Forum Home Page [see Broadridge note belo


The Shareholder Forumtm

independent review of issues relating to

Stock Buyback Policies


Walgreen Co.

for shareholder consideration in decisions about a

proposed merger into

Walgreens Boots Alliance, Inc.





For a printable copy of this report, click here.

Forum Report: Walgreen Stock Buybacks and Fair Investor Access


Completing the Definition of Walgreen Buyback Issues,

and Considering the Example for Fair Investor Access

Having completed the requested definition of issues relevant to investor interests in Walgreen’s stock buyback policies, the Forum has asked the company to assume responsibility for addressing these interests.[1] Specifically, I have suggested that its investor relations staff prepare a report or assemble research material that can be made available to assure fair access of all investors to decision-making information.

The Forum will of course report Walgreen’s advice of how they plan to respond to these information requirements. We will also continue to invite and report the comments of Forum participants on the issues that have been defined.[2]

In a broader context, the definition of Walgreen buyback issues has provided a very useful case example for practical consideration of the marketplace interests being addressed in the Forum’s “Fair Investor Access” program. The analysis of stock buybacks is one of the most easily understood, and recently one of the most prominent, illustrations of the short term and long term interests that have become a focus of attention in the Access program. Additionally, the anticipated plan of Walgreen’s management for responding to investor interests should provide a similarly practical example for that broader program’s original purpose of supporting more effective corporate management of direct investor access in coordination with The Conference Board’s “Task Force on Corporate/Investor Engagement.”[3] It is therefore suggested that we make good use of the Walgreen project to develop our conclusions in the Fair Investor Access program.

Your questions and comments, on both programs, will be welcomed.

GL – November 17, 2014

Gary Lutin

Chairman, The Shareholder Forum

575 Madison Avenue, New York, New York 10022

Tel: 212-605-0335






This program is open to all shareholders of Walgreen Co. (WAG) and to any fiduciaries or professionals concerned with their investment decisions. Participation is free of charge, according to the Shareholder Forum's standard Conditions of Participation.

The purpose of the program is to define issues relevant to long term shareholder interests in the proposed merger of Walgreen Co. into Walgreens Boots Alliance, Inc., and to support an impartial review and access to information required for investor consideration of the issues. As stated in the Conditions, all Forum participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants. Forum polices are intended to support anonymous communication, and provide that participants will not be identified or quoted without their explicit permission.

Information requests and suggestions of issues that may be relevant to Darden shareholder interests can be addressed to the Shareholder Forum at


The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.