- The Los Angeles Times reviewed a confidential state audit of Blue Shield of California and found the nonprofit insurer raised executive compensation by $24 million in 2012.
- The boost was a 64% increase over executive compensation in 2011.
- The insurer did not specify the amounts individual executives received during that time period.
According to the Los Angeles Times, the executive compensation in 2012 was $61 million, compared to $37.1 million in 2011. Much of that may have been tied to retirement packages; seven top executives retired from the insurer that year.
Blue Shield of California is the state’s third-largest health insurer. California requires companies like Blue Shield to submit annual pay information. However, the nonprofit insurer interprets the rule to apply only to executives still employed by Blue Shield of California at the time of filing.
The insurer declined to provide individual compensation figures to the Times, including that of former CEO Bruce Bodaken, who held the position from 2000 to 2012.