<SEC-DOCUMENT>0001214659-19-004622.txt : 20190715
<SEC-HEADER>0001214659-19-004622.hdr.sgml : 20190715
<ACCEPTANCE-DATETIME>20190715135250
ACCESSION NUMBER:		0001214659-19-004622
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190715
DATE AS OF CHANGE:		20190715
EFFECTIVENESS DATE:		20190715

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCKESSON CORP
		CENTRAL INDEX KEY:			0000927653
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122]
		IRS NUMBER:				943207296
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13252
		FILM NUMBER:		19954815

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST ST
		STREET 2:		MCKESSON PLAZA
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		4159838300

	MAIL ADDRESS:	
		STREET 1:		ONE POST ST
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCKESSON HBOC INC
		DATE OF NAME CHANGE:	19990115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCKESSON CORP
		DATE OF NAME CHANGE:	19950209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SP VENTURES INC
		DATE OF NAME CHANGE:	19940728

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Canadian Shareholder Association for Research & Education
		CENTRAL INDEX KEY:			0001782324
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1155 ROBSON STREET
		STREET 2:		SUITE 510
		CITY:			VANCOUVER
		STATE:			Z4
		ZIP:			V6E 1B5
		BUSINESS PHONE:		604-408-2500

	MAIL ADDRESS:	
		STREET 1:		1155 ROBSON STREET
		STREET 2:		SUITE 510
		CITY:			VANCOUVER
		STATE:			Z4
		ZIP:			V6E 1B5
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
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<FILENAME>r715190px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 12, 2019</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">To McKesson Shareholders:</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">The Canadian Shareholder Association for Research &amp; Education
on behalf of the Catherine Donnelly Foundation is urging shareholders to vote FOR Item 4 at the McKesson shareholder meeting on
July 31, 2019.</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">The proposal asks McKesson to prepare an annual report on its
lobbying.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Resolved, </B>the shareholders of McKesson
        request the preparation of a report, updated annually, disclosing:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1. &nbsp;&nbsp;&nbsp;Company
        policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;Payments
        by McKesson used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount
        of the payment and the recipient.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;McKesson&rsquo;s
        membership in and payments to any tax-exempt organization that writes and endorses model legislation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;Description
        of management&rsquo;s and the Board&rsquo;s decision making process and oversight for making payments described in sections 2 and
        3 above.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<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">The proposal is part of an ongoing investor campaign<SUP>1</SUP>
for greater corporate political spending disclosure. Transparency and accountability in corporate spending to influence public
policy are in the best interests of McKesson shareholders. Without a clear system ensuring accountability, corporate assets can
be used to promote public policy objectives which can pose risks McKesson&rsquo;s reputation to the detriment of shareholder value.</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>Reputation: Corporate Reputation Is an Important Component
of Shareholder Value </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; font-size: 10pt">&middot;</FONT></TD><TD>According to a Conference Board study, companies with a high reputation rank perform better financially than lower ranked companies.
Executives also find it is much harder to recover from a reputational failure than to build and maintain reputation.<SUP>2</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>In a 2014 Deloitte survey, 87 percent of executives rated reputation risk as more important or much more important than other
strategic risks their companies are facing, and 88 percent said their companies are explicitly focusing on managing reputation
risk.<SUP>3</SUP></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;Institutional Investors Continue to Press
Companies for Disclosure of Lobbying in 2019,&rdquo; <U>AFSCME &amp; Walden Asset Management</U>, February 27, 2019, https://waldenassetmgmt.com/wp-content/uploads/2019/02/Announcement-of-2019-lobbying-resolutions.pdf,
accessed June 12, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &ldquo;Reputation Risk,&rdquo; <U>The Conference
Board</U>, 2007, p. 6, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1077894.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> &ldquo;2014 Global Survey on Reputation Risk,&rdquo;
Deloitte, p. 4, https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Reports/pl_Reputation_Risk_survey_EN.pdf.</P>

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


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<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"><B>McKesson&rsquo;s Reputation at Risk</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><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>McKesson&rsquo;s lobbying over opioids has attracted negative media scrutiny and congressional investigations.<SUP>4</SUP>
The extensive negative publicity has placed McKesson&rsquo;s reputation at risk and underscores the need for McKesson to embrace
accountability and be fully transparent with shareholders, including disclosing its lobbying activity.</TD></TR></TABLE>

<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"><B>Federal Lobbying &ndash; McKesson Spends Millions Each Year</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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson spent $3,372,000 in 2017 and 2018 on federal lobbying activities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>And since 2010, McKesson has spent more than $16 million on federal lobbying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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>State Lobbying &ndash; Information on McKesson&rsquo;s Spending
Difficult to Obtain</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; font-size: 10pt">&middot;</FONT></TD><TD>Obtaining comprehensive state lobbying information is described by an expert as &ldquo;nearly impossible&rdquo; given &ldquo;the
&lsquo;Byzantine&rsquo; manner in which the data is captured and made available online&rdquo; which effectively buries information
at many states.<SUP>5</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson&rsquo;s state-level lobbying spending is likely significant. In 2017, McKesson had as many as 40 lobbyists registered
to lobby in 12 states.<SUP>6</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>In California, McKesson spent $1,270,902 million from 2010 &ndash; 2018 on lobbying.<SUP>7</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>In Pennsylvania, McKesson spent more than $158,000 on lobbying since 2016.<SUP>8</SUP></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trade Association Blind Spot</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; font-size: 10pt">&middot;</FONT></TD><TD>Corporations make payments to trade associations that are used lobby indirectly on their behalf without specific disclosure
or accountability. Trade associations spend hundreds of millions to lobby. For example, the US Chamber of Commerce has spent more
than $1.5 billion since 1998.<SUP>9</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson shareholders face a trade association blind spot, as McKesson fails to comprehensively disclose its trade association
memberships, and does not disclose its trade association payments, nor the portions of these payments used for lobbying.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson currently lists 2018 memberships<SUP>10</SUP> in 17 trade association<FONT STYLE="font-size: 10pt">s, which collectively
spent over $30.7 million on federal lobbying for 2018,<SUP>11</SUP> yet shareholders have no way to know how much of this is comprised
of McKesson&rsquo;s payments.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> &ldquo;One Small Town, Two Drug Companies and 12.3
million Doses of Opioids,&rdquo; <U>Washington Post</U>, February 15, 2018, https://www.washingtonpost.com/national/health-science/one-small-town-two-drug-companies-and-123-million-doses-of-opioids/2018/02/15/6436fe16-11a0-11e8-8ea1-c1d91fcec3fe_story.html?utm_term=.10aca622c7d9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> &ldquo;Wal-Mart Improves Lobbying Disclosure after
Shareholder Push,&rdquo; <U>Reuters</U>, May 13, 2015, https://www.reuters.com/article/us-wal-mart-stores-disclosure-lobbying-e/exclusive-wal-mart-improves-lobbying-disclosure-after-shareholder-push-idUSKBN0NY0AH20150513.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> National Institute on Money in State Politics,
https://www.followthemoney.org/, accessed June 12, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> http://cal-access.sos.ca.gov/Lobbying/Employers/Detail.aspx?id=1143672&amp;view=activity&amp;session=2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.palobbyingservices.pa.gov/Public/wfSearch.aspx#BOTTOM,
accessed June 12, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.opensecrets.org/lobby/top.php?indexType=s&amp;showYear=2018,
accessed March 19, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.mckesson.com/about-mckesson/public-affairs/political-engagement/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> OpenSecrets.org, (Business Roundtable - $23,360,000;
National Association of Chain Drug Stores - $2,320,000; National Community Pharmacists Association - $1,250,000; Healthcare Distribution
Alliance - $1,234,042; Partnership for Quality Home Healthcare - $980,000; Healthcare Leadership Council - $660,000; Community
Oncology Alliance - $565,200; Health Innovation Alliance - $160,000; Health Industry Distributors Association - $120,000; College
of Healthcare Information Management Executives - $50,000), accessed June 12, 2019.</P>

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


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<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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson restricts its trade associations from using its payments for political contributions, but this does not cover payments
used for lobbying. This leaves a serious disclosure gap, as trade associations generally spend far more on lobbying than on political
contributions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>We believe McKesson&rsquo;s trade association memberships and payments used for lobbying pose reputational risks. For example,
we are concerned that the company&rsquo;s involvement in the Healthcare Distribution Alliance (HDA) presents reputational risks
from the HDA&rsquo;s role in passing legislation that weakened the DEA&rsquo;s ability to stop suspicious drug shipments by distributors,
thereby exacerbating the opioid crisis.<SUP>12</SUP>&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>ALEC &amp; Reputational Risk</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; font-size: 10pt">&middot;</FONT></TD><TD>The proposal also asks for disclosure of payments to tax-exempt organizations that write model legislation, which includes
the American Legislative Exchange Council, or ALEC, which is a non-profit that convenes state lawmakers and corporations to promote
model laws written by corporations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>McKesson has been identified as a member of ALEC and attended the 2017 Annual meeting.<SUP>13</SUP> ALEC has gained attention
for promoting bills that undermine regulations to address issues like climate change, workplace safety and workers&rsquo; rights,
and ALEC&rsquo;s involvement in state laws that limit lawsuits reportedly is preventing states from joining opioid lawsuits.<SUP>14</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>Highlighting the reputational risks of third-party involvement, more than 100 companies have publicly announced leaving ALEC,
including peers Anthem, CVS, Express Scripts, Johnson &amp; Johnson, Merck, Procter &amp; Gamble, UnitedHealth and Walgreens.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>GRI Signatories Are Reporting Significant Lobbying and Public
Policy Issues</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>McKesson uses the Global Reporting Initiative (GRI) Reporting Principles of materiality, sustainability context and stakeholder
inclusiveness to help guide its sustainability reporting.<SUP>15</SUP></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>GRI Standard 415: Public Policy<SUP>16</SUP> &ldquo;addresses the topic of public policy. This includes an organization&rsquo;s
participation in the development of public policy, through activities such as lobbying and making financial or in-kind contributions
to political parties, politicians, or causes.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Under GRI Standard 415, a company &ldquo;should report:</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>(1) the significant issues that are the focus of its participation in public policy development and lobbying;</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> <FONT STYLE="background-color: white">&ldquo;The
Drug Industry&rsquo;s Triumph Over the DEA,&rdquo;&nbsp;<U>Washington Post</U>, October 15, 2017, available at&nbsp;<FONT STYLE="color: #0563C1"><U>https://www.washingtonpost.com/graphics/2017/investigations/dea-drug-industry-congress/?utm_term=.151b128a7543</U></FONT></FONT><FONT STYLE="background-color: white">;
&ldquo;Opioid Lobbyist Left a Digital Fingerprint on a Campaign by &lsquo;Patient Advocates,&rsquo;&rdquo;&nbsp;<U>The Intercept</U>,
October 22, 2017, available at&nbsp;<FONT STYLE="color: #0563C1"><U>https://theintercept.com/2017/10/22/opioid-lobbyist-left-a-digital-fingerprint-on-a-campaign-by-patient-advocates/</U></FONT></FONT><FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> &ldquo;Revealed: Names of ALEC Lobbyist and Legislator
Members,&rdquo; <U>Documented</U>, March 8, 2018, https://documented.net/2018/03/08/revealed-names-alec-lobbyist-legislator-members/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;State
Laws Prevent Taxpayers From Joining Opioid Crisis Lawsuits,&rdquo; <U>Clear View Post</U>, May 30, 2018, https://clearviewpost.com/state-laws-prevent-taxpayers-from-joining-opioid-crisis-lawsuits/.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.mckesson.com/about-mckesson/corporate-citizenship/
(&ldquo;We&rsquo;ve prepared our report in accordance with the &ldquo;Core&rdquo; version of the Global Reporting Initiative (GRI)
Standards.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.globalreporting.org/standards/gri-standards-download-center/gri-415-public-policy-2016/</P>

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


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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>(2) the company&rsquo;s stance on these issues, and any differences between its lobbying positions and any stated policies,
goals, or other public positions.&rdquo;</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The means GRI-reporting companies should be disclosing the significant issues it lobbies on and any differences between its
lobbying positions and its stated polices, goals and public positions.</TD></TR></TABLE>

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<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"><B>Broad International Support for Lobbying Transparency</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The International Corporate Governance Network (ICGN) representing&nbsp;more than $18 trillion in assets, supports lobbying
disclosure and political disclosure as best practice, and supports disclosure of any amounts over $10,000.<SUP>17</SUP></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In May 2018, the Principles for Responsible Investment (PRI) launched a new guide on corporate climate lobbying to help investors
engage with companies on their direct and indirect lobbying practices related to climate policy. Specifically, companies should
be consistent in their policy engagement in all geographic regions and should ensure any engagement conducted by member trade associations
on their behalf or with their support is aligned with company positions.<SUP>18</SUP></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>In October 2018, a $2 trillion coalition of investors led by the Church of England pension board and Swedish pension fund AP7,
sent letters to 55 large European companies, stating that lobbying on climate issues should be evaluated, managed and reported
on transparently and noting it was unacceptable that companies counteract ambitious climate policy, either directly or through
their trade associations.<SUP>19</SUP></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The OECD&rsquo;s Principles for Transparency and Integrity in Lobbying find that a sound framework for transparency in lobbying
is crucial to safeguard the integrity of the public decision-making process.<SUP>20</SUP></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>McKesson Has Its Lobbying Information and Could Easily Report
It to Shareholders</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>McKesson claims that the proposal is not necessary &ldquo;given the level of information McKesson currently provides to our
shareholders, regulators and the general public about our public policy engagement and lobbying activities.&rdquo; But this argument
is disingenuous, as McKesson is required to report its federal and state lobbying and already has all of this information, so it
could be readily provided to shareholders in a single report at minimal expense.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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"><B>Political Contributions Disclosure Rankings Do Not Measure
Lobbying Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; font-size: 10pt">&middot;</FONT></TD><TD>The Board argues that McKesson has been recognized as a &ldquo;Trendsetter&rdquo; in the 2018 CPA-Zicklin Index of Corporate
Political Disclosure and Accountability, a report that measures political disclosure and accountability policies and practices
of companies in the S&amp;P 500. However, this argument is misleading since the Company&rsquo;s CPA-Zicklin ranking has nothing
to do with lobbying spending disclosure. The Company conflates electoral and lobbying spending disclosures in its Proxy Statement
and implies that both issues are covered in the ranking. The fact that the Company touts being ranked as a trendsetter on the CPA-Zicklin
Index, a measurement of transparency in political contributions but not lobbying, suggests that McKesson could, in fact, become
a leader in lobbying disclosure as well.</TD></TR></TABLE>
<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.icgn.org/sites/default/files/ICGN%20Political%20Lobbying%20%26%20Donations%202017.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.unpri.org/Uploads/g/v/q/PRI_Converging_on_climate_lobbying.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> &ldquo;Pension Funds Challenge Major European
Emitters on Climate Lobbying,&rdquo; <U>Church of England</U>, October 28, 2018, https://www.churchofengland.org/more/media-centre/news/pension-funds-challenge-major-european-emitters-climate-lobbying.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> http://www.oecd.org/gov/ethics/oecdprinciplesfortransparencyandintegrityinlobbying.htm</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lobbying Transparency: What Gets Disclosed Gets Managed.
</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If McKesson has nothing to hide, transparent disclosure would simply show that its lobbying is being done for the company and
shareholders&rsquo; best interests.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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; font-size: 10pt">&middot;</FONT></TD><TD>Knowing our company&rsquo;s lobbying will be disclosed will ensure board and management oversight to safeguard that lobbying
is being done in shareholder and McKesson&rsquo;s best interests.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The well-documented reputational risks of McKesson&rsquo;s lobbying
and its inadequate lobbying disclosure policies highlight the critical need for the Company to improve its lobbying disclosures
and increase transparency around its lobbying policies, procedures and spending details.</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: justify; text-indent: 0in">For all of the above
reasons, we believe that McKesson&rsquo;s current lobbying disclosures are inadequate to protect shareholder interests. We urge
you to vote FOR Proposal 4, the shareholder proposal requesting a report on the Company&rsquo;s lobbying expenditures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canadian Shareholder Association for Research &amp; Education</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"><B>This is not a solicitation of authority to vote your proxy.
Please DO NOT send us your proxy card; SHARE and the Catherine Donnelly Foundation are not able to vote your proxies, nor does
this communication contemplate such an event. SHARE urges shareholders to vote for Item 4 following the instructions provided on
management&rsquo;s proxy mailing.</B></P>

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

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

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

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

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