Home / Filers / CULLEN FUNDS TRUST
CULLEN FUNDS TRUST
fund voting report
- Vote records reported
- 5,317year to 30 June 2026
- Against management
- 1.7%81 of 4,794 marked votes
- Say-on-pay support
- 95.9%for, of for + against + abstain
- Shareholder-proposal support
- 27.7%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
For the year to 30 June 2026, CULLEN FUNDS TRUST reported 5,317 vote records on Form N-PX. 81 of the 4,794 votes that were marked for or against management went against management: 1.7%, 4.5 percentage points below the median fund registrant (6.2%).
Weighted by the number of shares voted, the against-management share is 0.4%. 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 95.9% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 27.7% of the proposals put forward by security holders (the median fund registrant: 27.5%).
By category, votes against management were most frequent in ENVIRONMENT OR CLIMATE (6.5% of 31), SECTION 14A SAY-ON-PAY VOTES (5.4% of 224) and CORPORATE GOVERNANCE (4.9% of 782).
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 2026 | This filer | Median fund registrant | All filers pooled |
|---|---|---|---|
| Against-management share | 1.7% | 6.2% | 10.6% |
| Say-on-pay support rate | 95.9% | 91.6% | 86.0% |
| Shareholder-proposal support rate | 27.7% | 27.5% | 33.9% |
| Shares on loan, share of shares held | 0.00% | 0.00% | 3.12% |
| Largest families, year to 30 June 2026 | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|
| Vanguard | 20.1% | 94.1% | 42.0% |
| BlackRock and iShares | 7.5% | 88.3% | 11.9% |
| Fidelity | 6.0% | 94.7% | 27.6% |
| Dimensional | 16.4% | 78.9% | 57.4% |
| State Street and SPDR | 16.9% | 77.1% | 50.4% |
Of the 5,317 vote records in this filing, 507 carry something the form does not expect: a missing vote source or category, a record with no vote line, a meeting date that cannot be read, or a security identifier this site could not use. They are counted as filed. What is checked
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) | Votes | For | Against | Against management | Split |
|---|---|---|---|---|---|
| DIRECTOR ELECTIONS | 2,405 | 2,391 | 5 | 0.5% | |
| SECTION 14A SAY-ON-PAY VOTES | 224 | 209 | 9 | 5.4% | |
| AUDIT-RELATED | 323 | 323 | 0 | 0.0% | |
| INVESTMENT COMPANY MATTERS | 1 | 1 | 0 | 0.0% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 42 | 41 | 1 | 4.8% | |
| EXTRAORDINARY TRANSACTIONS | 43 | 43 | 0 | 0.0% | |
| CAPITAL STRUCTURE | 512 | 510 | 2 | 0.0% | |
| COMPENSATION | 226 | 216 | 10 | 2.2% | |
| CORPORATE GOVERNANCE | 788 | 755 | 33 | 4.9% | |
| ENVIRONMENT OR CLIMATE | 31 | 4 | 27 | 6.5% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 17 | 2 | 15 | 11.8% | |
| OTHER SOCIAL ISSUES | 67 | 29 | 38 | 1.5% | |
| OTHER | 272 | 262 | 8 | 3.4% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 4,554 | 2.6% | 95.6% | 22.2% | |
| year to 30 June 2025 | 4,302 | 2.1% | 94.2% | 17.6% | |
| year to 30 June 2026 | 5,317 | 1.7% | 95.9% | 27.7% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, CULLEN FUNDS TRUST voted against management on 5 of the 157 it marked either way (3.2%) in the year to 30 June 2026.
A further 1 say-on-pay item was reported without a management mark and are left out of both sides of that fraction.
- Oracle Corporation 18 Nov 2025
- Citigroup Inc. 20 May 2026
- Comcast Corporation 10 Jun 2026
- Omnicom Group Inc. 5 May 2026
- Restaurant Brands International Inc. 3 Jun 2026
Shareholder proposals it supported
Of 96 proposals from security holders that could be told apart in the filings and on which it cast a vote, CULLEN FUNDS TRUST voted for 23 (24.0%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.
| Company | Meeting | Proposal |
|---|---|---|
| Microsoft Corporation | 5 Dec 2025 | Report on Human Rights Due Diligence |
| Microsoft Corporation | 5 Dec 2025 | Report on Data Operations in Human Rights Hotspots |
| JPMorgan Chase & Co. | 19 May 2026 | Independent board chairman |
| Johnson & Johnson | 23 Apr 2026 | Independent Board Chair |
| CHEVRON CORPORATION | 27 May 2026 | Adopt an Independent Chair |
| Bank of America Corporation | 4 May 2026 | Shareholder proposal requesting independent board chair |
| UnitedHealth Group Incorporated | 1 Jun 2026 | If properly presented at the 2026 Annual Meeting of Shareholders, the shareholder proposal requesting the... |
| Verizon Communications Inc. | 21 May 2026 | Independent board chair |
| NextEra Energy, Inc. | 21 May 2026 | Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals |
| QUALCOMM Incorporated | 17 Mar 2026 | Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting." |
| AT&T INC. | 14 May 2026 | Shareholder Right to Act by Written Consent |
| Bristol-Myers Squibb Company | 5 May 2026 | Require Independent Board Chair |
| ConocoPhillips | 12 May 2026 | Stockholder Proposal - Independent Board Chairman. |
| Morgan Stanley | 14 May 2026 | Shareholder proposal requesting an independent Board Chairman |
| Lowe's Companies, Inc. | 29 May 2026 | Shareholder Proposal requesting an independent board chairman. |
| Comcast Corporation | 10 Jun 2026 | Adopt policy to have an independent chair |
| Mondelez International, Inc. | 20 May 2026 | Shareholder proposal requesting adoption of an independent board chairman policy |
| EXXON MOBIL CORPORATION | 27 May 2026 | Proposal requesting Company to modify its Voluntary Retail Voting Program to provide multiple options not... |
| EXXON MOBIL CORPORATION | 27 May 2026 | Require Independent Board Chair |
| United Parcel Service, Inc. | 7 May 2026 | To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share. |
| Target Corporation | 10 Jun 2026 | Require Independent Board Chair |
| The Cigna Group | 22 Apr 2026 | Shareholder Proposal - Shareholder Right to Act by Written Consent |
| The Travelers Companies, Inc. | 20 May 2026 | Require Independent Board Chair |
Shares on loan
CULLEN FUNDS TRUST 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
6 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.
| Series | Vote records | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|---|
| Cullen International High Dividend Fund | 1,548 | 0.2% | 100.0% | 0.0% |
| Cullen Emerging Markets High Dividend Fund | 1,429 | 0.3% | 100.0% | 0.0% |
| Cullen High Dividend Equity Fund | 737 | 4.3% | 90.9% | 40.4% |
| Cullen Value Fund | 711 | 3.7% | 92.9% | 31.1% |
| Cullen Enhanced Equity Income Fund | 541 | 3.1% | 94.4% | 34.5% |
| Cullen Small Cap Value Fund | 351 | 0.3% | 100.0% | not reported |
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.
- N-PX filed 26 Aug 2026 accession 0001999371-26-018724
- Every N-PX filing by this filer on EDGAR
Questions
How did CULLEN FUNDS TRUST vote on executive pay?
In the year to 30 June 2026 CULLEN FUNDS TRUST reported 218 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 209 were for (95.9%), 9 against and 0 abstentions. Counting one item per company meeting, it voted against management on 5 of the 157 say-on-pay items it marked either way. A further 1 say-on-pay item was reported without a management mark and are not counted in that figure.
How often does CULLEN FUNDS TRUST vote against management?
1.7% of the time in the year to 30 June 2026: 81 of the 4,794 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 CULLEN FUNDS TRUST support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 29 votes on proposals from security holders in the year to 30 June 2026 and voted for 2 of them (6.9%). Across every category it voted for 27.7% 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 CULLEN FUNDS TRUST (filer no. 1109957), 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.