Congress' Look at Executive Pay Includes Regence
As chairman of the House Energy and Commerce Committee, Waxman’s asking the nation’s largest insurers to disclose their CEO salaries, bonuses, profit margins, corporate retreats and other financial data by the end of September.
A spokesman from Waxman’s office told TheLundReport.org that “we’ve been receiving information from the companies and are working with them to make sure the committee receives all requested information in a timely manner. We’re in the process of reviewing the information.”
Thus far, the committee has not disclosed any information on the compensation paid to health insurance executives. However, it expects to provide a complete report once all of the data has been collected.
Regence, the only insurer domiciled in Oregon under investigation, operates health plans in four states – Oregon, Washington, Idaho and Utah, and also has a holding company known as The Regence Group.
However, two of those states -- Idaho and Utah -- refused to share salary information following a request by The Lund Report, insisting such data was proprietary and confidential under state law.
Here’s what The Lund Report learned about the salaries of Regence executives in Oregon and Washington from their respective Insurance Divisions for calendar year 2008.
Regence’s president, Mark Ganz, earned $897,671 from Regence BlueShield in Washington, including a bonus of $550,548. In Oregon, his compensation package totaled $872,665. In both states, Ganz brought home $1,770,336.
The other high ranking Regence officials with six-figure salaries included Mohandas Nair, executive vice president and chief marketing executive, who earned $356,681 from Washington, and $295,140 from Oregon for a total of $651,821.
Regence’s treasurer, Steve Hooker, treasurer, who’s announced his retirement, earned $337,543 from Washington and $304,641 in Oregon for a total of $642,184
William Barr, executive vice president of operations, took home $430,926 from Washington, and $377,119 from Oregon for a total of $808,045.
And, Kerry Barnett, executive vice president of Regence’s corporate division, earned $312,482 from Washington and $302,990 in Oregon for a total of $615,472.
Other health plans being scrutinized by Waxman’s committee for their executive compensation include Health Net, Inc., United Health Group, Aflac, Inc., Aetna, Cigna Corp. and American International Group, Inc.