Investment Firms Question WellPoint Political Spending
Two days after WellPoint CEO Angela Braly's resignation, a coalition of investment firms is asking the WellPoint board of directors to come clean about the company's political spending and lobbying activities.
In an Aug. 30 letter addressed to Jackie M. Ward, WellPoint's lead independent director, the group of five investment firms representing more than $450 billion in plan assets asks the board to "promptly disclose political expenditures, including so-called ‘special assessments' or other payments to trade associations, for the past year and planned political expenditures for the next 12 months."
The four-page letter is signed by representatives from Co-Operative Asset Management, CtW Investment Group, Marco Consulting Group, Mercy Investments Services, and The Nathan Cummings Foundation.
"Corporate political activity pursued for good strategic reasons and in an appropriate manner, and supported by clear disclosure can be positive and value-enhancing for shareholders," the letter states.