Aida Alvarez
BILL HoldingsAbout Aida Alvarez
Independent director at BILL since 2022; age 76; Harvard University B.A. in English. Alvarez serves on the Nominating and Corporate Governance Committee and is deemed independent under NYSE and SEC rules; her current term expires at the 2027 annual meeting . During fiscal 2025, the Board reported that each director attended at least 75% of Board and relevant committee meetings, with the Board meeting five times; fiscal 2024 attendance was also at least 75%, with ten Board meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Small Business Administration | Administrator (Cabinet member) | 1996–2001 | Oversaw ~$60B in guaranteed loans and venture capital supporting SMBs; informs financial oversight and regulatory perspective . |
| Office of Federal Housing Enterprise Oversight (OFHEO) | Inaugural Director | 1993–1996 | Established agency; ensured capital adequacy and stability of Fannie Mae and Freddie Mac across ~$1T secondary mortgage market . |
| First Boston Corporation (acquired by Credit Suisse) | Vice President, Public Finance | 1988–1993 | Investment banking experience in capital markets and public finance . |
| Bear Stearns Companies, Inc. | Vice President, Public Finance | 1985–1988 | Structured financing and advisory roles . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Fastly, Inc. (NYSE: FSLY) | Director | 2019–Present | Alvarez currently serves; note interlock with BILL director David Hornik, also a director at Fastly . |
| Stride, Inc. (NYSE: LRN) | Director | 2017–Present | Education technology board role . |
| HP Inc. (NYSE: HPQ) | Director | 2016–2025 | Advised on strategic transactions, including Samsung Printing Solutions acquisition context cited in biography . |
| Oportun Financial (Nasdaq: OPRT) | Director | 2011–2022 | Consumer fintech lending oversight . |
| Walmart Inc. (NYSE: WMT) | Director | 2006–2016 | Large-cap retail governance experience . |
| MUFG Union Bank | Director | 2004–2014 | Banking governance and risk oversight . |
| PacifiCare Health Systems (now UnitedHealth Group) | Director | 2003–2005 | Managed healthcare oversight . |
Board Governance
| Topic | Detail |
|---|---|
| Committee assignments | Nominating and Corporate Governance Committee member . |
| Independence | Determined independent by Board under NYSE and SEC standards; all members of core committees are independent . |
| Attendance | ≥75% Board/committee attendance in FY2025 and FY2024; policy encourages attendance at annual meetings . |
| Lead Independent Director | Allie Kline; independent directors meet in executive session regularly . |
| Risk oversight | Board restructured risk allocation (2023): Cybersecurity Committee and Audit Subcommittee on Compliance & Payments Operations Risk; quarterly briefings and oversight of AI/data . |
| Governance practices | Annual self-evaluations, stock ownership guidelines, clawback policy (executives), no hedging/pledging by directors, ongoing refresh and sunsetting of protective provisions considered annually . |
Board and Committee Meeting Activity
| Metric | FY2024 | FY2025 |
|---|---|---|
| Board meetings (count) | 10 | 5 |
| Audit Committee meetings | 9 | 8 |
| Compensation Committee meetings | 6 | 8 |
| Nominating & Corporate Governance meetings | 4 | 4 |
| Cybersecurity Committee meetings | 4 | 4 |
| Director attendance threshold | ≥75% | ≥75% |
Fixed Compensation
| Component | FY2024 | FY2025 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $36,500 | $39,000 |
| Annual Board cash retainer schedule | $32,500 (Board); Lead Independent Director $17,500; committee chairs/members per schedule below | $35,000 (Board); Lead Independent Director $20,000; committee chairs/members per schedule below |
Committee cash fee schedule (FY2025):
- Audit: Chair $20,000; Member $10,000
- Compliance & Payments Ops Risk Subcommittee: Chair $8,000; Member $4,000
- Compensation: Chair $15,000; Member $7,500
- Nominating & Corporate Governance: Chair $10,000; Member $4,000
- Cybersecurity: Chair $15,000; Member $7,500
No perquisites; reasonable travel reimbursements; outside compensation consultants engaged for program competitiveness (Compensia in FY2025; Semler Brossy reviewed for FY2026) .
Performance Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Stock Awards ($ grant date fair value, ASC 718) | $199,994 | $200,010 |
| RSUs outstanding (# as of fiscal year-end) | 4,048 (June 30, 2024) | 2,095 (June 30, 2025) |
| Option awards outstanding (#) | None | None |
| Annual director equity program terms | Annual RSUs ≈$200,000 granted at annual meeting; vest on earlier of next annual meeting or 1 year | Same; new directors receive initial RSUs ≈$400,000 vesting in three equal annual installments |
Non-employee director equity is time-based RSUs (not PSUs/options), designed to align with stockholder value and refresh annually; new director initial awards are ~$400,000 vesting over three years .
Other Directorships & Interlocks
| Company | Type | Interlock/Conflict Note |
|---|---|---|
| Fastly, Inc. (FSLY) | Current | Alvarez and BILL director David Hornik both serve on Fastly’s board; informational interlock, not a direct competitive conflict with BILL . |
| Stride, Inc. (LRN) | Current | No identified conflict with BILL . |
| HP Inc. (HPQ) | Former | No identified conflict with BILL during tenure . |
| Oportun (OPRT), Walmart (WMT), MUFG Union Bank, PacifiCare/UnitedHealth | Former | No related-party transactions disclosed involving Alvarez at BILL . |
Expertise & Qualifications
- Enterprise risk management across cybersecurity, payments, and regulatory domains; governance; senior leadership experience .
- Led large-scale federal financial systems (SBA; OFHEO) and public finance at top investment banks .
- Public company board experience across technology, banking, fintech, healthcare; supports oversight of governance, risk, and long-term value creation .
Equity Ownership
| Metric | FY2024 | FY2025 |
|---|---|---|
| Beneficial ownership (shares) | 4,064 | 10,207 |
| Ownership % of outstanding | <1% (“*”) | <1% (“*”) |
| Breakdown (held vs within-60-day vesting) | Held: 4,064 | Held: 8,112; plus RSUs vesting within 60 days: 2,095; total 10,207 |
| Director stock ownership guideline | 5× annual cash retainer; all incumbent directors achieved or are expected to achieve within 5 years | |
| Hedging/pledging | Prohibited by policy for directors and executives |
Governance Assessment
- Alignment: Independent director with deep regulatory and risk background; governance contributions via Nominating & Corporate Governance Committee (succession, sustainability oversight, board refresh) .
- Engagement/attendance: Meets ≥75% attendance thresholds; Board and committees active with structured risk oversight (cybersecurity and payments operations risk subcommittee) .
- Compensation/ownership: Modest cash fees tied to committee service; equity in RSUs aligns with shareholders; complies (or on track) with 5× retainer ownership guideline; no hedging/pledging .
- Conflicts/related parties: No related-party transactions disclosed involving Alvarez; no family relationships; one informational interlock with Fastly via co-director Hornik, not a direct conflict for BILL’s business .
- RED FLAGS: None disclosed (no pledging, no related-party transactions, attendance met, compensation standard for peers). Monitor informational interlocks and committee independence, but current disclosures indicate compliance with NYSE/SEC independence and robust governance practices .