Home / Seasons / year to 30 June 2025
Proxy season: year to 30 June 2025
- Filers with votes
- 4,9331,407 fund registrants, 3,526 managers
- Vote records
- 22.5 million
- Against management
- 9.7%of votes marked either way
- Shares on loan
- 2.20%of shares held or lent, as reported
foragainstabstain, withhold or otheramber tick: the portion cast against management
Filings
| Filings for the season | Count |
|---|---|
| Form N-PX (original reports) | 11,184 |
| Form N-PX/A (amendments) | 125 |
| Replaced by a later filing, or an amendment without a vote table | 133 |
| In force: voting reports | 5,298 |
| In force: notices (no votes to report, or reported by another filer) | 5,734 |
| In force: combination reports | 144 |
| In force, filed by fund registrants | 2,993 |
| In force, filed by institutional managers | 8,183 |
| In force and carrying at least one vote record | 5,441 |
Funds and managers compared
| year to 30 June 2025 | Fund registrants | Institutional managers | All filers pooled |
|---|---|---|---|
| Against-management share, pooled votes | 9.1% | 15.0% | 9.7% |
| Against-management share, median filer | 6.1% | 7.5% | n/a |
| Say-on-pay support rate, median filer | 91.3% | 91.3% | 84.3% |
| Shareholder-proposal support rate, median filer | 23.5% | not reported | 33.0% |
| Filers with 25 or more vote records | 1,260 | 2,562 | 3,822 |
Managers report say-on-pay votes only, so their against-management share describes pay votes alone and is not like-for-like with funds.
Category mix
| Category (as the form names it) | Votes | For | Against | Against management | Split |
|---|---|---|---|---|---|
| DIRECTOR ELECTIONS | 11,606,222 | 10,431,307 | 553,761 | 8.3% | |
| SECTION 14A SAY-ON-PAY VOTES | 2,865,354 | 2,219,342 | 393,105 | 15.2% | |
| AUDIT-RELATED | 1,528,828 | 1,466,234 | 44,732 | 3.3% | |
| INVESTMENT COMPANY MATTERS | 6,549 | 4,473 | 1,160 | 27.1% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 102,172 | 79,867 | 16,602 | 24.9% | |
| EXTRAORDINARY TRANSACTIONS | 218,363 | 188,990 | 27,831 | 12.9% | |
| CAPITAL STRUCTURE | 1,625,565 | 1,474,720 | 139,347 | 8.6% | |
| COMPENSATION | 1,498,173 | 1,238,792 | 242,104 | 14.5% | |
| CORPORATE GOVERNANCE | 2,594,547 | 2,240,856 | 292,001 | 9.5% | |
| ENVIRONMENT OR CLIMATE | 165,504 | 34,457 | 125,339 | 13.6% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 66,365 | 23,554 | 40,649 | 16.5% | |
| DIVERSITY, EQUITY, AND INCLUSION | 92,596 | 23,376 | 65,983 | 10.4% | |
| OTHER SOCIAL ISSUES | 211,514 | 75,316 | 129,681 | 14.9% | |
| OTHER | 237,413 | 180,417 | 41,208 | 10.1% |
Largest families
| Family | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| BlackRock and iShares | 1,748,501 | 7.5% | 89.3% | 7.6% | |
| Vanguard | 1,418,338 | 10.3% | 88.0% | 44.4% | |
| Fidelity | 1,409,902 | 6.1% | 95.3% | 29.6% | |
| Dimensional | 1,180,788 | 12.5% | 79.6% | 60.8% | |
| State Street and SPDR | 861,668 | 14.3% | 82.2% | 49.5% | |
| American Century | 553,923 | 11.8% | 56.6% | 31.3% | |
| Equitable | 479,085 | 8.7% | 89.9% | 27.2% | |
| Charles Schwab | 450,649 | 6.5% | 91.1% | 15.7% | |
| John Hancock and Manulife | 417,534 | 10.3% | 85.5% | 25.7% | |
| Nuveen and TIAA | 399,898 | 9.0% | 85.3% | 41.1% | |
| Franklin Templeton | 376,476 | 7.7% | 90.5% | 40.6% | |
| Morgan Stanley, Eaton Vance and Calvert | 350,416 | 18.7% | 57.2% | 52.8% | |
| ProShares and ProFunds | 334,205 | 8.9% | 89.3% | 35.7% | |
| J.P. Morgan | 328,133 | 6.7% | 89.3% | 14.5% | |
| PGIM and Prudential | 320,229 | 6.4% | 79.8% | 27.4% | |
| Jackson National funds | 305,742 | 8.9% | 81.5% | 15.5% | |
| WisdomTree | 304,893 | 8.7% | 75.9% | 37.0% | |
| Invesco | 283,724 | 6.0% | 81.1% | 19.0% | |
| Northern Trust and FlexShares | 277,377 | 9.4% | 89.1% | 50.8% | |
| SEI | 274,803 | 9.6% | 81.7% | 40.9% | |
| Lincoln Financial | 269,481 | 7.8% | 86.2% | 37.5% | |
| T. Rowe Price | 251,800 | 6.3% | 90.2% | 12.9% | |
| Voya | 249,729 | 10.8% | 87.4% | 35.9% | |
| Victory Capital | 223,455 | 6.8% | 89.6% | 25.9% | |
| Thrivent | 217,101 | 6.2% | 91.6% | 24.7% |
Largest movements from the year to 30 June 2024
Change in the against-management share, for families and categories with at least 500 marked votes in both seasons. A change can reflect a different mix of holdings or proposals as much as a change of approach.
| Family | 2024 | 2025 | Change |
|---|---|---|---|
| PIMCO | 19.5% | 10.9% | down 8.7 points |
| State Street and SPDR | 19.0% | 14.3% | down 4.7 points |
| Nationwide | 11.6% | 7.0% | down 4.6 points |
| Vanguard | 6.5% | 10.3% | up 3.8 points |
| MFS | 5.2% | 8.8% | up 3.6 points |
| American Beacon | 9.6% | 6.3% | down 3.3 points |
| Victory Capital | 10.0% | 6.8% | down 3.2 points |
| John Hancock and Manulife | 13.0% | 10.3% | down 2.6 points |
| Principal | 9.2% | 6.7% | down 2.6 points |
| Allspring | 8.6% | 6.3% | down 2.3 points |
| Northern Trust and FlexShares | 11.5% | 9.4% | down 2.1 points |
| Lord Abbett | 6.9% | 4.8% | down 2.1 points |
| Category | 2024 | 2025 | Change |
|---|---|---|---|
| INVESTMENT COMPANY MATTERS | 13.8% | 27.1% | up 13.3 points |
| DIVERSITY, EQUITY, AND INCLUSION | 19.3% | 10.4% | down 8.9 points |
| SHAREHOLDER RIGHTS AND DEFENSES | 30.6% | 24.9% | down 5.8 points |
| ENVIRONMENT OR CLIMATE | 19.0% | 13.6% | down 5.3 points |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 21.4% | 16.5% | down 4.9 points |
| OTHER SOCIAL ISSUES | 19.1% | 14.9% | down 4.2 points |
| CORPORATE GOVERNANCE | 11.9% | 9.5% | down 2.4 points |
| EXTRAORDINARY TRANSACTIONS | 11.3% | 12.9% | up 1.6 points |
| SECTION 14A SAY-ON-PAY VOTES | 13.9% | 15.2% | up 1.3 points |
| AUDIT-RELATED | 2.6% | 3.3% | up 0.7 points |
| DIRECTOR ELECTIONS | 8.8% | 8.3% | down 0.5 points |
| OTHER | 9.7% | 10.1% | up 0.5 points |
| COMPENSATION | 14.8% | 14.5% | down 0.3 points |
| CAPITAL STRUCTURE | 8.5% | 8.6% | up 0.1 points |
Questions
What does the year to 30 June 2025 cover?
Form N-PX is an annual report of votes at meetings held from 1 July 2024 to 30 June 2025. It is due by 31 August 2025. This page covers 11,309 filings for that year, 5,441 of which carried vote records.
Why do so many filings have no votes?
Institutional managers must report say-on-pay votes only, and a manager with none to report files a short notice instead. 5,734 of the filings in force for this season were notices.
Is this how the meetings came out?
No. The totals count votes as funds and managers reported them. They do not include other shareholders and do not show outcomes.
Provenance: SEC EDGAR, every Form N-PX and N-PX/A with a reporting period in the year to 30 June 2025 found in the quarterly form indexes. Not verified by the SEC. Filings read through 23 Sep 2026.