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Form N-PX · institutional managerSEC filer no. 1234074

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

institutional manager voting report

Vote records reported
36year to 30 June 2026
Against management
44.4%16 of 36 marked votes
Say-on-pay support
55.9%for, of for + against + abstain
Shareholder-proposal support
not reportednot reported by managers
52.8% for41.7% against5.6% other44.4% against management36 votes

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

For the year to 30 June 2026, SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported 36 vote records on Form N-PX. 16 of the 36 votes that were marked for or against management went against management: 44.4%, 38.1 percentage points above the median institutional manager (6.4%).

Weighted by the number of shares voted, the against-management share is 37.4%. 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 55.9% 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 (44.4% of 36).

It reported 353,598 shares out on loan at record dates, 27.62% 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 share44.4%6.4%10.6%
Say-on-pay support rate55.9%91.4%86.0%
Shareholder-proposal support ratenot reported41.1%33.9%
Shares on loan, share of shares held27.62%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 36 vote records in this filing, 37 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 VOTES36191544.4%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20242938.5%56.5%not reported
year to 30 June 20252441.7%60.9%not reported
year to 30 June 20263644.4%55.9%not reported

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, SPRUCEGROVE INVESTMENT MANAGEMENT LTD voted against management on 15 of the 34 it marked either way (44.1%) in the year to 30 June 2026.

Shareholder proposals it supported

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

Shares on loan

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported 353,598 shares on loan at record dates against 926,559 shares voted: 27.62% 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 SPRUCEGROVE INVESTMENT MANAGEMENT LTD vote on executive pay?

In the year to 30 June 2026 SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported 34 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 19 were for (55.9%), 15 against and 0 abstentions. Counting one item per company meeting, it voted against management on 15 of the 34 say-on-pay items it marked either way.

How often does SPRUCEGROVE INVESTMENT MANAGEMENT LTD vote against management?

44.4% of the time in the year to 30 June 2026: 16 of the 36 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 SPRUCEGROVE INVESTMENT MANAGEMENT LTD (filer no. 1234074), 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.