While you’re right on paper, the incentive plan (the PDF I linked further up) discloses that the a good chunk of executive compensation is based on performance metrics that would essentially mimic stock incentives for any other company.
50% of the executive incentive is based on membership targets and operating income.
Blue shield discloses that their CEO pay is about 70x their median employee. This is less than the for-profit organizations’ 250x ratio but that only serves to distort the spectrum of ethics.
We can call these organizations non-profits all day long because they fit our secular corporate law definitions but I’m not sure how a company that pays an employee enough money to own multiple homes with a Ferrari parked at each one would be considered non-profit in the eyes of God. [1]
[1] Not claiming the dude exists but you get the point I am making here.
