<SEC-DOCUMENT>0001214659-21-003524.txt : 20210329
<SEC-HEADER>0001214659-21-003524.hdr.sgml : 20210329
<ACCEPTANCE-DATETIME>20210329130212
ACCESSION NUMBER:		0001214659-21-003524
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210329
DATE AS OF CHANGE:		20210329
EFFECTIVENESS DATE:		20210329

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON & JOHNSON
		CENTRAL INDEX KEY:			0000200406
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				221024240
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0103

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		21780741

	BUSINESS ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933
		BUSINESS PHONE:		732-524-2455

	MAIL ADDRESS:	
		STREET 1:		ONE JOHNSON & JOHNSON PLZ
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08933

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRILLIUM ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0000884541
		IRS NUMBER:				042549211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		617-423-6655

	MAIL ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRILLIUM ASSET MANAGEMENT CORP
		DATE OF NAME CHANGE:	20000519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN RESEARCH & DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19990326
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>s328211px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Johnson &amp; Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: Trillium Asset Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: &#8205;Two Financial Center,
60 South Street, Suite 1100, Boston, MA 02111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The attached written materials are submitted pursuant to Rule 14a-6(g)
(1) promulgated under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule, but is
made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shareholder Proposal for Independent Board Chair</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Submitted at Johnson &amp; Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge Johnson &amp; Johnson (JNJ) shareholders to
vote for Item 5 (Independent Board Chair) on the Company&rsquo;s 2021 proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders, we believe, are best served by an independent board chair
who can provide the strongest form of independent oversight of management. In light of ongoing and significant controversies and legal
challenges, a long history of material legal settlements, and potential reputational damage, JNJ&rsquo;s Board should ensure rigorous
oversight by adopting best practice governance policies, including an independent board chair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Proposal requests:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">the Board of Directors adopt as policy, and amend the bylaws
as necessary, to require henceforth that the Chair of the Board of Directors, whenever possible, be an independent member of the Board.
This independence policy shall apply prospectively so as not to violate any contractual obligations. If the Board determines that a Chair
who was independent when selected is no longer independent, the Board shall select a new Chair who satisfies the requirements of the policy
within a reasonable amount of time. Compliance with this policy is waived if no independent director is available and willing to serve
as Chair.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board opposes the shareholder proposal arguing that the presence
of an independent Lead Director and the existing committee structure is &ldquo;appropriately strong.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, the Lead Director (in the position since 2012) sits on three
other boards (LPL Financial (Chair of the Compensation Committee), Graham Holdings (Chair of the Compensation Committee), and William-Sonoma).
The rest of the board members sit on an average of one other board and none sit on three. According to PWC&rsquo;s 2020 survey, only 3%
of directors serve on four boards.<SUP>1</SUP> We believe the Lead Director&rsquo;s significant commitments to numerous boards undermines
effectiveness and ability to lead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to PWC&rsquo;s 2019 survey of over 700 directors, 57% of
directors surveyed who sit on a board with a chair/CEO say it is difficult to voice dissent.<SUP>2</SUP> When the chairman and CEO are
the same person, there is a greater risk that important questions will not get asked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.pwc.com/us/en/services/governance-insights-center/assets/pwc-2020-annual-corporate-directors-survey.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.corporatecomplianceinsights.com/2019-corporate-directors-survey/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe an independent lead director is not an adequate substitute
for an independent board chairman. According to the EY Center for Board Matters, &ldquo;They do not command the same authority as a board
chair.&rdquo;<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2017 and 2020, the independent board chair proposals at JNJ received
42% votes. We believe this represents a clear and consistent desire over a significant amount of time for a change in board leadership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In September 2020 New York filed civil charges against the company
alleging that it played a leading role in &ldquo;originating, supplying, facilitating, and actively creating a dangerous market for opioids
for chronic pain treatment.&rdquo;<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s recent controversies also extend to claims that
its talcum powder contained asbestos and caused cancer. In May 2020 the company announced discontinued production of its talc-based baby
powder in the United States and Canada. However, in a July 2020 op-ed, the National Women&rsquo;s Health Network<SUP>5</SUP> took the
company to task for continuing to sell talc-based baby powder abroad, &ldquo;which means, this product will continue to impact Black and
Brown communities, particularly in places like Africa, where it has operations in South Africa, Ghana, and Kenya, and in Brazil, which
is home to all three of its business segments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Council of Institutional Investors, the authoritative voice on
governance matters, supports independent chair governance because a &ldquo;CEO who also serves as a chair can exert excessive influence
on the board and its agenda.&rdquo;<SUP>6</SUP> Separating the chair and CEO positions may reduce this conflict, and an independent chair
provides the most transparent separation of power between the CEO and the rest of the board.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An in-depth report by Glass Lewis in 2016 on independent board chairman
states &ldquo;&hellip;that shareholders are better served when the board is led by an independent chairman who we believe is better able
to oversee the executives of the Company and set a pro-shareholder agenda without the management conflicts that exists when a CEO or other
executive also serves as chairman. This, in turn, leads to a more proactive and effective board of directors.&rdquo;<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://corpgov.law.harvard.edu/2018/11/20/todays-independent-board-leadership-landscape/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.insurancebusinessmag.com/us/news/healthcare/ny-regulator-sues-johnson-and-johnson-for-insurance-fraud-over-opioid-claims-234017.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.columbiatribune.com/story/opinion/columns/2020/07/07/black-lives-should-matter-in-medicine-cabinet-too/42605387/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.cii.org/independent_board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Ibid</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> http://www.glasslewis.com/wp-content/uploads/2016/03/2016-In-Depth-Report-INDEPENDENT-BOARD-CHAIRMAN.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>IMPORTANT NOTICE: The cost of this communication is being borne
entirely by Trillium Asset Management, LLC. The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail,
certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to
vote your proxy. Proxy cards will not be accepted by Trillium. To vote your proxy, please follow the instructions on your proxy card.
These written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. The views expressed
are those of the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views
are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment
advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned.
It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned,
they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all
of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources
believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available
data. This piece is for informational purposes and should not be construed as a research report.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This is not a solicitation of authority to vote
your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please DO NOT send us your proxy card as it
will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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