Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today co-filed a shareholder proposal at Gilead, maker of remdesivir (brand name: Veklury), the only antiviral drug approved by the Food and Drug Administration to treat cases of COVID-19. The shareholder proposal, filed by Treasurer Torsella, Rhode Island Treasurer Seth Magaziner, and United Church Funds calls for an independent board chair on the Gilead board of directors. An independent board chair ensures that management of the company is held accountable for missteps and misconduct that harm patients and investors, such as Gilead’s recent unfair pricing of remdesivir, at more than 500 times its production cost according to one study, during a pandemic.
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced improvements to the Treasury Department’s Bureau of Unclaimed Property (BUP) operations software—the first upgrade in more than 15 years.
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced the new Bright Future Booster for the Keystone Scholars program. The additional automatic $50 deposit will benefit all Pennsylvania babies born to mothers enrolled in the Special Supplemental Nutrition Program for Women, Infants and Children (WIC) from January 2021 through June of 2021. This $50 for WIC families is in addition to the $100 Keystone Scholars starter deposit available to every baby born to or adopted by a Pennsylvania family to jumpstart savings for postsecondary career or college education.
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today issued a statement, following Lee Raymond’s resignation as Lead Independent Director at J.P. Morgan. Raymond is the former CEO at Exxon Corporation, and helped shape the fossil fuel industry into its current form, while downplaying concerns about climate change and stifling investment in renewable energy sources. In May, Treasurer Torsella, New York City Comptroller Scott Stringer, and New York State Comptroller Tom DiNapoli joined Majority Action to stand firm against Raymond’s re-nomination to the board due to his overwhelming influence in J.P. Morgan’s financing decisions of fossil fuel industry players like Exxon-Mobil.
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella announced today his office co-filed a shareholder proposal at Facebook, calling for an independent board chair to oversee company decisions. A group of 6 investors have re-filed this proposal, which has been widely supported by non-insider shareholders, with increasing majorities, in previous years. The proposal will receive a shareholder vote at Facebook’s 2021 Annual Shareholder Meeting.
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced his plan and support for the General Assembly to consider pension obligation bonds (POBs) to help address the outstanding unfunded liabilities of the state’s largest pension systems—Pennsylvania State Employees’ Retirement System (SERS) and Pennsylvania Public School Employees’ Retirement System (PSERS).
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella announced today another fee reduction for the PA 529 College and Career Savings Program Investment Plan (IP). The IP has some of the lowest fees when compared to similar 529 plans in other states.
Harrisburg, PA - In response to an inquiry from Pennsylvania House Majority Leader Kerry Benninghoff, and in consultation with Senate leadership and the Governor’s Budget Office, Pennsylvania Treasurer Joe Torsella today announced steps his office is prepared to take to ensure sufficient funds are available to prevent immediate shutdowns of highway and safety projects throughout the commonwealth that had been threatened as early as this month due to lack of funding.