John Chevedden is a well-known individual governance activist with a long track record of shareholder-value-focused proposals, and the policy directs that such filers be taken seriously. The ask here is purely a transparency measure — UHS would simply report annual meeting vote results in two formats: the standard weighted-vote tally, and a second tally weighted by economic ownership (shares outstanding) rather than by the super-voting Class A/C structure that concentrates 91% of voting power in the hands of insiders who own only 16% of the economic interest. This is a disclosure proposal, which the policy supports at a lower bar than operational or structural changes. The company's opposition argument — that the total weighted vote is the only legally relevant result — is technically accurate but misses the point: the proposal asks for additional transparency, not a change to the legal outcome. Shareholders who hold the vast majority of the economic risk in UHS have an understandable interest in knowing how their votes, weighted by their financial stake, compare to the outcome determined by the super-voting class, and providing this information costs little and improves accountability.

The New York State Common Retirement Fund is a mainstream institutional pension fund — one of the largest in the country — and the policy treats such filers as credible fiduciaries with legitimate shareholder interests. The ask is a straightforward disclosure proposal: publish workforce diversity data, which UHS previously provided but has since stopped disclosing. The company's opposition focuses on limitations of EEO-1 data and claimed implementation burden, but the proposal explicitly allows the board discretion in how to report and permits omission of proprietary or privileged information, making it a low-burden ask. With 81% of UHS's sector peers already disclosing this information and UHS itself having done so in the past, the company's resistance to resuming this disclosure is difficult to justify. Workforce composition and retention data are material human capital metrics for an 86,000-employee healthcare company operating in a tight labor market, and investors have a reasonable interest in being able to compare UHS's practices to those of its peers.