An advisory group recommended shareholders in U.K.-based drug maker AstraZeneca oppose its 2008 report and accounts because the company is donating too much to U.S. political parties and awarding executives compensation that is too high.
Pensions Investment Research Consultants, which advises institutional investors on corporate-governance issues, said AstraZeneca contributed $815,838 to U.S. state political-party committees and campaigns last year, and is also seeking authority for additional political donations and expenditure of as much as $250,000.
"We do not consider political donations to be an appropriate use of shareholders' funds. Therefore we recommend that shareholders oppose the company's report and accounts to express concern," PIRC said Wednesday.
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