June 12 Influential proxy firm ISS on Monday
urged shareholders of generic drugmaker Mylan NV to vote
against most of the company's nominees to its board of
directors, ahead of a shareholder meeting later this month.
Mylan has come under fire for sharply increasing the price
of EpiPen and classifying the life-saving treatment as a generic
rather than a branded product, which led to much smaller rebates
to state Medicaid programs. Mylan faces multiple investigations.
"All incumbent directors should be considered accountable
for material failures of risk oversight over a number of years,
when warning signs were available to (Mylan) but no actions
appear to have been taken," ISS said in a report, citing an
erosion in "shareholder value" as a result of the EpiPen
ISS recommended that shareholders vote against ten of
Mylan's director nominees including CEO Heather Bresch,
President Rajiv Malik and Chairman Robert Coury.
The proxy firm, however, backed new director nominee Sjoerd
Mylan met with ISS last week and discussed the role of Coury
in growing the company, and defended his compensation, which was
more than $97 million in 2016.
(Reporting by Natalie Grover in Bengaluru; Editing by Sai