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Form N-PX · fund registrantSEC filer no. 356476

EMPOWER FUNDS, INC.

fund voting report

Vote records reported
84,365year to 30 June 2026
Against management
9.1%7,086 of 78,079 marked votes
Say-on-pay support
92.4%for, of for + against + abstain
Shareholder-proposal support
30.3%for, of for + against + abstain
83.2% for5.5% against11.2% other9.1% against management84,586 votes

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

In its Form N-PX for the year to 30 June 2026, EMPOWER FUNDS, INC. listed 84,365 vote records. Votes against management made up 9.1% of those marked either way (7,086 of 78,079); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 6.8%. 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 92.4% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 30.3% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (29.4% of 586), SECTION 14A SAY-ON-PAY VOTES (18.2% of 3,008) and EXTRAORDINARY TRANSACTIONS (14.2% of 486).

It reported 714.0 million shares out on loan at record dates, 2.41% 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 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share9.1%6.2%10.6%
Say-on-pay support rate92.4%91.6%86.0%
Shareholder-proposal support rate30.3%27.5%33.9%
Shares on loan, share of shares held2.41%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%

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
DIRECTOR ELECTIONS49,43143,2841,6499.1%
SECTION 14A SAY-ON-PAY VOTES3,2752,61021318.2%
AUDIT-RELATED5,8975,2591077.7%
INVESTMENT COMPANY MATTERS221150.0%
SHAREHOLDER RIGHTS AND DEFENSES6505147929.4%
EXTRAORDINARY TRANSACTIONS5294454114.2%
CAPITAL STRUCTURE6,2035,4712644.5%
COMPENSATION7,1945,70575711.5%
CORPORATE GOVERNANCE10,1476,7728626.8%
ENVIRONMENT OR CLIMATE416792956.1%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE194114804.1%
DIVERSITY, EQUITY, AND INCLUSION142261160.7%
OTHER SOCIAL ISSUES6312663465.8%
OTHER632409772.8%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202479,44910.5%81.2%45.0%
year to 30 June 202585,0186.4%89.0%30.8%
year to 30 June 202684,3659.1%92.4%30.3%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, EMPOWER FUNDS, INC. voted against management on 337 of the 1,434 it marked either way (23.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 196 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 572 proposals from security holders that could be told apart in the filings and on which it cast a vote, EMPOWER FUNDS, INC. voted for 179 (31.3%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Microsoft Corporation5 Dec 2025Report on Human Rights Due Diligence
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Visa Inc.27 Jan 2026Shareholder proposal on shareholder right to act by written consent.
JPMorgan Chase & Co.19 May 2026Independent board chairman
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Advanced Micro Devices, Inc.13 May 2026Stockholder proposal requesting changes to the stockholder right to call a special meeting.
NextEra Energy, Inc.21 May 2026Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
AT&T INC.14 May 2026Shareholder Right to Act by Written Consent
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
ServiceNow, Inc.21 May 2026Shareholder proposal regarding shareholder right to act by written consent.
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
Morgan Stanley14 May 2026Shareholder proposal requesting an independent Board Chairman
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
PALANTIR TECHNOLOGIES INC.3 Jun 2026Stockholder proposal entitled "Political Spending Disclosure,"
S&P Global Inc.20 May 2026Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder...
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
THE BOEING COMPANY17 Apr 2026Action by Written Consent.
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Micron Technology, Inc.15 Jan 2026Reduce Ownership Threshold for Shareholders to Call Special Meeting
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Lam Research Corporation4 Nov 2025Stockholder proposal titled "Realistic Shareholder Ability to Call for a Special Shareholder Meeting,"
Analog Devices, Inc.11 Mar 2026To consider a shareholder proposal
CVS Health Corporation14 May 2026Stockholder Proposal for Reducing the Threshold for Our Stockholder Right to Act By Written Consent.
Booking Holdings Inc.2 Jun 2026Non-binding stockholder vote on a proposal to avoid brand damage due to corporate political spending.
EXXON MOBIL CORPORATION27 May 2026Proposal requesting Company to modify its Voluntary Retail Voting Program to provide multiple options not...
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Target Corporation10 Jun 2026Require Independent Board Chair
Zoetis Inc.20 May 2026Shareholder proposal to permit shareholder action by written consent.
Vertex Pharmaceuticals Incorporated13 May 2026Shareholder proposal, if properly presented at the meeting, regarding shareholder right to act by written...

Shares on loan

EMPOWER FUNDS, INC. reported 714.0 million shares on loan at record dates against 28.88 billion shares voted: 2.41% of the two together. Median fund registrant: 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.

Fund series in this filing

36 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Empower Core Strategies: International Equity Fund16,5985.2%not reported18.0%
Empower International Index Fund12,3254.6%not reported21.7%
Empower Core Strategies: U.S. Equity Fund9,6806.4%92.0%29.4%
Empower S&P 500 Index Fund6,5976.1%90.8%39.5%
Empower S&P Small Cap 600 Index Fund5,59592.6%92.1%69.2%
Empower Emerging Markets Equity Fund5,30310.7%not reported42.9%
Empower International Value Fund5,2413.6%100.0%10.1%
Empower Small Cap Value Fund4,6237.9%90.9%60.9%
Empower S&P Mid Cap 400 Index Fund4,1176.2%94.6%60.0%
Empower Large Cap Value Fund2,8253.4%96.5%5.8%
Empower Mid Cap Value Fund2,4103.4%not reported17.4%
Empower Small Cap Growth Fund1,5952.1%97.1%16.7%
Empower Large Cap Growth Fund1,4613.6%95.3%14.6%
Empower International Growth Fund1,2132.8%98.0%not reported
Empower T. Rowe Price Mid Cap Growth Fund1,1857.7%94.9%40.0%
Empower Real Estate Index Fund1,0194.0%92.6%not reported
Empower Lifetime 2045 Fund1680.0%not reportednot reported
Empower Lifetime 2015 Fund1680.0%not reportednot reported
Empower Lifetime 2025 Fund1680.0%not reportednot reported
Empower Lifetime 2035 Fund1680.0%not reportednot reported
Empower Lifetime 2020 Fund1680.0%not reportednot reported
Empower Lifetime 2030 Fund1680.0%not reportednot reported
Empower Lifetime 2040 Fund1680.0%not reportednot reported
Empower Lifetime 2050 Fund1680.0%not reportednot reported
Empower Lifetime 2055 Fund1600.0%not reportednot reported
Empower Lifetime 2060 Fund1600.0%not reportednot reported
Empower Lifetime 2065 Fund1600.0%not reportednot reported
Empower Moderately Aggressive Profile Fund1360.0%not reportednot reported
Empower Moderate Profile Fund1360.0%not reportednot reported
Empower Moderately Conservative Profile Fund1360.0%not reportednot reported
Empower Conservative Profile Fund1360.0%not reportednot reported
Empower Aggressive Profile Fund800.0%not reportednot reported
Empower SecureFoundation Balanced Fund400.0%not reportednot reported
Empower High Yield Bond Fund3826.3%not reportednot reported
Empower Multi-Sector Bond Fund2665.2%not reportednot reported
Empower Core Strategies: Flexible Bond Fund2665.2%not reportednot reported

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 EMPOWER FUNDS, INC. vote on executive pay?

In the year to 30 June 2026 EMPOWER FUNDS, INC. reported 2,821 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 2,608 were for (92.4%), 213 against and 0 abstentions. Counting one item per company meeting, it voted against management on 337 of the 1,434 say-on-pay items it marked either way. A further 196 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does EMPOWER FUNDS, INC. vote against management?

9.1% of the time in the year to 30 June 2026: 7,086 of the 78,079 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 EMPOWER FUNDS, INC. support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 316 votes on proposals from security holders in the year to 30 June 2026 and voted for 19 of them (6.0%). Across every category it voted for 30.3% 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 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by EMPOWER FUNDS, INC. (filer no. 356476), 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.