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CalPERS Criticizes Executive Compensation At UnitedHealth
On Tuesday, officials for the California Public Employees Retirement System, the nation's largest pension fund, said that UnitedHealth Group must explain $2.4 billion in stock options issued to UnitedHealth Chair and CEO William McGuire and other executives, Bloomberg/Los Angeles Times reports (Bloomberg/Los Angeles Times, 4/26). Federal officials currently are investigating the circumstances under which McGuire received some of the "$1.6 billion in unrealized gains he holds" in company stock options, the Wall Street Journal reports. A federal civil lawsuit has been filed alleging that McGuire, UnitedHealth Chief Operating Officer Stephen Hemsley and several company directors harmed shareholders through the issue of backdated stock options. The UnitedHealth board has launched an investigation into the issue, and the company has received a related telephone call from the Securities and Exchange Commission (Bandler, Wall Street Journal, 4/25). In a letter sent to James Johnson, chair of the compensation committee of the UnitedHealth board, Rob Feckner, president of the CalPERS board, demanded a conference call prior to the annual shareholder meeting. Feckner wrote that he seeks to discuss "serious threats to the credibility, governance and performance of UnitedHealth." The letter criticized UnitedHealth for failure to explain how the dates for the issue of stock options to executives were determined in previous years and "inconsistent" disclosure of the program (Fuhrmans, Wall Street Journal, 4/26). Feckner wrote, "These stock option grants are an insult and add injury in a market of skyrocketing health care costs in America, and ... we find this intolerable and unsustainable." He added, "As I'm sure you are aware, these allegations have unleashed a torrent of concern about the ability of the board of directors to properly govern UnitedHealth" (Phelps, Minneapolis Star Tribune, 4/25). In addition, the letter raised concerns about a potential two-tier retirement package for McGuire (Chan, Sacramento Bee, 4/25). CalPERS also threatened to withhold votes for McGuire and the two other directors who are seeking re-election. Pat Macht, assistant executive officer of public affairs for CalPERS, said, "We're leaning that way unless they can convince us otherwise" (Wall Street Journal, 4/26). UnitedHealth spokesperson Mark Lindsay said, "We take very seriously the concerns raised in the letter from CalPERS." He added that UnitedHealth hopes to meet with CalPERS to explain the stock options issued to executives (Minneapolis Star Tribune, 4/25). Implications
According to the Journal, the move by CalPERS, which holds 6.55 million UnitedHealth shares, "could spur other investors to join in its criticism." In addition, the move "increases pressure on UnitedHealth's board to more fully explain its past option-award practices soon, even though its board only launched a probe into them earlier this month," the Journal reports (Wall Street Journal, 4/26).
"Reprinted with permission from http://www.kaisernetwork.org. You can view the entire Kaiser Daily Health Policy Report, search the archives, or sign up for email delivery at http://www.kaisernetwork.org/dailyreports/healthpolicy. The Kaiser Daily Health Policy Report is published for kaisernetwork.org, a free service of The Henry J. Kaiser Family Foundation . © 2005 Advisory Board Company and Kaiser Family Foundation. All rights reserved.
CalPERS criticã executiv compensare la UnitedHealth - CalPERS Criticizes Executive Compensation At UnitedHealth - articole medicale engleza - startsanatate
