United Church Funds (UCF) together with members of Investors for Opioid Accountability (IOA), a coalition of 30 treasurers, asset managers, faith-based, public and labor funds with over $1.3 trillion in assets, are filling multiple shareholder proposals on board oversight of business risks related to opioid at 10 opioid distributor and manufacturer companies.
IOA is asking the independent directors of the boards of the 10 companies to investigate how they are responding to increasing business risks related to opioids. In addition to the board investigation, IOA believes that good corporate governance practices that traditionally serve as risk mitigators are critical to implement going forward. Such provisions aim to increase board accountability through strengthened independent board leadership and compensation policies to deter misconduct.
IOA membership is diverse including Treasurers from California, Connecticut, Illinois, West Virginia, Pennsylvania, and Rhode Island, faith-based investors such as Trinity Health, Sisters of Saint Francis and United Church Funds, labor funds such as the International Brotherhood of Teamsters and CTW Investment Services and public funds such as the School Employees Retirement System of Ohio and the New York City Pension Funds.
Click here for the full press release and the list of 10 opioid distributor and manufacturer companies.