Endo Health Solutions Exits ALEC
January 8, 2014: Trillium Asset Management is pleased to announce that following our engagement with Endo Health Solutions Inc. (NASDAQ:ENDP) (Endo), the company is no longer a member of the American Legislative Exchange Council (ALEC).
ALEC is a lobbying network of politicians and corporations that has introduced many conservative bills in state legislatures, some of which become law; including “Stand Your Ground”, voter identification and Arizona’s controversial immigration law SB 1070. The organization is also known for its efforts at deregulation, opposition to climate change legislation and activism against the Affordable Care Act.
These and other controversial positions have led many U.S. companies, such as Amazon, Coca-Cola, General Electric, Kraft, McDonald’s and Wal-Mart, to leave the organization.
In 2012, Trillium filed a shareholder proposal at Endo on behalf of our clients, including the Christopher Reynolds Foundation, pressing the company on lobbying spending disclosure and its affiliation with ALEC. The immediate impact of the engagement was the company adopting some of the best lobbying disclosure policies and practices in the industry. In subsequent dialogues with Endo in 2013, we urged the company to leave ALEC and sever all financial ties.
Endo has recently informed Trillium that it is no longer a member of ALEC and has stopped providing any financial support to the organization. We believe that this is a commendable step and think Endo has taken a prudent action that is in the best interest of the company, its shareholders and society.