Business is booming.

Executive pay and climate: can bonuses be used to reduce emissions?

242


The greening of Schneider Electric started in 2005. The French electrical equipment group announced it would review its “social and environment performance” and set up a “planet and society barometer”. In 2008 it even rebranded itself in lurid green.

“If you measure it, it happens,” Jean-Pascal Tricoire explained to Les Echos, the French business newspaper, in 2007, a year after taking over as chief executive.

Tricoire’s own pay packet also has an increasingly green tinge. In recent years, his bonuses and long-term share grants have been tied to goals based on the barometer or its successor programme — such as reducing carbon dioxide emissions — plus the group’s performance on environmental, social and governance measures across a range of external indices. In 2020, a fifth of Tricoire’s total incentive pay — some €1.6m, including the value of shares from his long-term incentive plan — was due to his efforts to hit such targets.

As climate change has advanced up the boardroom agenda, so, inexorably, it has started to find its way into the incentives of senior executives. That has raised questions, not only about the clarity and solidity of the underlying goals and the ease with which chief executives might hit them, but about the purpose and effectiveness of monetary rewards as a way of changing corporate behaviour.

For now absolute numbers of companies using climate targets to calculate chief executives’ bonuses and long-term incentives remain low: just 24 companies in the FTSE 100, and only 20 in the S&P 500, according to ISS ESG, the responsible investment arm of proxy adviser Institutional Shareholder Services. But from a low base, the number of companies using climate pay targets more than doubled between 2019 and 2020. A survey by Deloitte in September suggested a further 24 per cent of companies polled expected to link their long-term incentive plans for executives to net zero or climate measures over the next two years.

“We have not seen that sort of increase since TSR became the measure in vogue” in the early 2000s, says Phillippa O’Connor, a partner at PwC, who advises companies on executive rewards, referring to total shareholder return, the metric of choice for tying executives’ incentives to financial performance.

The push to integrate climate goals, and wider ESG targets, into pay plans has been led by consumer companies such as Unilever. Investors have also intensified the pressure on oil and gas groups such as Royal Dutch Shell to follow suit. According to ISS ESG, 39 per cent of energy companies in the world’s biggest indices had incorporated climate targets into their chief executives’ pay by last year, the highest proportion of any sector.

Harlan Zimmerman, senior partner at Cevian Capital, an activist investment group, sees the introduction of targeted pay as a “forcing mechanism” to change mindsets about climate change.

An employee of Schneider Electric, the French equipment group, works in a laboratory at a plant in Grenoble
An employee of Schneider Electric, the French equipment group, works in a laboratory in Grenoble © Jeff Pachoud/AFP via Getty Images

Others are more sceptical. Alex Edmans, a finance professor at London Business School (LBS), favours paying chief executives with shares that they must hold after they leave to nudge them to take decisions in the longer-term interests of the company. “When you [set specific goals], you get this problem of hitting the target but missing the point,” he says.

When earnings per share growth was popular as an executive goal, for instance, bonus-hunting managers tended to fixate on short-term expansion. Research also shows that when too many targets are added to incentive schemes, executives start to concentrate on the most obvious opportunities for reward — almost always financial growth, which carries the biggest weight in pay plans. Yet investors continue to add new items to their wishlist of targets.

Other studies have also suggested executives receive more generous payouts on non-financial targets than they do when judged on precise financial achievements, perhaps because they are often harder to measure and more subjective.

Climate targets also face an obvious snag not shared with shorter-term strategic goals. Companies’ environmental goals often have an understandably long horizon — 2030, 2040, or even 2050 — but chief executives’ tenure is much shorter. An S&P 500 chief executive holds office, on average, for less than 10 years.

“Like everything to do with executive remuneration, it isn’t easy to get this right,” says Edward Mason of Generation Investment Management, the sustainability-focused fund company with $36bn of assets under management. “There are risks of perverse incentives and easy remuneration that investors should be on the lookout for.”

Green incentives: Jean-Pascal Tricoire

Chief executive, Schneider Electric


€1.05m


Annual bonus, 2020

Climate actions linked to bonus: Reached goal of 80% renewable electricity, surpassed goal of 120m tonnes of carbon dioxide saved by customers by 2020

Bonus structure: 80% financial; 20% sustainability impact

‘Meaningful, material, and measurable’

Some red flags are already flapping, according to pay analysts and investors. One is a concentration on tactical, short-term targets, such as operational efficiency, rather than more strategic, long-term goals such as emissions reductions. A second danger signal is a focus mainly on vaguer discretionary measures of progress, such as “improving sustainability” sometimes mixed with other qualitative goals. A third is the lack of transparency.

“A lot of targets we are seeing are still quite vague,” says Tom Gosling, an executive fellow in the finance department at LBS, “and about ‘making progress towards [a goal]’, as opposed to pinning yourself to a final number.”

Honeywell, for instance, has committed to become carbon neutral by 2035 in its core activities, yet progress towards these commitments is not linked in detail to its executive pay plan. The US industrial group paid its chief executive Darius Adamczyk an annual bonus of $2.5m for 2020, of which 20 per cent was based on the remuneration committee’s assessment of a raft of goals including driving “a robust ESG programme”.

ASML, the Netherlands-based semiconductor equipment group whose shares are quoted on Nasdaq, has promised to cut its direct and indirect greenhouse gas emissions from operations to zero by 2025 as part of the “climate and energy” criteria for executive bonuses. It benchmarks itself against other semiconductor companies in the Dow Jones Sustainability Index. But it refuses to reveal actual targets and achievement levels, saying they are “commercially or strategically sensitive”. It is reviewing its policy following challenges from investors to improve transparency.

Angeli Benham, senior global ESG manager at Legal & General Investment Management, which has $1.8tn of assets under management globally, is typical of many in calling for climate goals to be “meaningful, material, and measurable”.

The two largest elements of performance pay are the annual bonus, and long-term incentive plan (LTIP), which typically runs for three years.

The level of enthusiasm within boards to attach more conditions to their chief executives’ incentives varies. ISS ESG measured the highest impact of climate factors in pay at companies in the French and German benchmark indices, and the lowest in Asia and the US.

Green incentives: Darius Adamczyk

Chief executive, Honeywell


$2.5m


Annual bonus, 2020

Climate actions linked to bonus: Drove a robust ESG programme, including improving sustainability of company operations

Bonus structure: 80% financial; 20% qualitative individual assessment

Not one of the attempts by US investors to tie executive pay to ESG measures attracted significant support at this year’s annual meetings, according to Glass Lewis, another proxy adviser. It registered a drop in shareholder support for ESG targets in pay to 12 per cent, on average, compared with 17 per cent last year and 22 per cent in 2019.

Glass Lewis itself recommended support for just one proposal this year: that General Motors should report if and how the carmaker had met pay criteria laid down by Climate Action 100+, a network of investor organisations. Lila Holzman, from the lobby group As You Sow, told GM’s board meeting that shareholders wanted chief executive Mary Barra and her team “to focus their actions on achieving Paris-aligned goals during these next critical years when it matters, not some day in the future”.

Her plea to embed climate change performance measures in executive pay fell on deaf ears.

Defending itself in the proxy statement issued to shareholders ahead of its annual meeting, GM said it had taken its sustainability performance into account in setting pay since 2017 and added that it had “highlighted our executives’ key 2020 ESG achievements” with a leaf symbol in its performance highlights. Even though Glass Lewis judged the GM proposal “not to be overly burdensome”, given the carmaker’s existing commitments to climate goals, it was rejected with only 16.3 per cent of GM shares voting in favour.

The GM case highlights that every company is different when it comes to tying climate targets to pay, making a blanket approach unworkable. But successfully adopting bespoke plans is arduous and complicated.

For instance, NatWest, the UK-based bank, has set conditions on its issue of stock to Alison Rose, chief executive, that include reducing carbon emissions from its direct operational footprint and increasing funding for clients’ climate and sustainable finance initiatives. Helen Cook, NatWest’s chief human resources officer, told a recent Deloitte webinar that introducing climate conditions into executive pay was “a new frontier”.

She said she and her team “probably had 10 iterations of conversations around climate before we got our first climate measures”. They had to revisit those at least twice after the bank’s remuneration committee had discussed them, “because people were trying to define and to discern what was measurable and importantly what is auditable”.

Members of the environmental group Milieudefensie celebrate the verdict of a Dutch court, which ordered Royal Dutch Shell to slash its emissions harder and faster than planned, in May this year
Members of the environmental group Milieudefensie celebrate the verdict of a Dutch court, which ordered Royal Dutch Shell to slash its emissions harder and faster than planned, in May this year © Peter Boer/Bloomberg

Small company syndrome

Advocates of linking climate targets to executive pay say, done well, it can pay off.

Dutch and UK investors have in recent years pushed Shell, for example, to clarify its path to carbon reduction. Before a Dutch court ordered the group to increase its emissions cuts in May — a decision against which Shell is appealing — the group had strengthened its pay policy in line with the aim of limiting rises in global average temperature to 1.5C. Chief executive Ben van Beurden’s annual bonus, for instance, will in future link to its greenhouse gas abatement target, and 20 per cent of his long-term incentive payout will be tied to Shell’s energy transition, up from 10 per cent in previous years.

Schneider Electric is another example. Its 2005 commitment to “spotlight” corporate responsibility had evolved by 2012 into formal ESG targets within chief executive Tricoire’s bonus and long-term share awards. The weighting of the sustainability targets in his annual bonus increased in recent years from 5 per cent, to 6 per cent, and then in 2019 to 20 per cent, the same as for his long-term rewards. That helped to double the total value of incentives he received by working towards sustainability targets from €851,840 in 2018 to €1.6m in 2020.

During that time, the board responded to shareholder pressure by tying the long-term incentive plan’s sustainability targets to external measures and simplifying the number of criteria used overall. The group says it hit or surpassed two of its four climate targets set in 2018, en route to its overall aim of becoming carbon neutral in its operations by 2025.

Tricoire is receiving a higher overall payout partly because the portion attributed to non-financial measures has increased and because Schneider Electric’s shares have performed well. But in a sign of how difficult it was to meet those non-financial targets as they became more “meaningful, material, and measurable”, the rate at which he achieved those goals actually dropped.

Green incentives: Mary Barra

Chief executive, General Motors


$3.8m


Annual bonus, 2020

Climate actions linked to bonus: Accelerated electric vehicle initiatives, committed to carbon neutrality in products and operations by 2040

Bonus structure: 75% financial; 25% strategic goals

Shell, Schneider Electric, Honeywell, General Motors, Unilever, NatWest, ASML: these are large companies that attract the attention of big institutional investors. As significant emitters, Unilever, GM and Shell are on Climate Action 100+’s list of “focus companies” that account for 80 per cent of global corporate industrial emissions and whose governance and executive pay policies will be closely monitored and scrutinised against their environmental commitments.

The danger, investors acknowledge, is that smaller companies, or companies for which climate change is less immediately significant, will reward their executives by implementing less rigorous programmes with easy-to-hit targets.

Benham, from LGIM, says she expects most smaller companies to take the lead from the improving practice of their larger counterparts, but she admits: “Our focus tends to be with the largest companies where we devote a lot more engagement time. So there may be a multitude of smaller companies that put anything in there and get away with it.”

A technician works on the chassis of General Motors pickup trucks at the Flint Assembly plant
As a significant emitter of carbon, General Motors is on Climate Action 100+’s list of ‘focus companies’, where governance and executive pay policies are closely monitored © Jeff Kowalsky/AFP via Getty Images

A more fundamental criticism is that executive pay may not even be the right tool for encouraging this type of corporate change. Tax, regulation, and carbon pricing initiatives that can only come from governments, or, for that matter, high-profile court cases, could be more effective.

Investors argue, though, that challenges to executive rewards attract board attention.

US “say on pay” rules mandate a non-binding vote on remuneration. By using those rules to push for ESG targets in executive pay, investors say they can force the climate question on to the agenda of directors. Encouraging the incorporation of climate targets into senior executive pay also signals to more junior managers that it is important and trickles down to other staff. At Schneider Electric, 10 per cent of the bonus of all 58,000 staff has been tied to sustainability targets since 2019.

As for the criticism that traditional financial ambitions over-rule or contradict climate targets — which might, for instance, involve reducing output to cut emissions, Generation Investment Management’s Mason says: “Good management is about reconciling the short term and the long term and understanding where things run up against each other and finding a path through that.”

Gosling, of LBS, argues that if environmental measures — and, indeed, social and governance improvements — support longer-term shareholder value, there may be better ways to encourage executives than tweaking rewards. If, however, ESG initiatives conflict with long-term value, then “executive pay will never be the solution”.

“We’re kidding ourselves if we say we can solve a climate crisis without changing the economic guide rails for companies at all; I’m very sceptical about using executive pay to set climate targets that are sufficient,” he says. “We hope for far, far too much from this intervention.”

This article has been amended to update the figures for S&P500 and FTSE 100 companies with climate pay targets.

Climate Capital

Where climate change meets business, markets and politics. Explore the FT’s coverage here.

Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here



Source link

242 Comments
  1. SethBrock says

    thank you so much for this astonishing website me and my family best-loved this self-complacent and perceptiveness

  2. Rwcszr says

    levofloxacin 500mg cost purchase levaquin pill

  3. Syzqsp says

    buy avodart pills buy flomax online cheap buy ondansetron 4mg sale

  4. Wgsygt says

    buy spironolactone generic order finasteride online diflucan 200mg pill

  5. Sjlaii says

    buy ampicillin generic erythromycin usa buy erythromycin 500mg generic

  6. Pcwwhr says

    sildenafil 50mg for sale fildena 50mg drug robaxin for sale online

  7. Bkirqa says

    suhagra medication sildenafil 100mg cheap estradiol 1mg cheap

  8. Yaavav says

    lamictal pill retin gel oral cheap tretinoin gel

  9. Qbbmyi says

    order tadalafil 20mg generic diclofenac 50mg generic diclofenac 50mg cost

  10. Xroipp says

    purchase isotretinoin online order amoxil online cheap zithromax 250mg without prescription

  11. Hfpbcv says

    tadalafil dosage cialis savings card oral viagra

  12. Angbzg says

    purchase arimidex online canadian pharmacy generic viagra viagra 50mg drug

  13. Slobni says

    cialis 10mg sans ordonnance en pharmacie viagra 50mg generique pas cher acheter 50mg du sildenafil

  14. Wigqpx says

    buy prednisone 10mg generic 5 cialis sildenafil 100mg price

  15. Sdnrai says

    tadalafil 20mg fГјr frauen sildenafil kaufen ohne rezept sildenafil fГјr frauen

  16. Cfnkgt says

    accutane 20mg pill order accutane 10mg online cheap ivermectin 3mg for sale

  17. Kmltod says

    doxycycline for sale online buy generic clomiphene 100mg lasix canada

  18. Okeglh says

    buy ramipril 10mg generic avapro order cheap astelin 10 ml

  19. Lsryzk says

    clonidine 0.1mg brand meclizine 25 mg us buy spiriva 9 mcg generic

  20. Ltlybh says

    buy buspar sale buspar 10mg cost oxybutynin 2.5mg generic

  21. Vgbsqq says

    terazosin 5mg sale order sulfasalazine generic azulfidine for sale online

  22. Gbuawh says

    fosamax 70mg drug pepcid without prescription cheap pepcid 20mg

  23. Airybt says

    oral olmesartan 10mg buy verapamil 240mg generic acetazolamide 250mg for sale

  24. Vrfmkx says

    purchase prograf online ursodiol 150mg generic buy urso pill

  25. Vwardb says

    buy imdur 40mg purchase digoxin sale micardis cheap

  26. Onsnqj says

    buy bupropion 150mg sale buy generic strattera 25mg buy seroquel 100mg without prescription

  27. Puapkr says

    buy molnupiravir 200 mg buy molnupiravir 200 mg generic order lansoprazole 30mg generic

  28. Gizaeh says

    purchase sertraline online cheap sildenafil 200mg ca sildenafil medication

  29. Ktvqwn says

    salbutamol 100mcg uk salbutamol pills sildenafil overnight

  30. Wpflel says

    order tadalafil 10mg pills tadalafil 10mg usa viagra 50mg uk

  31. Tdqcvf says

    generic cialis india order pyridium generic buy amantadine 100mg without prescription

  32. Jwnhvw says

    purchase medroxyprogesterone without prescription cyproheptadine drug order periactin 4mg generic

  33. Sukfmc says

    order modafinil 100mg for sale legal canadian prescription drugs online ivermectin cost in usa

  34. Awipnw says

    order fluvoxamine 50mg pills duloxetine 20mg us glucotrol 10mg cheap

  35. Bdcnax says

    cheap isotretinoin 20mg order prednisone 20mg online cheap deltasone 5mg

  36. Rblqzb says

    piracetam 800mg us buy sildenafil 100mg for sale real viagra pharmacy prescription

  37. Bniyro says

    order azithromycin 250mg without prescription prednisolone over the counter buy neurontin 100mg pill

  38. Nqwgiu says

    brand tadalafil 40mg order viagra 100mg sale overnight viagra delivery

  39. Gvuflj says

    lasix online generic furosemide 40mg plaquenil 200mg pills

  40. Uaatyg says

    tadalafil women buy cialis 5mg online purchase clomipramine generic

  41. Eaovpo says

    aralen over the counter cenforce ca olumiant 4mg oral

  42. Popofw says

    generic sporanox tinidazole 300mg over the counter tinidazole 500mg sale

  43. Ddsoxr says

    order glycomet 1000mg metformin 500mg uk purchase cialis without prescription

  44. Fowhlj says

    zyprexa 10mg brand diovan 160mg oral diovan 160mg uk

  45. Eqsvbs says

    buy norvasc 5mg for sale cialis ca cialis coupons

  46. Qdqsru says

    clozaril 100mg price clozaril pills order dexamethasone 0,0,5 mg for sale

  47. Kbiooz says

    sildenafil 25mg price buy viagra sale lisinopril price

  48. Izrbbf says

    order omeprazole 10mg pill online roulette wheel online gambling for real money

  49. Iclsmo says

    order generic zyvox best online casinos jackpot party casino

  50. Jwhaaf says

    levitra for sale order levitra methylprednisolone uk

  51. เว็บวาไรตี้ says

    I was recommended this blog via my cousin. I am
    now not positive whether this publish is written by way of him as no one else recognize
    such unique approximately my difficulty. You’re incredible!
    Thank you!

    Also visit my web-site เว็บวาไรตี้

  52. Ksmxqq says

    pay for assignment thesis website cost viagra 50mg

  53. Glfesf says

    buy cialis 20mg without prescription cialis for sales usa viagra overnight

  54. Yfxsga says

    buy triamcinolone generic buy claritin generic buy generic clarinex

  55. Gkdycx says

    priligy 90mg pill order priligy 30mg generic cheap synthroid pill

  56. Tlitwb says

    order cialis 5mg pill viagra without prescription viagra pharmacy

  57. Charlesunink says

    legitimate canadian online pharmacies https://canadianpharmacy.icu/# onlinecanadianpharmacy 24

  58. Abovad says

    order orlistat without prescription acyclovir oral cost acyclovir 800mg

  59. Mulfed says

    cialis 20mg oral plavix 75mg us order clopidogrel 75mg without prescription

  60. Egbsoi says

    buy zyloprim for sale order generic ezetimibe zetia price

  61. Srvzbq says

    methotrexate 10mg usa methotrexate 5mg usa reglan 20mg pills

  62. Wyojnz says

    buy domperidone without prescription sumycin cost flexeril 15mg drug

  63. Daviddub says

    top internet dating sites meet single women online

  64. Alojtx says

    buy losartan cozaar medication topiramate usa

  65. MartinTweld says
  66. Johnnieuseli says

    internet dating sites free single dating service

  67. Rfkgga says

    buy baclofen 25mg generic order baclofen 25mg sale buy toradol pill

  68. MartinTweld says

    https://datingonline1st.com/# free dating sites chat

  69. Pcwbes says

    imitrex tablet imitrex 50mg oral buy avodart pills

  70. Johnnieuseli says
  71. FrankHer says

    over the counter muscle relaxer strongest over the counter pain reliever

  72. Ymmpet says

    colchicine without prescription colchicine 0.5mg for sale play real poker online

  73. Ronaldjek says

    allergy medications over-the-counter jock itch treatment over-the-counter

  74. FrankHer says

    over the counter acne treatments over the counter steroid cream

  75. Flzvsi says

    ranitidine 300mg drug meloxicam 7.5mg over the counter buy celecoxib 100mg pills

  76. DavidNaw says

    https://drugsoverthecounter.com/# over the counter inhalers

  77. Ronaldjek says

    over the counter ed pills over the counter sleeping pills

  78. Lpyuau says

    free online slots real money slots free spins no deposit online blackjack best

  79. FrankHer says

    is ivermectin over the counter silvadene cream over the counter

  80. Ronaldjek says

    strongest diuretic over the counter best over the counter sleeping pills

  81. Jrejpu says

    tamsulosin 0.4mg us cost zofran 8mg order spironolactone 100mg pills

  82. FrankHer says

    apoquel over the counter substitute strongest over the counter painkillers

  83. Ronaldjek says

    [url=https://drugsoverthecounter.com/#]cvs over the counter covid test[/url] over the counter ed medication

  84. Oihwjo says

    simvastatin cheap order finasteride online propecia canada

  85. FrankHer says

    yeast infection treatment over the counter the best over counter sleep aid

  86. Uckvfl says

    buy metronidazole 400mg generic bactrim cheap buy bactrim 480mg pill

  87. Ronaldjek says

    [url=https://drugsoverthecounter.shop/#]best over the counter acne treatment[/url] strongest antifungal over the counter

  88. Ixgcit says

    order fluconazole 200mg generic buy viagra generic viagra pill

  89. Richardkag says

    best over the counter nausea medicine over the counter essentials

  90. BernieDraks says

    https://over-the-counter-drug.com/# apoquel over the counter substitute

  91. Larrybix says

    over the counter muscle relaxers cvs best over the counter toenail fungus medicine

  92. Richardkag says

    over the counter antihistamine guaranteed suicide over the counter

  93. Ncfskh says

    tadalafil 20mg pill cialis 40mg price viagra 200 mg

  94. Pimrlt says

    viagra 50mg sale cheap viagra pills order tadalafil pill

  95. Larrybix says

    allergy medications over-the-counter what is the best over-the-counter anti-inflammatory for dogs

  96. Richardkag says

    over the counter sinus medicine over the counter health and wellness products

  97. Hijldj says

    order cefuroxime 250mg generic buy robaxin generic brand methocarbamol

  98. Drzdop says

    gambling site order tadalafil 10mg generic buy tadalafil 20mg pill

  99. Larrybix says

    strongest diuretic over the counter over the counter pain medication

  100. Richardkag says

    over the counter weight loss pills clobetasol cream over the counter

  101. Rqimco says

    buy desyrel 50mg pills cost sildenafil 50mg sildenafil oral

  102. Pqjgmx says

    college essay service stromectol order stromectol tablets uk

  103. Vyyvbc says

    sildalis price order lamotrigine 200mg generic buy lamotrigine 200mg sale

  104. ThomasDon says

    https://stromectol.science/# stromectol for head lice

  105. Pqvaqn says

    deltasone 20mg pill generic isotretinoin 40mg buy amoxicillin

  106. ThomasDon says

    https://amoxil.science/# buy amoxicillin 500mg capsules uk

  107. Esigvr says

    casino online buy tadalafil 5mg pill cialis super active

  108. Cozeoh says

    zithromax for sale online prednisolone 20mg usa neurontin order online

  109. Jamesadume says

    Drug information. Get warning information here.
    https://stromectolst.com/# ivermectin lotion price
    Medscape Drugs & Diseases. Prescription Drug Information, Interactions & Side.

  110. Xmttyq says

    play slots online order stromectol 12mg pills provigil 100mg cost

  111. RonaldAcrow says

    Everything what you want to know about pills. Prescription Drug Information, Interactions & Side.
    https://stromectolst.com/# stromectol 6 mg dosage
    Some are medicines that help people when doctors prescribe. Read now.

  112. JesselIx says

    Get here. What side effects can this medication cause?
    stromectol nz
    Actual trends of drug. Cautions.

  113. Mizjtj says

    buy lasix 100mg generic order plaquenil 200mg generic hydroxychloroquine 200mg pill

  114. KevinLal says

    All trends of medicament. Cautions.
    https://stromectolst.com/# how much is ivermectin
    Long-Term Effects. Read information now.

  115. Jamesadume says

    What side effects can this medication cause? drug information and news for professionals and consumers.
    https://stromectolst.com/# stromectol online pharmacy
    Get here. Some trends of drugs.

  116. RonaldAcrow says

    Read here. Generic Name.
    https://stromectolst.com/# stromectol ireland
    Everything what you want to know about pills. Get here.

  117. KevinLal says

    Some trends of drugs. Definitive journal of drugs and therapeutics.
    stromectol pills
    Everything about medicine. earch our drug database.

  118. Buntxu says

    buy deltasone 5mg online purchase prazosin generic oral vermox 100mg

  119. RonaldAcrow says

    Commonly Used Drugs Charts. Best and news about drug.
    ivermectin buy nz
    Some trends of drugs. Get warning information here.

  120. Nedxzr says

    fildena 100mg over the counter nolvadex 10mg ca rhinocort cheap

  121. Zacharylax says

    Read here. Definitive journal of drugs and therapeutics.
    ivermectin ebay
    Everything what you want to know about pills. Drug information.

  122. KevinLal says

    Everything about medicine. Drug information.
    https://stromectolst.com/# ivermectin australia
    Read here. What side effects can this medication cause?

  123. RonaldAcrow says

    п»їMedicament prescribing information. Everything information about medication.
    п»їorder stromectol online
    All trends of medicament. Cautions.

  124. KevinLal says

    Medicament prescribing information. Learn about the side effects, dosages, and interactions.
    ivermectin 4000 mcg
    earch our drug database. Cautions.

  125. JesselIx says

    Long-Term Effects. Prescription Drug Information, Interactions & Side.
    ivermectin tablets uk
    Definitive journal of drugs and therapeutics. Read information now.

  126. Kyzxcf says

    tretinoin cost buy tadalafil 20mg pills avana 200mg generic

  127. KevinLal says

    Comprehensive side effect and adverse reaction information. Drug information.
    stromectol ivermectin tablets
    Comprehensive side effect and adverse reaction information. earch our drug database.

  128. Zacharylax says

    Medscape Drugs & Diseases. Read now.
    stromectol cream
    Get information now. Everything what you want to know about pills.

  129. RonaldAcrow says

    Commonly Used Drugs Charts. safe and effective drugs are available.
    https://stromectolst.com/# ivermectin 50 mg
    Everything about medicine. Cautions.

  130. KevinLal says

    Medicament prescribing information. Definitive journal of drugs and therapeutics.
    https://stromectolst.com/# ivermectin 90 mg
    Read information now. drug information and news for professionals and consumers.

  131. Wlwnjc says

    order tadacip 20mg cost tadacip 20mg purchase indocin generic

  132. Williemug says

    Some are medicines that help people when doctors prescribe. Prescription Drug Information, Interactions & Side.
    lisinopril 250 mg
    Prescription Drug Information, Interactions & Side. Everything about medicine.

  133. DavidfLugh says

    Definitive journal of drugs and therapeutics. Top 100 Searched Drugs.
    https://lisinopril.science/# lisinopril hct
    Get here. Some trends of drugs.

  134. Jamesalmok says

    Everything information about medication. drug information and news for professionals and consumers. cost generic avodart no prescription
    Drugs information sheet. п»їMedicament prescribing information.

  135. Donaldgom says

    Everything information about medication. Cautions.
    nexium without a prescription
    All trends of medicament. Definitive journal of drugs and therapeutics.

  136. Williemug says

    Prescription Drug Information, Interactions & Side. Get warning information here.
    where can i get generic levaquin price
    Some are medicines that help people when doctors prescribe. Long-Term Effects.

  137. DavidfLugh says

    Commonly Used Drugs Charts. Commonly Used Drugs Charts.
    cost of generic nexium for sale
    Top 100 Searched Drugs. Get here.

  138. Jamesadofs says

    Read now. All trends of medicament.
    where to buy generic mobic without insurance
    earch our drug database. Best and news about drug.

  139. Donaldgom says

    Medicament prescribing information. Definitive journal of drugs and therapeutics.
    https://lisinopril.science/# lisinopril 25mg tablets
    Read information now. Everything information about medication.

  140. Jamesalmok says

    earch our drug database. Get information now.
    buy mobic without a prescription
    Medscape Drugs & Diseases. Prescription Drug Information, Interactions & Side.

  141. Williemug says

    Generic Name. Generic Name.
    can i get mobic tablets
    Get here. Read now.

  142. DavidfLugh says

    Top 100 Searched Drugs. Top 100 Searched Drugs.
    https://lisinopril.science/# lisinopril price without insurance
    Read information now. Actual trends of drug.

  143. Williemug says

    Commonly Used Drugs Charts. Best and news about drug.
    https://levaquin.science/# how can i get cheap levaquin pill
    п»їMedicament prescribing information. Actual trends of drug.

  144. Jamesadofs says

    Generic Name. Generic Name.
    https://levaquin.science/# where to get cheap levaquin no prescription
    Top 100 Searched Drugs. Prescription Drug Information, Interactions & Side.

  145. Fdhehs says

    buy generic albuterol 100mcg ciprofloxacin sale buy cipro sale

  146. Dennisbof says

    Read information now. Everything about medicine.
    cost of clomid online
    Actual trends of drug. Read here.

  147. DonaldSwelm says

    safe and effective drugs are available. п»їMedicament prescribing information.
    [url=https://finasteridest.com/]cost of propecia tablets[/url]
    Get warning information here. Everything about medicine.

  148. Dennisbof says

    drug information and news for professionals and consumers. Read information now.
    https://clomiphenes.com can you get cheap clomid without a prescription
    All trends of medicament. earch our drug database.

  149. AaronLit says

    Medscape Drugs & Diseases. Prescription Drug Information, Interactions & Side.
    https://clomiphenes.com can you buy cheap clomid without prescription
    Medscape Drugs & Diseases. Drug information.

  150. Wmsenf says

    buy montelukast 5mg online cheap sildenafil 200mg overnight delivery for viagra

  151. DavidCoppy says

    Drugs information sheet. Commonly Used Drugs Charts.
    https://finasteridest.com/ where can i buy cheap propecia without rx
    Commonly Used Drugs Charts. What side effects can this medication cause?

  152. Jamescot says

    Long-Term Effects. Read now. https://amoxicillins.com/ buy amoxicillin 500mg
    Comprehensive side effect and adverse reaction information. Actual trends of drug.

  153. Dennisbof says

    Comprehensive side effect and adverse reaction information. Get warning information here. can i buy amoxicillin online
    Get warning information here. Drug information.

  154. Jamescot says

    Some trends of drugs. What side effects can this medication cause?
    https://finasteridest.com/ get propecia without insurance
    Comprehensive side effect and adverse reaction information. Drugs information sheet.

  155. DavidCoppy says

    What side effects can this medication cause? Best and news about drug.
    https://clomiphenes.online can i buy generic clomid without prescription
    Read information now. earch our drug database.

  156. DonaldSwelm says

    п»їMedicament prescribing information. Actual trends of drug.
    https://azithromycins.com/ where can you buy zithromax
    drug information and news for professionals and consumers. All trends of medicament.

  157. Kcwynr says

    order tadalafil 10mg for sale buy erectile dysfunction drugs buy tadalafil 40mg pill

  158. AaronLit says

    Drugs information sheet. Cautions.
    can you get propecia no prescription
    Medscape Drugs & Diseases. Read now.

  159. Dennisbof says

    Generic Name. Some trends of drugs.
    https://finasteridest.online buy propecia pills
    drug information and news for professionals and consumers. earch our drug database.

  160. Jamescot says

    Read here. Top 100 Searched Drugs.
    can i get clomid prices
    Some are medicines that help people when doctors prescribe. Best and news about drug.

  161. DavidCoppy says

    Best and news about drug. Get here.
    https://finasteridest.com/ cost cheap propecia tablets
    Comprehensive side effect and adverse reaction information. Best and news about drug.

  162. Xzaeng says

    ivermectin buy amantadine generic order dapsone 100 mg without prescription

  163. AaronLit says

    Cautions. Prescription Drug Information, Interactions & Side.
    where to get cheap clomid
    earch our drug database. Read information now.

  164. MortonMum says

    Read now. All trends of medicament.
    https://edonlinefast.com best erectile dysfunction pills
    drug information and news for professionals and consumers. Prescription Drug Information, Interactions & Side.

  165. RobertGeory says

    Some are medicines that help people when doctors prescribe. Get here.
    best medication for ed
    Read information now. Read information now.

  166. DonaldSwelm says

    Everything information about medication. Top 100 Searched Drugs.
    https://clomiphenes.online buying generic clomid no prescription
    What side effects can this medication cause? earch our drug database.

  167. PhilipfoowN says

    Learn about the side effects, dosages, and interactions. Read information now.
    cheap ed drugs
    What side effects can this medication cause? Everything information about medication.

  168. MortonMum says

    Read information now. Read now.
    https://edonlinefast.com natural ed medications
    All trends of medicament. Some are medicines that help people when doctors prescribe.

  169. RobertGeory says

    Cautions. Commonly Used Drugs Charts.
    ed medication
    Medscape Drugs & Diseases. Actual trends of drug.

  170. Efrentug says

    Commonly Used Drugs Charts. Generic Name.
    ed pill
    Cautions. Actual trends of drug.

  171. Lymzod says

    adalat for sale aceon 4mg uk allegra for sale

  172. MortonMum says

    Everything information about medication. Read information now.
    erectile dysfunction drug
    Get here. Get information now.

  173. PhilipfoowN says

    Read information now. Commonly Used Drugs Charts.
    https://edonlinefast.com top ed drugs
    Everything what you want to know about pills. Comprehensive side effect and adverse reaction information.

  174. RobertGeory says

    Commonly Used Drugs Charts. Actual trends of drug.
    https://canadianfast.online/# ed meds online without doctor prescription
    Everything information about medication. Medscape Drugs & Diseases.

  175. MichaelMuH says

    All trends of medicament. Read information now.
    buy prescription drugs
    Everything information about medication. Read information now.

  176. Jeffreyitado says

    Everything about medicine. Some are medicines that help people when doctors prescribe.
    prescription drugs without doctor approval
    All trends of medicament. Commonly Used Drugs Charts.

  177. EdgarSiz says

    Commonly Used Drugs Charts. Some are medicines that help people when doctors prescribe.
    prescription drugs online without doctor
    Get warning information here. Some are medicines that help people when doctors prescribe.

  178. Qeqjua says

    altace 5mg drug oral amaryl 1mg buy etoricoxib 120mg generic

  179. Victorbuh says

    Medscape Drugs & Diseases. drug information and news for professionals and consumers.
    safe canadian pharmacy
    п»їMedicament prescribing information. Everything information about medication.

  180. Jeffreyitado says

    What side effects can this medication cause? Learn about the side effects, dosages, and interactions.
    buy prescription drugs without doctor
    Everything information about medication. Everything about medicine.

  181. RobertGeory says

    Read here. Read now.
    canadian pharmacy cialis
    Everything about medicine. What side effects can this medication cause?

  182. EdgarSiz says

    Definitive journal of drugs and therapeutics. Read now.
    https://canadianfast.com/# buy prescription drugs
    Generic Name. Get information now.

  183. MichaelMuH says

    Long-Term Effects. Everything what you want to know about pills.
    https://canadianfast.com/# best canadian online pharmacy
    Prescription Drug Information, Interactions & Side. drug information and news for professionals and consumers.

  184. Jeffreyitado says

    drug information and news for professionals and consumers. safe and effective drugs are available.
    canadian pharmacy generic viagra
    safe and effective drugs are available. Prescription Drug Information, Interactions & Side.

  185. EdgarSiz says

    Get here. All trends of medicament.
    buy prescription drugs from canada cheap
    Learn about the side effects, dosages, and interactions. What side effects can this medication cause?

  186. Victorbuh says

    Comprehensive side effect and adverse reaction information. Some are medicines that help people when doctors prescribe.
    canadian drugstore online
    Comprehensive side effect and adverse reaction information. Comprehensive side effect and adverse reaction information.

  187. RobertGeory says

    Comprehensive side effect and adverse reaction information. Read information now.
    https://canadianfast.online/# prescription drugs without prior prescription
    safe and effective drugs are available. Commonly Used Drugs Charts.

  188. Jeffreyitado says

    What side effects can this medication cause? Get warning information here.
    https://canadianfast.online/# canadian drug pharmacy
    Generic Name. Everything what you want to know about pills.

  189. Jbnfmh says

    mesalamine price order astelin 10 ml online cheap irbesartan 150mg canada

  190. Dkghoc says

    purchase diamox sale order diamox imuran pill

  191. Vxghuq says

    order clobetasol generic order buspirone order cordarone 100mg generic

  192. BradleyVex says

    Some trends of drugs. Comprehensive side effect and adverse reaction information.
    viagra 25 mg online
    Read information now. п»їMedicament prescribing information.

  193. Zdvstk says

    buy lanoxin 250mg online digoxin over the counter molnupiravir 200mg canada

  194. CharlesAnifs says

    Some trends of drugs. Read information now.
    viagra walmart price
    Definitive journal of drugs and therapeutics. Read information now.

  195. Billyfiemn says

    Drugs information sheet. п»їMedicament prescribing information.
    https://viagrapillsild.com/# viagra inside inida shipping
    Commonly Used Drugs Charts. Read information now.

  196. BradleyVex says

    Generic Name. Everything what you want to know about pills.
    https://viagrapillsild.online/# female viagra cvs
    Some trends of drugs. Drugs information sheet.

  197. BradleyVex says

    Read now. Get here.
    natural viagra foods
    Get here. safe and effective drugs are available.

  198. SammyjeX says

    Best and news about drug. safe and effective drugs are available.
    directions for viagra
    Read here. Cautions.

  199. CharlesAnifs says

    All trends of medicament. Generic Name.
    https://viagrapillsild.online/# female viagra pill
    All trends of medicament. Get here.

  200. WillisPeame says

    drug information and news for professionals and consumers. What side effects can this medication cause?
    discount tadalafil 20mg
    Best and news about drug. Best and news about drug.

  201. Ezxctp says

    cost amoxil 1000mg buy stromectol sale ivermectin 9 mg tablet

  202. AlbertPhync says

    What side effects can this medication cause? Get warning information here.
    https://tadalafil1st.online/# best online pharmacy for cialis
    earch our drug database. drug information and news for professionals and consumers.

  203. Prpsfn says

    coreg pills order carvedilol 25mg generic buy elavil online

  204. Morriskneen says

    Drug information. Some trends of drugs.
    where to buy tadalafil in usa
    Get information now. Medscape Drugs & Diseases.

  205. RobertNiT says

    Drugs information sheet. Drug information.
    cialis and paypal
    Get information now. Top 100 Searched Drugs.

  206. WillisPeame says

    drug information and news for professionals and consumers. Everything information about medication.
    cialis online canada
    Comprehensive side effect and adverse reaction information. Read information now.

  207. Hkdcmb says

    purchase dapoxetine online oral avanafil order domperidone for sale

  208. SammyjeX says

    Comprehensive side effect and adverse reaction information. Some are medicines that help people when doctors prescribe.
    tadalafil 20 mg best price
    What side effects can this medication cause? All trends of medicament.

  209. Gvutph says

    fosamax pills buy motrin 400mg generic motrin 400mg drug

  210. RobertNiT says

    drug information and news for professionals and consumers. Generic Name.
    https://tadalafil1st.online/# generic of cialis
    Read information now. Drug information.

  211. AlbertPhync says

    Definitive journal of drugs and therapeutics. Everything information about medication.
    best tadalafil prices
    Top 100 Searched Drugs. Learn about the side effects, dosages, and interactions.

  212. WillisPeame says

    Generic Name. earch our drug database.
    10mg tadalafil
    What side effects can this medication cause? Get information now.

  213. Yxxzan says

    indocin 75mg cheap order indocin without prescription cenforce 100mg tablet

  214. RobertNiT says

    Medscape Drugs & Diseases. Read now.
    tadalafil online no prescription
    Everything information about medication. Everything about medicine.

  215. SammyjeX says

    Everything what you want to know about pills. Long-Term Effects.
    https://tadalafil1st.com/# lowest price tadalafil
    Best and news about drug. Read information now.

  216. Ghdvqq says

    buy pamelor 25 mg generic order paracetamol 500mg generic cheap paxil

  217. WillisPeame says

    Get warning information here. What side effects can this medication cause?
    cialis blac
    Drugs information sheet. Long-Term Effects.

  218. Michaelmof says

    Comprehensive side effect and adverse reaction information. Learn about the side effects, dosages, and interactions.

    https://clomidc.fun/ cheap clomid without rx
    Everything about medicine. Everything what you want to know about pills.

  219. Pbxnvr says

    generic doxycycline 100mg chloroquine 250mg generic medrol canada

  220. Aidkqp says

    famotidine medication tacrolimus 1mg pill remeron 15mg tablet

  221. Michaelmof says

    п»їMedicament prescribing information. Drug information.

    https://propeciaf.store/ order cheap propecia tablets
    п»їMedicament prescribing information. п»їMedicament prescribing information.

  222. Fvexhr says

    order generic ropinirole buy labetalol 100 mg without prescription labetalol price

  223. Wndjkk says

    tadalafil us buy tadalafil without prescription amoxicillin canada

  224. Bnixxz says

    generic fenofibrate 200mg fenofibrate 160mg drug sildenafil 200mg for sale

  225. Michaelmof says

    Commonly Used Drugs Charts. earch our drug database.

    https://propeciaf.store/ cost of propecia price
    Drugs information sheet. Drugs information sheet.

  226. Rtospk says

    generic nexium 20mg order nexium capsules order lasix 100mg online

  227. Vhrsoe says

    cheap tadalafil 20mg 10mg cialis sildenafil for sale

  228. Ceordf says

    buy generic minocycline 100mg buy minocin 50mg generic order hytrin 5mg for sale

  229. Nojylo says

    tadalafil for sale Cialis delivered overnight buy ed pills best price

  230. Ysppya says

    order metformin 500mg online cheap metformin 500mg cost buy tamoxifen 10mg sale

  231. Fieujr says

    order provigil 100mg online cheap order provigil without prescription phenergan price

  232. Xxiltk says

    order clomid order prednisolone 40mg online buy generic prednisolone 5mg

  233. Yykdvp says

    deltasone 40mg price amoxicillin drug amoxicillin 500mg ca

  234. Mcwkud says

    order accutane 20mg online buy prednisone 5mg sale acillin tablet

  235. Izyqcd says

    sildenafil 50mg tablet buy proscar 5mg generic propecia online order

  236. Lvozhr says

    stromectol 6 mg tablet stromectol pills for humans buy deltasone 5mg without prescription

  237. Bnowwv says

    zofran 8mg price bactrim usa buy sulfamethoxazole pill

  238. Djmzsw says

    accutane price buy isotretinoin 20mg pills purchase azithromycin pills

  239. Tvajgj says

    purchase albuterol pills amoxiclav canada buy clavulanate online cheap

  240. Hsyore says

    prednisolone order online neurontin pill furosemide 40mg oral

  241. 부산비비기 says

    Somebody essentially lend a hand to make seriously articles I might state. This is the first time I frequented your web page and so far? I surprised with the analysis you made to make this actual submit amazing. Wonderful task!
    Fantastic website.“부산비비기”
    A lot of useful info here. I am sending it to a few buddies ans also sharing in delicious. And obviously, thank you for your effort!

  242. Uuohmh says

    modafinil medication purchase modafinil generic lopressor 100mg for sale

Leave A Reply

Your email address will not be published.