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Compiled from SEC Form N-PX filings and FIRST BUSINESS FINANCIAL SERVICES INC.’s Form 8-K, filed May 2, 2025 (Item 5.07 on EDGAR). Page generated November 7, 2026.
Meeting of April 25, 2025: 1 item on FIRST BUSINESS FINANCIAL SERVICES INC.’s Form 8-K, filed May 2, 2025: 1 without a stated outcome.
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
Explore FIRST BUSINESS FINANCIAL SERVICES INC. in the interactive database Compare manager voting policies
These tallies are FIRST BUSINESS FINANCIAL SERVICES INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 2, 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.
| Ballot item | For | Against | Abstain | Withheld | Broker non-votes | Support (of votes cast) | Reported outcome | Voting standard |
|---|---|---|---|---|---|---|---|---|
| Elect Director: W. Kent Lorenz | 5,630,551 | -- | -- | 92,109 | 887,002 | 98% | Not verified | — |
Source: FIRST BUSINESS FINANCIAL SERVICES INC., Form 8-K, filed with the SEC on May 2, 2025 — read the filing on EDGAR.
Each item below shows how the 156 asset managers that disclosed a FIRST BUSINESS FINANCIAL SERVICES INC. 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. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of FIRST BUSINESS FINANCIAL SERVICES INC.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.
Combines 3 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
Description as filed by funds: Election of one Class III Director: W. Kent Lorenz
FIRST BUSINESS FINANCIAL SERVICES INC.’s own tally for this item (“Elect Director: W. Kent Lorenz”): 5,630,551 for, 92,109 withheld, per its Form 8-K filed May 2, 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: 98% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.
The 57 asset managers below reported 2,270,161 for, 40,579 withheld.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 489,789 | 0 | 0 | 0 | For |
| Dimensional | 467,153 | 0 | 0 | 0 | For |
| Vanguard | 392,132 | 0 | 0 | 0 | For |
| John Hancock | 238,978 | 0 | 0 | 0 | For |
| Fidelity | 159,453 | 0 | 0 | 0 | For |
| American Century | 125,957 | 0 | 0 | 0 | For |
| EA Series Trust | 47,520 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 45,400 | 0 | 0 | 0 | For |
| Federated Hermes | 36,193 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 0 | 0 | 0 | 35,619 | Withhold |
| Northern Trust | 23,401 | 0 | 0 | 0 | For |
| TIAA | 22,706 | 0 | 0 | 0 | For |
| Charles Schwab | 21,524 | 0 | 0 | 0 | For |
| Equitable | 18,041 | 0 | 0 | 0 | For |
| WisdomTree | 15,336 | 0 | 0 | 0 | For |
| SEI | 15,176 | 0 | 0 | 0 | For |
| State Street | 13,886 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 13,138 | 0 | 0 | 0 | For |
| MASTER INVESTMENT PORTFOLIO | 12,307 | 0 | 0 | 0 | For |
| Lincoln Financial | 12,021 | 0 | 0 | 0 | For |
| Goldman Sachs | 9,211 | 0 | 0 | 0 | For |
| Pacific Life | 8,964 | 0 | 0 | 0 | For |
| RBC FUNDS TRUST | 7,700 | 0 | 0 | 0 | For |
| CALDWELL & ORKIN FUNDS INC | 7,500 | 0 | 0 | 0 | For |
| Brighthouse | 2,763 | 0 | 0 | 4,159 | Mixed |
Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.
Combines 3 wordings of this item as funds reported it.
99.7% Fund and manager reports combined; may count the same shares twice · no official result
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). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 489,789 | 0 | 0 | 0 | For |
| Dimensional | 467,153 | 0 | 0 | 0 | For |
| Vanguard | 392,132 | 0 | 0 | 0 | For |
| John Hancock | 238,978 | 0 | 0 | 0 | For |
| Fidelity | 159,453 | 0 | 0 | 0 | For |
| American Century | 125,957 | 0 | 0 | 0 | For |
| RBB FUND, INC. | 3,858 | 0 | 59,879 | 0 | Mixed |
| EA Series Trust | 47,520 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 45,400 | 0 | 0 | 0 | For |
| Federated Hermes | 36,193 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 35,619 | 0 | 0 | 0 | For |
| Northern Trust | 23,401 | 0 | 0 | 0 | For |
| TIAA | 22,706 | 0 | 0 | 0 | For |
| Charles Schwab | 21,524 | 0 | 0 | 0 | For |
| Equitable | 18,041 | 0 | 0 | 0 | For |
| WisdomTree | 15,336 | 0 | 0 | 0 | For |
| SEI | 15,176 | 0 | 0 | 0 | For |
| State Street | 13,886 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 13,138 | 0 | 0 | 0 | For |
| MASTER INVESTMENT PORTFOLIO | 12,307 | 0 | 0 | 0 | For |
| Lincoln Financial | 12,021 | 0 | 0 | 0 | For |
| Goldman Sachs | 9,211 | 0 | 0 | 0 | For |
| Pacific Life | 8,964 | 0 | 0 | 0 | For |
| RBC FUNDS TRUST | 7,700 | 0 | 0 | 0 | For |
| CALDWELL & ORKIN FUNDS INC | 7,500 | 0 | 0 | 0 | For |
Fund voting reports, all 57 managers: 2,308,169 for, 801 against, 64,038 abstained. Showing the 25 largest; see all in the interactive database.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 375,537 | 0 | 0 | 0 | For |
| John Hancock | 264,173 | 0 | 0 | 0 | For |
| FIRST BUSINESS FINANCIAL SERVICES, INC. | 184,135 | 0 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 172,620 | 0 | 0 | 0 | For |
| Renaissance | 139,892 | 0 | 0 | 0 | For |
| State Street | 134,751 | 0 | 0 | 0 | For |
| American Century | 131,450 | 0 | 0 | 0 | For |
| AllianceBernstein | 93,312 | 0 | 0 | 0 | For |
| Invesco | 67,706 | 0 | 0 | 0 | For |
| Hillsdale Investment Management Inc. | 65,942 | 0 | 0 | 0 | For |
| Federated Hermes | 63,599 | 0 | 0 | 0 | For |
| Northern Trust | 59,429 | 0 | 0 | 0 | For |
| LSV ASSET MANAGEMENT | 53,225 | 0 | 0 | 0 | For |
| Dimensional | 48,702 | 0 | 0 | 0 | For |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 45,400 | 0 | 0 | 0 | For |
| Pacific Ridge Capital Partners, LLC | 0 | 0 | 43,825 | 0 | Abstain |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 43,510 | 0 | 0 | 0 | For |
| FRANKLIN MUTUAL ADVISERS LLC | 35,626 | 0 | 0 | 0 | For |
| Two Sigma | 27,191 | 0 | 0 | 0 | For |
| Goldman Sachs | 25,421 | 0 | 0 | 0 | For |
| MELLON INVESTMENTS Corp | 24,573 | 0 | 0 | 0 | For |
| Nuveen | 23,004 | 0 | 0 | 0 | For |
| Charles Schwab | 21,546 | 0 | 0 | 0 | For |
| Baird | 21,240 | 0 | 0 | 0 | For |
| Citadel | 20,091 | 0 | 0 | 0 | For |
Institutional-manager reports, all 115 managers: 2,385,898 for, 11,829 against, 43,825 abstained, 2,748 1 year. Showing the 25 largest; see all in the interactive database.
Combines 3 wordings of this item as funds reported it.
100% Fund and manager reports combined; may count the same shares twice · no official result
Description as filed by funds: TO APPROVE, IN A NON-BINDING SHAREHOLDER ADVISORY VOTE, THE FREQUENCY WITH WHICH SHAREHOLDERS WILL VOTE ON COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.
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). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 0 | 0 | 0 | 0 | -- |
| Dimensional | 0 | 0 | 0 | 0 | -- |
| Vanguard | 0 | 0 | 0 | 0 | -- |
| John Hancock | 0 | 0 | 0 | 0 | -- |
| Fidelity | 0 | 0 | 0 | 0 | -- |
| American Century | 0 | 0 | 0 | 0 | -- |
| RBB FUND, INC. | 0 | 0 | 59,879 | 0 | Abstain |
| EA Series Trust | 0 | 0 | 0 | 0 | -- |
| BRIDGEWAY FUNDS INC | 0 | 0 | 0 | 0 | -- |
| Federated Hermes | 0 | 0 | 0 | 0 | -- |
| FRANKLIN VALUE INVESTORS TRUST | 0 | 0 | 0 | 0 | -- |
| Northern Trust | 0 | 0 | 0 | 0 | -- |
| TIAA | 0 | 0 | 0 | 0 | -- |
| Charles Schwab | 0 | 0 | 0 | 0 | -- |
| Equitable | 0 | 0 | 0 | 0 | -- |
| WisdomTree | 0 | 0 | 0 | 0 | -- |
| SEI | 0 | 0 | 0 | 0 | -- |
| State Street | 0 | 0 | 0 | 0 | -- |
| QUANTITATIVE MASTER SERIES LLC | 0 | 0 | 0 | 0 | -- |
| MASTER INVESTMENT PORTFOLIO | 0 | 0 | 0 | 0 | -- |
| Lincoln Financial | 5,111 | 0 | 0 | 0 | For |
| Goldman Sachs | 0 | 0 | 0 | 0 | -- |
| Pacific Life | 0 | 0 | 0 | 0 | -- |
| RBC FUNDS TRUST | 0 | 0 | 0 | 0 | -- |
| CALDWELL & ORKIN FUNDS INC | 0 | 0 | 0 | 0 | -- |
Fund voting reports, all 57 managers: 5,111 for, 64,038 abstained, 1,828,515 1 year, 475,344 3 year. Showing the 25 largest; see all in the interactive database.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 0 | 0 | 0 | 0 | -- |
| John Hancock | 0 | 0 | 0 | 0 | -- |
| FIRST BUSINESS FINANCIAL SERVICES, INC. | 0 | 0 | 0 | 0 | -- |
| GEODE CAPITAL MANAGEMENT, LLC | 0 | 0 | 0 | 0 | -- |
| Renaissance | 0 | 0 | 0 | 0 | -- |
| State Street | 0 | 0 | 0 | 0 | -- |
| American Century | 0 | 0 | 0 | 0 | -- |
| M3F, Inc. | 0 | 0 | 0 | 0 | -- |
| AllianceBernstein | 0 | 0 | 0 | 0 | -- |
| Invesco | 0 | 0 | 0 | 0 | -- |
| Hillsdale Investment Management Inc. | 0 | 0 | 0 | 0 | -- |
| Federated Hermes | 0 | 0 | 0 | 0 | -- |
| Northern Trust | 0 | 0 | 0 | 0 | -- |
| LSV ASSET MANAGEMENT | 0 | 0 | 0 | 0 | -- |
| Dimensional | 0 | 0 | 0 | 0 | -- |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 0 | 0 | 0 | 0 | -- |
| Pacific Ridge Capital Partners, LLC | 0 | 0 | 43,825 | 0 | Abstain |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 0 | 0 | 0 | 0 | -- |
| FRANKLIN MUTUAL ADVISERS LLC | 0 | 0 | 0 | 0 | -- |
| Two Sigma | 0 | 0 | 0 | 0 | -- |
| Goldman Sachs | 0 | 0 | 0 | 0 | -- |
| MELLON INVESTMENTS Corp | 0 | 0 | 0 | 0 | -- |
| Nuveen | 0 | 0 | 0 | 0 | -- |
| Charles Schwab | 0 | 0 | 0 | 0 | -- |
| Baird | 0 | 0 | 0 | 0 | -- |
Institutional-manager reports, all 114 managers: 8,768 for, 43,825 abstained, 2,420,616 1 year, 59,080 3 year. Showing the 25 largest; see all in the interactive database.
98% of fund votes cast · no official result
Description as filed by funds: TO RATIFY THE APPOINTMENT OF CROWE LLP AS THE COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025.
The 56 asset managers below reported 2,257,591 for, 47,521 against, 4,159 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 489,789 | 0 | 0 | 0 | For |
| Dimensional | 467,153 | 0 | 0 | 0 | For |
| Vanguard | 392,132 | 0 | 0 | 0 | For |
| John Hancock | 238,978 | 0 | 0 | 0 | For |
| Fidelity | 159,453 | 0 | 0 | 0 | For |
| American Century | 125,957 | 0 | 0 | 0 | For |
| EA Series Trust | 0 | 47,520 | 0 | 0 | Against |
| BRIDGEWAY FUNDS INC | 45,400 | 0 | 0 | 0 | For |
| Federated Hermes | 36,193 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 35,619 | 0 | 0 | 0 | For |
| Northern Trust | 23,401 | 0 | 0 | 0 | For |
| TIAA | 22,706 | 0 | 0 | 0 | For |
| Charles Schwab | 21,524 | 0 | 0 | 0 | For |
| Equitable | 18,041 | 0 | 0 | 0 | For |
| WisdomTree | 15,336 | 0 | 0 | 0 | For |
| SEI | 15,176 | 0 | 0 | 0 | For |
| State Street | 13,885 | 1 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 13,138 | 0 | 0 | 0 | For |
| MASTER INVESTMENT PORTFOLIO | 12,307 | 0 | 0 | 0 | For |
| Lincoln Financial | 12,021 | 0 | 0 | 0 | For |
| Goldman Sachs | 9,211 | 0 | 0 | 0 | For |
| Pacific Life | 8,964 | 0 | 0 | 0 | For |
| RBC FUNDS TRUST | 7,700 | 0 | 0 | 0 | For |
| CALDWELL & ORKIN FUNDS INC | 7,500 | 0 | 0 | 0 | For |
| Brighthouse | 2,763 | 0 | 4,159 | 0 | Mixed |
Showing the 25 largest of 56 asset managers. See all 56 in the interactive database.
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 8,301,967 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | BlackRock | 5.90% |
| 2 | Dimensional | 5.63% |
| 3 | Vanguard | 4.72% |
| 4 | John Hancock | 2.88% |
| 5 | Fidelity | 1.92% |
| 6 | American Century | 1.52% |
| 7 | RBB FUND, INC. | 0.77% |
| 8 | EA Series Trust | 0.57% |
| 9 | BRIDGEWAY FUNDS INC | 0.55% |
| 10 | Federated Hermes | 0.44% |
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | BlackRock | 4.52% |
| 2 | John Hancock | 3.18% |
| 3 | FIRST BUSINESS FINANCIAL SERVICES, INC. | 2.22% |
| 4 | GEODE CAPITAL MANAGEMENT, LLC | 2.08% |
| 5 | Renaissance | 1.69% |
| 6 | State Street | 1.62% |
| 7 | American Century | 1.58% |
| 8 | AllianceBernstein | 1.12% |
| 9 | Invesco | 0.82% |
| 10 | Hillsdale Investment Management Inc. | 0.79% |
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.
| Holder | % outstanding | Disclosure |
|---|---|---|
| BlackRock | 12.11% | 13F |
| Dimensional Fund Advisors | 6.21% | 13F |
| Vanguard Group | 5.41% | 13F |
| Geode Capital | 2.14% | 13F |
| State Street | 1.75% | 13F |
| Renaissance Technologies | 1.71% | 13F |
| Corey A. Chambas | 1.50% | DEF14A |
| Northern Trust | 1.05% | 13F |
| Jerry L. Kilcoyne | 0.78% | DEF14A |
| Invesco | 0.70% | 13F |
Percentages above are of 8,301,967 shares outstanding, as reported by FIRST BUSINESS FINANCIAL SERVICES INC. on its Form 10-Q dated March 31, 2025 (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.
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 FIRST BUSINESS FINANCIAL SERVICES INC.’s 10-Q dated March 31, 2025. This page is a static snapshot rebuilt weekly on November 7, 2026; a live search always shows the current data.
At FIRST BUSINESS FINANCIAL SERVICES INC.'s shareholder meeting held April 25, 2025, in the 2024-2025 proxy season, 156 asset managers reported how they voted in their SEC Form N-PX filings, covering 982 separate fund positions. Their filings are grouped here into 4 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. FIRST BUSINESS FINANCIAL SERVICES INC.'s own Form 8-K tally for this meeting is published below, but no row in it could be matched to the most widely held item, so this page states no certified outcome for that item. On that item — TO APPROVE, IN A NON-BINDING SHAREHOLDER ADVISORY VOTE, THE COMPENSATION OF THE COMPANY'S NAMED… — the reporting funds and managers cast 99.7% of the shares they voted in favour (FOR divided by FOR plus AGAINST plus WITHHELD; abstained and unvoted shares are excluded because neither took a side). Fund and manager reports are combined in it and may count the same shares twice: it adds fund reports to institutional-manager reports, which can cover the same shares. It is not the company's certified result.
FIRST BUSINESS FINANCIAL SERVICES INC. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.
Download data (CSV): ballot items · votes by manager · column guide.