Trillium and Christopher Reynolds Foundation Statement on Endo Pharmaceuticals Lobbying Spending Disclosure
Trillium Asset Management and the Christopher Reynolds Foundation are pleased that following our engagement with Endo Pharmaceuticals Inc. (NASDAQ:ENDP) the company is now providing some of the highest level of lobbying spending transparency in the pharmaceutical industry — and in corporate America more generally.
Endo is now annually disclosing its membership in trade associations along with the amounts the trade associations spend from its fees for non-deductible lobbying activities. This significant and meaningful step by Endo is sound risk management and we commend
the company for taking this leadership position.
“Lobbying spending through third parties such as trade associations like PhRMA and the U.S. Chamber of Commerce are of significant concern for investors,” said Stephen Viederman Chair of the Finance Committee for the Christopher Reynolds Foundation. “Indirect spending contributes to a gross imbalance of political power that undermines sound public policy that is crucial to a healthy democracy and a health economy.”
In the next few months, we expect that many companies will be receiving shareholder proposals focused on political contribution and lobbying spending transparency. We anticipate that these positive developments at Endo will set the tone for these other companies to become more transparent as it is good for companies, good for investors, good for economy and good for our democracy.
Stephen Viederman, Christopher Reynolds Foundation, (212) 639-9497
Jonas Kron, Trillium Asset Management, (503) 592-0864