- Jul 20, 2016
- 6,572
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The Friends Fiduciary Corporation manages funds for Quaker churches and schools, as well as the Benedictine Sisters of Mount St. Scholastica. After I recovered from the idea of these groups investing money in drug companies, I was heartened at their efforts to require these companies to disclose their lobbying activities.
One of their investments is with Vertex Pharmaceuticals, which manufactures several drugs, including one for cystic fibrosis. The federal filing is asking for transparency in monies spent on lobbying efforts, including payments it makes to trade groups and spending on “grassroots” communications that seek to shape public opinion on policy issues.
The basic idea is to determine the level of behind the scenes involvement this company has in getting approvals for its new drugs. Some of the contributions may be to so called tax-exempt groups that assist with writing of bills for lawmakers. In other words, this filing would shine a light on the hidden activities of these companies, who are both making drugs and effectively writing the rules about their development and use.
In an interview, Friends Fiduciary executive director Jeffery Perkins said that the measure was primarily aimed at asking Vertex to disclose payments to trade groups that engage in lobbying, such as the Biotechnology Innovation Organization, or BIO. Friends Fiduciary is pursuing similar transparency measures for nine other companies, including Pfizer (NYSE: PFE).
Of course, the drug companies are opposed because it will place an undue burden on them to make such reports. Having spent years looking at income and expense statements, I know it is not that difficult, unless some expenses are hidden. Even then, someone knows exactly where those expenses are. So, my hat is off to the Friends Fiduciary Corporation.
http://www.bizjournals.com/boston/news/2017/04/18/vertex-at-odds-with-religious-investors-over.html?ana=e_bost_bio&s=newsletter&ed=2017-04-20&u=16617299604ce0c56c5e6ccaa41cbf&t=1492704318&j=77987151
One of their investments is with Vertex Pharmaceuticals, which manufactures several drugs, including one for cystic fibrosis. The federal filing is asking for transparency in monies spent on lobbying efforts, including payments it makes to trade groups and spending on “grassroots” communications that seek to shape public opinion on policy issues.
The basic idea is to determine the level of behind the scenes involvement this company has in getting approvals for its new drugs. Some of the contributions may be to so called tax-exempt groups that assist with writing of bills for lawmakers. In other words, this filing would shine a light on the hidden activities of these companies, who are both making drugs and effectively writing the rules about their development and use.
In an interview, Friends Fiduciary executive director Jeffery Perkins said that the measure was primarily aimed at asking Vertex to disclose payments to trade groups that engage in lobbying, such as the Biotechnology Innovation Organization, or BIO. Friends Fiduciary is pursuing similar transparency measures for nine other companies, including Pfizer (NYSE: PFE).
Of course, the drug companies are opposed because it will place an undue burden on them to make such reports. Having spent years looking at income and expense statements, I know it is not that difficult, unless some expenses are hidden. Even then, someone knows exactly where those expenses are. So, my hat is off to the Friends Fiduciary Corporation.
http://www.bizjournals.com/boston/news/2017/04/18/vertex-at-odds-with-religious-investors-over.html?ana=e_bost_bio&s=newsletter&ed=2017-04-20&u=16617299604ce0c56c5e6ccaa41cbf&t=1492704318&j=77987151
