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Form N-PX · institutional managerSEC filer no. 1795552

Maryland State Retirement & Pension System

institutional manager voting report

Vote records reported
2,197year to 30 June 2026
Against management
29.8%650 of 2,183 marked votes
Say-on-pay support
68.8%for, of for + against + abstain
Shareholder-proposal support
not reportednot reported by managers
63.7% for28.9% against7.4% other29.8% against management2,186 votes

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

For the year to 30 June 2026, Maryland State Retirement & Pension System reported 2,197 vote records on Form N-PX. 650 of the 2,183 votes that were marked for or against management went against management: 29.8%, 23.4 percentage points above the median institutional manager (6.4%).

Weighted by the number of shares voted, the against-management share is 40.0%. 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 68.8% 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 (29.8% of 2,183).

It reported 19.2 million shares out on loan at record dates, 17.41% 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 share29.8%6.4%10.6%
Say-on-pay support rate68.8%91.4%86.0%
Shareholder-proposal support ratenot reported41.1%33.9%
Shares on loan, share of shares held17.41%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 2,197 vote records in this filing, 2,210 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 VOTES2,1861,39263229.8%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20242,33210.9%88.4%not reported
year to 30 June 20252,22210.7%89.3%not reported
year to 30 June 20262,19729.8%68.8%not reported

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, Maryland State Retirement & Pension System voted against management on 614 of the 1,970 it marked either way (31.2%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 2 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

Maryland State Retirement & Pension System reported 19.2 million shares on loan at record dates against 91.2 million shares voted: 17.41% 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 Maryland State Retirement & Pension System vote on executive pay?

In the year to 30 June 2026 Maryland State Retirement & Pension System reported 2,024 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 1,392 were for (68.8%), 632 against and 0 abstentions. Counting one item per company meeting, it voted against management on 614 of the 1,970 say-on-pay items it marked either way. A further 2 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does Maryland State Retirement & Pension System vote against management?

29.8% of the time in the year to 30 June 2026: 650 of the 2,183 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 Maryland State Retirement & Pension System (filer no. 1795552), 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.