I think you are confusing board member / trustee duties with an employee with a salaried job.  This is typical for a board member of a bank and it is not calculated as per hour.

Now if you're making a general societal statement that no company board members should be making money off the companies they own unless they are working F/T for it, then okay, but you'll have to topple our current system of capitalism to do so.  Maybe that would be a good thing.  But to put it all on one person when this is how boards work is kind of ridiculous.