<SEC-DOCUMENT>0001214659-24-006914.txt : 20240416
<SEC-HEADER>0001214659-24-006914.hdr.sgml : 20240416
<ACCEPTANCE-DATETIME>20240416152212
ACCESSION NUMBER:		0001214659-24-006914
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240416
DATE AS OF CHANGE:		20240416
EFFECTIVENESS DATE:		20240416

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS HEALTH Corp
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01011
		FILM NUMBER:		24847565

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CAREMARK CORP
		DATE OF NAME CHANGE:	20070509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS/CAREMARK CORP
		DATE OF NAME CHANGE:	20070322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CORP
		DATE OF NAME CHANGE:	19970128

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK STATE COMMON RETIREMENT FUND
		CENTRAL INDEX KEY:			0000810265
		ORGANIZATION NAME:           	
		IRS NUMBER:				146103815
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		OFFICE OF THE STATE COMPTROLLER
		STREET 2:		14TH FLOOR, 110 STATE STREET
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12236
		BUSINESS PHONE:		518-486-6998

	MAIL ADDRESS:	
		STREET 1:		OFFICE OF THE STATE COMPTROLLER
		STREET 2:		14TH FLOOR, 110 STATE STREET
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12236
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of the registrant</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CVS Health Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of person relying on exemption:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York State Comptroller Thomas P. DiNapoli, Trustee of the New York
State Common Retirement Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address of person relying on exemption:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the New York State Comptroller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Legal Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">110 State Street, 14<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Albany, NY 12236</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written material:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Text of April 16, 2024 email sent by Kyle Seeley, Head of Stewardship,
New York State Common Retirement Fund</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CVS Health Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTE FOR Item 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stockholder Proposal Requesting a Worker Rights
Assessment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Filed by the New York State Common Retirement
Fund </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and Trillium ESG Global Equity Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 16, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York State Comptroller Thomas P. DiNapoli and
Trillium Asset Management urge CVS Health Corporation shareholders to vote &ldquo;<B>FOR&rdquo; Item 5 </B>on the proxy, the stockholder
proposal requesting a worker rights assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CVS&rsquo;s failure to respect workers&rsquo; rights
in accordance with its stated commitments may expose the company to meaningful reputational, legal, and operational risks, and may negatively
impact long-term shareholder value. CVS&rsquo;s Board of Directors has a responsibility to oversee management&rsquo;s compliance with
the company&rsquo;s commitments. We believe the requested assessment will enable the Board to provide informed oversight and provide shareholders
with necessary transparency regarding management&rsquo;s adherence to CVS&rsquo;s human rights commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Support &ldquo;FOR&rdquo; Item 5 Is Warranted Because:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>While CVS states it conducts human rights
impact assessments, it fails to disclose the results of such assessments or how the company is upholding its labor commitments. </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CVS has not publicly disclosed the results of <B><I><U>any</U></I></B> of
its human rights impact assessments, including any assessments of its practices with respect to freedom of association or collective bargaining,
and what, if any, changes have been made to its policy or practices because of such assessments &ndash; despite alleging in its Opposition
Statement that it discloses information related to these principles.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CVS should assess its potential human rights impacts and take action to prevent or mitigate potential impacts, track and communicate
its performance, as well as have processes in place to provide or enable remedy to those harmed, in the event the company causes or contributes
to a negative impact.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition, in line with the UN Guiding Principles, CVS should report on
the strategies and practices it employs to ensure it is effectively implementing its labor principles and commitment to respect freedom
of association and collective bargaining, including how CVS monitors compliance, the KPIs CVS uses to determine effectiveness, and how
CVS responds when it identifies practices inconsistent with its policies and commitments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Without further detailed disclosures from CVS regarding
the results of its human rights impact assessments, investors are unable to conduct their own human rights due diligence and determine
the efficacy of CVS&rsquo;s actions to manage human rights risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>CVS&rsquo;s current reporting fails
to address these points and therefore, an independent assessment would provide shareholders with vital information on management&rsquo;s
compliance with CVS&rsquo;s labor principles and human rights commitments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Because of CVS&rsquo;s human rights commitments,
its assessments should integrate analyses beyond compliance with U.S. law.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CVS&rsquo;s argument that it complies with all applicable laws is inadequate
and fails to address how the company adheres to its own international human rights standards of freedom of association and collective
bargaining commitments. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CVS&rsquo;s Human Rights Policy states that it is fundamentally committed
to respecting and supporting internationally recognized human rights that all people are entitled to, including the fundamental labor
principles of freedom of association and the right to collective bargaining. Additionally, the Policy acknowledges the widely accepted
standards of fair treatment and non-discrimination, including those set forth in the International Labour Organizations (ILO) Declaration
on Fundamental Principles and Rights at Work. Further, the company commits to complying with the United Nations Guiding Principles on
Business and Human Rights (UN Guiding Principles).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CVS also states that &ldquo;In cases where local laws are in conflict with international human rights standards, we comply with applicable
laws while seeking ways to meet the underlying international human rights principles.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Based on its own Policy, the company should seek ways to honor the principles of internationally recognized freedom of association
and collective bargaining&mdash;not merely state that it is in compliance with U.S. law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>An independent assessment would provide
shareholders with information on not just CVS&rsquo;s compliance with U.S. law, but also international labor standards, information that
is currently not available to investors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CVS continues to face numerous labor rights
and workforce controversies.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 2023, the NLRB ruled that CVS violated federal labor law by granting wages during an organizing campaign and a CVS election observer
engaged in objectionable conduct when engaging employees on the union election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 2023, CVS pharmacy workers staged protests to draw attention to inadequate staffing and increasing work requirements which they
say made it harder to do their jobs safely. Since then, there have been organizing campaigns to create the first national pharmacy union
in the U.S.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Failing to respect workers&rsquo; rights in accordance with applicable law and stated human rights commitments may present reputational,
legal, and operational risks to CVS&rsquo;s long-term value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>An independent assessment would offer
valuable insights into the effectiveness of CVS's labor commitments and its response to workforce controversies. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">--</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For questions, please contact Kyle Seeley at the
New York State Common Retirement Fund, kseeley@osc.ny.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">---</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>This is not a solicitation
of authority to vote your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Please DO NOT send
us your proxy card as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">---</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IMPORTANT TRILLIUM NOTICE:</B> The views expressed are those of
the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended
to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information
provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed
that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected
by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased,
sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not
guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for
informational purposes and should not be construed as a research report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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