Johnson & Johnson is a member of the Pharmaceutical Researchers and Manufacturers of America (PhRMA), which aggressively lobbied for President Obama's health care takeover. At last year's Johnson & Johnson shareholder meeting, Weldon promised National Center Free Enterprise Project Director Dr. Tom Borelli that the firm would disclose precisely how much shareholder money his company spent promoting the ObamaCare legislation.
"Despite repeated requests from the National Center and his own pledge in front of shareholders last year, Weldon still refuses to release those figures. It is time for Weldon to come clean with company stakeholders - many of whom undoubtedly oppose the ObamaCare agenda," said Danhof.
At last year's shareholder meeting, Weldon told Dr. Borelli, "I don't think there is any reputational damage" due to the company's lobbying for ObamaCare's passage.
"The poll numbers don't lie. Tea party activists and conservatives have indicated a willingness to vote with their wallets and forgo Johnson & Johnson products. That could result in real economic loss for shareholders. Weldon needs to explain why he continues to oversee Johnson & Johnson's support of President Obama's unpopular policies instead of upholding his fiduciary duty and protecting the shareholders' investments in the company he is tasked to run," Danhof stated.
To view a transcript of CEO Weldon's conversation with Dr. Borelli at the 2010 shareholder meeting and subsequent communications between Johnson & Johnson and the National Center for Public Policy Research, see: http://www.nationalcenter.org/ObamacareLobbying.pdf