Mon. Oct 18th, 2021

The London-listed drugmaker is facing the possibility of a partner revolt at its annual meeting this week after retaining a bonus for its former chief executive despite being jailed for his role in the American opioid crisis.

Former CEO Shawn Thackstar was sentenced to six months in federal prison last year and agreed to a 600,000 fine and confiscation. Convicted Towards a misdemeanor of sharing false and misleading information to the company about the protection of Suboxon film with the state regulator. The drug is used to treat opioid use disorders.

Shareholders and large proxy consultants have taken a hard line on the company’s decision to uphold the rewards given to Thextar under a long-term incentive plan, despite Indivier’s reputation from legal proceedings.

Institutional shareholder services and Glass Lewis, influential advisory groups have recommended investors vote against the company’s pay report, why not implement Indivia Malas and Clubback provisions, which force businesses to reduce or cancel bonuses or force executives to return some of them? Situation

According to the ISS, Thextar m left the company with more than 1 million shares in the more than 1.5 1.5 million in outstanding shares, which will not be assigned until 2022 and 2023.

The ISS said: “Shawn Thaksin, who has been the chief executive of the business since 2009, is ultimately responsible for the financial and reputational damage caused to the company by the wrongful sale of Suboxon.”

The top 20 shareholders criticized the remuneration committee’s decision to treat Thaksin as a “good lifter” and to retain the award despite a prison sentence.

The U.S. opioid epidemic According to the US Centers for Disease Control and Prevention, nearly half a million people have lost their lives in the last 20 years because many Americans became addicted to prescription drugs first and then illegal versions of drugs. The U.S. Department of Justice, the state attorney-general, and the local public have sued opioid manufacturers in court, hoping to get compensation for the huge amount of health and law enforcement costs involved in the outcome.

The remuneration committee was determined to allow him to retain his outstanding LTIP award under Mr. Thaksin’s leadership, which gave rise to positive management performance year after year and in the absence of any discovery of personal wrongdoing or mischief, “Indivior said.

Suboxone is used to treat opioid use disorder George Frey / Bloomberg

Suboxone film, which contains buprenorphine and naloxone, is designed to treat opioid addiction. The Justice Department has accused Massachusetts regulator Masshealth of accusing Thaksin of using tactics for employees to give him the status of drug of choice. Some employees then share false and misleading safety information about the risk of accidental exposure for children.

MassHealth later announced that it would provide access to the drug for children under the age of six who received the US government-backed health insurance program Medicaid for low-income people.

Thackster was not charged with intentionally misleading Masshealth. Thaksin’s lawyer, Wick Solaris, said: “We believe Mr Thaksin should be treated as a ‘good donor’. When he finds out about the matter, take action. ”

Several pharmaceutical executives face jail time on charges related to the Thipster opioid crisis. He led the organization from 2009 until last year, when he pleaded guilty to the charges, before which it was part of Reckitt Benckiser, including

Ricketts paid 1.4bn In 2019 to address its obligations to the United States regarding subconscious marketing. Indivior and its subsidiary Indivier Solutions have agreed to pay m 600m to resolve related obligations in the past.

Textor was paid a total of ১ 2.1 million for FY 2012, as well as $ 557,300 in 2020. After he left in June 2020, he was owed more than মিল 1 million in salary and benefits for his contract 12. Notice entitlement of the month

The ISS, advising shareholders to vote against the re-election of the chairman of the Remuneration Committee, decided to consider the company “Thextar as a good lifter. . . It raises serious questions about its independence and its verdict. “

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