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Sage advocacy: pfizer
Sustainability Achieved Through Greater Engagement®
This company is a Calvert SAGE™ Strategies holding and is not
eligible for investment in the Calvert Signature® Strategies
____________________________________________
Since 2008, Pfizer has been working to restructure and refocus its corporate
responsibility efforts. On the whole, these structural changes have been positive, and the company is now significantly further down the path to be a best-in-class
pharmaceutical company. Pfizer has addressed Calvert’s concerns with infant
formula marketing and humane treatment of Premarin mares, and also enhanced its access to medicines efforts. Yet at the same time Pfizer continues to
face significant marketing and product liability controversies, which are
significant concerns given the company’s reliance on a business model that is dependent on high volume production and sales relative to its peers. In
* Calvert’s Signature ESG criteria examine
September 2009, Pfizer pleaded guilty to criminal and civil charges that it violated
drug promotion laws. The company’s settlement with the Department of Justice
was the largest settlement of its kind and as a result, Pfizer has revamped the
policies and compliance programs governing its sales and marketing efforts. The
company has taken significant steps towards more transparency and
accountability, but remains subject to annual government audits and oversight.
PFIZER ADVOCACY OBJECTIVES
Align management and shareholder interests more closely by linking a greater percentage of incentive pay to long term performance, extending the long term incentive performance period, requiring that executives hold on to a significant portion of shares for a period of time after their retirement, and explicitly link performance on sustainability and responsibility issues to incentive compensation.
Report on implementation of the Calvert Women’s Principles® (as an original supporter of the Principles) to demonstrate that the company is comprehensively addressing gender equality within its operations.
Continue to enhance the company’s access to medicines efforts in the developed and developing world, building upon the positive ranking increase in the 2010 Access to Medicines Index.
Disclose and report on the implementation of
On November 11, 2010, Calvert met with senior
standards to ensure the humane treatment of mares
executives at Pfizer headquarters in New York City,
during and after the Premarin production process.
for the first full-scale comprehensive meeting with the company since it was designated an enhanced
engagement target. Pfizer agreed to work on
ENGAGEMENT TOOLS APPLIED
Calvert’s agenda of objectives and participate in specific meetings to discuss steps the company could
On June 21, 2010, Calvert met via phone with a newly
RECENT ENGAGEMENT
structured Corporate Responsibility team at Pfizer. Topics discussed included the recent merger with
On December 19, 2011, Calvert and the Pfizer
Wyeth, the criminal product marketing settlement,
Governance and Corporate Social Responsibility (CSR)
animal welfare issues surrounding Premarin horses,
team met via phone to discuss the following SAGE
and infant formula marketing as well as the Calvert
objectives: Governance, Access to Medicines (ATM),
and Infant Formula Marketing. The discussion focused on Pfizer’s first Say on Pay vote, changes to
On March 18, 2011, Calvert spoke with the Pfizer CSR
the company’s ATM program and progress the
team and representatives from Pfizer’s Premarin
company has made in addressing the risks associated
manufacturing business to learn more about the
with marketing infant formula. Calvert stressed the
animal welfare impacts from manufacturing the
importance of addressing executive compensation
Premarin drug line. The company provided
and better aligning the long term interests of Pfizer
information on the scope and scale of the Premarin
management and shareholders. Pfizer briefed the
products, as well as the programs in place to ensure
Calvert team on the positive changes in its ATM
humane treatment of the pregnant mares, whose
program, including the full integration of the
urine is the main source ingredient to derive the
program across all emerging market business units.
chemical components of the drugs. Calvert and Pfizer
Calvert also received an update on the progress the
discussed the potential for enhanced disclosure
company has made on the Infant Formula Marketing
about animal welfare practices as part of Pfizer’s
objective. Calvert considers itself one of several
overall CSR report; Calvert will continue to encourage
stakeholders that helped influence the company’s
STATUS AND NEXT STEPS HISTORICAL ENGAGEMENT
Calvert plans to meet with Pfizer in December 2012.
On December 13, 2010, Calvert spoke with the Pfizer CSR team and representatives from Pfizer’s infant
formula business to learn more about this specific
ENGAGEMENT OBJECTIVES AND PROGRESS TO DATE
business line. The company provided a general background of where it operates and its biggest
Objective: Commit to and demonstrate emerging best
formula markets. Pfizer also provided details on its
practices for marketing of formula and add-on milk.
programs to ensure product safety and quality, and
Pfizer made solid progress on infant formula marketing
to adhere to high standards of marketing for its
goals Calvert had established with the company. Pfizer
plans to conduct audits in high-risk countries and improved its disclosure of its commitment to following
On November 18, 2010, Calvert spoke with the Pfizer
the WHO Code for infant formula marketing in
CSR and Governance teams about overall governance
practices at the company. The discussion was very productive and provided valuable insight into leading
governance practices at Pfizer. Calvert discussed
Pfizer’s position on Say on Pay and encouraged the company to endorse an annual vote on executive compensation as well as linking a greater percentage of incentive pay to long term corporate performance.
Calvert Investment Management, Inc., 4550 Montgomery Avenue, Suite 1000N, Bethesda, MD 20814 TL10102-201211
SISC CO-PAYMENT REFERENCE GUIDE Medco manages your prescription drug benefit at the request of SISC. Your plan gives you the option of getting your covered medications through the Medco Pharmacy ® mail-order service or at a participating retail pharmacy. The chart below provides a summary of your prescription drug benefit co-payments. When you use a participating When you use the T
A Randomized Controlled Trial of Male Circumcision to Reduce HIV Incidence in Kisumu, Robert C. Bailey,1 Stephen Moses,2 Corette B. Parker,3 Kawango Agot,4 Ian Maclean,5 John N. Krieger,6 Carolyn F. M. Williams,7 Richard T. Campbell,1Jeckoniah O. Ndinya-Achola8 PI Contact Information: [email protected] Summary Background Male circumcision may provide significant protection against HIV-