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Form N-PX · fund registrantSEC filer no. 38721

Franklin Custodian Funds

fund voting report, part of Franklin Templeton

Vote records reported
3,469year to 30 June 2026
Against management
7.0%244 of 3,463 marked votes
Say-on-pay support
91.7%for, of for + against + abstain
Shareholder-proposal support
29.2%for, of for + against + abstain
89.5% for8.3% against2.2% other7.0% against management3,469 votes

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

For the year to 30 June 2026, Franklin Custodian Funds reported 3,469 vote records on Form N-PX. 244 of the 3,463 votes that were marked for or against management went against management: 7.0%, close to the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 5.0%. 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 91.7% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 29.2% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in CORPORATE GOVERNANCE (30.7% of 225), COMPENSATION (12.2% of 131) and CAPITAL STRUCTURE (9.8% of 122).

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 share7.0%6.2%10.6%
Say-on-pay support rate91.7%91.6%86.0%
Shareholder-proposal support rate29.2%27.5%33.9%
Shares on loan, share of shares held0.00%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 ELECTIONS2,3022,190484.9%
SECTION 14A SAY-ON-PAY VOTES240210198.3%
AUDIT-RELATED27427400.0%
SHAREHOLDER RIGHTS AND DEFENSES1917252.6%
EXTRAORDINARY TRANSACTIONS141400.0%
CAPITAL STRUCTURE12211579.8%
COMPENSATION1311092212.2%
CORPORATE GOVERNANCE2291656430.7%
ENVIRONMENT OR CLIMATE756694.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE262240.0%
DIVERSITY, EQUITY, AND INCLUSION363330.0%
OTHER SOCIAL ISSUES10015857.0%
OTHER181710.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,9907.3%91.1%32.7%
year to 30 June 20253,9596.1%92.8%31.4%
year to 30 June 20263,4697.0%91.7%29.2%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, Franklin Custodian Funds voted against management on 15 of the 190 it marked either way (7.9%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 175 proposals from security holders that could be told apart in the filings and on which it cast a vote, Franklin Custodian Funds voted for 50 (28.6%). 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 Al Data Usage Oversight
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a mandatory independent board chair policy
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
Johnson & Johnson23 Apr 2026Independent Board Chair
Mastercard Incorporated16 Jun 2026Consideration of a stockholder proposal regarding shareholder right to act by written consent
Mastercard Incorporated16 Jun 2026Shareholder proposal: SHAREHOLDER RIGHTS AND DEFENSES
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,"
Tesla, Inc.6 Nov 2025A shareholder proposal to amend the bylaws to repeal 3% derivative suit ownership threshold.
Tesla, Inc.6 Nov 2025A shareholder proposal to amend Article X of the bylaws.
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
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
McDonald's Corporation20 May 2026Advisory Vote on Shareholders' Right to Act by Written Consent.
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."
International Business Machines Corporation28 Apr 2026Stockholder Proposal Requesting a Right to Act by Written Consent
Pfizer Inc.23 Apr 2026Adopt an Independent Chair Policy
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
Lowe's Companies, Inc.29 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...
Deere & Company25 Feb 2026Shareholder proposal on shareholder right to act by written consent
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
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
Booking Holdings Inc.2 Jun 2026Non-binding stockholder vote on a proposal to avoid brand damage due to corporate political spending.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
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.
Intercontinental Exchange, Inc.15 May 2026A stockholder proposal regarding independent board chairman
The Cigna Group22 Apr 2026Shareholder Proposal - Shareholder Right to Act by Written Consent
Ecolab Inc.7 May 2026Vote on a stockholder proposal regarding an independent board chair policy

Shares on loan

Franklin Custodian Funds reported no shares on loan for the year to 30 June 2026. 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

4 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
Franklin Income Fund9852.2%96.3%17.9%
Franklin Growth Fund9707.7%90.6%35.5%
Franklin DynaTech Fund93414.9%84.1%36.1%
Franklin Utilities Fund5801.4%100.0%27.8%

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.

Questions

How did Franklin Custodian Funds vote on executive pay?

In the year to 30 June 2026 Franklin Custodian Funds reported 229 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 210 were for (91.7%), 19 against and 0 abstentions. Counting one item per company meeting, it voted against management on 15 of the 190 say-on-pay items it marked either way.

How often does Franklin Custodian Funds vote against management?

7.0% of the time in the year to 30 June 2026: 244 of the 3,463 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 Franklin Custodian Funds support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 72 votes on proposals from security holders in the year to 30 June 2026 and voted for 3 of them (4.2%). Across every category it voted for 29.2% 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 Franklin Custodian Funds (filer no. 38721), 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.