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Thread: Opiod Crisis and The IBT Fight

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    Taking A Stand!!!

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    Default Opiod Crisis and The IBT Fight

    The Teamsters union called Tuesday for health-care giant McKesson to take back millions of dollars in incentive pay from chief executive John H. Hammergren, citing damage to the company's reputation caused by its role in the opioid crisis.

    In a letter, Ken Hall, general secretary and treasurer of the International Brotherhood of Teamsters, urged the company's board of directors to use its “executive clawback policy to recover all or a significant portion of CEO Hammergren's incentive pay” over the past year and suspend future payouts until it restructures its compensation system. He also suggested that the board investigate rescinding incentive pay for other executives.

    Hall said the Teamsters pension and benefit funds have more than $100 billion in assets and are “significant” owners of McKesson stock. A union official estimated that the funds own one-tenth of 1 percent of the mammoth health-care company, which this year was listed as the fifth-largest corporation in the United States.
    https://www.washingtonpost.com/news/...d-crisis-role/

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    Default Teamsters go after drug wholesaler AmerisourceBergen after opioid crisis hits their h

    Good for them!!!! This situation is out of control. What happened to the pain pills they used to prescribe that were non addictive? They have my dad on these opioid pain pills and it is not good. They had my mom on them. Have any of you seen the Frontline program on PBS about the number of people that get addicted to these drugs after being prescribed by a doctor and they end up on the street addicted to heroin? Have any of you seen the program on Netflix about all the Mormon housewives addicted to these pills after being prescribed to them and they also end up as total heroin addicts? This is no joke. Most of the crime in Albuquerque (that has risen at alarming levels) I am sure can be related to drug addiction.
    Standing before his fellow Teamsters in June, Travis Bornstein shared the story of his 23-year-old son, an accomplished golfer and bodybuilder who became addicted to prescription pain pills after elbow surgery and eventually succumbed to a heroin overdose in an empty field. For the next two hours at the national meeting in Las Vegas, truckers, dockworkers, and warehousemen told of losing aunts, nephews, and fathers to addiction.

    Newly focused on an issue that is ravaging its members, the International Brotherhood of Teamsters on Thursday plans to challenge one of the world’s biggest pharmaceutical wholesalers, demanding that AmerisourceBergen Corp. investigate its own sales practices and potential supply chain diversions, and factor compliance into its executives’ pay.
    More than 140 Americans a day fatally overdosed on drugs of all kinds in 2015, with Pennsylvania’s death rate rising 20 percent — twice as fast as the national average. Frustrated over the inability of government and medical institutions to reverse the trend, advocates have been increasingly going after the companies that earn profits from making and distributing pharmaceuticals, particularly opioids.
    Teamsters go after drug wholesaler AmerisourceBergen after opioid crisis hits their homes
    Last edited by ABFwife; 03-03-2017 at 08:47 AM.
    222lifer likes this.

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    Default Re: Teamsters go after drug wholesaler AmerisourceBergen after opioid crisis hits the

    Ken Hall: A shareholder’s prescription for the Big Three opioid distributors
    Flooding America with prescription opioids has meant big money for America’s largest pharmaceutical wholesale distributors and big payouts for their CEOs. But as the overdose death toll mounts and the costs of litigation and enforcement actions climb, shareholders are demanding answers about what’s gone wrong and why no one at the top has stopped it.

    Over the past year, elected leaders and the news media have rightly turned their attention to the role of the country’s “big three” distributors — McKesson, AmerisourceBergen, and Cardinal Health — in fueling our country’s deadly prescription opioid epidemic which claims the lives of 62 Americans every day.

    As this newspaper has reported, in West Virginia alone, these three companies collectively supplied enough hydrocodone and oxycodone over a six-year period to provide 235 pills to every man, woman and child. Over this same period, more than 1,700 people in West Virginia fatally overdosed, and the “big three” together reported more than $17 billion in profit.
    - See more at: Charleston Gazette-Mail | Ken Hall: A shareholder’s prescription for the Big Three opioid distributors

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    Default Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Cost t

    I feel very strongly that these drug companies are turning a whole lot of unsuspecting victims into drug addicts and the doctors are going along with it. They are an accomplice so there has to be something in it for them!
    In his 17 years as CEO of McKesson, the nearly $200 billion drug distributor that ranks No. 5 on this year’s Fortune 500, John Hammergren has made a lot of money.

    He took home $639 million in total compensation in the last decade alone, according to company filings. In 2010, he made roughly $398,000 a day. His house in the hills of Orinda, Calif., went on the market last year for $22.5 million; realty photos of the place showed a four-car garage harboring Ferraris. His $97.6 million in total earnings for the 2017 fiscal year (which ended in March) included the $285,270 the company reimbursed him for the installation of home security devices and/or security monitoring services.

    Hammergren is consistently one of America’s highest-paid executives, and as such, his compensation has been scrutinized and pilloried over the years—in 2013, shareholders overwhelmingly said no to his pay package (something shareholders rarely ever do). But this year, a considerable amount of outrage over the CEO’s compensation is focused on a $1.1 million slice of his $97.6 million compensation pie—and that outrage is closely related to the country's spiraling opioid crisis.
    Opioid Controversy: McKesson CEO's Bonus Draws Shareholder Ire | Fortune.com

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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    Please Vote AGAINST the Say-on-Pay Proposal (Item 3) and FOR the Independent
    Chair Proposal (Item 5) at McKesson Corp. (NYSE: MCK) on July 26, 2017


    https://teamster.org/sites/teamster....tenofinal2.pdf
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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    Hard Questions for a Company at the Center of the Opioid Crisis

    What do opioids have to do with corporate governance at McKesson? A lot, according to some of its shareholders. They say that leadership lapses at McKesson have enabled the opioid scourge to spread across the United States and that the company’s executives have not been held to account for those failings.
    McKesson is also facing a lawsuit from the state of West Virginia about the flood of opioids it has distributed there. Exemplary reporting on that state’s opioid disaster by the Charleston Gazette-Mail also cited the company’s role in the tragedy.

    More than 90 Americans die each day of opioid overdoses, the National Institute on Drug Abuse said, calling the problem a public health crisis.
    https://www.nytimes.com/2017/07/21/b...ging.html?_r=0

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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    Just my 2 cents here. I've had a couple serious back and neck injuries during my career. The first thing the good doctor did was write me a prescription for an opioid. I never filled the prescriptions for them. 800 mg of Ibuprofen seems to work for everything and what that doesn't cover aspirin takes care of the rest. There should be some jail time coming for those that lined their pockets from their schemes.

    Sent from my SM-J327T using Tapatalk
    ABFwife likes this.

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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    Quote Originally Posted by 222lifer View Post
    Just my 2 cents here. I've had a couple serious back and neck injuries during my career. The first thing the good doctor did was write me a prescription for an opioid. I never filled the prescriptions for them. 800 mg of Ibuprofen seems to work for everything and what that doesn't cover aspirin takes care of the rest. There should be some jail time coming for those that lined their pockets from their schemes.

    Sent from my SM-J327T using Tapatalk
    When I was in my 30's I seriously injured my back and was in constant pain with sever Sciatica for about three years. However, high doses of Ibuprofen kicked the pain in the butt. I never took pain pills that were prescribed for me and of course that was before all these new pain killers came out.

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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    I also have stayed away from the opioids.. Still have some in the draw ..When I was at NewPenn we had a guy there that got hooked along with his wife after going through multible knee surgeries.. Eventually he lost his job at NewPenn and child sevices took his kids from them.. brothers granddaughter became.addicted and wound up spending some time.in jail.. That was a wake up call for her.. She has been clean now for just over four years..Many will call it a disease,I will call it an addiction.. When some choose to get high doing opioids I call it a lifestyle.. Cancer is a disease. People.dont choose to get cancer..
    ABFwife likes this.

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    Default Re: Big McKesson Shareholder, Governance Experts Say the Opioid Crisis Should Have Co

    Hall: Shareholder Victory Wake-up Call for McKesson



    In an effort led by the International Brotherhood of Teamsters, a long-term shareholder in McKesson, a majority of McKesson shareholders voted to reject the executive pay plan. Teamsters General Secretary-Treasurer Ken Hall traveled to Irving, Texas to speak at the shareholder meeting and confront CEO John Hammergren and the entire board of directors directly about the failed oversight of opioid distribution that has fueled this public health crisis.

    With this historic vote, shareholders at McKesson have sent a clear message to Hammergren – he will be held accountable for the company’s role in opioid crisis that plagues this country.

    “For the first time ever, shareholders have voted to hold a company accountable for its role in the opioid epidemic. The reforms that will be enacted as a result of this vote will not bring back the lives taken by the opioid crisis, but hopefully will provide greater oversight and accountability for how prescription drugs are distributed in this country,” Hall said. “This shareholder vote should serve as a wake-up call to AmerisourceBergen, Cardinal Health and other companies involved in the manufacturing or distribution of prescription opioids that shareholders want to see change. We cannot afford another decade of business as usual. The Teamsters will not back down from this fight.”

    McKesson has failed to address the business practices and governance structures that perpetuate its role in the crisis. Executive compensation at McKesson has continued to soar; over the past 10 years, CEO John Hammergren has received more than $630 million in compensation, including $98 million in compensation in 2017.
    https://teamster.org/news/2017/07/ha...-call-mckesson

 

 
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