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Mylan Board Re-Elected, Beats “Vote No” Campaign

Although shareholders voted against Management Proposal 5, the directors remain. 

Despite a bevy of high-profile investor entities and proxy firms hosting an anti-director shareholder campaign, EpiPen maker Mylan’s board was re-elected at its June 22 annual meeting in the Netherlands.

According to Reuters, some shareholders did vote in alignment with the “Say on Pay” campaign, brought forward by New York City Pension funds, the California State Teachers’ Retirement System (CalSTRS), and others —but the allergy treatment company’s board still had enough momentum to keep their board in place. The campaign called for shareholders to “vote no” on Management Proposal 5, which will ratify 2016 executive compensation. Also supporting the campaign were proxy firms Glass Lewis and Institutional Shareholder Services (ISS).

The victory for the board comes at a time where Mylan recently came under scrutiny over their price increases for EpiPen, their stock performance, and their disclosure of chairman Robert Coury’s near $100 million compensation in 2016.

Mylan did not disclose the voting results.

“Mylan’s silence speaks volumes,” Comptroller Scott Stringer said in a statement. “
It’s simply untenable for directors who received substantial opposition to remain in the boardroom.”

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