Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 84

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 84
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#### Shareholder Proposal
We are also committed to fair pay. We were in the first cohort of companies certified by the Fair Pay Workplace (“FPW”), an independent certification that takes a holistic approach to pay equity, partnering to design an annual pay equity action plan that includes a perpetual review of all positions, new hires and promotions to effect meaningful, measurable change. After partnering with and overseeing our review process examining pay equity for cash compensation, including base and short-term incentives, in December 2024, FPW again validated our analysis of our U.S. associate population, which found that pay for women is 99.2% of men, and pay for people of color is 99.8% of white associates, after taking into account neutral, job-related factors.

Through the work of the Board’s Compensation and Talent Committee, the Board provides effective and independent oversight of our programs and practices related to workforce inclusion.

As set forth in its charter, the Board’s Compensation and Talent Committee is responsible for monitoring our programs and policies related to workforce inclusion. In discharging its responsibility to provide independent and robust oversight, the Committee regularly reviews and discusses with management our talent acquisition and retention, including our workforce inclusion efforts.

#### Conclusion
We believe that our existing transparent and regular disclosures of our workforce composition, practices and policies already provide meaningful information to investors. Therefore, the Board believes that adoption and implementation of this proposal to provide a report on the effectiveness of diversity, equity and inclusion efforts is unnecessary and not in the best interests of the Company and our shareholders.

| For the reasons described above, the Board of Directors unanimously recommends a voteAGAINSTthis shareholder proposal. |

#### 2025 Proxy Statement75
Security Ownership of Certain Beneficial Owners and Management

#### Stock Held by 5% or More Beneficial Owners
The following table and notes provide information about each person known by us to own beneficially more than five percent of our common stock as of December 31, 2024, according to reports filed with the SEC by these beneficial owners.

| Name and Address                                             
 of Beneficial Owner                                          |     |            |     | Amount and Nature of 
 Beneficial Ownership |      |     | Percent of 
 Class      |
| The Vanguard Group(1)100 Vanguard BoulevardMalvern, PA 19355 |     | 21,227,022 |     |                      | 9.0% |     |            |
| BlackRock, Inc.(2)50 Hudson YardsNew York, NY 10001          |     |