“WellPoint executives hemmed and hawed at questions pertaining to political spending at Wednesday’s annual shareholders’ meeting. Health plan members and union leaders, who represent members with WellPoint health insurance, wanted to ask CEO Angela Braly why the company spends money to influence policy that contradicts their business model.”
At the heart of the issue is their political spending and their corporate political action committee (PAC), called “WellPAC.” WellPoint has funneled money to front groups to fight health care reform while hindering states’ implementation of the Affordable Care Act and backing the extremist politics of the billionaire Koch brothers.
“As it stands WellPoint does not have a committee to oversee its political spending. This can lead to serious conflicts of interest without proper oversight. It also serves as a cause of why WellPoint participated in the U.S. Chamber of Commerce’s campaign to prevent the passage of the Affordable Care Act when the company endorsed it.”
“One shareholder presented Braly with 15,000 signatures on petition asking for more disclosure. The vote on greater disclosure took place prior to the open question and answer session. Shareholders overwhelmingly rejected the idea of greater disclosure but then again most shares tend to be held by executives.” [...]
“Over the last four years Braly has received $21.63 million in total compensation while the stock price of her company has dropped three percent. No word on what they have received on their investment of $4.4 million to dozens of federal politicians but things look good for the company… not for the people.”