UnitedHealth Group revealed that its board of directors has formed a new public responsibility committee that will track key risks to the organization.
In a filing with the Securities and Exchange Commission, UHG said that the panel will be tasked with monitoring financial, regulatory and reputational challenges that could impact its operations or mission. That will include oversight of underwriting, regulatory relationships and merger activity.
Board member Michele Hooper will chair the committee, with Charles Baker, Timothy Flynn and Paul Garcia acting as additional members, per the filing.
"The creation of the Public Responsibility Committee is part of the company’s continuing commitment to a mission-driven culture of responsibility, integrity and performance," the company said in the filing. "It will provide an additional layer of governance, including enhanced oversight of pricing, operational, regulatory and reputational risks."
UnitedHealth Group said that the new committee will coordinate with other key board panels as part of its oversight duties.
In the committee's charter, posted (PDF) to UnitedHealth Group's website, it notes that the panel will meet at least four times per year. The document also notes that reputational risks that it will monitor range from Optum's pharmacy benefit management practices, claims adjudication and prior authorization at UnitedHealthcare, and broader corporate priorities like AI.
The committee will also assess UnitedHealth's work in "strengthening and protecting a mission-oriented, healthy and valuable public perception and reputation" and tackling risks associated with how shareholders are perceiving the company. It will focus specifically on "addressing risks associated with the perception of the Company’s consumer practices such as pre-authorizations and similar policies affecting members," according to the charter.
In addition to forming the committee, UnitedHealth announced in the filing that F. William McNabb has been tapped as lead independent director.
The healthcare giant has been under intense scrutiny around its practices over the past year amid public outcry and outrage in the wake of former UnitedHealthcare CEO Brian Thompson's murder in December. CEO Stephen Hemsley pledged to investors earlier this year that the company was reviewing internal protocols that have driven this ire, including prior authorization and claims denials.