Detroit, Michigan—The members of Investors for Opioid Accountability (IOA), a coalition of 30 institutional investors with $1.3 trillion in managed assets, released the following statement following Cardinal Health’s (CAH:NYSE) Annual Shareholder Meeting on November 8, 2017:

“The Investors for Opioid Accountability (IOA) are pleased that Cardinal Health’s (CAH:NYSE) Board of Directors has responded to IOA’s concern over opioid business risks and other governance issues by separating the positions of the Chairman of the Board and the CEO. The IOA views this governance change as an important first step toward improving board accountability, but we believe more needs to be done.

“The IOA calls on the company to conduct an independent investigation and report to shareholders on compliance practices, incentive compensation and governance practices related to its opioid business. We look forward to meeting with the board to discuss these matters.”

Members of the Investors for Opioid Accountability

The Socially Responsive Investing Group of 1919

    Investment Counsel

AEGON Asset Management

Benedictine Sisters, Boerne, Texas

California State Teachers' Retirement System

California State Treasurer John Chiang

Catholic Health Initiatives

CtW Investment Group

Connecticut State Treasurer Denise L. Nappier,

    Connecticut Retirement Plans and Trust Funds

Daughters of Charity, Province of St. Louise

Dignity Health

Illinois State Treasurer Michael Frerichs  

Interfaith Center on Corporate Responsibility

International Brotherhood of Teamsters

JLens Investor Network

Mercy Health

Mercy Investment Services

NEI Investments

New York City Comptroller Scott M. Stringer

Northwest Coalition for Responsible Investment

Pennsylvania State Treasurer Joe Torsella

Rhode Island General Treasurer Seth Magaziner

School Employees Retirement System of Ohio

Segal Marco Advisors

Sisters of St. Francis of Philadelphia

Socially Responsible Investment Coalition

Trinity Health

UAW Retiree Medical Benefits Trust

United Church Funds

Walden Asset Management

West Virginia State Treasurer John Perdue