Company: ELV
Filing Date: 2025-04-14
Form Type: PX14A6G
Source: 0001214659-25-005850
Chunk: 4

Company: Elevance Health, Inc.
Filing Date: 2025-04-14
Form: PX14A6G
Chunk 4
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/uploads/wp2021-11.pdf,
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| 2025                                                                                                                        
 Proxy Memo                                                                                                                  
 Elevance Health In| Shareholder Proposal Requesting a Report on Effectiveness of Efforts to Create a Meritocratic Workplace |

As of the filing of this brief, no research reports or media articles
were found that indicated any relationship between the publication of these data sets and discrimination lawsuits received by companies.
Similarly, no research was found that indicates that the release of the requested data sets impacted outcomes of discrimination lawsuits
filed against companies that release their diversity and inclusion data. This absence of evidence is significant because it directly counters
a common objection to diversity data disclosure—that transparency about workforce demographics could increase legal vulnerability.
Despite hundreds of companies already disclosing this information, there appears to be no documented evidence supporting this concern.

Elevance does not provide transparent quantitative data on the outcomes of its efforts to create a meritocratic workplace.

Disclosing key inclusion factor data – hiring, promotion and
retention rates by gender, race and ethnicity categories established by the Equal Employment Opportunity Commission – would allow
Elevance’s investors and potential employees to understand the extent to which the company is successfully building, managing, and
retaining an effective workforce.

Elevance lags its peers in the disclosure and transparency it provides
to investors on the effectiveness of its diversity and inclusion programs. In its statement of opposition, Elevance claims that it “discloses
significant workforce composition information for investors and other stakeholders.” However, at the time of this filing, Elevance
has only shared its EEO-1 report. Elevance’s failure to disclose hiring rate data of its diverse employees is particularly of concern
given that the healthcare sector leads in disclosing hiring rate data of diverse employees. Across the Russell 1000 companies,
as tracked by As You Sow and Whistle Stop Capital researchers, and as displayed below, since 2020, there has been an upward trend
in the release of promotion, hiring, and retention rate disclosure by specific categories.

_____________________________

https://www.asyousow.org/our-work/social-justice/workplace-equity/data-visualization

Indigenous representation data was monitored until 2023.

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| 2025                                                                                                                        
 Proxy Memo                                                                                                                  
 Elevance Health In| Shareholder Proposal Requesting a Report on Effectiveness of Efforts to Create a Meritocratic Workplace |

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| 2025                                                                                                                        
 Proxy Memo                                                                                                                  
 Elevance Health