Blue Cross and Blue Shield of Minnesota operates under the governance and guidance of a corporate board of trustees composed of some of Minnesota's most accomplished and diverse leaders in the business, nonprofit and health care communities.
About the Board of Trustees
The board views its role as assuring that it fulfills Blue Cross' purpose as a nonprofit health service plan corporation. The board also assures that the organization works with its various stakeholders: members, regulators, legislators, providers and the general public. Board members strive to set an example of integrity for nonpublic companies.
The Blue Cross board of trustees has adopted a number of financial best practices relating to governance, including:
- The audit, governance and human resources committees are composed of only outside directors who have no material financial relationships with Blue Cross. This standard is more stringent than the one required by Sarbanes-Oxley.
- The audit committee is composed of individuals with significant financial expertise. An outside auditor is present at all audit committee meetings.
- The outside auditor does not provide Blue Cross with any general consulting services.