WellCare’s political spending eyed

By Jim Saunders and Mike Wells
5/7/2010 © Health News Florida

A New York-based investor is pushing to require WellCare Health Plans — a major contributor to Florida politicians and parties — to disclose more information about how it spends company money on political activities.

Amalgamated Bank, through one of its investment funds, wants shareholders to approve a proposal next month that would require WellCare to provide semi-annual reports about money it spends on candidates, political parties and other types of organizations that try to influence campaigns, according to a proxy statement released last week.

“Disclosure is consistent with public policy and (is) in the best interest of our company and its shareholders,” the proposal says. “Absent a system of accountability, company assets can be used for policy objectives that may be inimical to the long-term interests of and may pose risks to the company and its shareholders.”

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