<SEC-DOCUMENT>0002021815-24-000008.txt : 20240729
<SEC-HEADER>0002021815-24-000008.hdr.sgml : 20240729
<ACCEPTANCE-DATETIME>20240729065301
ACCESSION NUMBER:		0002021815-24-000008
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240729
DATE AS OF CHANGE:		20240729
EFFECTIVENESS DATE:		20240729

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORVEL CORP
		CENTRAL INDEX KEY:			0000874866
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				330282651
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19291
		FILM NUMBER:		241148799

	BUSINESS ADDRESS:	
		STREET 1:		2010 MAIN STREE
		STREET 2:		SUITE 1020
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614
		BUSINESS PHONE:		9498511473

	MAIL ADDRESS:	
		STREET 1:		2010 MAIN STREET
		STREET 2:		SUITE 1020
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORTIS CORP
		DATE OF NAME CHANGE:	19600201

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Los Angeles County Employees Retirement Association
		CENTRAL INDEX KEY:			0002021815
		ORGANIZATION NAME:           	
		IRS NUMBER:				956039490
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		300 NORTH LAKE AVENUE
		STREET 2:		P.O. BOX 7060
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 564-6000

	MAIL ADDRESS:	
		STREET 1:		300 NORTH LAKE AVENUE
		STREET 2:		P.O. BOX 7060
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>crvl_solicitation.htm
<TEXT>

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<p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">SECURITIES
&amp; EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">WASHINGTON, D.C.&#160;&#160;
20549</font></b></p>

<p align=center style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">NOTICE OF EXEMPT
SOLICITATION (VOLUNTARY SUBMISSION)</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Name of
Registrant: CorVel Corporation</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Name of
persons relying on exemption: Los Angeles County Employees Retirement Association
(LACERA)</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Address of
persons relying on exemption: 300 N. Lake Avenue, Pasadena, CA 91101</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Written
materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the
Securities Exchange Act of 1934.&nbsp;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.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;"><img alt="Logo&#10;&#10;Description automatically generated" height=54 id="Picture6" src="x24072813203600.jpg" width=215></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">July 2024</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Dear&nbsp;CorVel Corporation Shareowner:</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Vote &#8220;Withhold&#8221;
for the re-election of Director Nominees Steven (Steve) Hamerslag and Jeffrey
J. Michael </font></b></p>

<div align=center style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">

<hr align=center noshade size=2 width="100%">

&nbsp;</div>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As
long-term investors vested in CorVel Corporation&#8217;s future growth and success,
LACERA will be voting &#8220;Withhold&#8221; for&nbsp;the re-election of Nominating and
Governance Committee members Steven (Steve) Hamerslag and Jeffrey J. Michael at
CorVel Corporation&#8217;s (CorVel) August 1, 2024, Annual General Meeting for what
we believe to be </font><b><u><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">inadequate board succession planning, lagging governance
practices, and lagging track record of inclusive recruitment, and poor investor
responsiveness</font></u></b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">. LACERA owns approximately 1,803 shares of CorVel common
stock as of June 7, 2024.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Inadequate
Board Succession Planning</font></b></p>

<p style="margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:107%;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:107%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:107%;">CorVel maintains a small board of six directors and is appointing one
new director, the first in the past 15 years. </font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Including most recent appointment, average director tenure is 24
years with three long-tenured directors having served for 33 years.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The average director age is 69.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">No disclosure has been made of a board skills matrix disclosing
identified requisite skills to oversee current and future business strategy and
risks on investors&#8217; behalf.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CorVel&#8217;s 2024 proxy reports two director &#8220;vacancies&#8221; with the recent
appointment filling one; the company does not disclose further information on
efforts to fill the remaining vacancy.<sup>1</sup></font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Despite the lack of meaningful board refreshment in over a decade,
long director tenures, and elevated age profile of directors, CorVel&#8217;s proxy
disclosures report the Nominating and Governance Committee met only one time
for each of the past 15 years.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">While CorVel&#8217;s 2024 proxy statement says the Nominating and
Governance Committee &#8220;considers many forms of diversity in identifying director
nominees in an effort to nominate directors with a variety of complementary
skills and backgrounds,&#8221; we were unable to locate information in the proxy or
on the company&#8217;s website describing any strategies, efforts, or steps to recruit
additional qualified directors.<sup>2</sup></font></p>

<p style="background:white;margin-bottom:0in;margin-left:38.7pt;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Lagging
Governance Practices</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">No majority
vote standard for director elections</font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">No
shareholder right to call special meetings</font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Shareholders
are not able to act by written consent</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


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<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif style=""><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">PLEASE NOTE: The cost of this solicitation is
being borne entirely by LACERA. LACERA is not asking for your proxy card.&nbsp;
Please do not send us your proxy card.</font></font></p>

<p style="margin:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Lagging Track Record of Inclusion in Board Recruitment</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CorVel
states, &#8220;Diversity, equity and inclusion are core to the Company&#8217;s values and
instrumental in delivering stronger business growth.&#8221;<sup>3</sup></font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">However,
CorVel&#8217;s proxy discloses no racial inclusion and limited gender inclusion with
1 female director.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Empirical
research continues to link diversity with even stronger financial performance.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:49.5pt;margin-right:0in;margin-top:0in;text-indent:-9.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">o</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;"> </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The
National Association of Corporate Directors&#8217; (NACD) 2019 Projections on
Emerging Board Matters highlights, &#8220;The stakes for having the right people
around the boardroom table have never been higher. Increasingly, directors are
recognizing that board composition should support and reflect the strategic
needs of the organization&#8230; Of particular concern are whether there is enough
diversity in the boardroom, whether the board has the right combination of
skills and how the board views director tenure.&#8221;<sup>4</sup> </font></p>

<p style="background:white;margin-bottom:0in;margin-left:49.5pt;margin-right:0in;margin-top:0in;text-indent:-9.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">o</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;"> </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">The top
quartile of companies measured on gender diversity among their executive teams
were 39% more likely to be in the top quartile of companies for profitability
in 2023 &#8211; up from 25% in 2020, 21% in 2017 and 15% in 2014.<sup>5</sup></font></p>

<p style="background:white;margin-bottom:0in;margin-left:49.5pt;margin-right:0in;margin-top:0in;text-indent:-9.0pt;"><font color=black face="courier new" lang=EN-US style="font-size:10.0pt;line-height:normal;">o</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;"> </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Top-quartile
companies measured by ethnic diversity in executive teams were 39% more likely
to outperform on profitability than those in the fourth quartile.<sup>6</sup></font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Poor Investor
Responsiveness</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-9.0pt;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&#8226;&#160; </font></b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">CorVel has
declined requests from LACERA to discuss CorVel&#8217;s board refreshment and
succession planning process with Mr. Hamerslag and Mr. Michael for the past two
years.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<div style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p style="background:white;border:none;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;padding:0in;text-indent:-27.0pt;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">LACERA Believes Robust Board Succession Planning is Key to Board
Quality<sup>7</sup></font></b></p>

</div>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">LACERA
encourages Boards to be composed of highly talented directors with a diverse
set of relevant skills, competencies, and attributes to oversee strategy and
risk on investors&#8217; behalf. </font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">LACERA
welcomes a mix of director tenures to ensure both institutional familiarity and
fresh perspectives, as a firm&#8217;s market environment and business strategies
evolve. </font></p>

<p style="background:white;margin-bottom:0in;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-indent:-13.5pt;"><font color=black face=symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">We believe
core investor rights ensure fair and equitable treatment of investors and help
foster investor confidence and accountability, thereby facilitating capital
formation and growth for companies.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Hold Directors
Accountable for Poor Board Succession Planning and Governance</font></b></p>

<div align=center style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">

<hr align=center noshade size=2 width="100%">

&nbsp;</div>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">LACERA
encourages investors to hold Nominating and Governance Committee members Steven
(Steve) Hamerslag and Jeffrey J. Michael accountable for the board&#8217;s excessive
tenure, lack of track record of inclusion of diverse directors, deficient
shareholder rights provisions, absence of board evaluation and skills
disclosure, and apparent lack of board succession planning.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Directors
Hamersalg and Michael have served as the only 2 members of Nominating and
Governance Committee for at least 15 years.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">As a
long-term investor, LACERA believes CorVel&#8217;s Nominating and Governance
Committee board needs to be comprised of directors able to demonstrate a track
record of ensuring a robust and inclusive board refreshment and recruitment
process. LACERA attempted to engage CorVel on the above concerns in September
2023 but has not received a response. </font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Proxy research provider
Institutional Shareholder Services Inc. is recommending a &#8220;Withhold&#8221; vote for Nominating
and Governance Committee members Steven (Steve) Hamerslag and Jeffrey J.
Michael at CorVel Corporation at its August 1, 2024, Annual General Meeting.</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Please vote &#8220;Withhold&#8221; for
the re-election of Nominating and Governance Committee members Steven (Steve)
Hamerslag and Jeffrey J. Michael at the CorVel Corporation August 1, 2024,
Annual General Meeting.</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


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<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif style=""><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">PLEASE NOTE: The cost of this solicitation is
being borne entirely by LACERA. LACERA is not asking for your proxy card.&nbsp;
Please do not send us your proxy card.</font></font></p>

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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
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<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

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<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Dale
Johnson</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Senior Investment
Officer</font></p>

<p style="background:white;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:3.0pt;text-align:justify;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">Los Angeles
County Employees Retirement Association (LACERA)</font></p>

<div style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;">

<hr align=left noshade size=2 width=460 style="width:345.0pt;">

&nbsp;</div>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">1</font></sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font><u><font color=#0563C1 face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">https://www.sec.gov/ix?doc=/Archives/edgar/data/874866/000119312524165642/d699951ddef14a.htm</font></u></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">2</font></sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;https://www.sec.gov/ix?doc=/Archives/edgar/data/874866/000119312524165642/d699951ddef14a.htm</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=X-NONE style="font-size:9.0pt;line-height:normal;">3
</font></sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">https://www.sec.gov/ix?doc=/Archives/edgar/data/874866/000119312524165642/d699951ddef14a.htm</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=X-NONE style="font-size:9.0pt;line-height:normal;">4</font></sup><font color=black face=arial,sans-serif lang=X-NONE style="font-size:9.0pt;line-height:normal;">
National Association of Corporate Directors. 2019. New Voices in the Boardroom:
The Gradual Evolution of Board Composition. </font><font color=#0563c1 face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">https://boardleadership.nacdonline.org/rs/815-YTL-682/images/2019%20NACD%20Governance%20Outlook%20Report.pdf?mkt_tok=eyJpIjoiTW1Wak56WmlPVGszWWpWaSIsInQiOiJQR25qeGowODY1bDVGWWFlOVRqdTBtVE45a0k1VW1BUm5sMFpnWUp2a21oXC81d3ZZbVY5cDMybkJUeVQydXl6M3ZIdzdGS0x5aFg2WTJQcUJwenVVRUVobjRYWXpuZzZDU0N6NEhZVnFQYzJIQ0xua3ZXb0V2NnR3MlVRVWZKN2QifQ%3D%3D</font><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;"> </font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">5</font></sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;McKinsey
&amp; Company, &#8220;Diversity Matters Even More&#8221; by Dame Vivian Hunt, Sundiatu
Dixon-Fyle, Celia Huber, Maria del Mar Martinez Marquez, Sara Prince, and
Ashley Thomas, December 2023.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact#/</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">6</font></sup><font color=#0563C1 face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;text-decoration:none;"> </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">McKinsey
&amp; Company, &#8220;Diversity Matters Even More&#8221; by Dame Vivian Hunt, Sundiatu
Dixon-Fyle, Celia Huber, Maria del Mar Martinez Marquez, Sara Prince, and
Ashley Thomas, December 2023.</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact#/</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">7 </font></sup><font color=black face=arial,sans-serif lang=EN-US style="font-size:9.0pt;line-height:normal;">LACERA&#8217;s
Corporate Governance and Stewardship Principles. https://www.lacera.com/sites/default/files/assets/documents/board/Governing%20Documents/BOI%20Policies/CorpGovPrinciples.pdf</font></p>

<p style="background:white;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face=arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>




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being borne entirely by LACERA. LACERA is not asking for your proxy card.&nbsp;
Please do not send us your proxy card.</font></font></p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
