PITTSBURGH (KDKA/AP) – This could be the day of reckoning for some members of Mylan’s board of directors.
After months of outrage over skyrocketing EpiPen prices, they could be ousted by angry investors in the company, which is headquartered in Washington County.
Put off by what they see as exorbitant pay for Mylan executives, some big pension funds are attempting to block the re-election of a number of board members, including Chairman and former CEO Robert Coury, who received $100 million last year.
They say huge paychecks were awarded to executives while backlash from consumers and the U.S. government escalated over prices Mylan charged for its EpiPen emergency allergy treatment.
Lawmakers challenged Mylan last year for its EpiPen pricing, which has climbed more than 500 percent since 2007.
The New York City and New York State comptrollers both signed a letter sent to shareholders, as did a representative of the California State Teachers’ Retirement System and PGGM, a Dutch pension fund.
The institutional investment funds say they want Mylan NV, with its U.S. headquarters based just outside of Pittsburgh, held accountable for a “costly record of compensation, risk and compliance failures.”
The annual shareholders meeting is being held in the Netherlands on Thursday.