Big Pension Funds Oppose Election of Six Mylan Directors
Source: WSJ
A group of institutional investors unhappy over high executive pay at Mylan NV are taking aim at six board members at the EpiPen maker.
Four major pension funds launched a campaign late Tuesday urging fellow Mylan shareholders to oppose the re-election of Chairman Robert J. Coury and five other directors at the companys June 22 annual meeting. Mr. Coury, Mylans former chief executive, received nearly $100 million in 2016, when the company ignited a public furor over hefty price increases on its lifesaving allergy medicine.
Mr. Courys pay package, among the largest disclosed for 2016, included a termination benefit of $22.3 million. He switched from executive chairman to nonemployee chairman last year. For his current role, Mr. Coury gets a cash retainer of $1.8 million a year along with other rewards... The company previously said Mylan delivered strong financial performance during Mr. Courys long tenure
(snip)
The institutions also urged Mylan shareholders to reject the companys executive compensation plans because they say directors repeatedly approve excessive pay for top officers. About 35% of votes cast in this nonbinding referendum gave thumbs down to Mylans pay practices last year.
(snip)
The drugmaker in 2016 came under fire over repeated price increases for EpiPen. In October, the company agreed to pay $465 million to settle allegations that it had overcharged the U.S. government for its EpiPen products. Mylan previously said the settlement included no finding of wrongdoing by the company or its employees.
Read more: https://www.wsj.com/articles/big-pension-funds-oppose-election-of-six-mylan-directors-1496187480
Of course it delivered "strong financial performance" by gauging families of children..
sharedvalues
(6,916 posts)PatrickforO
(14,516 posts)How about spreading some of that money wasted on executives to the workers, WITHOUT WHOM THERE COULD BE NO PROFIT?
GeoWilliam750
(2,519 posts)Can't see behind the paywall.
mahatmakanejeeves
(56,896 posts)I have found that if you go to articles in TWSJ. by clicking on the link in the author's Twitter feed, you go right around the paywall.
Also, you might be able to get in through your public library's subscription. Many public libraries provide access to newspapers from around the world.
HTH.
Group targets drugmakers pay packages and seeks to unseat Chairman Robert J. Coury
By Joann S. Lublin
May 30, 2017 7:38 p.m. ET
A group of institutional investors unhappy over high executive pay at Mylan NV are taking aim at six board members at the EpiPen maker.
....
Joann.Lublin@wsj.com
@JoannLublin
GeoWilliam750
(2,519 posts)One of the six is CEO Heather Bresch, daughter of Senator Joe Manchin of West Virginia
https://www.sec.gov/Archives/edgar/data/1517047/000121465917003708/pdf_d530170px14a6n.pdf
madokie
(51,076 posts)ceo's are paid. Simple as that!
question everything
(47,265 posts)Or even with $10?
Unless, of course, you spread it around which I don't think any of them do
Of course, each of the Trump brats is worth $150 million..
cstanleytech
(26,080 posts)company is earning a living wage and by living wage I mean enough to pay all their bills without problems, take 2 weeks or so paid vacation and have atleast 30% of their wages left over to set aside for retirement.
Unfortunately I am unaware of any companies that do that and more often than not the companies fuck the rest of the employees over while patting the CEO on the back for doing it to them with a big pay check.