LAPFF Joins Investor Clinical Trials Initiative

LAPFF Joins Investor Clinical Trials Initiative

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Investor Pressure Grows for Transparency from Pharmacaeutical Companies


London 14.00 (BST) The Local Authority Pension Fund Forum (LAPFF) has added its voice to investors calling for more transparency from pharmaceutical companies on the trial results of new drugs and medications going to market.


“LAPFF supports improved transparency for all investors around clinical trial results. Such results can be a crucial factor in assessing pharmaceutical company valuations and reducing mispricing risks,” LAPFF Chair Kieran Quinn said.


A group of 85 pension funds and asset managers have grouped together to support the aims of the initiative.  The investor group wants global drug companies to set out their plans to have clinical trials, past, present and future, registered and results reported.


They are supporting an Investor Statement that highlighs the importance of clinical trials in determining the effectiveness and safety of drugs that come to market and a request  that companies publish complete and accurate information on trial results so that investors can make fully informed decisions.


In addition to the 65 funds LAPFF represents, the investor group also includes BNP Paribas Investment Partners, RobecoSAM, Aviva Investors, Boston Commons Asset Management, and the investment arm of the Wellcome Trust.  They have requested drug companies:

  • Retrospectively register past and ongoing clinical trials, and register all future trials before they begin
  • Publish the methods and full results of all trials, including information on adverse events
  • Post an objective summary of results within one year of completion of the trial, following the guidelines on
  • Support efforts to provide independent researchers access to anonymised individual patient data

The coalition has agreed to work with the UK-based AllTrials campaign which is conducting an audit of disclosure policies for the 50 largest drug makers with results expected to be published in September.


“The Forum welcomes the Alltrails initiative and their efforts to improve disclosure in the pharmaceutical sector. We look forward to a positive response by the major players in the industry to the investor engagement on this significant issue,” Cllr Quinn added.


Several drug companies have taken voluntary steps to increase transparency, before EU legislation which requires more disclosure comes into force next year.




29th July 2015




About the Local Authority Pension Fund Forum

The Local Authority Pension Fund Forum (LAPFF),  founded in 1991, is a voluntary association of 65 public sector pension funds based in the UK with combined assets of approximately £165 billion. It exists to “promote the long-term investment interests of local authority pension funds, and to maximise their influence as shareholders to promote corporate responsibility and high standards of corporate governance amongst the companies in which they invest.” PIRC is the Research and Engagement partner to the Forum.