Mylan NV shareholders voted against the company's executive pay package, but it re-elected the board at its annual meeting on Thursday. The company did not reveal vote totals, but Reuters reported that unhappy investors had an uphill battle as more than two-thirds of the shares voted, as well as more than half of Mylan's outstanding shares, were needed for the directors to lose.
"This company massively hiked prices on life-saving drugs, allegedly overcharged the government for its products, allowed excessive executive pay to go unchecked — all ultimately fundamental failures of board oversight," said New York City Comptroller Scott Stringer, who oversees the city's pensions.
Mylan said it will consider the outcome of the company's executive compensation vote when negotiating future compensation arrangements.
Read the Reuters story