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Treasurer Magaziner Joins Investor Coalition Demanding Opioid Distributors and Manufacturers Examine Their Role in Overdose Crisis

Rhode Island Treasurer Seth Magaziner has joined a coalition of 30 treasurers, asset managers, faith-based investors, public and labor funds with a combined $1.3 trillion in assets under management in engaging with companies on board oversight of business risks related to opioids at ten opioid distributor and manufacturer companies.

"The devastating increase of opioid-related deaths in Rhode Island requires that state, federal, non-profit and the private sector all work together to curb opioid misuse and abuse. The pharmaceutical industry must do more to end this epidemic - not profit from it," said Rhode Island Treasurer Seth Magaziner.

The coalition, Investors for Opioid Accountability, is asking independent board directors at ten companies to investigate how they are responding to increasing business risks related to opioids.

"The coalition 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 UAW Retiree Medical Benefits Trust. "With 91 opioid-related deaths a day in the U.S. and studies showing the potential impact on workforce productivity and labor force participation, we have to pay attention to opioid business risks."

Opioid manufacturers and distributors have come under heightened legal and legislative scrutiny over whether they failed to adequately disclose the addictive potential of opioids or failed to report suspicious spikes in the sale or distribution of opioids to drug enforcement authorities as mandated under federal law.

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Members of the Investors for Opioid Accountability:

The Socially Responsive Investing Group of 1919 Investment Counsel

AEGON Asset Management

Benedictine Sisters, Boerne, Texas

California State Teachers' Retirement System

California State Treasurer John Chiang

Catholic Health Initiatives

CtW Investment Group

Connecticut State Treasurer Denise L. Nappier

Connecticut Retirement Plans and Trust Funds

Daughters of Charity, Province of St. Louise

Dignity Health

Illinois State Treasurer Michael Frerichs

Interfaith Center on Corporate Responsibility

International Brotherhood of Teamsters

JLens Investor Network

Mercy Health

Mercy Investment Services

NEI Investments

New York City Comptroller Scott M. Stringer

Northwest Coalition for Responsible Investment

Pennsylvania State Treasurer Joe Torsella

Rhode Island General Treasurer Seth Magaziner

School Employees Retirement System of Ohio

Segal Marco Advisors

Sisters of St. Francis of Philadelphia

Socially Responsible Investment Coalition

Trinity Health

UAW Retiree Medical Benefits Trust

United Church Funds

Walden Asset Management

West Virginia State Treasurer John Perdue

Focus Companies for Coalition Engagement on the Opioid Crisis:

McKesson (MCK)

Cardinal Health (CAH)

AmerisourceBergen (ABC)

Depomed (DEP)

Endo (ENDP)

Insys (INSY)

Johnson & Johnson (JNJ)

Mallinckrodt (MNK)

Mylan (MYL)

Pernix (PTX)


Evan England, Director of Communications (401) 222-2240 | (401) 439-2199 (mobile) evan.england@treasury.ri.gov

Related links

  • Department or agency: Office of General Treasurer Seth Magaziner
  • Online: http://treasury.ri.gov
  • Release date: 10-30-2017

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