February 28, 2017 // Boston, MA – Trillium Asset Management is pleased to announce that following a productive dialogue, it has successfully withdrawn its Product Safety and Quality shareholder proposal at medical device manufacturing company, Zimmer Biomet Holdings (NYSE:ZBH).
The shareholder proposal, filed by Trillium, sought an analysis of governance improvements the Board could take to solidify the company’s product safety and quality performance. The Zimmer Biomet board has committed to adding explicit oversight of product safety and quality to the charter of the existing Research, Innovation and Technology Committee of the Board. This existing standing Committee will be re-named to incorporate the word “Quality”.
In addition, the Board has agreed to prioritize product safety and quality subject matter expertise as an important competency and attribute for its new Director search. The Board has also agreed to bolster public disclosures related to product safety and quality in its forthcoming Annual Report on Form 10-K and Proxy Statement.
“We commend Zimmer Biomet for engaging in productive dialogue with Trillium on improving its corporate governance related to product safety and quality,” said Jonas Kron, Director of Shareholder Advocacy at Trillium. “We also believe that greater board expertise will position the company to better manage regulatory compliance and ensure it is developing, manufacturing, and selling the safest products in the medical device manufacturing industry.”
We applaud Zimmer Biomet for taking positive steps on this issue.
Founded in 1982, Trillium Asset Management is the oldest investment advisor focused exclusively on sustainable and responsible investing. Trillium manages over $2 billion in assets for clients including individuals, foundations, endowments, religious institutions, and other non-profits. Trillium leverages the power of stock ownership to promote social and environmental change while providing both impact and performance to our investors. To learn more, please visit www.trilliuminvest.com.
This information is not a recommendation to buy or sell the security mentioned. It should not be assumed that investments in such security has been or will be profitable. The security mentioned was selected to illustrate the views expressed and does not represent all of the securities purchased, sold or recommended.