Drug companies that profit from opioids need to do more to limit the risks of the addictive products and protect shareholders against losses, according to a group of investors managing more than $1.3 trillion.
Investors for Opioid Accountability plans to file shareholder proposals on board oversight of business risks at 10 manufacturers and distributors, the coalition of unions, public pension funds and state treasurers said Monday in an emailed statement.
The group "came together out of escalating concerns that opioid company business risks can both threaten shareholder value and have profound long-term implications for the economy and society," said Meredith Miller, chief corporate governance officer for the United Automobile Workers Retiree Medical Benefits Trust.
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