Mallinckrodt Announces Plans to Update Its Incentive Compensation Clawback Policy and Create Opioid Report
STAINES-UPON-THAMES, United Kingdom, Dec. 10, 2019 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a global biopharmaceutical company, today announced plans to update Mallinckrodt's Incentive Compensation Clawback Policy and to develop and publish a report on the Board's oversight of risks related to the opioid crisis in the U.S. These actions are in response to the approval of related shareholder proposals presented at the Company's 2019 Annual General Meeting held on May 15, 2019.
The Company's Incentive Compensation Clawback Policy will be updated to include a provision requiring the Company to annually disclose the recoupment of any incentive compensation from senior executives undertaken in the previous fiscal year. A summary of these changes will be disclosed in the Company's proxy statement to be filed next year in conjunction with the 2020 Annual General Meeting.
In addition, the Board will create and publish a report by March 31, 2020 describing its approach to oversight of opioid-related matters. Mallinckrodt remains dedicated to providing safe and effective medications for the treatment of patients with pain and is equally committed to working with policymakers, law enforcement and industry to address the complex issues of opioid addiction and abuse. For more information on our work to address prescription drug abuse and misuse, please see www.mnk.com/solutions.
Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
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