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Form N-PX · fund registrantSEC filer no. 1040612

MADISON FUNDS

fund voting report

Vote records reported
2,213year to 30 June 2026
Against management
8.3%183 of 2,211 marked votes
Say-on-pay support
47.4%for, of for + against + abstain
Shareholder-proposal support
26.5%for, of for + against + abstain
88.5% for10.4% against1.1% other8.3% against management2,213 votes

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

In its Form N-PX for the year to 30 June 2026, MADISON FUNDS listed 2,213 vote records. Votes against management made up 8.3% of those marked either way (183 of 2,211); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 7.0%. 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 47.4% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 26.5% 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 (50.6% of 180), CORPORATE GOVERNANCE (33.3% of 111) and CAPITAL STRUCTURE (16.1% of 31).

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 share8.3%6.2%10.6%
Say-on-pay support rate47.4%91.6%86.0%
Shareholder-proposal support rate26.5%27.5%33.9%
Shares on loan, share of shares held0.00%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 ELECTIONS1,5881,553222.2%
SECTION 14A SAY-ON-PAY VOTES180829050.6%
AUDIT-RELATED17317300.0%
INVESTMENT COMPANY MATTERS1100.0%
SHAREHOLDER RIGHTS AND DEFENSES97125.0%
EXTRAORDINARY TRANSACTIONS2200.0%
CAPITAL STRUCTURE3126516.1%
COMPENSATION51411015.7%
CORPORATE GOVERNANCE112723733.3%
ENVIRONMENT OR CLIMATE220220.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE162146.7%
DIVERSITY, EQUITY, AND INCLUSION61516.7%
OTHER SOCIAL ISSUES375328.1%
OTHER96333.3%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,9738.2%53.7%not reported
year to 30 June 20252,3546.7%52.0%15.4%
year to 30 June 20262,2138.3%47.4%26.5%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, MADISON FUNDS voted against management on 73 of the 143 it marked either way (51.0%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

Shareholder proposals it supported

Of 106 proposals from security holders that could be told apart in the filings and on which it cast a vote, MADISON FUNDS voted for 29 (27.4%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
JPMorgan Chase & Co.19 May 2026Independent board chairman
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
CHEVRON CORPORATION27 May 2026Adopt an Independent Chair
PEPSICO, INC.6 May 2026Shareholder Proposal - Independent Board Chair.
McDonald's Corporation20 May 2026Advisory Vote to Adopt Policy for an Independent Chair.
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
Pfizer Inc.23 Apr 2026Adopt an Independent Chair Policy
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
Morgan Stanley14 May 2026Shareholder proposal requesting an independent Board Chairman
Deere & Company25 Feb 2026Shareholder proposal on shareholder right to act by written consent
Colgate-Palmolive Company8 May 2026Stockholder proposal entitled "Independent Board Chairman."
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026Shareholder Proposal Regarding Data Protection Impact Assessment
Meta Platforms, Inc.27 May 2026Shareholder proposal: OTHER SOCIAL ISSUES
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding report on Al data usage oversight.
Cummins Inc.12 May 2026Shareholder proposal to adopt a policy for separation of the roles of Chairperson and Chief Executive Officer.
PayPal Holdings, Inc.19 May 2026Stockholder Proposal - Reduce Threshold to Call Special Meetings of Stockholders.
Illinois Tool Works Inc.8 May 2026Corporate governance
Fastenal Company23 Apr 2026Shareholder proposal relating to an EEO-1 reporting disclosure policy
Airbnb, Inc.5 Jun 2026Dual-class sunset; and
Workday, Inc.16 Jun 2026To consider and vote upon a stockholder proposal regarding disclosure of voting results based on share class.
CDW Corporation21 May 2026To consider and act upon the stockholder proposal, if properly presented at the meeting, regarding...
The AES Corporation29 Apr 2026If properly presented, to vote on a non-binding stockholder proposal regarding stockholder ability to call...
Entegris, Inc.6 May 2026Stockholder Proposal: Providing stockholders the right to call special meetings of stockholders.
Medpace Holdings, Inc.15 May 2026Stockholder proposal regarding giving shareholders an ability to call for a special shareholder meeting
Power Integrations, Inc.3 Jun 2026To consider, if properly presented at the Annual Meeting, a stockholder proposal related to the separation...

Shares on loan

MADISON FUNDS reported no shares on loan for the year to 30 June 2026. 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

5 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
Madison Dividend Income Fund5585.7%75.0%29.2%
Madison Large Cap Fund43711.7%23.3%23.8%
Madison Small Cap Fund42712.4%28.9%not reported
Madison Covered Call & Equity Income Fund4236.4%63.0%18.8%
Madison Mid Cap Fund3685.4%50.0%33.3%

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 MADISON FUNDS vote on executive pay?

In the year to 30 June 2026 MADISON FUNDS reported 171 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 81 were for (47.4%), 90 against and 0 abstentions. Counting one item per company meeting, it voted against management on 73 of the 143 say-on-pay items it marked either way.

How often does MADISON FUNDS vote against management?

8.3% of the time in the year to 30 June 2026: 183 of the 2,211 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 MADISON FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 22 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 26.5% 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 MADISON FUNDS (filer no. 1040612), 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.