Pay Pals


CEO pay is determined by a company’s board of directors. Those directors are compensated for the time they spend shaping the company’s strategy. Here’s what the Fortune 100 executives paid each other from 2008 to 2012.

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Frank Borelli

Frank Borelli

  • Between 2008 and 2012 she made
  • $878,237
  • as a director, more than 43% of all directors
  • Paid CEOs an average of
  • $8,515,950
  • in the last year of her directorship, more than 22% of all directors
  • Decreased CEO pay by an average of
  • $1,771,806
  • between 2008 and 2012, only 25% of directors decreased pay more
  • Shares of her companies increased by
  • 59.0%
  • between 2008 and 2012, better performance than 95% of all directors

The Frank Borelli Stock Index

From January 2008 to May 2011, if you bought shares in companies when Frank Borelli joined the board, and sold them when she left, you would have a 59.0 percent return on your investment, compared to a -7.3 percent return from the S&P 500.

Frank Borelli's companies

Express Scripts Holding

Jan. 1, 2000 to May 1, 2011

Other board members at Express Scripts Holding during this time were Barrett A. Toan, Frank Mergenthaler, Gary G. Benanav and 9 more.

His Yearly Compensation
Yearly Payments to CEOs
  • Stock Performance is the difference between a director's stock index and the S&P 500.
  • A director's stock index is an unweighted index of company stock performances while they sat on the board.
  • CEO pay includes salary, bonuses, stock sales, and other payments.
  • Average CEO Pay is calculated using the last year a director sat on the board of each company.
  • Stock returns do not include dividends.
  • All directors refers to people who sat on the board of at least one Fortune 100 company between 2008 and 2012.

The Pay Pals project relies on financial research conducted by the Center for Economic Policy and Research.

Sources: Google Finance, Yahoo Finance, Express Scripts Holding SEC filings (2011).

By Shane Shifflett, Jay Boice, Hilary Fung and Aaron Bycoffe