Important note: Information in this article was accurate in 2003. The state of the art may have changed since the publication date.
PRNewswire - December 14, 2003
"This announcement continues GSK's tradition of bad decision-making on corporate compensation and of corporate irresponsibility," said Michael Weinstein, president of AIDS Healthcare Foundation, the US' largest non-profit HIV medical care provider.Weinstein attended and spoke at last May's GSK shareholder meeting in London, at which time the shareholders torpedoed an excessive compensation package for chief executive JP Garnier in an almost unprecedented action.
"At least 33,000 people with AIDS in poor countries could be treated with the money GSK is lavishing on Garnier," said Weinstein."In May, shareholders rejected excessive compensation for Garnier and demanded a more open process and accountability.Instead of responding to shareholder concerns, GSK has failed to release a compensation report from Deloitte & Touche on this matter.Now, GSK is rewarding Garnier handsomely despite a tenure during which he failed to bring major new drugs to market and instead developed a corporate reputation for a weak late-stage pipeline."
"With this action, GSK firmly holds on to its status as the 'poster boy' for corporate irresponsibility," said Weinstein.
AIDS Healthcare Foundation operates clinics in the US, Africa and Central America.
SOURCE AIDS Healthcare Foundation
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