Methodology
Everything on this site is computed from Form N-PX filings by fixed rules. No figure is estimated and no sentence is written by a language model. Filings read through 23 Sep 2026: 33,898 in all.
What a vote record is
A filing's vote table has one entry per matter voted at a meeting: the company's name, the meeting date, a description written by the filer, one or more of the form's fourteen categories, whether the matter came from the issuer or from a security holder, the shares voted, the shares on loan, and one or more vote lines. Each vote line says how the shares were voted (for, against, abstain, withhold, or another value such as "one year") and whether that vote was for or against management's recommendation. A filer that split its shares reports several vote lines for one matter. This site counts vote lines.
Many records carry no management mark at all: the filer left the field empty or reported a value such as "none". Those records are left out of both sides of every against-management figure, and a filer whose records carry no mark anywhere has no rate on this site. A filing without the mark does not say that the filer voted with management, and this site never reads it that way.
The "for or against management" mark describes the vote, not the recommendation: a vote against a shareholder proposal that management opposed is marked for management. See how to read it.
Scores
- Against-management share: vote lines marked against management, divided by vote lines marked for or against management. Lines with no management recommendation are left out. Also shown weighted by shares voted.
- Say-on-pay support rate: votes for, divided by votes for plus against plus abstain, among issuer items in the category SECTION 14A SAY-ON-PAY VOTES. Frequency votes ("one year") fall outside the three counted values and so drop out.
- Shareholder-proposal support rate: the same ratio over every vote whose source is a security holder.
- Company dissent share: of the filers that reported an item and marked it for or against management, the share that voted against management; also by reported shares. Always a share of Form N-PX filers, never of the votes cast at the meeting.
- Shares on loan: shares reported on loan divided by shares voted plus shares on loan, summed over the filer's records.
A rate is shown only when at least five votes stand behind it. Medians are taken over filers with 25 or more vote records in the season, separately for fund registrants and institutional managers, because managers report say-on-pay votes only.
Filers, amendments and seasons
A season is the form's reporting year, 1 July to 30 June, which every page on this site labels by the day it ends: the year that ran from 1 July 2025 to 30 June 2026 is printed as "year to 30 June 2026". A filing belongs to the season of its reporting period. An amendment (N-PX/A) replaces the earlier filing by the same filer for the same period that covers the same fund series; an amendment with no vote table leaves the votes of the filing it amends in place. Two identical original filings count once. A registrant that files several reports for different series has them added together. Notices, filed when there are no votes to report, are counted on season pages only.
Filer pages are built for filers with 25 or more vote records. A filer whose registered name reads as an individual, a family trust or one person's practice has no page; its votes remain in the totals.
Fund families
The sixty largest US fund families are grouped by a hand-maintained table of name patterns that covers each family's fund registrants and its adviser entities. A family's counts are the sum of its filers. A family's position on one item is the way most of its reported shares were voted across its filers. Everything outside the table stays at filer level. Grouping errors can be reported through contact.
Companies and meetings
Filers type company names themselves. During processing, records are grouped by the issuer portion of the security identifier in the filing, falling back to a normalised name, and the identifier is then discarded: it is not stored or published. The name shown is the most common spelling among filers. A ticker and SEC company number appear only when that name matches the SEC's company tickers file exactly. Meeting dates up to three days apart are treated as one meeting, since filers differ on time zones and adjournments.
Company pages are indexed when 20 or more filers reported votes in the latest season, and meeting pages when 20 or more filers reported the meeting. Smaller companies appear as plain names in lists.
Proposals inside a meeting
Identical proposals arrive with different wording from every filer, so items are built in steps. Director elections are one item with counts only. The advisory vote on executive pay, the vote on its frequency, the vote on merger-related pay and audit-related items are each one item per meeting. Other management items are shown together by category. Proposals from security holders are clustered by the overlap of their content words after boilerplate and numbering are removed; two wordings reported by the same filer are kept apart, since a filer reports each proposal once. A cluster supported by too few filers is not shown as a proposal: its records are shown together as "shareholder proposals (not separable from the filings)".
The title printed for a cluster is its most common wording, shortened. A wording is printed only if it passes a person-name filter: no given names, no honorifics, no "submitted by" phrasing, and every word must be part of the general vocabulary of proposal wording seen across many companies. A wording that puts a person in or out of office is rejected outright, and so is any word that turns up mostly in wordings of that kind, which is how surnames that are also ordinary words are caught. A wording that states how an earlier meeting came out is rejected too, since the site reports no outcomes. Otherwise the SEC category name is printed. More in how proposals are grouped.
Share figures that cannot be true
Form N-PX carries no shares-outstanding figure, and filers sometimes report a holding in the wrong unit or type a number far larger than the company has shares: one filer reported 7.5 trillion shares of a company with 27 billion outstanding, another 1.2 trillion shares of one with 226 million. Four checks stand between those figures and the pages. Counts of filers are never touched by any of them, and a filer's position on an item is never changed.
- A figure no holding can reach. A single vote record reporting more than 20 billion shares is impossible whatever the company, since the largest share counts anywhere run to about a trillion and no one holder is a twentieth of one. That figure is dropped from the item's share totals. This is the only check that acts on a named filer, and a filer whose figures were dropped carries no share-weighted figures of its own.
- An item out of scale with its own ballot. The same filers vote every item at one meeting, so the shares behind each item are of the same order. An item more than a hundred times the rest of its ballot keeps no share split.
- An item out of scale with itself. Index funds report thousands of times what a small adviser reports, which is ordinary; a gap of twenty thousandfold between the average and the typical holding on one item is not, and the item keeps no share split.
- An item out of scale with the company's other meetings. A company is held by much the same filers year after year. An item whose shares per reporting filer are more than five times the median across every item of every meeting on file for that company keeps no share split. Companies with fewer than three items on file have nothing to compare against.
Where a split is withheld the item says so on the page. No relative rule takes one filer's figure away: a holding that towers over the other filers is usually real, because a thinly held company with a trillion shares in issue has one index fund reporting billions while everyone else reports millions.
| Share check | Items checked | Impossible figures dropped | Items left without a share split | Filers affected |
|---|---|---|---|---|
| year to 30 June 2024 | 88,175 | 7,340 | 1,406 | 77 |
| year to 30 June 2025 | 86,143 | 0 | 32 | 0 |
| year to 30 June 2026 | 87,303 | 0 | 6 | 0 |
The comparison against a company's other meetings withheld the share split on a further 2,071 items across 1,421 companies.
What the filings get wrong
Filings are read as filed and are not corrected. Every record is checked for the departures from the form's own structure listed below, counted across the 69.0 million vote records read. A check that found nothing is listed with a zero so that it is clear it ran.
| What is checked | Records or filings | What the site does |
|---|---|---|
| meetingDate unreadable | 15,464 | The record counts for the filer but is not placed on a company meeting. |
| record without voteRecord | 5,749 | The record is counted in the filing total but casts no vote. |
| no voteSource | 5,692 | The item is treated as put forward by the issuer unless its category says otherwise. |
| no identifier | 1,823 | The issuer is grouped by its normalised name instead. |
| identifier unusable | 494 | The issuer is grouped by its normalised name instead. |
| managementRecommendation other than FOR, AGAINST, NONE | 100 | The mark is treated as absent, so the record is left out of against-management figures. |
| no category | 66 | The vote is placed in OTHER. |
| voteSeries not a series id | 30 | The series reference is ignored; the vote still counts for the filer. |
| no issuerName | 1 | The record counts for the filer but is not placed on a company. |
| reporting period later than the filing date | 0 | The filing is placed in the season that had ended when it was filed. |
| howVoted holds a number (the filer swapped howVoted and sharesVoted) | 0 | The value is kept as filed and counted under other votes. |
A filer whose own records carry a material share of these anomalies gets a note on its page. 38 filers reported enough records for a page but nothing that yields a rate: their pages are built for the link and kept out of the index.
Known limits
- Filings are not verified by the SEC, and filers make errors: share counts typed into the wrong field, missing sources, categories chosen differently for the same proposal.
- Registrants report in different units. Some list one record per series per matter, others one record for many series. Counts of vote records therefore measure reporting volume as well as voting activity; rates are less affected.
- The site does not know meeting outcomes. It never states whether a proposal was carried.
- Votes on shares held outside funds and outside a manager's say-on-pay duty are not on the form at all.