On March 15, 2023, Johnson & Johnson announced that it has received a shareholder proposal from Vermont Pension Investment Commission, asking the Company to adopt a policy that no financial performance metric shall be adjusted to exclude Legal or Compliance Costs when evaluating performance for purposes of determining the amount or vesting of any senior executive Incentive Compensation award. In addition, the Company recommended the shareholders to vote against the proposal at the annual meeting of shareholders scheduled to be held on April 27, 2023.