One of the worst rackets I've ever encoutered, and I've encountered it at multiple companies, is the whole board salary thing.
The way it works is this;- Say I have some shitty acronym-as-a-service startup, no path to profitability, not even a minimum viable product, but lots of buzzwords. Seems like a way of accruing a lot of debt with no way to pay it off. Well.... Retirement funds to the rescue! It doesnt matter if I'll never be a good investment, as long as I can offer investors a $250K "job" on the board. See those investors aren't investing their own money. They are in *charge* of that pot of money and apparently have no fiduciary duty to make good investment decisions. So they give me a couple of mil to keep the lights on for a few months, and all they have to do is turn up once a year to the AGM and maybe join a few investor calls. And thats a free $250K wage for them, not their fund. There might be 10 of these parasites on the board, but for that $5 mil in wasted nonsense money the company gets 20 mil to pay the wages of this nonsense company.
And nobody will ever say "Hey this is a terrible idea!", because everyones getting paid.. Startups are getting funded, wages are being paid. The investors are happy, Everyone wins. Except the poor fools who actually own the money being invested.
That is to say;- Your grandmother.
But even then, That investor has 20 of these things going on. He's making millions of dollars a year to keep for himself, and as long as a few of those are earning big dollars, the lines will keep going up so grandma won't complain as long as her chunk of retirement funds seems to increase. Its not like she's ever asked the hard questions on why her retirement fund manager is driving a McLaren supercar. After all, arent bank guys always rich? And if they are rich, they must know what they are doing?
The C-Suite are bad. The Board is worse.