Home / Filers / CHESTNUT STREET EXCHANGE FUND
CHESTNUT STREET EXCHANGE FUND
fund voting report
- Vote records reported
- 580year to 30 June 2024
- Against management
- 6.4%36 of 565 marked votes
- Say-on-pay support
- 84.8%for, of for + against + abstain
- Shareholder-proposal support
- 18.8%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
CHESTNUT STREET EXCHANGE FUND reported 580 vote records for the year to 30 June 2024. It marked 6.4% of its votes as cast against management (36 of 565), close to the median fund registrant, which was 6.7%.
Weighted by the number of shares voted, the against-management share is 5.3%. 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 84.8% of the section 14A say-on-pay items it reported (the median fund registrant: 91.2%) and it voted for 18.8% of the proposals put forward by security holders (the median fund registrant: 28.8%).
By category, votes against management were most frequent in CORPORATE GOVERNANCE (60.0% of 20), HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE (28.6% of 21) and SECTION 14A SAY-ON-PAY VOTES (12.8% of 39).
Compared with other filers
Each rate is defined once, in the methodology. The median is taken over 1,284 fund registrants with at least 25 vote records in the season.
| year to 30 June 2024 | This filer | Median fund registrant | All filers pooled |
|---|---|---|---|
| Against-management share | 6.4% | 6.7% | 10.2% |
| Say-on-pay support rate | 84.8% | 91.2% | 84.6% |
| Shareholder-proposal support rate | 18.8% | 28.8% | 37.0% |
| Shares on loan, share of shares held | 0.00% | 0.00% | 0.08% |
| 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% |
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 | 367 | 350 | 0 | 0.6% | |
| SECTION 14A SAY-ON-PAY VOTES | 39 | 28 | 4 | 12.8% | |
| AUDIT-RELATED | 35 | 34 | 0 | 2.9% | |
| INVESTMENT COMPANY MATTERS | 1 | 1 | 0 | 0.0% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 3 | 3 | 0 | 66.7% | |
| EXTRAORDINARY TRANSACTIONS | 1 | 1 | 0 | 0.0% | |
| COMPENSATION | 19 | 10 | 7 | 11.8% | |
| CORPORATE GOVERNANCE | 20 | 11 | 6 | 60.0% | |
| ENVIRONMENT OR CLIMATE | 21 | 1 | 20 | 4.8% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 21 | 6 | 15 | 28.6% | |
| DIVERSITY, EQUITY, AND INCLUSION | 9 | 0 | 9 | 0.0% | |
| OTHER SOCIAL ISSUES | 58 | 4 | 53 | 7.0% | |
| OTHER | 7 | 3 | 2 | 40.0% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 580 | 6.4% | 84.8% | 18.8% |
Only one season is on file for this entry so far. The structured Form N-PX began with the year to 30 June 2024.
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, CHESTNUT STREET EXCHANGE FUND voted against management on 5 of the 33 it marked either way (15.2%) in the year to 30 June 2024.
- Cisco Systems, Inc. 6 Dec 2023
- The Walt Disney Company 3 Apr 2024
- Walmart Inc. 5 Jun 2024
- Oracle Corporation 15 Nov 2023
- 3M Company 14 May 2024
Shareholder proposals it supported
Of 114 proposals from security holders that could be told apart in the filings and on which it cast a vote, CHESTNUT STREET EXCHANGE FUND voted for 22 (19.3%). 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 | 7 Dec 2023 | Report on Tax Transparency |
| Amazon.com, Inc. | 22 May 2024 | Shareholder proposal requesting a report on customer due diligence |
| Amazon.com, Inc. | 22 May 2024 | Commission Third Party Assessment on Company's Commitment to Freedom of Association and Collective Bargaining |
| Amazon.com, Inc. | 22 May 2024 | Commission a Third Party Audit on Working Conditions |
| Amazon.com, Inc. | 22 May 2024 | Shareholder proposal requesting a report on customer use of certain technologies |
| Amazon.com, Inc. | 22 May 2024 | Shareholder proposal requesting additional reporting on stakeholder impacts |
| JPMorgan Chase & Co. | 21 May 2024 | Shareholder opportunity to vote on excessive golden parachutes |
| JPMorgan Chase & Co. | 21 May 2024 | Independent board chairman |
| Cisco Systems, Inc. | 6 Dec 2023 | Stockholder Proposal - Approval to have Ciscos Board issue a tax transparency report in consideration of... |
| PEPSICO, INC. | 1 May 2024 | Shareholder proposal: CORPORATE GOVERNANCE |
| Bank of America Corporation | 24 Apr 2024 | Shareholder proposal requesting independent board chair |
| Walmart Inc. | 5 Jun 2024 | Workplace Safety & Violence Review |
| Oracle Corporation | 15 Nov 2023 | Stockholder Proposal Regarding Independent Board Chairman |
| Mondelez International, Inc. | 22 May 2024 | S/h proposal - establish independent chairman |
| GE Aerospace | 7 May 2024 | Independent Board Chairman |
| Emerson Electric Co. | 6 Feb 2024 | Shareholder Proposal to Implement a Simple Majority Vote Requirement in the Company's Governing Documents. |
| Moody's Corporation | 16 Apr 2024 | Stockholder proposal requesting that stockholders owning 15% of the Company's common stock be able to call... |
| Alphabet Inc. | 7 Jun 2024 | Stockholder proposal regarding a human rights assessment of Al-driven targeted ad policies |
| Alphabet Inc. | 7 Jun 2024 | Stockholder proposal regarding a report on reproductive healthcare misinformation risks |
| Alphabet Inc. | 7 Jun 2024 | Stockholder proposal regarding a report on generative Al misinformation and disinformation risks |
| Alphabet Inc. | 7 Jun 2024 | Stockholder proposal regarding equal shareholder voting |
| Alphabet Inc. | 7 Jun 2024 | Stockholder proposal regarding Al principles and Board oversight |
Shares on loan
CHESTNUT STREET EXCHANGE FUND reported no shares on loan for the year to 30 June 2024. 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
1 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 |
|---|---|---|---|---|
| Chestnut Street Exchange Fund | 580 | 6.4% | 84.8% | 18.8% |
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 27 Aug 2024 accession 0001438934-24-000759
- Every N-PX filing by this filer on EDGAR
Questions
How did CHESTNUT STREET EXCHANGE FUND vote on executive pay?
In the year to 30 June 2024 CHESTNUT STREET EXCHANGE FUND reported 33 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 28 were for (84.8%), 4 against and 1 abstentions. Counting one item per company meeting, it voted against management on 5 of the 33 say-on-pay items it marked either way.
How often does CHESTNUT STREET EXCHANGE FUND vote against management?
6.4% of the time in the year to 30 June 2024: 36 of the 565 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 CHESTNUT STREET EXCHANGE FUND support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 21 votes on proposals from security holders in the year to 30 June 2024 and voted for 1 of them (4.8%). Across every category it voted for 18.8% 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 30 Sep 2026.
Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by CHESTNUT STREET EXCHANGE FUND (filer no. 19780), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 30 Sep 2026; page built 1 Oct 2026.