sitting on the UnitedHealth Board monitoring and OKing company business ~~ nice part time job, these Boards of Directors, especially if one is a Director on more than one company's board
"Dr. Shalala served on the Compensation Committee until October 31, 2006"
nothing like a former Clinton Cabinet Secretary of Health & Human Services cashing in on our health insurance mess ... and, Kean, one of the 911 commissioners ...
2007 Proxy report to Stockholders filed with the SEC (for the previous 12 months' fiscal year)
Donna E. Shalala, Ph.D.
Fees Earned or Paid in Cash $67,500 + stock options
Tom Kean
Fees earned or paid in Cash $73,000 + stock options
x ___ years on Board
"As of December 31, 2006, our non-employee directors had the following options outstanding:; Mr. Kean — 378,720 shares; Dr. Shalala — 118,000 share"
Dr. Shalala is the President of the University of Miami. The University of Miami includes a general hospital and a physician group that have contractual agreements with the Company as part of the Company’s broad national network of 4,700 hospitals and more than 520,000 physicians and other care providers. During the University of Miami’s 2006 fiscal year, we paid approximately $32.3 million to the University of Miami for medical expenses on behalf of consumers who obtain health insurance from the Company. In addition, during the University of Miami’s 2006 fiscal year, self-funded customers of the Company paid the University of Miami approximately $15.3 million for medical expenses of their health benefit plan participants who received health care services from the University of Miami. Separately, the University of Miami purchased products from the Company with a value of approximately $14.6 million in fiscal 2006. In addition, in April 2007, the University of Miami announced its intent to purchase Cedars Medical Center in Miami, Florida from HCA, which will likely result in additional revenues paid to the University of Miami by the Company for medical expenses of customers received at Cedars Medical Center. The Company also contributed $1 million to the University of Miami, which was used to fund a clinic in Overtown, Florida to provide access to medical care by underinsured and uninsured members of the community. Dr. Shalala had no interest in any of these transactions and was not involved in the negotiations of any of the contractual agreements.
The Company believes that the pricing terms were determined on an arm’s-length basis and were within comparable range to other contracts with similar facilities in the South Florida market. After considering such information as it deemed relevant, the Audit Committee ratified the Company’s provider relationship with the University of Miami and its affiliates." As described under “Corporate Governance – Director Independence” and “Certain Relationships and Transactions” above, on January 30, 2007, Dr. Shalala was deemed to be a non-independent director under the NYSE rules and the Company’s Standards for Director Independence because the Board determined that the Company’s hospital and physician services network relationship with the University of Miami, where Dr. Shalala serves as the president, slightly exceeded 2% of the University of Miami’s consolidated gross revenues for the first time during its last fiscal year."All directors subject to the 20,000 share ownership requirement have satisfied the requirement
other than Dr. Shalala who is not seeking re-election.
http://www.sec.gov/Archives/edgar/data/731766/000119312507094764/ddef14a.htm#toc44075_33guess President of U of Miami does make ends meet (on top of any gov't benefits she might be getting, etc.)
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