Can Anyone Name the Board of Directors for HCSC?

It seems HCSC goes out of their way to hide who their Board of Directors is, where they are from and how much they make. It is not even on their website. For example, State Farm, another mutual company, makes this information readily available on its site.

It also seems that HCSC hides its financials. Again, State Farm provides its annual report right on its website.

It seem to follow that a company that markets itself as an "ethical award winner", would be transparent about its most fundamental governance and financial data to its its policyholders, providers, and employees?

Is it just me or is HCSC hiding something ? Can someone provide insight as to where this data is available to the public who HCSC serves? Are there public filings they cannot hide from that lists this data?

Comment! It's anonymous!

6 replies (most recent on top)

@3bpw the way the board is appointed is the core problem with HCSC. There’s zero transparency. The board members grease the CEO’s pockets, so the CEO can grease theirs. All board members are earning millions. Some earn 10-20 million.

Just reading this thread is rather disappointing. I had no idea how things are done. There is no accountability for the HCSC Board of Directors it appears. It seems like a family run business with no checks or balances. But this is a Fortune 100 (?) business. I guess a fair question to ask is how do the insurance regulators remain mum on this?

HCSC is worse than Anthem & that’s saying something when it comes to executive pay. At least Anthem is “for profit” & makes no apologies for maximizing its stock price. HCSC is a “mutual company” & pays its executives & especially its board much better than Anthem. 😂😂😂😂

Milton runs HCSC. He’s used HCSC as his personal ATM. For profit board President counterparts, at most, make roughly $500K. He makes $9M/year. The C-Suite @ HCSC are order-takers & mostly in over their collective heads. In turn, they get paid handsomely, to keep quiet & take orders. Paula Steiner tried to take on the board (when she found out how much he made, cut Milton’s salary down to $900K) & was quickly fired. It’s a really bad company from a leadership basis. No one in the current C-Suite has the ba--s to question the board.

So getting the notice of this from The Layoff in my email and then reading it just angered me as a retired employee. Things seem to have become much more board self serving in the ten years I left.

So I spent some time on the internet to see if any transparency is indeed available on HCSC financials or Board members. There really isn't. But I was able to find a few things through news articles.

HCSC chairman Milton is on the Board for the Haliburton - a company that greatly profited from the warfare in the Middle East War and from its exploitation of oil and gas. The antithesis of health care I could posit.

Lesar was the Haliburton CEO and then the HCSC CEO after joining its board in 2019

HCSC ex-CEO Pat HH is also on the Board of Haliburton.

Milton was the executive chairman of the board through Sept 2021 of CenterPoint Energy, and Lesar is the current CEO of that company since May 2020 - the very month that Maurice was made HCSC CEO and Lesar left HCSC.

So people who profited hundreds of millions personally from war and oil also doubled as leaders of our health care company. And neither DL or MC have any practical health care experience outside the HCSC board meetings they attend .

But there is a quote where MC justifies his $9 million (81% annual increase) board salary because of the "strategic direction" he provides but he then doesnt disclose how much time he actually spends on HCSC business.

Other board members appear to be Clyde Drexler (yes that Clyde Drexler) and Dianne Gasbarra, a practicing internist. Who knows how many other (interlocking) board seats there are. After hours of digging I gave up in disaapointment.

A quote from one of the articles includes

"Sources familiar with HCSC’s board say Carroll has a history of filling open spots with directors who are loyal to him, noting that several members have ties to the energy industry."

It is likely HCSC hides its board membership because too many fair questions would become deafening. Who knows how many other non health care people with highly reciprocating relationships are on HCSC's board?

Thus it is easy to see why HCSC does not want sunshine on the small tight club that is the HCSC boardroom. For example, for just two of Miltons' gigs as a Chairman (note, not as an operational executive) he made $15.3M from CenterPoint and HCSC in 2020.

Some interesting notes

https://www.nrdc.org/trump-watch/zinke-runs-ethical-trouble-hometown-real-estate-deal-halliburtons-chairman

https://www.huffpost.com/entry/halliburton-and-cheney-wa_b_29635

https://fynefettle.com/hcsc-execs-collect-pay-hikes-at-blue-cross-parent/

They can hide or make difficult everything exposing the nature of the business, structure, payouts, etc. And they do.
But it is a money machine for those in the know.
That's the whole point.
Health care without the care is money.

Thread regarding HCSC (Health Care Service Corporation) layoffs

Can Anyone Name the Board of Directors for HCSC?

6 replies (most recent on top)

Post a reply