Investors Call on Distributors and Manufacturers to Examine Role in Opioid Crisis
Detroit, Michigan—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 is filing multiple shareholder proposals on board oversight of business risks related to opioids at 10 opioid distributor and manufacturer companies. 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. The focus companies include not only opioid distributers McKesson (MCK:NYSE), Cardinal Health (CAH:NYSE) and AmerisourceBergen (ABC:NYSE), but also opioid manufacturers Depomed (DEP:NASDAQ), Endo (ENDP:NASDAQ), Insys (INSY:NASDAQ), Johnson & Johnson (JNJ:NYSE), Mallinckrodt (MNK:NYSE), Mylan (MYL:NASDAQ) and Pernix (PTX:NASDAQ). IOA is led by the UAW Retiree Medical Benefits Trust and Mercy Investment Services.