On March 17, 2023, Eli Lilly and Company announced that it has received a shareholder proposal from Change Finance, P.B.C. requesting the Company to adopt a policy requiring that, prior to making a donation or expenditure that supports the political activities of any trade association, social welfare organization, or organization organized and operated primarily to engage in political activities, Lilly will require that the organization report, at least annually, the organization's expenditures for political activities, including the amount spent and the recipient, and that each such report be posted on Lilly's website. For purposes of this proposal, “political activities” are (i) influencing or attempting to influence the selection, nomination, election, or appointment of any individual to a public office; or (ii) supporting a party, committee, association, fund, or other organization organized and operated primarily for the purpose of directly or indirectly accepting contributions or making expenditures to engage in the activities described in (i). This proposal does not encompass lobbying spending.

In addition, the Company urged the shareholders to vote against the shareholder proposal at its annual general meeting of shareholders scheduled to be held on May 1, 2023.