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
Illinois State Treasurer Michael Frerichs
Interfaith Center on Corporate Responsibility
International Brotherhood of Teamsters
JLens Investor Network
Mercy Investment Services
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
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:
Cardinal Health (CAH)
Johnson & Johnson (JNJ)
Evan England, Director of Communications (401) 222-2240 | (401) 439-2199 (mobile) firstname.lastname@example.org