Humana Inc. increased the pay and stock awards for the members of its board of directors.
According to a filing with the U.S. Securities and Exchange Commission, the board of directors for Humana approved a measure to increase each non-employee board member’s base pay.
Except for company CEO Bruce Broussard, the members of Humana’s 10-member board are not employed by Humana, according to the company’s website. That means all but Broussard will see an increase in pay for their service on the board of directors.
Effective July 1, the board approved a 9.5 percent increase in annual pay for the non-employee board members, to $115,000 from $105,000.
The board also approved a 13.5 percent increase in annual pay for the board’s non-employee board chairman, to $210,000 from $185,000, also effective July 1. Currently, Kurt Hilzinger is the board chairman, according to Humana’s website. Hilzinger was elected to the board in July 2003 and to the chairmanship in January 2014. He is a partner at New York-based private-equity firm Court Square Capital Partners.
Stock options for each board member were increased by 6.5 percent, to $165,000 from $155,000 per year. That increase will be effective Jan. 1, 2018. as stock awards are given the first business day of the year, according to the filing.
The measure also increased the annual pay for some of the board’s committee chairman positions. For all committee chairpeople except the organization and compensation committee chairpeople, additional pay was increased by 25 percent to $15,000 per year from $13,000. The organization and compensation committee chairman the committee that developed the director compensation program — will see about an 11 percent increase, to $20,000 per year from $18,000.
The board of directors approved the measure on June 28. The measure also includes other forms of compensation for the board members, such as charitable contribution matches, various forms of insurance and restricted stock options.
Broussard, meanwhile, has his own executive compensation plan with Humana. According to a proxy filing from earlier in the year, Broussard’s total compensation doubled in 2016.
Humana is Louisville’s largest publicly traded company and Broussard was the city’s highest paid CEO in 2016, according to Louisville Business First research.
Date:July 06, 2017