Walgreens shareholders want to know how the company is managing opioid crisis risks

Alia Paavola - Print  | 

Walgreens shareholders preliminarily approved a plan requiring the company to explain its strategy for monitoring and managing the risks associated with the U.S. opioid crisis, according to CNBC.

The measure requires Walgreens to prepare a report by June 30 disclosing how the company altered its governance since 2012 to respond to the nationwide crisis. The report must include how the Walgreens board oversees opioid-related programs and whether the executive bonus structure has any opioid-related incentives, such as promoting ethical conduct.

The plan was submitted by the Investors for Opioid Accountability, a group of state treasurers, comptrollers and asset managers. It filed similar measures with drug companies and distributors. The move comes as pharmacies, drugmakers and distributors have increasingly been blamed for helping to fuel the crisis.

Walgreens' board opposed the plan, arguing that it already discloses how it is handling the risks. However, preliminary results showed shareholders voted in favor of the measure. Final results of the vote will be released in a filing with the U.S. Securities and Exchange Commission, according to the report.

Read the full report here.

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