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Form N-PX · fund registrantSEC filer no. 1038490

T. Rowe Price Tax-Efficient Funds, Inc.

fund voting report, part of T. Rowe Price

Vote records reported
3,738year to 30 June 2026
Against management
13.4%500 of 3,733 marked votes
Say-on-pay support
46.7%for, of for + against + abstain
Shareholder-proposal support
18.5%for, of for + against + abstain
83.7% for11.1% against5.2% other13.4% against management3,738 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

T. Rowe Price Tax-Efficient Funds, Inc. reported 3,738 vote records for the year to 30 June 2026. It marked 13.4% of its votes as cast against management (500 of 3,733), 7.2 percentage points above the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 11.7%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 46.7% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 18.5% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SECTION 14A SAY-ON-PAY VOTES (49.7% of 328), CORPORATE GOVERNANCE (27.7% of 184) and COMPENSATION (25.9% of 108).

It reported 1.1 million shares out on loan at record dates, 1.45% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share13.4%6.2%10.6%
Say-on-pay support rate46.7%91.6%86.0%
Shareholder-proposal support rate18.5%27.5%33.9%
Shares on loan, share of shares held1.45%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS2,6592,404869.6%
SECTION 14A SAY-ON-PAY VOTES32814216249.7%
AUDIT-RELATED33633600.0%
SHAREHOLDER RIGHTS AND DEFENSES1613325.0%
EXTRAORDINARY TRANSACTIONS76114.3%
CAPITAL STRUCTURE5748917.5%
COMPENSATION108763225.9%
CORPORATE GOVERNANCE1861146327.7%
ENVIRONMENT OR CLIMATE292270.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE182160.0%
DIVERSITY, EQUITY, AND INCLUSION152130.0%
OTHER SOCIAL ISSUES433400.0%
OTHER211not reported

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,68212.3%56.8%21.2%
year to 30 June 20253,88912.3%54.3%18.9%
year to 30 June 20263,73813.4%46.7%18.5%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, T. Rowe Price Tax-Efficient Funds, Inc. voted against management on 162 of the 303 it marked either way (53.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

Shareholder proposals it supported

Of 134 proposals from security holders that could be told apart in the filings and on which it cast a vote, T. Rowe Price Tax-Efficient Funds, Inc. voted for 25 (18.7%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a mandatory independent board chair policy
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Visa Inc.27 Jan 2026Require Independent Board Chair
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
The Home Depot, Inc.21 May 2026Shareholder Proposal Regarding Independent Board Chair
UnitedHealth Group Incorporated1 Jun 2026If properly presented at the 2026 Annual Meeting of Shareholders, the shareholder proposal requesting the...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
Morgan Stanley14 May 2026Shareholder proposal requesting an independent Board Chairman
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Corning Incorporated30 Apr 2026Request to adopt an independent chair policy
Ecolab Inc.7 May 2026Vote on a stockholder proposal regarding an independent board chair policy
Northrop Grumman Corporation20 May 2026Shareholder proposal to provide for an independent Board chair.
Snowflake Inc.29 Jun 2026To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Cintas Corporation28 Oct 2025A shareholder proposal regarding support for shareholder ability to call for a special shareholder meeting.
Datadog, Inc.15 Jun 2026The stockholder proposal, if properly presented at the Annual Meeting, requesting the adoption of a simple...
NRG Energy, Inc.30 Apr 2026To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting
Quest Diagnostics Incorporated20 May 2026Stockholder proposal regarding an independent board chairman
CDW Corporation21 May 2026To consider and act upon the stockholder proposal, if properly presented at the meeting, regarding...
Carvana Co.5 May 2026To vote upon one stockholder proposal, as described in the Proxy Statement.
Zscaler, Inc.12 Jan 2026To vote on a non-binding stockholder proposal requesting the declassification of our board of directors.
Domino's Pizza, Inc.21 Apr 2026Shareholder proposal regarding an independent board chair requirement.
HubSpot, Inc.15 Jun 2026A stockholder proposal to change the Company's Sixth Amended and Restated Bylaws to allow 10% holders of...
Corpay, Inc.7 May 2026Shareholder proposal regarding an independent Board Chair requirement

Shares on loan

T. Rowe Price Tax-Efficient Funds, Inc. reported 1.1 million shares on loan at record dates against 75.5 million shares voted: 1.45% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

1 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
T. Rowe Price Tax-Efficient Equity Fund3,73813.4%46.5%18.5%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did T. Rowe Price Tax-Efficient Funds, Inc. vote on executive pay?

In the year to 30 June 2026 T. Rowe Price Tax-Efficient Funds, Inc. reported 304 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 142 were for (46.7%), 162 against and 0 abstentions. Counting one item per company meeting, it voted against management on 162 of the 303 say-on-pay items it marked either way.

How often does T. Rowe Price Tax-Efficient Funds, Inc. vote against management?

13.4% of the time in the year to 30 June 2026: 500 of the 3,733 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did T. Rowe Price Tax-Efficient Funds, Inc. support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 27 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 18.5% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by T. Rowe Price Tax-Efficient Funds, Inc. (filer no. 1038490), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.