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BLACK HILLS CORP. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and BLACK HILLS CORP.’s Form 8-K, filed April 25, 2025 (Item 5.07 on EDGAR). Page generated October 14, 2026.

6Ballot items
417Asset managers
2,762Fund votes
April 23, 2025Meeting date

Results at a glance

Meeting of April 23, 2025: 6 items on BLACK HILLS CORP.’s Form 8-K, filed April 25, 2025: 2 approved · 4 without a stated outcome.

Material dissent

None.

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore BLACK HILLS CORP. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by BLACK HILLS CORP.

These tallies are BLACK HILLS CORP.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed April 25, 2025 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

BLACK HILLS CORP. — official shareholder meeting results, meeting held April 23, 2025
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
Elect Director: Robert F. Beard	57,443,610	--	--	385,218	7,267,473	99.3%	Not verified	—
Elect Director: Kathleen S. McAllister	57,078,676	--	--	750,152	7,267,473	99%	Not verified	—
Elect Director: Robert P. Otto	55,986,803	--	--	1,842,025	7,267,473	97%	Not verified	—
Elect Director: Anne G. Waleski	57,408,234	--	--	420,594	7,267,473	99.2%	Not verified	—
2. A proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2025	63,891,843	1,112,355	92,103	--	--	98%	Approved	—
3. On an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement	56,264,304	1,289,291	275,233	--	7,267,473	98%	Approved	—

Source: BLACK HILLS CORP., Form 8-K, filed with the SEC on April 25, 2025 — read the filing on EDGAR.

How asset managers voted at the BLACK HILLS CORP. 2024-2025 meeting

Each item below shows how the 417 asset managers that disclosed a BLACK HILLS CORP. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report.

1. Elect Director: Robert F. Beard

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 8 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%

FOR: 57,443,610WITHHELD: 385,218

Details: description as filed, official tally, votes by 103 asset managers

Description as filed by funds: Election of Directors: Robert F. Beard

BLACK HILLS CORP.’s own tally for this item (“Elect Director: Robert F. Beard”): 57,443,610 for, 385,218 withheld, per its Form 8-K filed April 25, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99.3% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 103 asset managers below reported 36,470,489 for, 19,389 withheld, 2,426 abstained.

FOR

FOR: 36,470,489ABSTAIN: 2,426WITHHOLD: 19,389

Largest asset managers voting on “Election of Directors: Robert F. Beard” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Vote
Vanguard	8,401,391	For
BlackRock	7,365,148	For
Delaware/Macquarie	1,862,721	For
Capital Group	1,845,088	For
Fidelity	1,582,020	For
State Street	1,292,059	For
Charles Schwab	1,233,520	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	For
TIAA	977,042	For
First Trust	921,297	For
Dimensional	865,598	For
ProShares	671,253	For
Victory Capital	576,644	For
Invesco	492,122	For
Equitable	450,945	For
MFS	444,251	For
DNP SELECT INCOME FUND INC	389,700	For
John Hancock	384,803	For
JANUS INVESTMENT FUND	362,766	For
FRANKLIN VALUE INVESTORS TRUST	353,535	For
WisdomTree	248,333	For
AMERICAN BEACON FUNDS	248,180	For
Goldman Sachs	210,995	For
Jackson National	210,039	For
GLENMEDE FUND INC	206,247	For

Showing the 25 largest of 103 asset managers. See all 103 in the interactive database.

2. Elect Director: Anne G. Waleski

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 7 wordings of this item as funds reported it.

99.2% Majority: yes · of votes cast

FOR 99.2%

FOR: 57,408,234WITHHELD: 420,594

Details: description as filed, official tally, votes by 102 asset managers

Description as filed by funds: Election of Directors: Anne G. Waleski

BLACK HILLS CORP.’s own tally for this item (“Elect Director: Anne G. Waleski”): 57,408,234 for, 420,594 withheld, per its Form 8-K filed April 25, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99.2% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 102 asset managers below reported 36,478,891 for, 12,913 withheld, 0 abstained.

FOR

FOR: 36,478,891ABSTAIN: 0WITHHOLD: 12,913

Largest asset managers voting on “Election of Directors: Anne G. Waleski” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Vote
Vanguard	8,401,391	For
BlackRock	7,365,148	For
Delaware/Macquarie	1,862,721	For
Capital Group	1,845,088	For
Fidelity	1,582,020	For
State Street	1,292,059	For
Charles Schwab	1,233,520	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	For
TIAA	977,042	For
First Trust	921,297	For
Dimensional	865,598	For
ProShares	671,253	For
Victory Capital	576,644	For
Invesco	492,122	For
Equitable	450,945	For
MFS	444,251	For
DNP SELECT INCOME FUND INC	389,700	For
John Hancock	384,803	For
JANUS INVESTMENT FUND	362,766	For
FRANKLIN VALUE INVESTORS TRUST	353,535	For
WisdomTree	248,333	For
AMERICAN BEACON FUNDS	248,180	For
Goldman Sachs	210,995	For
Jackson National	210,039	For
GLENMEDE FUND INC	206,247	For

Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.

3. Elect Director: Kathleen S. McAllister

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 8 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 57,078,676WITHHELD: 750,152

Details: description as filed, official tally, votes by 102 asset managers

Description as filed by funds: Election of Directors: Kathleen S. McAllister

BLACK HILLS CORP.’s own tally for this item (“Elect Director: Kathleen S. McAllister”): 57,078,676 for, 750,152 withheld, per its Form 8-K filed April 25, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 99% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 102 asset managers below reported 36,294,829 for, 194,549 withheld, 2,426 abstained.

FOR

FOR: 36,294,829ABSTAIN: 2,426WITHHOLD: 194,549

Largest asset managers voting on “Election of Directors: Kathleen S. McAllister” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	8,401,391	0	For
BlackRock	7,365,148	0	For
Delaware/Macquarie	1,862,721	0	For
Capital Group	1,845,088	0	For
Fidelity	1,582,020	0	For
State Street	1,292,059	0	For
Charles Schwab	1,233,520	0	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	0	For
TIAA	977,042	0	For
First Trust	921,297	0	For
Dimensional	865,598	0	For
ProShares	671,253	0	For
Victory Capital	576,644	0	For
Invesco	492,122	0	For
Equitable	318,650	132,295	Mixed
MFS	444,251	0	For
DNP SELECT INCOME FUND INC	389,700	0	For
John Hancock	384,803	0	For
JANUS INVESTMENT FUND	362,766	0	For
FRANKLIN VALUE INVESTORS TRUST	353,535	0	For
WisdomTree	248,333	0	For
AMERICAN BEACON FUNDS	248,180	0	For
Goldman Sachs	210,995	0	For
Jackson National	210,039	0	For
GLENMEDE FUND INC	206,247	0	For

Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.

4. Elect Director: Robert P. Otto

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 7 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 55,986,803WITHHELD: 1,842,025

Details: description as filed, official tally, votes by 102 asset managers

Description as filed by funds: Election of Directors: Robert P. Otto

BLACK HILLS CORP.’s own tally for this item (“Elect Director: Robert P. Otto”): 55,986,803 for, 1,842,025 withheld, per its Form 8-K filed April 25, 2025 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item.

Reported outcome: not verified — the filing’s own statement of the outcome could not be identified for this item.
Support: 97% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 102 asset managers below reported 35,226,530 for, 1,265,274 withheld, 0 abstained.

FOR

FOR: 35,226,530ABSTAIN: 0WITHHOLD: 1,265,274

Largest asset managers voting on “Election of Directors: Robert P. Otto” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Withheld	Vote
Vanguard	8,401,391	0	For
BlackRock	7,365,148	0	For
Delaware/Macquarie	1,862,721	0	For
Capital Group	1,845,088	0	For
Fidelity	1,582,020	0	For
State Street	1,292,059	0	For
Charles Schwab	1,233,520	0	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	0	For
TIAA	0	977,042	Withhold
First Trust	921,297	0	For
Dimensional	865,598	0	For
ProShares	671,253	0	For
Victory Capital	576,644	0	For
Invesco	492,122	0	For
Equitable	318,650	132,295	Mixed
MFS	444,251	0	For
DNP SELECT INCOME FUND INC	389,700	0	For
John Hancock	384,803	0	For
JANUS INVESTMENT FUND	362,766	0	For
FRANKLIN VALUE INVESTORS TRUST	353,535	0	For
WisdomTree	248,333	0	For
AMERICAN BEACON FUNDS	248,180	0	For
Goldman Sachs	210,995	0	For
Jackson National	210,039	0	For
GLENMEDE FUND INC	206,247	0	For

Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.

5. 3. On an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in…

Official result Fund totals may overlapSECTION 14A SAY-ON-PAY VOTESReported outcome: Approved

Combines 5 wordings of this item as funds reported it.

98% Approved · of votes cast

FOR 98%

FOR: 56,264,304AGAINST: 1,289,291

Details: description as filed, official tally, votes by 414 asset managers

Description as filed by funds: Advisory resolution to approve executive compensation.

BLACK HILLS CORP.’s own tally for this item (“3. On an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement”): 56,264,304 for, 1,289,291 against — passed, per its Form 8-K filed April 25, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved, on an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.”
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice).

Fund voting reports: 106 asset managers voting on “Advisory resolution to approve executive compensation.” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Vote
Vanguard	8,401,391	For
BlackRock	7,365,148	For
Delaware/Macquarie	1,862,721	For
Capital Group	1,845,088	For
Fidelity	1,582,020	For
State Street	1,292,059	For
Charles Schwab	1,233,520	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	For
TIAA	977,042	For
First Trust	921,297	For
Dimensional	865,598	For
ProShares	671,253	For
Victory Capital	576,644	For
Invesco	492,122	For
Gabelli	456,100	For
Equitable	450,945	For
MFS	444,251	For
DNP SELECT INCOME FUND INC	389,700	For
John Hancock	384,803	For
JANUS INVESTMENT FUND	362,766	For
FRANKLIN VALUE INVESTORS TRUST	353,535	For
WisdomTree	248,333	For
AMERICAN BEACON FUNDS	248,180	For
Goldman Sachs	210,995	For
Jackson National	210,039	For

Fund voting reports, all 106 managers: 36,949,637 for, 30,542 against, 13,413 abstained. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 339 asset managers voting on “Advisory resolution to approve executive compensation.” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Against	Vote
State Street	3,738,202	0	For
BlackRock	3,555,721	790	For
MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST	2,197,619	0	For
Capital Research Global Investors	1,845,088	0	For
GEODE CAPITAL MANAGEMENT, LLC	1,718,344	0	For
FULLER & THALER ASSET MANAGEMENT, INC.	1,323,305	0	For
Charles Schwab	1,241,160	0	For
Nuveen	1,110,286	0	For
Zimmer Partners, LP	781,728	0	For
Northern Trust	773,539	0	For
Invesco	771,329	0	For
Victory Capital	627,396	0	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	582,931	0	For
MELLON INVESTMENTS Corp	582,790	0	For
AQR	469,706	0	For
FRANKLIN MUTUAL ADVISERS LLC	428,821	0	For
OLD REPUBLIC INTERNATIONAL CORP	416,000	0	For
John Hancock	400,009	0	For
Janus Henderson	381,077	0	For
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	355,785	0	For
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM	311,660	0	For
JPMorgan	304,768	0	For
Vanguard	264,904	0	For
Legal & General Investment Management Ltd	4,866	254,050	Against
Brandywine Global Investment Management, LLC	221,183	0	For

Institutional-manager reports, all 339 managers: 30,571,665 for, 553,240 against, 6,671 abstained, 3,849 not voted, 71 unknown. Showing the 25 largest; see all in the interactive database.

6. 2. A proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public…

Official resultAUDIT-RELATEDReported outcome: Approved

Combines 4 wordings of this item as funds reported it.

98% Approved · of votes cast

FOR 98%

FOR: 63,891,843AGAINST: 1,112,355

Details: description as filed, official tally, votes by 106 asset managers

Description as filed by funds: RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS BLACK HILLS CORPORATION'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2025.

BLACK HILLS CORP.’s own tally for this item (“2. A proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2025”): 63,891,843 for, 1,112,355 against — passed, per its Form 8-K filed April 25, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “Shareholders approved a proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2025.”
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 106 asset managers below reported 36,964,473 for, 1,340 against, 12,913 abstained.

FOR

FOR: 36,964,473AGAINST: 1,340ABSTAIN: 12,913

Largest asset managers voting on “RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS BLACK HILLS CORPORATION'S INDEPENDENT REG” at BLACK HILLS CORP., 2024-2025
Asset manager	For	Against	Vote
Vanguard	8,401,150	241	For
BlackRock	7,365,148	0	For
Delaware/Macquarie	1,862,721	0	For
Capital Group	1,845,088	0	For
Fidelity	1,582,020	0	For
State Street	1,291,923	135	For
Charles Schwab	1,233,520	0	For
UNDISCOVERED MANAGERS FUNDS	1,150,846	0	For
TIAA	977,042	0	For
First Trust	921,297	0	For
Dimensional	865,598	0	For
ProShares	671,253	0	For
Victory Capital	576,644	0	For
Invesco	492,122	0	For
Gabelli	456,100	0	For
Equitable	450,945	0	For
MFS	444,251	0	For
DNP SELECT INCOME FUND INC	389,700	0	For
John Hancock	384,803	0	For
JANUS INVESTMENT FUND	362,766	0	For
FRANKLIN VALUE INVESTORS TRUST	353,535	0	For
WisdomTree	248,333	0	For
AMERICAN BEACON FUNDS	248,180	0	For
Goldman Sachs	210,995	0	For
Jackson National	210,039	0	For

Showing the 25 largest of 106 asset managers. See all 106 in the interactive database.

Largest BLACK HILLS CORP. shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 71,700,000 shares outstanding at the time of that meeting.

Fund voting reports: top BLACK HILLS CORP. shareholders by shares voted on “Advisory resolution to approve executive compensation.”, 2024-2025
#	Asset manager	% of shares outstanding
1	Vanguard	11.72%
2	BlackRock	10.27%
3	Delaware/Macquarie	2.60%
4	Capital Group	2.57%
5	Fidelity	2.21%
6	State Street	1.80%
7	Charles Schwab	1.72%
8	UNDISCOVERED MANAGERS FUNDS	1.61%
9	TIAA	1.36%
10	First Trust	1.28%

Institutional-manager reports: top BLACK HILLS CORP. shareholders by shares voted on “Advisory resolution to approve executive compensation.”, 2024-2025
#	Asset manager	% of shares outstanding
1	State Street	5.21%
2	BlackRock	4.96%
3	MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST	3.07%
4	Capital Research Global Investors	2.57%
5	GEODE CAPITAL MANAGEMENT, LLC	2.40%
6	FULLER & THALER ASSET MANAGEMENT, INC.	1.85%
7	Charles Schwab	1.73%
8	Nuveen	1.55%
9	Zimmer Partners, LP	1.09%
10	Northern Trust	1.08%

Reported BLACK HILLS CORP. holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

BLACK HILLS CORP. holdings and ownership disclosed for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
Hudson Yards	16.04%	DEF14A
BlackRock	15.77%	13F
Vanguard Group	12.04%	13F
Vanguard Blvd.	11.36%	DEF14A
Vanguard Portfolio Management	7.07%	13G
State Street Financial Center	5.11%	DEF14A
Charles Schwab	1.71%	13F
Nuveen	1.55%	13F
Dimensional Fund Advisors	1.51%	13F
Northern Trust	1.40%	13F

Percentages above are of 71,700,000 shares outstanding, as reported by BLACK HILLS CORP. on its Form 10-K dated December 31, 2024 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered funds disclose how they voted every proxy and institutional managers disclose their votes on executive pay (say-on-pay, say-on-frequency and golden parachutes), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from BLACK HILLS CORP.’s 10-K dated December 31, 2024. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At BLACK HILLS CORP.'s shareholder meeting held April 23, 2025, in the 2024-2025 proxy season, 417 asset managers reported how they voted on 6 ballot items in their SEC Form N-PX filings, covering 2,762 separate fund positions. On the most widely held item on that ballot — Advisory resolution to approve executive compensation. — BLACK HILLS CORP.'s filing reports the proposal as approved, with 98% support of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). Source: BLACK HILLS CORP.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on April 25, 2025.

BLACK HILLS CORP. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.

Download data (CSV): ballot items · votes by manager · column guide.