Protesters Picket WellPoint AGM

WellPoint’s stock price has faltered and protesters picketed its annual shareholder meeting Wednesday morning. The protest, led by Hoosiers for a Commonsense Health Plan, drew about 50 people. Protesters, mostly senior citizens, toted signs reading, “Health Care for People Not Profit,” and “Universal Health Care Now!”

Meanwhile, a “say on pay” proposal which would have allowed shareholders to issue a non-binding advisory vote on executive compensation each year, failed to gain enough votes to be approved. Representative Denise Nappier, treasurer of the state of Connecticut issued the proposal.

During the meeting, WellPoint re-elected six directors, and CEO Angela Braly answered questions and gave a presentation about the company’s business, which has struggled lately. "We do believe the economic environment is affecting our membership," Braly said. She added, "WellPoint has the best value proposition in the industry."

While the proposal was not approved, Nappier’s representative, Ed Ramthun said, “There seems to be growing support for the concept.” According to Ramthun, eleven companies have approved “say on pay” proposals since 2007. As reported in Directorship’s February/March issue, Aflac and Verizon’s adoption of say on pay has paved the road for other shareholder groups to file the proposal.