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Form N-PX · institutional managerSEC filer no. 1142941

DENALI ADVISORS LLC

institutional manager voting report

Vote records reported
289year to 30 June 2026
Against management
13.6%37 of 272 marked votes
Say-on-pay support
87.1%for, of for + against + abstain
Shareholder-proposal support
not reportednot reported by managers
81.4% for12.0% against6.6% other13.6% against management274 votes

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

DENALI ADVISORS LLC reported 289 vote records for the year to 30 June 2026. It marked 13.6% of its votes as cast against management (37 of 272), 7.2 percentage points above the median institutional manager, which was 6.4%.

Weighted by the number of shares voted, the against-management share is 12.2%. 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 87.1% of the section 14A say-on-pay items it reported (the median institutional manager: 91.4%).

By category, votes against management were most frequent in SECTION 14A SAY-ON-PAY VOTES (13.6% of 272).

It reported 907,260 shares out on loan at record dates, 18.93% 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 2,628 institutional managers with at least 25 vote records in the season.

year to 30 June 2026This filerMedian institutional managerAll filers pooled
Against-management share13.6%6.4%10.6%
Say-on-pay support rate87.1%91.4%86.0%
Shareholder-proposal support ratenot reported41.1%33.9%
Shares on loan, share of shares held18.93%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%

Of the 289 vote records in this filing, 15 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)VotesForAgainstAgainst managementSplit
SECTION 14A SAY-ON-PAY VOTES2742233313.6%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202422715.2%84.5%not reported
year to 30 June 202528214.0%86.8%not reported
year to 30 June 202628913.6%87.1%not reported

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, DENALI ADVISORS LLC voted against management on 31 of the 253 it marked either way (12.3%) in the year to 30 June 2026.

A further 16 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Institutional managers report say-on-pay votes only, so no shareholder proposals appear here.

Shares on loan

DENALI ADVISORS LLC reported 907,260 shares on loan at record dates against 3.9 million shares voted: 18.93% of the two together. Median institutional manager: 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.

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 DENALI ADVISORS LLC vote on executive pay?

In the year to 30 June 2026 DENALI ADVISORS LLC reported 256 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 223 were for (87.1%), 33 against and 0 abstentions. Counting one item per company meeting, it voted against management on 31 of the 253 say-on-pay items it marked either way. A further 16 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does DENALI ADVISORS LLC vote against management?

13.6% of the time in the year to 30 June 2026: 37 of the 272 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.

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 DENALI ADVISORS LLC (filer no. 1142941), 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.