shareholder proposal (advisory) · 2018
United Church Funds at AbbVie
Have the compensation committee report annually on the extent to which risks from public concern over drug pricing strategies are integrated into AbbVie's incentive compensation policies, plans and programmes for senior executives, including whether those arrangements reward or fail to penalise executives for pricing strategies that ignore public concern, and whether drug pricing risk is weighed when capital is allocated.
What happened
Result: Not approved at the 4 May 2018 annual meeting: 247,879,964 for, 887,590,325 against, 14,559,605 abstaining and 260,703,800 broker non-votes, which is 21.8 percent of the votes cast for and against. It was a first-time proposal, it survived AbbVie's attempt at the SEC to have it omitted from the proxy, and the proxy adviser ISS recommended a vote for it.
We found no change to AbbVie's executive pay structure documented in the pages we opened. The campaign continued instead: the same coalition returned to AbbVie in the 2020 season with a resolution asking the company to assess the feasibility of building drug-pricing risk into senior executive compensation, and that one was also voted down.
Who is involved
- United Church Funds filer
- Members of the Interfaith Center on Corporate Responsibility co-filer
- Northwest Coalition for Responsible Investment co-filer
- AbbVie company
What this campaign is about
- Right to share in cultural life and in scientific advancement and its benefits; protection of authors' moral and material interests Pivotal · Universal Declaration of Human Rights