<SEC-DOCUMENT>0001214659-22-004616.txt : 20220401
<SEC-HEADER>0001214659-22-004616.hdr.sgml : 20220401
<ACCEPTANCE-DATETIME>20220331190535
ACCESSION NUMBER:		0001214659-22-004616
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220401
DATE AS OF CHANGE:		20220331
EFFECTIVENESS DATE:		20220401

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:			0102

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03215
		FILM NUMBER:		22795009

	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:			Vermont Pension Investment Commission
		CENTRAL INDEX KEY:			0001920124
		IRS NUMBER:				203300812

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		109 STATE STREET
		STREET 2:		4TH FLOOR
		CITY:			MONTPELIER
		STATE:			VT
		ZIP:			05609
		BUSINESS PHONE:		802-828-3668

	MAIL ADDRESS:	
		STREET 1:		109 STATE STREET
		STREET 2:		4TH FLOOR
		CITY:			MONTPELIER
		STATE:			VT
		ZIP:			05609
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</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; text-align: center; background-color: white"><B>NOTICE OF EXEMPT SOLICITATION
(VOLUNTARY SUBMISSION)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>NAME OF REGISTRANT:</B>&nbsp;Johnson &amp;
Johnson&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>NAME OF PERSON RELYING ON EXEMPTION:</B>&nbsp;Vermont
Pension Investment Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:
</B>109 State Street, Montpelier, Vermont 05609</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934</B></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 1, 2022</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">Dear Johnson &amp; Johnson Shareholders,</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>We are writing to urge Johnson &amp; Johnson shareholders (J&amp;J)
to VOTE FOR proposal 13 on the 2022 proxy ballot at the Company&rsquo;s Annual Stockholders Meeting on April 28, 2022.</B></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"><B>The Proposal asks the Company to stop excluding legal or compliance
costs when adjusting metrics to calculate senior executive incentive compensation awards. The proposal allows the Board discretion to
opt out of the policy when conditions warrant.</B> The proposal states, &ldquo;<FONT STYLE="background-color: white">The Board shall have
discretion to modify the application of this policy in specific circumstances for reasonable exceptions and in that case shall provide
a statement of explanation.&rdquo;</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">The Vermont Pension Investment Commission (VPIC) submitted the proposal
with the support of the Investors for Opioid and Pharmaceutical Accountability (IOPA) in response to how the Company calculates metrics
for determining senior executives&rsquo; compensation awards.</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 IOPA, a coalition of 67 members representing treasurers, comptrollers,
asset managers, faith-based, public and union funds with more than $4.2 trillion in assets under management and advisement, began taking
note of J&amp;J&rsquo;s practice of excluding opioid-related legal costs in 2017. The IOPA has been tracking corporate actions to hold
senior executives accountable for decision-making on how firms managed their impact on the opioid crisis.</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 opioid crisis has led to 841,000 deaths since 1999.<SUP>1</SUP>
As a reference point, as of March 23, 2022, the United States has seen 973,000 deaths from COVID-19.<SUP>2</SUP> J&amp;J manufactured
the prescription opioids NUCYNTA and DURAGESIC through its pharmaceutical subsidiary, Janssen,<SUP>3</SUP>&nbsp;and until 2016, the Company
supplied approximately 60% of the raw opiate ingredients used in opioids like oxycodone and codeine through its former subsidiaries Noramco
and Tasmanian Alkaloids.<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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &ldquo;Drug Overdose Deaths,&rdquo; Centers for Disease
Control and Prevention, available at: https://www.cdc.gov/drugoverdose/deaths/index.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &ldquo;Coronavirus in the U.S.: Latest Map and Case Count.&rdquo;
<I>The New York Times,</I> March 23, 2022, available at: https://www.nytimes.com/interactive/2021/us/covid-cases.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> In 2020, Johnson &amp; Johnson announced it would delist
and stop selling all prescription pain medicines in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.washingtonpost.com/graphics/2020/business/opioid-crisis-johnson-and-johnson-tasmania-poppy</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">As J&amp;J notes in its annual report, the Company has been named in
approximately 3,400 lawsuits related to the marketing of opioids, including DURAGESIC (Fentanyl), NUCYNTA, NUCYNTA ER and to the previously
owned raw opioid suppliers, Tasmanian Alkaloids Pty, Ltd. and Noramco, Inc. The complaints allege false advertising, unfair competition,
public nuisance, consumer fraud violations, deceptive acts and practices, false claims and unjust enrichment.<SUP>5</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">J&amp;J announced an agreement in principle to contribute up to $5
billion to settlements stemming from its opioid business and has paid out various amounts to states, counties and other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance metrics should incentivize the right level of risk-taking.</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">Board decisions to factor out the impact of legal settlements related
to opioids is a key indicator to investors of whether the company believes senior leadership should have skin in the game. We support
compensation arrangements that incentivize senior executives to drive growth while safeguarding company operations and reputation over
the long-term. However, we take issue with the practice of adjusting out litigation expenses to insulate executives from the consequences
of their decisions and the financial penalty born by investors.</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: justify"><B>The litigation expenses are significant. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J&amp;J booked $5.1 billion in litigation expense
in 2020 and $2.3 billion in 2021.<SUP>6</SUP> The Company does not provide transparency into the opioid-related amounts but notes on page
30 of the annual report, &ldquo;2021 is primarily related to talc and Risperdal. 2020 is primarily related to talc and the opioid litigation
settlement.&rdquo;<SUP>7</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The proposal provides discretion to the board
to opt out of the policy. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proposal allows the Board discretion to opt
of the policy when conditions warrant. The proposal states, &ldquo;<FONT STYLE="background-color: white">The Board shall have discretion
to modify the application of this policy in specific circumstances for reasonable exceptions and in that case shall provide a statement
of explanation.&rdquo; The Board is free to determine the circumstances for reasonable exceptions, which might include, for example, instances
where the current executives were not in place when the liabilities were incurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The Company appears to have
dismissed shareholder concerns about adjusting out legal or compliance costs.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
advisory vote on executive compensation is a bellwether of investor sentiment on the appropriateness of executive pay. The say-on-pay
vote at the 2021 stockholder&rsquo;s meeting received an opposition vote of 43 percent. The Office of the Illinois State Treasurer submitted
an exempt solicitation on the 2021 say-on-pay vote urging shareholders to oppose in response to J&amp;J&rsquo;s decision to remove the
impact of opioid lit</FONT><FONT STYLE="background-color: white">igation &ndash; the very subject of the current proposal.<SUP>8</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>5</SUP></FONT> Johnson &amp;
Johnson, &ldquo;Annual report for year ending January 2, 2022,&rdquo; available at: <A HREF="https://www.sec.gov/Archives/edgar/data/200406/000020040622000022/jnj-20220102.htm">https://www.sec.gov/Archives/edgar/data/200406/000020040622000022/jnj-20220102.htm</A></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>6</SUP></FONT> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>7</SUP></FONT> Ibid, page
30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>8</SUP></FONT> Office of
the Illinois State Treasurer, &ldquo;Notice of Exempt Solicitation,&rdquo; April 14, 2021, available at: <A HREF="https://www.sec.gov/Archives/edgar/data/0001739791/000121465921004175/s413210pc14a6g.htm">https://www.sec.gov/Archives/edgar/data/0001739791/000121465921004175/s413210pc14a6g.htm</A>.</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; text-align: justify"><FONT STYLE="background-color: white">However,
J&amp;J reported in the 2022 proxy statement that it subsequently engaged with 63 shareholders representing approximately 38% of outstanding
shares and took away from those conversations that &ldquo;shareholders have not expressed an interest in the changes the proposal request.&rdquo;<SUP>9</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Shareholders,
including VPIC, over the course of several years have expressed an interest in the changes sought in the proposal. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">We have engaged directly with
the Company on this issue as has the wider investor base that are also IOPA members for the past five years. </FONT>At last year&rsquo;s
annual meeting the Company&rsquo;s say-on-pay report received an against vote of 43%, which is a low level of approval for an S&amp;P
500 company such as J&amp;J. <FONT STYLE="background-color: white">Of t</FONT>he top 123 investors in J&amp;J&mdash;which includes all
shareholders with stakes of 0.1 percent and higher&mdash;70 (57 percent) voted against the say-on-pay in 2021, one voted to abstain, and
five fund providers logged split votes, according to data provider Proxy Insight.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">J&amp;J
failed to issue a shareholder-requested report on its governance measures related to opioids until the proposal surpassed majority threshold
support (61%) at the 2020 shareholder meeting. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Summary
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">J&amp;J is structuring executive pay to align with
shareholder interests on the front end and then adjusting the calculations on the back end to alleviate executives from the market reality
of legal or compliance costs. The Company writes in the 2022 Annual Proxy Statement, &ldquo;The Compensation &amp; Benefits Committee
uses performance metrics, which include non-GAAP financial measures, for <B>incentive pay that are designed to correlate with the way
we evaluate our operational results and reflect measures of performance that drive returns for our shareholders </B>(emphasis added).&rdquo;<SUP>10</SUP>
Executive pay increases despite legal or compliance costs that drag shareholder returns alters the trend line from a positive to a negative
correlation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We support compensation arrangements that incentivize senior executives
to drive growth while safeguarding company operations and reputation over the long-term. However, we take issue with the practice of adjusting
out litigation expenses to insulate executives from the consequences of their decisions and the financial penalty born by investors.</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 urge you to vote FOR proposal 13.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>This
is not a solicitation of authority to vote your proxy. Please DO NOT se</B></FONT><B><FONT STYLE="background-color: white">nd us your
proxy card as it will not be accepted.</FONT></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">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Johnson &amp; Johnson, &ldquo;2022 Proxy Statement Pursuant
to Section 14(a) of the Securities Exchange Act of 1934,&rdquo; available at: <A HREF="https://www.sec.gov/Archives/edgar/data/200406/000020040622000026/a2022jnjproxy.htm">https://www.sec.gov/Archives/edgar/data/200406/000020040622000026/a2022jnjproxy.htm</A></P>

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

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

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