UnitedHealth Group, Minnetonka, Minn., said its board approved a number of bylaw amendments to strengthen corporate governance. Under the proposed changes, which must be approved by shareholders at the insurers 2007 annual meeting, directors would serve one-year terms and stand for re-election at each annual meeting. Currently, directors serve staggered three-year terms. In addition, directors would be elected by a majority vote instead of a plurality, except in contested elections. The proposed changes come as UnitedHealth, the nations second-largest health insurer, works to emerge from a stock-options scandal that last year resulted in a management shake-up. The company is under investigation by the Securities and Exchange Commission for allegedly manipulating the dates stock options were awarded in order to maximize their value to top executives.
UnitedHealth alters bylaws
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