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Form N-PX · fund registrantSEC filer no. 948258

M FUND INC

fund voting report

Vote records reported
27,574year to 30 June 2025
Against management
7.4%1,908 of 25,937 marked votes
Say-on-pay support
87.7%for, of for + against + abstain
Shareholder-proposal support
32.3%for, of for + against + abstain
90.0% for9.3% against0.7% other7.4% against management26,558 votes

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

M FUND INC reported 27,574 vote records for the year to 30 June 2025. It marked 7.4% of its votes as cast against management (1,908 of 25,937), 1.2 percentage points above the median fund registrant, which was 6.1%.

Weighted by the number of shares voted, the against-management share is 7.4%. 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 87.7% of the section 14A say-on-pay items it reported (the median fund registrant: 91.3%) and it voted for 32.3% of the proposals put forward by security holders (the median fund registrant: 23.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (25.3% of 95), COMPENSATION (15.4% of 3,197) and SECTION 14A SAY-ON-PAY VOTES (12.5% of 424).

It reported 29.5 million shares out on loan at record dates, 9.84% 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 1,260 fund registrants with at least 25 vote records in the season.

year to 30 June 2025This filerMedian fund registrantAll filers pooled
Against-management share7.4%6.1%9.7%
Say-on-pay support rate87.7%91.3%84.3%
Shareholder-proposal support rate32.3%23.5%33.0%
Shares on loan, share of shares held9.84%0.00%2.20%
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 ELECTIONS15,41914,5717025.2%
SECTION 14A SAY-ON-PAY VOTES4243504912.5%
AUDIT-RELATED1,3831,327562.8%
SHAREHOLDER RIGHTS AND DEFENSES99861125.3%
EXTRAORDINARY TRANSACTIONS129119107.8%
CAPITAL STRUCTURE2,5832,3941897.0%
COMPENSATION3,2432,71552615.4%
CORPORATE GOVERNANCE3,2422,75548611.6%
ENVIRONMENT OR CLIMATE2741091659.1%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE127108193.9%
DIVERSITY, EQUITY, AND INCLUSION150105450.7%
OTHER SOCIAL ISSUES3552321234.2%
OTHER4881443420.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202442,0088.2%87.1%37.7%
year to 30 June 202527,5747.4%87.7%32.3%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, M FUND INC voted against management on 46 of the 386 it marked either way (11.9%) in the year to 30 June 2025. The 40 companies with the most reporting filers are listed.

A further 1 say-on-pay item was reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 604 proposals from security holders that could be told apart in the filings and on which it cast a vote, M FUND INC voted for 179 (29.6%). 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
Amazon.com, Inc.21 May 2025Shareholder proposal requesting a report on warehouse working conditions
Amazon.com, Inc.21 May 2025Shareholder Proposal Regarding Separation of CEO and Chair Positions
NVIDIA Corporation25 Jun 2025S/H Proposal - Corporate Governance
Meta Platforms, Inc.28 May 2025A shareholder proposal regarding report on child safety impacts and actual harm reduction to children.
JPMorgan Chase & Co.20 May 2025Support for an independent board chairman
AbbVie Inc.9 May 2025Stockholder Proposal - to Implement Simple Majority Vote
CHEVRON CORPORATION28 May 2025Allow Holders of 10 Percent of Our Common Stock to Call Special Meetings
Comcast Corporation18 Jun 2025Adopt policy for an independent chair
Citigroup Inc.29 Apr 2025Stockholder proposal requesting a shareholder vote regarding excessive golden parachutes.
Gilead Sciences, Inc.7 May 2025To vote on a stockholder proposal requesting a comprehensive human rights policy and human rights due...
Gilead Sciences, Inc.7 May 2025To vote on a stockholder proposal requesting an independent Board Chair policy
Deere & Company26 Feb 2025Shareholder proposal on a civil rights audit
DUKE ENERGY CORPORATION1 May 2025Shareholder proposal regarding support simple majority vote
LOCKHEED MARTIN CORPORATION9 May 2025Stockholder Proposal Requesting Shareholder Approval Requirement for Excessive Golden Parachutes
PayPal Holdings, Inc.5 Jun 2025Stockholder Proposal - Reduce Threshold to Call Special Meetings of Stockholders.
CVS Health Corporation15 May 2025Stockholder Proposal for Reducing the Threshold for Our Stockholder Right to Act By Written Consent.
THE SOUTHERN COMPANY21 May 2025Stockholder proposal regarding simple majority vote
The Cigna Group23 Apr 2025Shareholder proposal - Support Special Shareholder Meeting Improvement
FedEx Corporation23 Sep 2024Stockholder proposal regarding climate lobbying alignment with company's carbon neutral goals.
FedEx Corporation23 Sep 2024Stockholder proposal regarding a Just Transition report.
Autodesk, Inc.16 Jul 2024To consider and vote upon a stockholder proposal, if properly presented at the Annual Meeting, to enable...
The Travelers Companies, Inc.21 May 2025Shareholder proposal relating to ratification of golden parachutes, if presented at the Annual Meeting of...
General Mills, Inc.24 Sep 2024Shareholder Proposal - Disclosure of Regenerative Agriculture Practices Within Supply Chain.
General Mills, Inc.24 Sep 2024Shareholder Proposal - Plastic Packaging.
Cummins Inc.13 May 2025Require Independent Board Chair
Capital One Financial Corporation8 May 2025Stockholder proposal to require a shareholder vote on golden parachute arrangements.
Sysco Corporation15 Nov 2024To consider a stockholder proposal related to establishing measurable, time bound targets for ensuring...
Synopsys, Inc.10 Apr 2025To vote on a stockholder proposal regarding shareholder ratification of golden parachutes
Microchip Technology Incorporated20 Aug 2024Report on Due Diligence Efforts to Trace End-User Misuse of Company Products
Prudential Financial, Inc.13 May 2025Shareholder proposal regarding an Independent Board Chairman.
Delta Air Lines, Inc.19 Jun 2025A shareholder proposal requesting the ability for shareholders to act by written consent.
Fortinet, Inc.13 Jun 2025Corporate governance
eBay Inc.25 Jun 2025Special stockholder meeting threshold
eBay Inc.25 Jun 2025Shareholder proposal: CORPORATE GOVERNANCE
WEC Energy Group, Inc.8 May 2025Stockholder proposal to support simple majority vote
HCA Healthcare, Inc.24 Apr 2025Stockholder proposal, if properly presented at the meeting, regarding lavish golden parachutes.
DEVON ENERGY CORPORATION4 Jun 2025Stockholder Proposal for Support for Special Shareholder Meeting Improvement.
State Street Corporation14 May 2025Shareholder proposal requesting the adoption of a policy and amendment to the by-laws requiring the Chair...
Dover Corporation2 May 2025To consider a shareholder proposal requesting an independent board chair.
The Hartford Insurance Group, Inc.21 May 2025Shareholder proposal that the Company adopt special meeting rights for shareholders

Shares on loan

M FUND INC reported 29.5 million shares on loan at record dates against 270.2 million shares voted: 9.84% 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

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
M International Equity Fund22,8087.4%85.7%24.9%
M Large Cap Value Fund3,0096.4%90.1%40.7%
M Capital Appreciation Fund1,3288.6%81.3%70.4%
M Large Cap Growth Fund4296.8%100.0%20.5%

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 M FUND INC vote on executive pay?

In the year to 30 June 2025 M FUND INC reported 399 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 350 were for (87.7%), 49 against and 0 abstentions. Counting one item per company meeting, it voted against management on 46 of the 386 say-on-pay items it marked either way. A further 1 say-on-pay item was reported without a management mark and are not counted in that figure.

How often does M FUND INC vote against management?

7.4% of the time in the year to 30 June 2025: 1,908 of the 25,937 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 M FUND INC support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 152 votes on proposals from security holders in the year to 30 June 2025 and voted for 6 of them (3.9%). Across every category it voted for 32.3% 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 30 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by M FUND INC (filer no. 948258), 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.