The city official accused Gilead’s executives of engaging in anti-competitive practices in order to charge “exorbitant prices” for lifesaving HIV drugs.
Scott Stringer, New York City comptroller, at the National Action Network convention in New York City, on April 3, 2019New York City Comptroller Scott Stringer on Wednesday submitted a letter to HIV drugmaker Gilead Science’s board of directors demanding a shareholder “clawback” policy. The shareholder proposal, if approved by the board, would empower the board to “recoup” some of the money paid to top Gilead executives, like CEO Daniel O’Day.
Stringer, as comptroller of America’s largest city, is responsible for administering New York City’s vast pension funds, estimated in June to comprise $208 billion in investments. Acting as a fiduciary for the funds’ exposure to stocks like Gilead’s, Stringer also represents a large number of the pharma giant's shareholders. New York City's pension funds pay the city's retired teachers, firefighters, police officers and other municipal workers.
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