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McKesson shareholders re-elect board

BY Michael Johnsen

SAN FRANCISCO — McKesson on Wednesday announced preliminary voting results from its annual meeting of stockholders held here earlier. All board members were re-elected and all board vote recommendations were upheld, with the exception of the advisory vote on executive compensation and the shareholder proposal on the company’s compensation clawback policy.

“We appreciate the support shown by our shareholders today and the thoughtful way many have engaged with us as they carefully considered the proposals presented,” stated John Hammergren, McKesson chairman and CEO. “This year’s proxy vote provided another opportunity for us to hear from shareholders, and we are committed to responding to their feedback while remaining focused on delivering significant long-term value for our investors.”

The shareholder vote announced today is considered preliminary until the final results are tabulated and certified by the independent inspector of election. The final results will be reported on a Form 8-K that will be filed with the Securities and Exchange Commission.

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Safeway to raise funds for the Muscular Dystrophy Association through August

BY Michael Johnsen

PLEASANTON, Calif. — Safeway and The Safeway Foundation are teaming up with The Muscular Dystrophy Association for an annual fundraising campaign to support individuals and families affected by muscle disease, the supermarket retailer announced Wednesday. 

"Children and adults served by MDA will benefit directly from every donation made at our stores," stated Larree Renda, Safeway EVP and chair of The Safeway Foundation. "The donations will contribute to MDA’s worldwide research program, its national network of 200 medical clinics, and will help send thousands of children to a weeklong MDA summer camp at nearly 80 locations throughout the United States."

From July 31 through Sept. 2, all Safeway banners will participate in the companywide campaign, giving customers the opportunity to contribute at the checkout register and help raise funds for MDA’s programs and services.

Over the years, individual Safeway stores and operating divisions have collected donations for the organization through local grassroots fundraising efforts. The company and The Safeway Foundation have raised more than $68.7 million for services and resources for those affected by muscular dystrophy and related muscle diseases.

Along with supporting people with disabilities, Safeway is one of the largest corporate supporters of cancer charities, having raised more than $206 million for breast cancer and prostate cancer research and treatment. In addition, the company contributes to a broad range of charitable and community programs, including education, hunger relief, health and human services and local communities.

 

 

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NRF applauds court’s decision on swipe fees

BY Jason Owen

WASHINGTON — The National Retail Federation today issued a statement from SVP and general counsel Mallory Duncan on U.S. District Judge Richard Leon’s decision that found that the Federal Reserve misapplied Congress’ intent when it implemented required swipe fees reforms. Following is the statement issued:

“From the very beginning, retailers and restaurants knew the Federal Reserve Board of Governors had grossly misapplied the swipe fee law, also known as the Durbin Amendment. They failed to heed Congress’ call to set fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction. Instead, the Board manufactured a standard that was two to three times higher than the Fed staff recommended.

“As a result, small ticket transactions, such as those imposed on convenience stores and restaurants, skyrocketed under the misapplied law.

“Congress clearly told the Fed to introduce competition and transparency into the debit card marketplace by making multiple networks available, so as to reduce swipe fees for merchants and their customers. The Fed failed to do so, and the court rightly ruled against them as a result. Today’s decision is the first step in setting these initial wrongs right and will ensure that swipe fee reform is done correctly.”

The National Retail Federation, Food Marketing Institute, National Association of Convenience Stores, Oil Miller Co. and Boscov’s Department Store filed the initial complaint with the court.

The NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support 1-in-4 U.S. jobs — 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s "This is Retail" campaign highlights the industry’s opportunities for lifelong careers, how retailers strengthen communities and the critical role that retail plays in driving innovation.


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