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Eli Lilly and Company Haneyjamie E@Lilly.Com UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE February 18, 2014 Jamie E. Haney Eli Lilly and Company [email protected] Re: Eli Lilly and Company Incoming letter received December 18, 2013 Dear Ms. Haney: This is in response to your letters received on December 18, 2013 and January 6, 2014 concerning the shareholder proposal submitted to Lilly by the National Center for Public Policy Research. We also have received a letter from the proponent dated January 13, 2014. Copies ofall ofthe correspondence on which this response is based will be made available on our website at htto://www.sec.gov/divisions/comfinlcf­ noaction/14a-8.shtml. For your reference, a brief discussion ofthe Division's informal procedures regarding shareholder proposals is also available at the same website address. Sincerely, Matt S. McNair Special Counsel Enclosure cc: Justin Danhof The National Center for Public Policy Research [email protected] February 18, 20 14 Response ofthe Office of Chief Counsel Division of Corporation Finance Re: Eli Lilly and Company Incoming letter received December 18, 2013 The proposal requests that the board adopt the health care reform principles that are specified in the proposal. There appears to be some basis for your view that Lilly may exclude the proposal under rule 14a-8(i)(7), as relating to Lilly's ordinary business operations. In this regard, we note that the proposal appears directed at involving Lilly in the political or legislative process relating to an aspect ofLilly's operations. We note in particular that, although the proposal asks the company to adopt principles ofhealth care reform, it advocates specific legislative initiatives, including the repeal ofspecific laws and government mandates and the enactment ofspecific tax deductions or tax credits that appear to relate to Lilly's business operations. Accordingly, we will not recommend enforcement action to the Commission ifLilly omits the proposal from its proxy materials in reliance on rule 14a-8(i)(7). Sincerely, Erin E. Martin Attorney-Advisor DIVISION OF CORPORATiON FINANCE. INFORMAL PROCEDURES REGARDING S~HOLDER PROPOSALS T~e Division ofCorporation Finance believes that its responsibility wi~ respect to ll)atters arising under Rule l4a-8 [17 CFR_240.14a~8], as with other matters under th<? proxy _rules, is to ·a~d those ~o must comply With the rule by offering informal advice and suggestions and'to determine, initially, whether or n~t it may be appropriate in a particular matter to_ recommen~_ enforcement action to the Commission. In coli:Jlection _with a shareholder proposal under Rule_l4a-8, the Division's.staffconsideci th~ irifonnatio·n furnished·to it·by the Company in support ofits intentio·n tQ exclude _the proposals from the Company's proxy materials, a(\ well as aiiy inform~tion furnished by the proponent or-the propone~t'srepresentative. AlthOugh Rule l4a-8(k) does not require any communications from Shareholders to the C~mffiission's s_taff, the staff will always. consider information concerning alleged violations of the· statutes administered by the- Corrunission, including argument as to whether or notactivities propo~ to b~ taken ·would be violative·ofthe·statute or nile inyolved.· The receipt by the staff ofsuch information; however, should not be construed as changing the staff's informal · procedureS and--prexy review into a follilal or adversary procedure. It is important to note that the stafrs and.Commissio~'s no-action responses to Rule 14a:-8(j)-submissions reflect only infornial views. The d~terminations·reached in these no­ action l~tters do not and cannot adjudicate the merits ofa co111pany's position with respe~t to the pro~sal. Only acourt such aS a u.s. District Court.can decide whetheracompany is obligated .. to inclu~~ shareholder. proposals in its proxy materials. Accor~ingly adiscre"tion~ · . determination not to recommend or take- Co~ission enforcement action, does not ·pr~ch.ide a proponent, or any shareholder ofa -company, from pursuing any rigl_tts be or sh~ may have against the company in court, should the manag~ment omit the proposal from "the companyts .proxy ·material. THE NATIONAL CENTER FOR PUBLIC POLICY RESEARCH Amy M. Ridenour David A. Ridenour Chairman President January 13,2014 Via Email: [email protected] Office of Chief Counsel Division of Corporation Finance Securities and Exchange Commission I00 F Street~ NE Washington .. DC 20549 RE: Stockholder Proposal of the National Center for Public Policy Research, Securities Exchange Act of 1934 - Rule 14a-8 Dear Sir or Madam. This correspondence is in response to the letter ofJamie E. Haney on behalf ofEli Lilly and Company (the ""Cotnpani) dated December 18, 2013 .. requesting that your office (the '"Commission" or "Staff~) take no action if the Company omits our Shareholder Proposal (the lo~Proposar') from its 2014 proxy materials for its 2014 annual shareholder meeting. RESPONSE TO ELI LILLY's CLAIMS The Company materially n1isrepresents the nature and intent of our Proposal in an attempt to evade its rightful inclusion in Eli Lilly~s proxy materials. The Company is aware ofa myriad of Staff precedent allowing substantially silnilar proposals over company objections. Specifically, the Staffhas repeatedly n1led that proposals such as ours that ask a company to adopt health care reforms are allowable and do not "deal with matters relating to the co1npany"s ordinary business operations.~' Rule 14a-8(i)(7). To avoid this unatnbiguous line of precedent., Eli Lilly impermissibly casts our Proposal as one that seeks to direct the Company~s lobbying operations and micromanage Company decisions. SOl Capitol Court, N.E., Suite 200 Washington, D.C. 20002 (202) 5434110 *Fa.'\: (202) 54~5975 [email protected] *www.nationalcenter.org Despite the Company's best efforts, it cannot rewrite the plain language found within the four comers ofour Proposal. Our Proposal, like previously allowed proposals in the past, asks the Company to adopt basic principles for health care reform as a societal matter. The Company has the burden of persuading the Staff that it may exclude our Proposal from its 2014 proxy materials. StaffLegal Bulletin No. 14 (CF) (July 13, 2001) ("SLB 14"). For the following reasons, the Company has faJlen well short ofthis burden. Tl1e Proposal May Not Be Excluded in Reliance 011 Rule 14a-8(i)(7) Because it Simply Asks tlze Compa11y to Adopt a Set ofPri11ciples- Not to Enact or Lobby for Tilem Under Rule 14a-8(i)(7), a company may exclude a shareholder proposal if it deals with matters relating to the Company's ••ordinary business." The Commission has indicated two central considerations regarding exclusion under Rule 14a-8(i)(7). First, the Comn1ission considers the subject matter ofthe proposal. Next, the Commission considers the degree to which the proposal seeks to micromanage a company. Exchange Act Release No. 40018 (May 21 ~ 1998) (the "'1998 Release"). The Company proffers three argmnents to advance its claim that our Proposal deals with matters relating to the Company's ordinary business operations. First, the Company falsely claims "the Proposal seeks to involve the Company in the political or legislative process by requiring the Company to endorse a particular position that relates directly to the Company's business operations.'' Next, the Company wrongly portends that "the Proposal relates to the Company's lobbying efforts with respect to specific products." Finally, the Company incorrectly assumes that "the Proposal seeks to micromanage the Company by dictating the specific positions the Company should take on lobbying and political issues." These claims are without merit and show a calculated misreading ofour Proposal. By reading language well beyond the words found in our Proposal .. the Company has attempted to tum our allowable request for the Company to adopt health care reform principles into an impermissible attempt to take over Eli Lilly's lobbying shop. The Staff should not entertain the Company·s fictions. First~ the Proposal never asks the Company to engage in lobbying ofany kind. The resolved section of our Proposal clearly "request[ s] that the Board of Directors adopt the following Health Care Refonn Principles.,, (Emphasis added). The Proposal does not ask the Company to engage with any governmental employee, agency or outside group to lobby for or against any legislation, regulation or rulemaking. The Company relies on Bristol-Myers Squibb (avail. January 29, 20.13) in an attempt to prove that our Proposal seeks to involve the Company in the political and legislative process. That proposal~ titled ' 4Lobbying Report," asked for a direct report detailing specific lobbying activities and the impact of those activities on the Company. Our Proposal never asks the Company to report anything to anyone. Our Proposal does not ask the Company to engage in any general or specific lobbying effort. Rather, our Proposal simply asks for the Company to adopt health care reform principles as a societal n1atter. Th~ Staff has repeatedly ruled that shareholder proposals that ask a company to adopt principles for health care reforn1 may not be excluded under Rule 14a-8(i)(7). See 1/nitedHea/th Group Incorporated, {avail. April2~ 2008); 1 CBS Co1poration, (avail. March 30, 2009); Bank ofAmerica Corporation, (avail. Feb. 17, 2009); General Motors Corporation, (avail. March 26, 2008); Exxon Mobil Corporation, (avaiL February 25, 2008); General Motors Corporation, (avail. February 25, 2008);Xcel Energy Inc., (avail. February 15, 2008); UST Inc., (February 7,2008); The Boeing Company, (avail. February 5" 2008); and United Technologies Corporation~ (avail. January 31, 2008). In the above proposals (the '•progressive proposals"), the proponents made the same ask as our Proposal -that the companies adopt principles for health care reform. The resolved sections ofthe progressive proposals state that: Shareholders... urge the Board ofDirectors (the 'Board') to adopt principles for health care reform based upon principles reported by the Institute of Medicine: 1.
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