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Pfizer CEO Gets Pay Raise for Influencing Public Policy
Pfizer CEO Gets Pay Raise for Influencing Public Policy
by Sebastian Jones, ProPublica - March 9, 2010 12:08 pm EST
Jeff Kindler, the chairman and CEO of Pfizer, recently got a 12.5 percent salary increase to $1.8 million. A company proxy statement cited him for 'opposing legislation that would allow for importation of prescription drugs.' (Ben Stansall/AFP/Getty Images)
Lawmakers often contend that lobbying, campaign contributions and fancy parties do not sway their votes, yet at least one company begs to differ. As The Washington Examiner reports, Pfizer based its recent decision to grant CEO Jeff Kindler a raise, at least in part, on his "developing and advancing U.S. and global public policies that serve the overall interests of our Company and our shareholders."
The language, buried in the company's most recent proxy statement filed with the Securities and Exchange Commission, explicitly cites Kindler's efforts in "opposing legislation that would allow for importation of prescription drugs."
Pfizer contends that importing these medicines "could jeopardize the integrity of the drug supply chain in the U.S," while groups like AARP say it's a safe and cost-effective solution to lowering drug prices.
An effort to allow importation of cheaper drugs from Canada and Europe failed last December. Sen. Byron Dorgan, who spearheaded the effort, told reporters after the vote that "the drug industry has a lot of clout in this town, and they demonstrated that tonight."
As the Sunlight Foundation noted in an extensive report highlighted by ProPublica, the pharmaceutical industry lobbying group PhRMA agreed to support the White House's health care reform effort as part of a deal that included a pledge by the administration to oppose drug importation.
by Sebastian Jones, ProPublica - March 9, 2010 12:08 pm EST
Jeff Kindler, the chairman and CEO of Pfizer, recently got a 12.5 percent salary increase to $1.8 million. A company proxy statement cited him for 'opposing legislation that would allow for importation of prescription drugs.' (Ben Stansall/AFP/Getty Images)
Lawmakers often contend that lobbying, campaign contributions and fancy parties do not sway their votes, yet at least one company begs to differ. As The Washington Examiner reports, Pfizer based its recent decision to grant CEO Jeff Kindler a raise, at least in part, on his "developing and advancing U.S. and global public policies that serve the overall interests of our Company and our shareholders."
The language, buried in the company's most recent proxy statement filed with the Securities and Exchange Commission, explicitly cites Kindler's efforts in "opposing legislation that would allow for importation of prescription drugs."
Pfizer contends that importing these medicines "could jeopardize the integrity of the drug supply chain in the U.S," while groups like AARP say it's a safe and cost-effective solution to lowering drug prices.
An effort to allow importation of cheaper drugs from Canada and Europe failed last December. Sen. Byron Dorgan, who spearheaded the effort, told reporters after the vote that "the drug industry has a lot of clout in this town, and they demonstrated that tonight."
As the Sunlight Foundation noted in an extensive report highlighted by ProPublica, the pharmaceutical industry lobbying group PhRMA agreed to support the White House's health care reform effort as part of a deal that included a pledge by the administration to oppose drug importation.
It is the business of business to make profits. Boards of directors are not the guardians of what is best for the American people, and if they make that their focus they will be found to have breached their fiduciary duties to their shareholders.
Pfizer contends that importing these medicines "could jeopardize the integrity of the drug supply chain in the U.S," while groups like AARP say it's a safe and cost-effective solution to lowering drug prices.
It is precisely these kinds of tug o wars in what we hear that make it hard....we have to dig deeper to get to the heart of the matter. Is this purely profit over what is best for the American people? Or do these companies genuinely care and have good reason to maintain the hold they have on the flow?
It is precisely these kinds of tug o wars in what we hear that make it hard....we have to dig deeper to get to the heart of the matter. Is this purely profit over what is best for the American people? Or do these companies genuinely care and have good reason to maintain the hold they have on the flow?
I honestly wish there were ethical reforms involving the pharmaceutical industry as funding such as this that was directed needlessly could go towards further research into developing safer and more effective treatment modalities and of course lowering the cost of prescriptions in general.
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