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February 20, 2014 12:00 AM

Possible conflict of interest for IOM's Dzau, reporter says

Steven Ross Johnson
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    Dzau

    The choice of Dr. Victor Dzau as the next president of the Institute of Medicine prompted a journalist to point out that Dzau serves on the board of one company whose products are seen by many as a public health threat—Pepsico—and two healthcare companies whose businesses could be affected by the IOM's work.

    Dzau, the chancellor for health affairs at Duke University and president and CEO of Duke University Health System, will replace current IOM President Dr. Harvey Fineberg on July 1, the National Academies of Sciences announced Wednesday.

    IOM spokeswoman Jennifer Walsh said in an e-mail that Dzau initiated steps to resign from his corporate board positions before Wednesday's announcement and that he has committed to severing the ties by the time he begins his six-year term in July.

    Since 2005, he has served on Pepsico's board of directors, writer Larry Husten noted in a blog post on Forbes.com.

    According to Pepsico's 2013 proxy statement, Dzau deferred his retainer of $66,667 for the year ending Dec. 29, 2012, in lieu of 944 units of phantom stock, where cash is paid at a future date in an amount equal to the market value of stock shares. Dzau also serves on the boards of Alynylam Pharmaceuticals (he was paid $50,000 and received option awards of $89,000 in 2013) and medical devicemaker Medtronic (PDF) (he was paid $80,000 and received stock awards worth $140,000 in 2013).

    Presidents are required to disclose their financial holdings on an annual basis and experts who serve on IOM committees are screened for potential conflicts of interest, said the IOM spokeswoman.

    “They can't have any financial interest that would create an unfair competitive advantage for themselves or an organization,” Walsh wrote. “In general, the IOM president and committee members cannot participate in anything in which they have a financial conflict of interest.”

    Dzau could not be reached for comment.

    Follow Steven Ross Johnson on Twitter: @MHsjohnson

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