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National Pension Service
institutional manager voting report
- Vote records reported
- 2,930year to 30 June 2026
- Against management
- 16.3%7 of 43 marked votes
- Say-on-pay support
- 89.7%for, of for + against + abstain
- Shareholder-proposal support
- not reportednot reported by managers
foragainstabstain, withhold or otheramber tick: the portion cast against management
For the year to 30 June 2026, National Pension Service reported 2,930 vote records on Form N-PX. 7 of the 43 votes that were marked for or against management went against management: 16.3%, 9.9 percentage points above the median institutional manager (6.4%).
Weighted by the number of shares voted, the against-management share is 9.5%. 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 89.7% 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 (16.3% of 43).
It reported 313.3 million shares out on loan at record dates, 31.61% 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 2026 | This filer | Median institutional manager | All filers pooled |
|---|---|---|---|
| Against-management share | 16.3% | 6.4% | 10.6% |
| Say-on-pay support rate | 89.7% | 91.4% | 86.0% |
| Shareholder-proposal support rate | not reported | 41.1% | 33.9% |
| Shares on loan, share of shares held | 31.61% | 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 2,930 vote records in this filing, 2,887 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 |
|---|---|---|---|---|---|
| SECTION 14A SAY-ON-PAY VOTES | 43 | 36 | 4 | 16.3% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 2,756 | 11.1% | 87.9% | not reported | |
| year to 30 June 2025 | 2,488 | 8.5% | 93.5% | not reported | |
| year to 30 June 2026 | 2,930 | 16.3% | 89.7% | not reported |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, National Pension Service voted against management on 4 of the 37 it marked either way (10.8%) in the year to 30 June 2026.
A further 2,567 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.
- Alphabet Inc. 5 Jun 2026
- Broadcom Inc. 20 Apr 2026
- Oracle Corporation 18 Nov 2025
- UnitedHealth Group Incorporated 1 Jun 2026
Shareholder proposals it supported
Of 1 proposals from security holders that could be told apart in the filings and on which it cast a vote, National Pension Service voted for 1 (100.0%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.
| Company | Meeting | Proposal |
|---|---|---|
| Meta Platforms, Inc. | 27 May 2026 | A shareholder proposal regarding annual vote regarding executive pay. |
Shares on loan
National Pension Service reported 313.3 million shares on loan at record dates against 677.8 million shares voted: 31.61% 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.
- N-PX filed 21 Aug 2026 accession 0001193125-26-359840
- Every N-PX filing by this filer on EDGAR
Questions
How did National Pension Service vote on executive pay?
In the year to 30 June 2026 National Pension Service reported 39 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 35 were for (89.7%), 4 against and 0 abstentions. Counting one item per company meeting, it voted against management on 4 of the 37 say-on-pay items it marked either way. A further 2,567 say-on-pay items were reported without a management mark and are not counted in that figure.
How often does National Pension Service vote against management?
16.3% of the time in the year to 30 June 2026: 7 of the 43 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 National Pension Service (filer no. 1608046), 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.