Why a fund's votes are not the meeting result
A company page on this site might show that a third of reporting filers voted against management on executive pay. That is a fact about those filers. It does not tell you how the vote came out.
Who is missing
- Holders that do not file. Individuals, founders and insiders, most foreign investors, pension plans that manage money in-house below the 13F line, sovereign funds: none of them files Form N-PX.
- Most of what managers vote. Institutional managers report say-on-pay votes only. Their votes on directors, mergers and shareholder proposals are not on the form unless cast through a registered fund.
- Shares on loan. Shares lent out at the record date are not voted by the lender.
Counting filers is not counting shares
This site shows splits two ways: by number of filers and by the shares they reported. A company where ninety small filers vote against and ten very large ones vote for shows 90% dissent by filer and perhaps 10% by share. Neither is the result. The by-share figure is closer in spirit but still covers only the shares on the form.
Thresholds differ
Some matters need a majority of votes cast, some a majority of shares outstanding, some a supermajority, and advisory votes bind nobody. Even a complete count of votes would not settle an outcome without the company's own rules.
Where results are published
US companies report certified voting results on Form 8-K, Item 5.07, within four business days of the meeting. That is the record of what a meeting decided. This site does not yet include those filings, and until it does no page here states whether a proposal was carried.