Pfizer, Moderna and J&J Face Shareholder Pressure To Make COVID-19 Shots More Available To Poorer Countries: WSJ

Socially conscious investors and global-health activists are asking shareholders of Pfizer Inc PFE, Moderna Inc MRNA, and Johnson & Johnson JNJ to press companies to make more of their COVID-19 shots available in poorer countries.

Groups including the antipoverty organization Oxfam have placed proposals on shareholder proxy ballots that ask drugmakers to do more to widen access to the COVID-19 vaccines, writes Wall Street Journal.

The COVID-19 vaccine makers are asking shareholders to reject the ballot measures, which the companies say could lead to low-quality shots manufacturing. 

Oxfam’s proposals on the Pfizer and Moderna ballots ask the companies to study the feasibility of transferring their intellectual property and technical know-how to other manufacturers in low- and middle-income countries.

In December, Pfizer and Moderna asked the SEC for permission to exclude Oxfam’s resolutions from their proxy ballots. The SEC denied their requests, saying the matters transcend ordinary business.

Oxfam’s J&J resolution asks the company to report whether its receipt of government funding for its COVID-19 vaccine will be considered when it sets prices or takes other steps that affect access to its vaccine.

Oxfam put the same resolution to J&J shareholders last year, and it received support from about 31% of shares voted at the annual meeting. Shareholder votes on the resolutions will be tallied and announced at annual meetings scheduled for April 28.

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