Health insurer Health Net Inc., with operations in Connecticut, said Thursday its board of directors approved a majority voting standard for elections and a $300 million stock buyback program, the Associated Press reports.
The previous buyback program ended in February.
Meanwhile, the Los Angeles company’s bylaws now require that a director nominee must receive a majority of votes cast to be elected to the board in an uncontested election.
Also, the board adopted a policy that requires any incumbent nominee who fails to receive a majority of the votes cast in an uncontested election to tender his or her resignation.
The new bylaws will be applicable starting with the annual meeting scheduled for May 12.
Health Net awaits final approval of its pending $510 million sale of its operations and members in Connecticut, New York and New Jersey to UnitedHealth Group. Connecticut’s attorney general is reviewing the deal to satisfy antitrust and other concerns.
