Several big pension funds are attempting to block the re-election of a number of Mylan board members, due to concerns that executive paychecks are exorbitant.
The funds, which include New York City and State pension funds, the California State Teachers' Retirement System and Dutch-based pension fund PGGM (which control 4.3 million shares of Mylan) are urging shareholders to vote against the company at Mylan's June 22 annual meeting.
According to a letter released by the funds, even amid the public outrage over EpiPen prices, Chairman Robert Coury’s 2016 salary totaled $160 million. The funds were also upset by the failed acquisition by Teva’s in 2015, stating, "All of the mudslinging back-and-forth between Mylan and Teva only served to reinforce our concern that Chairman Coury would rather keep his pay and power at Mylan’s helm than likely lose those benefits to Teva cost- and position-cutting."
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