I
n a harshly worded letter, several large institutional investors are urging shareholders to oppose the re-election of six Mylan directors — including non-executive chairman Robert Coury — over its “costly record of compensation, [and] risk and compliance failures.”
The move comes shortly after Mylan disclosed that Coury was given a $97 million pay package last year. At the time, corporate governance experts suggested shareholders may revolt over his compensation, which included a $22.3 million termination benefit for his recent change in status to non-executive chair and came in the wake of a wave of pricing controversy and government probes.
This is a STAT Plus article and you can unlock it by subscribing to STAT Plus today. It's easy! Your first 30 days are free and if you don't enjoy your subscription you can cancel any time.
Already a subscriber? Log in here.
About the Author
Many thanks for this article…it is quite useful as I teach a course (and mentor faculty) in Hangzhou, China on “Ethics in Science and Pharmaceuticals”. As a SUNY Distinguished Teaching Professor, I am especially interested in the New York connection here…..currently writing a manuscript on why claims of altruism in Pharma ring hollow with the public….nicely articulated story…