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Form N-PX · fund registrantSEC filer no. 916622

TIFF INVESTMENT PROGRAM

fund voting report

Vote records reported
8,929year to 30 June 2026
Against management
9.9%839 of 8,515 marked votes
Say-on-pay support
84.5%for, of for + against + abstain
Shareholder-proposal support
44.1%for, of for + against + abstain
89.4% for7.5% against3.1% other9.9% against management8,578 votes

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

For the year to 30 June 2026, TIFF INVESTMENT PROGRAM reported 8,929 vote records on Form N-PX. 839 of the 8,515 votes that were marked for or against management went against management: 9.9%, 3.6 percentage points above the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 14.7%. 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 84.5% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 44.1% 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 (42.9% of 49), CORPORATE GOVERNANCE (25.8% of 593) and OTHER (19.2% of 193).

It reported 64.6 million shares out on loan at record dates, 4.83% 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 share9.9%6.2%10.6%
Say-on-pay support rate84.5%91.6%86.0%
Shareholder-proposal support rate44.1%27.5%33.9%
Shares on loan, share of shares held4.83%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 ELECTIONS5,4194,9822558.0%
SECTION 14A SAY-ON-PAY VOTES6635239615.2%
AUDIT-RELATED77075572.0%
INVESTMENT COMPANY MATTERS21150.0%
SHAREHOLDER RIGHTS AND DEFENSES50361042.9%
EXTRAORDINARY TRANSACTIONS625728.2%
CAPITAL STRUCTURE415378358.6%
COMPENSATION3703234412.0%
CORPORATE GOVERNANCE6125148625.8%
ENVIRONMENT OR CLIMATE401382.5%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE3943510.3%
DIVERSITY, EQUITY, AND INCLUSION72528.6%
OTHER SOCIAL ISSUES83305318.1%
OTHER2051702619.2%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20248,86510.7%84.0%37.4%
year to 30 June 20259,53210.0%84.0%42.2%
year to 30 June 20268,9299.9%84.5%44.1%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, TIFF INVESTMENT PROGRAM voted against management on 93 of the 593 it marked either way (15.7%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 4 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 243 proposals from security holders that could be told apart in the filings and on which it cast a vote, TIFF INVESTMENT PROGRAM voted for 111 (45.7%). 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 a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI-generated misinformation
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
JPMorgan Chase & Co.19 May 2026Independent board chairman
Johnson & Johnson23 Apr 2026Independent Board Chair
Eli Lilly and Company4 May 2026Shareholder proposal to prepare an annual lobbying report.
Eli Lilly and Company4 May 2026Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair.
Netflix, Inc.4 Jun 2026Stockholder proposal entitled, "Proposal 4 - Shareholder Right to Act by Written Consent,"
The Home Depot, Inc.21 May 2026Shareholder Proposal Regarding Independent Board Chair
CHEVRON CORPORATION27 May 2026Adopt an Independent Chair
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
Walmart Inc.4 Jun 2026Report on Immigration Policy & Enforcement
Berkshire Hathaway Inc.2 May 2026Shareholder proposal requesting that the Company issue a report disclosing the Board's oversight framework...
UnitedHealth Group Incorporated1 Jun 2026If properly presented at the 2026 Annual Meeting of Shareholders, the shareholder proposal requesting the...
PEPSICO, INC.6 May 2026Shareholder Proposal - Independent Board Chair.
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
Advanced Micro Devices, Inc.13 May 2026Stockholder proposal requesting changes to the stockholder right to call a special meeting.
QUALCOMM Incorporated17 Mar 2026Stockholder proposal entitled "Shareholder Ability to Call for a Special Meeting."
Pfizer Inc.23 Apr 2026Adopt an Independent Chair Policy
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Texas Instruments Incorporated16 Apr 2026Stockholder proposal to permit stockholders to act by written consent.
Bristol-Myers Squibb Company5 May 2026Require Independent Board Chair
ConocoPhillips12 May 2026Stockholder Proposal - Independent Board Chairman.
Morgan Stanley14 May 2026Shareholder proposal requesting an independent Board Chairman
Comcast Corporation10 Jun 2026Adopt policy to have an independent chair
Gilead Sciences, Inc.30 Apr 2026To vote on a stockholder proposal requesting an independent Board Chair policy
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...
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,"

Shares on loan

TIFF INVESTMENT PROGRAM reported 64.6 million shares on loan at record dates against 1.27 billion shares voted: 4.83% 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

1 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
TIFF Multi-Asset Fund8,9299.9%84.5%44.5%

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 TIFF INVESTMENT PROGRAM vote on executive pay?

In the year to 30 June 2026 TIFF INVESTMENT PROGRAM reported 618 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 522 were for (84.5%), 96 against and 0 abstentions. Counting one item per company meeting, it voted against management on 93 of the 593 say-on-pay items it marked either way. A further 4 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does TIFF INVESTMENT PROGRAM vote against management?

9.9% of the time in the year to 30 June 2026: 839 of the 8,515 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 TIFF INVESTMENT PROGRAM support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 39 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 44.1% 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 TIFF INVESTMENT PROGRAM (filer no. 916622), 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.