Power to the People: Shareholders to Vote on Universal Health Insurance Coverage

The New York Times reports today that the Securities and Exchange Commission is compelling companies to allow shareholders to vote on a proposal for universal health insurance coverage. While some companies have supported the idea of corporate America and its shareholders getting more involved in the health care reform debate, others have fought to keep such issues out of shareholder votes. Gigantic health insurer United Health has not been a fan of shareholders getting involved on this issue — maybe it hits a little too close to home (and their bottom line) for their liking. According to the NYT article, United went as far as saying the SEC’s proposal was not a “significant social policy issue.” Some other arguments against the proposal have come from sectors including tobacco (which fears that universal health insurance might be funded via higher tobacco taxes).

Boeing and General Motors have also opposed the proposal, saying that it won’t benefit their shareholders or their companies. But aren’t these the same Boeing and GM that have been complaining about how employee health benefits have been straining the budget? This story should shake out a little more over the next week, and it will be interesting to watch.