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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Graham mackay

Graham Mackay

Graham Mackay

  • Between 2008 and 2012 he made
  • $1,495,625
  • as a director, more than 75% of all directors
  • Paid CEOs an average of
  • $30,304,091
  • in the last year of his directorship, more than 91% of all directors
  • Decreased CEO pay by an average of
  • $12,920,688
  • between 2008 and 2012, only 6% of directors decreased pay more
  • Shares of his companies increased by
  • 92.4%
  • between 2008 and 2012, better performance than 88% of all directors

The Graham Mackay Stock Index

From October 2008 to December 2012, if you bought shares in companies when Graham Mackay joined the board, and sold them when he left, you would have a 92.4 percent return on your investment, compared to a 47.2 percent return from the S&P 500.

Graham Mackay's companies

Philip Morris International

Oct. 31, 2008 to July 26, 2016

Other board members at Philip Morris International during this time were Carlos Slim Helú, Harold Brown, J. Dudley Fishburn and 8 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, Philip Morris International SEC filings (2008, 2009, 2010, 2011, 2012).

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