Shareholders vote down Mylan chair’s $128 million package

More Epipen news in the first aid course world. Seems like a good pay to us, if only first aid trainers got this. haha. Please remember the new administering of the Epipen is only 3 seconds.

THE drug maker behind EpiPen has been savaged by shareholders for paying its chairman a whopping $128 million salary.

Mylan, which last year came under fire for hiking the price of the lifesaving emergency allergy treatment by 400 per cent, held its annual general meeting last Thursday, where shareholders rejected an executive compensation plan which included a $US97.6 million package for Robert Coury.

According The Washington Post, the non-binding vote was led by major proxy advisory firm Institutional Shareholder Services, which described Mr Coury’s pay packet as “egregious”.

It’s only the third company in the S&P 500 index this year to not receive a majority of shareholder support for its executive compensation plan, and Mylan is only one of four companies in the index that has failed the vote more than once since 2011.

“This is a company that’s had broad dissent from their pay package year after year, and hasn’t seemed to adequately respond to shareholder criticism,” ISS head John Roe told The Washington Post.

EpiPens are used to treat life-threatening allergic reactions from bee stings, food allergies or other triggers. Mylan has a near monopoly on the product, which sufferers must replace every year.

Mylan chief executive Heather Bresch was last year dubbed the “the Martin Shkreli of allergies” by critics who likened the EpiPen price hikes to the former Turing Pharmaceuticals CEO’s infamous 5000 per cent increase in the cost of HIV medication Daraprim.

Ms Bresch was paid $18.2 million ($US13.8 million) in 2016, down from $25 million ($US18.9 million) in 2015.

In a statement to the newspaper, a Mylan spokeswoman said the board would “carefully consider these results, as well as future shareholder input, as we continue our investor outreach and in designing our compensation programs going forward”.

She said that any allegations of disregard for consumers, government officials, shareholders, regulators or any other of our valued stakeholders are patently false and wholly inconsistent with the company’s culture, mission and track record of delivering access to medicine”.

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