Allow me to congratulate the board of directors of Blue Cross Blue Shield of Massachusetts for its part in continuing to support the public’s mistrust of all things that emanate from the boardroom. Board members have voted to reinstate their own compensation. The move comes nearly two years after the state’s largest health insurer suspended board compensation in response to Attorney General Martha Coakley’s push for health care nonprofits to end pay for board members.
But don’t worry — Blue Cross’s board did not make this move on a whim. According to spokesperson Jay McQuaide, the board did this only after undertaking a two-year process to strengthen its “governance practices to make sure they are in line with best practices.” I feel better now. That completely erases the fact that these are many of the same people that voted in 2010 to reward the insurer’s outgoing CEO an $11 million golden parachute after the company posted a $149 million loss.