Opioid Investor Task Force Scores Win with Proxy Voting Advisor Agencies

February 14, 2018

Proxy advisory firms Institutional Investor Service (ISS) and Glass Lewis are supporting three shareholder proposals at AmerisourceBergen calling for board oversight of opioid business risks. The shareholder proposals were submitted by members of the Investors for Opioid Accountability (IOA), a coalition of 43 institutional investors with $2.2 trillion in assets including United Church Funds and co-led by Mercy Investment Services, Inc. and the UAW Retiree Medical Benefits Trust. The proposals will be voted on by investors at AmerisourceBergen’s March 1, 2018 annual shareholder meeting. AmerisourceBergen, the nation’s third largest drug distributor, is under scrutiny for business practices related to opioids.

In 2016 AmerisourceBergen agreed to pay $16 million in a settlement with the Attorney General of West Virginia for failure to provide effective controls and procedures related to the diversion of controlled substances and related matters. As part of multi-state investigation, 41 state attorneys general recently requested documents from three opioid distributors, including AmerisourceBergen, to determine if distributors are engaged in unlawful practices related to opioids. Read the IOA Statement on ISS and Glass Lewis Support for AmerisourceBergen Shareholder Proposals here.

 
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