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Healthy Skepticism Library item: 7320

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

 

Publication type: news

Golden Parachutes: Henry McKinnell
CBC News Interactive 2006 Dec 24
http://www.cbc.ca/news/interactives/who-goldenparachutes/


Abstract:

Henry McKinnell, the Canadian-born former CEO of the U.S.-based pharmaceutical company Pfizer Inc., received a retirement package worth $180 million US in December 2006.

The package included:
· $82.3 million US in pension benefits.
· $77.9 million US in deferred compensation.
· Lump-sum severance of $11.9 million US.
· Stock grants worth $5.8 million US.
· $2.2 million US for 2005 bonus payments.
· $305,644 US for unused vacation time.
· $576,573 US for benefits he would have received had he stayed at the company.

 

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...to influence multinational corporations effectively, the efforts of governments will have to be complemented by others, notably the many voluntary organisations that have shown they can effectively represent society’s public-health interests…
A small group known as Healthy Skepticism; formerly the Medical Lobby for Appropriate Marketing) has consistently and insistently drawn the attention of producers to promotional malpractice, calling for (and often securing) correction. These organisations [Healthy Skepticism, Médecins Sans Frontières and Health Action International] are small, but they are capable; they bear malice towards no one, and they are inscrutably honest. If industry is indeed persuaded to face up to its social responsibilities in the coming years it may well be because of these associations and others like them.
- Dukes MN. Accountability of the pharmaceutical industry. Lancet. 2002 Nov 23; 360(9346)1682-4.