The reasons why fees are at the level they are include more comprehensive governance systems and greater use of sub-committees and more formal management of the chief executive officer.
McGill said changes to legislation had also increased board member's responsibility in the last few years.
"The highly public role and major reputational risks associated with board membership has translated into higher remuneration rates and a scarcity of appropriate candidates."
McGill said the level of talented, qualified and available individuals was relatively small in New Zealand.
Board chair pay has increased 14 per cent in the last five years with the highest fees paid to chairs of boards of companies within primary industries.
The lowest fees were paid to people who chair boards for not-for-profit organisations.
The research found overall governance fees had increased by an average of 2.1 per cent per annum over the last three years with 43 per cent of its survey respondents confirming they had adjusted fees in the last year.
The survey was completed in February 2016 and included responses from 2,226 board members from 356 organisations across the country.