Toby Sterling

AMSTERDAM (Reuters – An institutional investor group with assets of $3.5 trillion under management has called on Thursday for pharmaceutical companies to tie their executives’ salaries to the availability of COVID-19 vaccinations around the world.

The majority of people in wealthy countries are currently vaccinated, and some are receiving booster shots. However, vaccination rates on the African continent average around 10%.

To end the “acute stage” of the pandemic, the World Health Organization set a goal of 70% vaccination rates in all countries by July 2022.

A letter was signed by 65 pension funds, asset managers and insurers that was submitted to the boards on January 4. It was reviewed by Reuters. Pfizer Inc (NYSE:), Johnson & Johnson (NYSE:), Moderna (NASDAQ) Inc and AstraZeneca (NASDAQ) PLC ask them to implement a WHO Roadmap for equitable vaccine access, and to tie it to the management’s pay in a “meaningful, material, measurable, transparent and transparent” way.

Global delays to vaccine delivery have been caused by production problems and hoarding by rich governments, as well as export restrictions, red tape and other administrative hurdles.

According to the investor group, key factors include greater participation in international vaccination programs as well as licensing and sharing technology that allows countries to produce local vaccines.

Frank Wagemans from Achmea Investment Management said, “It should make economic sense for a manufacturer of vaccines to aim to vacinate the entire world.” He is one of the funders. The company has $225 million in assets.

Nomura and Investec are also participating investors.

Pfizer, Johnson & Johnson, and Moderna could not immediately be reached for comment. They previously stated they were committed to making low-cost doses of drugs available to the poorer nations.

AstraZeneca spokesperson said that the vaccine company produces its COVID-19 vaccine at no cost and distributes most of it to countries with low or middle income.

Peter Singer, the Special Advisor of the Secretary General to WHO said that the investor initiative was very welcome.

According to him, the unjust distribution of vaccines represents “not only an inequitable distribution but also a grave economic and moral problem for the entire world.”

Achmea’s Wagemans stated that he believes vaccine manufacturers will be open to receiving the request, but that the manager of the fund will examine how companies actually put their promises into practice before the annual meeting.

He stated that “I can’t speak for other signatories about how they will vote but Achmea management said yes. We will vote against executive pay packages” if no link is made to the WHO roadmap.

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