The Investors for Opioid & Pharmaceutical Accountability (IOPA) was established in July 2017 out of heightened concern that opioid company risks both threaten long-term shareholder value and have profound long-term implications for our economy and society.

The IOPA uniquely represents influential and diverse funds from across the investing universe that are taking swift and decisive actions, using multiple shareholder resolutions, to hold manufacturers, distributors, and retail pharmacies’ boards accountable for potential risks to shareholder value, the economy and society.

The IOPA consists of 54 investors with over $3.5 trillion in assets under management and is co-led by Mercy Investment Services, Inc. and the UAW Retiree Medical Benefits Trust. The IOPA’s diverse membership of faith-based, sustainability, public, and labor funds as well as Comptrollers, Treasurers and asset managers reflect the high level of concern investors have about board accountability and oversight of these opioid companies.

In July 2017, the IOPA drew upon the success that the Teamsters and several state treasurers had with McKesson in securing a board risk report on opioids and separating the Chair and CEO positions. Additionally, the IOA drew on the long-standing history of corporate engagement between the faith-based investor community and pharmaceutical companies on drug pricing risks.
The IOPA’s corporate engagements focus on adopting or strengthening corporate governance practices that improve board independence, accountability and oversight related to opioid risks. Specifically, the IOPA calls on companies to (1) conduct an evaluation of the board’s oversight of opioid business risks dating back to 2012 and report to investors on what governance, compensation, corporate political lobbying/spending and compliance practices exist to mitigate these risks; (2) adopt a misconduct clawback policy; (3) separate chair and CEO positions; and (4) disclose circumstances related to excluding legal and settlement costs from executive pay awards. IOPA focus companies are opioid manufacturers, distributors and retail pharmacies.

Two-Year Progress Report

The IOPA has achieved several agreements with opioid companies including the following on board opioid risk reports and misconduct clawback policies:

Select Board Reports