March 21 (Reuters) - Myer Holdings Ltd MYR.AX :
* BOARD APPROVED A REDUCTION IN BOARD FEES.
* CHAIRMAN'S FEE HAS BEEN REDUCED FROM $350,000 TO $300,000
* MYER HOLDINGS - AGREED ALL BOARD MEMBERS WILL TARGET SHAREHOLDING IN CO THAT IS EQUIVALENT TO AT LEAST ONE YEAR'S DIRECTOR'S FEES WITHIN THREE YEARS
* HOUNSELL WILL RECEIVE A TRANSITIONAL PAYMENT OF $83,333 PER MONTH UNTIL COMMENCEMENT OF A NEW CEO