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Form N-PX · institutional managerSEC filer no. 938076

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM

institutional manager voting report

Vote records reported
2,841year to 30 June 2026
Against management
41.0%1,142 of 2,786 marked votes
Say-on-pay support
56.0%for, of for + against + abstain
Shareholder-proposal support
not reportednot reported by managers
50.9% for39.9% against9.2% other41.0% against management2,807 votes

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

For the year to 30 June 2026, STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM reported 2,841 vote records on Form N-PX. 1,142 of the 2,786 votes that were marked for or against management went against management: 41.0%, 34.6 percentage points above the median institutional manager (6.4%).

Weighted by the number of shares voted, the against-management share is 41.3%. 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 56.0% 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 (41.0% of 2,786).

It reported 110.9 million shares out on loan at record dates, 16.04% 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 share41.0%6.4%10.6%
Say-on-pay support rate56.0%91.4%86.0%
Shareholder-proposal support ratenot reported41.1%33.9%
Shares on loan, share of shares held16.04%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
SECTION 14A SAY-ON-PAY VOTES2,8071,4281,12141.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20243,01946.1%47.9%not reported
year to 30 June 20252,84651.3%44.1%not reported
year to 30 June 20262,84141.0%56.0%not reported

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM voted against management on 1,073 of the 2,453 it marked either way (43.7%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 32 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

STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM reported 110.9 million shares on loan at record dates against 580.8 million shares voted: 16.04% 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 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM vote on executive pay?

In the year to 30 June 2026 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM reported 2,549 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 1,428 were for (56.0%), 1,121 against and 0 abstentions. Counting one item per company meeting, it voted against management on 1,073 of the 2,453 say-on-pay items it marked either way. A further 32 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM vote against management?

41.0% of the time in the year to 30 June 2026: 1,142 of the 2,786 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 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM (filer no. 938076), 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.