&P/ASX 100 non-executive director chairperson received $396,880, up more than 10 per cent in 2008.

The study, commissioned by the Australian Council of Super Investors (ACSI) and conducted by RiskMetrics, found director pay rose 10.9 per cent from 2008, while the median non-executive director's fees rose by more than 8 per cent to $176,528.

Despite this increase, Dean Paatsch, director at RiskMetrics, said the firm did not expected the same incremental increase next year given some directors have had their pay frozen.

"We don't expect to be similar increments to last year at all given the pay freezes that have been implemented for some executive and non-executive directors," said Paatsch.

The study also found the boards of Australia's largest 100 companies reported their smallest level of turnover in years during 2008.

There were only 79 new appointments to S&P/ASX 100 company boards, down from 106 in 2007 and 134 in 2006 and 2005.

Ann Byrne, chief executive at ACSI, said this trend could be a response to companies focusing their attention on ensuring the business remains profitable given the economic conditions.

"There is some new evidence that boards are starting to renew themselves - it was entirely appropriate last year for directors to focus on getting through the crisis over issues of renewal," said Byrne.

The number of women on S&P/ASX 100 boards is also steadily declining. Women held just over 11 per cent of S&P/ASX 100 board seats in 2008, a fall of just over 1 per cent from 2007.