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More than a third of Mylan investors voted against chairman
June 28, 2017 / 10:05 PM / 3 months ago

More than a third of Mylan investors voted against chairman

NEW YORK, June 28 (Reuters) - More than a third of investors voting at Mylan NV annual meeting last week cast votes against Chairman Robert Coury’s re-election as the generic drugmaker faced a shareholder campaign against its directors and executive pay packages.

The generic drugmaker announced the vote totals from the meeting in a filing with regulators on Wednesday.

Investors also cast more than a quarter of the shares voted against Chief Executive Heather Bresch, in the wake of a scandal over high prices for its EpiPen emergency allergy treatment.

The company had previously said that all its directors had been re-elected. The investors agitating against Mylan’s board had a steep threshold to cross as more than two-thirds of the shares voted, as well as more than half of Mylan’s outstanding shares, would have needed to be cast against the directors for them to lose.

A majority of the shares of the voted at the meeting were cast against Wendy Cameron, head of the company’s compensation committee. The other members of the compensation, Neil Dimick and Mark Parrish, had just under 50 percent of the shares voted cast against their re-election.

Sharp price increases for the life-saving EpiPen treatment spurred congressional, Justice Department and other government investigations of whether Mylan was overcharging.

The shareholder campaign against Mylan’s board, led by New York City and State pension funds as well as the California teachers pension fund, picked up steam after Chairman Robert Coury’s nearly $100 million pay package was disclosed earlier this year.

More than 80 percent of the company’s shares voted were cast against the company’s 2016 executive pay packages. That vote was a non-binding, advisory measure. (Reporting by Michael Erman; Editing by Sandra Maler)

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