• Fortune, Tuesday, February 7, 2017 9:32 AM

The swirl around Snap's impending initial public offering has hit a fever pitch and now new information is coming out about its board of directors. It seems that in its S-1 filing in preparation for its IPO, there is new information about the lack of diversity on its board. It seems that Snap has just one woman on its board, Hearst Magazines chief content officer Joanna Coles. The filing indicates that Ms. Coles earned the least in 2016 of any of the five directors who are paid; she was paid $110,866 in total compensation including a $35,000 salary retainer. While some might think that's not bad, considering Ms. Coles pulls down a hefty salary from her day job, the newest members of the board made nearly 10 times as much, according to Fortune.  "The next lowest-paid directors, on the other hand, made almost ten times that much: G100 Companies CEO Scott Miller and Intel Security Group senior vice president Christopher Young each received nearly $1.1 million each in 2016—and they only started in October." Now get this, the highest paid director is former Procter & Gamble chairman A.G. Lafley who joined Snap's board in July 2016--he made more than $2.6 million for the year and his deal includes a retainer of $200,000 annually, according to the report. Now how is this fair? And how are the compensation formulas worked out? Shame on Snap.

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