A Message to All Employees Dear MSK Colleagues, We wanted to reach out today to share the results of a recent review by our Board of Overseers and Managers, as well as additional policies we are considering to enhance communication, transparency, disclosure, and oversight of outside activities and industry-supported clinical trials. Effective immediately, we have implemented a moratorium on appointments of MSK board members to serve on the boards of MSK start-ups or to make any direct investments in them. Additionally, we intend to codify, as standard policy, that any potential equity that could be attained by employees appointed as MSK-designees to outside boards will be returned to the institution and dedicated to research. These changes are a product of the feedback we have received from staff, our re-examination of our processes, and additional information that has come to light from outside reporting. The moratorium is in place while the recently announced task force examines policies around transparency, reporting and outside activities and develops a broad set of recommendations upon its conclusion. But we decided today’s actions should be taken immediately. Media continue to examine Memorial Sloan Kettering Cancer Center’s policies and processes for disclosure of outside activities. We are expecting further coverage specifically around the role of MSK’s Technology Transfer Program and staff, as well as whether MSK-designees to outside boards should be able to benefit financially from those appointments. We have determined that when profits emerge through the monetization of our research, financial payments to MSK-designated board members should be used for the benefit of the institution. This is the case with Y-mAbs, a company that had an initial public offering last week and is based on MSK’s tremendous contributions to lifesaving treatment for children with neuroblastoma, a deadly cancer that is the third most common cancer in children. One of our experts in technology transfer was appointed to the YmAbs board as MSK’s designee because of his deep expertise in biotech business development, licensing intellectual property, and collaborating with industry. In keeping with our review, stock options that he received as part of his seat on the board will be used for the benefit of MSK and dedicated to research, with special consideration for the Department of Pediatrics. That policy is now being formalized. It is important to remember: We want MSK employees to serve as board members on companies like Y-mAbs to ensure that MSK’s amazing discoveries can reach cancer patients as quickly and as appropriately as possible. The new policy will allow us to continue doing that, while also ensuring that MSK research is the beneficiary of any business successes around it. MSK leadership is taking immediate steps to improve. We are conducting an exhaustive review of policies and processes for reporting and managing outside activities and industry-supported clinical trials. And as you have told us, we need to strengthen communication with the faculty and staff. With that in mind, MSK Responds is being launched — a new page on OneMSK to ensure that staff at MSK are better informed about what’s happening around these issues. MSK Responds is an information hub for internal and external communications and a place to visit to ensure you don’t miss any communication. MSK’s leadership is committed to setting higher standards and involving you in the process. The successes of the institution, its research, and the care we provide our patients would simply not be possible without you. Thank you, Craig Thompson, MD President and CEO Kathryn Martin Chief Operating Officer