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MGE ENERGY INC. 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings and MGE ENERGY INC.’s Form 8-K, filed May 23, 2024 (Item 5.07 on EDGAR). Page generated October 14, 2026.

6Ballot items
251Asset managers
1,784Fund votes
May 21, 2024Meeting date

Results at a glance

Meeting of May 21, 2024: 6 items on MGE ENERGY INC.’s Form 8-K, filed May 23, 2024: 6 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 MGE ENERGY INC. in the interactive database Compare manager voting policies

Official 2023-2024 meeting results reported by MGE ENERGY INC.

These tallies are MGE ENERGY INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 23, 2024 (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.

MGE ENERGY INC. — official shareholder meeting results, meeting held May 21, 2024
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
Elect Director: Patricia K. Ackerman	23,802,769	--	--	1,219,142	4,211,651	95%	Not verified	—
Elect Director: Marcia M. Anderson	22,666,274	--	--	2,355,637	4,211,651	91%	Not verified	—
Elect Director: Jeffrey M. Keebler	24,359,073	--	--	662,838	4,211,651	97%	Not verified	—
Elect Director: Gary J. Wolter	24,639,641	--	--	382,270	4,211,651	98%	Not verified	—
2. Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public accounting firm for the year 2024	28,445,032	580,027	208,503	--	0	98%	Not verified	—
3. Advisory vote on executive compensation as disclosed in the annual meeting proxy statement	23,069,693	1,398,363	553,855	--	4,211,651	94%	Not verified	—

Source: MGE ENERGY INC., Form 8-K, filed with the SEC on May 23, 2024 — read the filing on EDGAR.

How asset managers voted at the MGE ENERGY INC. 2023-2024 meeting

Each item below shows how the 251 asset managers that disclosed a MGE ENERGY 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.

1. Elect Director: Gary J. Wolter

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 6 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 24,639,641WITHHELD: 382,270

Details: description as filed, official tally, votes by 66 asset managers

Description as filed by funds: Election of Directors: Gary J. Wolter

MGE ENERGY INC.’s own tally for this item (“Elect Director: Gary J. Wolter”): 24,639,641 for, 382,270 withheld, per its Form 8-K filed May 23, 2024 (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 66 asset managers below reported 13,927,877 for, 38,411 withheld.

FOR

FOR: 13,927,877WITHHOLD: 38,411

Largest asset managers voting on “Election of Directors: Gary J. Wolter” at MGE ENERGY INC., 2023-2024
Asset manager	For	Withheld	Vote
BlackRock	4,470,803	0	For
Vanguard	4,253,597	0	For
Victory Capital	1,111,024	0	For
Dimensional	588,502	0	For
T. Rowe Price	579,765	0	For
State Street	573,238	11	For
Charles Schwab	389,436	0	For
Fidelity	326,721	0	For
TIAA	233,205	0	For
WisdomTree	129,609	0	For
Goldman Sachs	109,544	0	For
Jackson National	101,409	0	For
JPMorgan	101,144	0	For
Bridge Builder Trust	100,624	0	For
Columbia Threadneedle	99,320	0	For
Equitable	56,072	36,570	Mixed
QUANTITATIVE MASTER SERIES LLC	64,467	0	For
Northwestern Mutual	46,862	0	For
BRIDGEWAY FUNDS INC	42,800	0	For
Principal	41,313	0	For
Prudential/PGIM	39,551	0	For
Lincoln Financial	38,702	0	For
First Trust	38,318	0	For
American Century	37,143	0	For
Thrivent	31,372	0	For

Showing the 25 largest of 66 asset managers. See all 66 in the interactive database.

2. Elect Director: Jeffrey M. Keebler

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 6 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 24,359,073WITHHELD: 662,838

Details: description as filed, official tally, votes by 66 asset managers

Description as filed by funds: Election of Directors: Jeffrey M. Keebler

MGE ENERGY INC.’s own tally for this item (“Elect Director: Jeffrey M. Keebler”): 24,359,073 for, 662,838 withheld, per its Form 8-K filed May 23, 2024 (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 66 asset managers below reported 13,959,421 for, 6,026 withheld, 841 abstained.

FOR

FOR: 13,959,421ABSTAIN: 841WITHHOLD: 6,026

Largest asset managers voting on “Election of Directors: Jeffrey M. Keebler” at MGE ENERGY INC., 2023-2024
Asset manager	For	Withheld	Vote
BlackRock	4,470,803	0	For
Vanguard	4,253,597	0	For
Victory Capital	1,111,024	0	For
Dimensional	588,502	0	For
T. Rowe Price	579,765	0	For
State Street	573,238	11	For
Charles Schwab	389,436	0	For
Fidelity	326,721	0	For
TIAA	233,205	0	For
WisdomTree	129,609	0	For
Goldman Sachs	109,544	0	For
Jackson National	101,409	0	For
JPMorgan	101,144	0	For
Bridge Builder Trust	100,624	0	For
Columbia Threadneedle	99,320	0	For
Equitable	92,642	0	For
QUANTITATIVE MASTER SERIES LLC	64,467	0	For
Northwestern Mutual	46,862	0	For
BRIDGEWAY FUNDS INC	42,800	0	For
Principal	41,313	0	For
Prudential/PGIM	39,551	0	For
Lincoln Financial	38,702	0	For
First Trust	38,318	0	For
American Century	37,143	0	For
Thrivent	31,372	0	For

Showing the 25 largest of 66 asset managers. See all 66 in the interactive database.

3. Elect Director: Marcia M. Anderson

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 6 wordings of this item as funds reported it.

91% Majority: yes · of votes cast

FOR 91%

FOR: 22,666,274WITHHELD: 2,355,637

Details: description as filed, official tally, votes by 66 asset managers

Description as filed by funds: Election of Directors: Marcia M. Anderson

MGE ENERGY INC.’s own tally for this item (“Elect Director: Marcia M. Anderson”): 22,666,274 for, 2,355,637 withheld, per its Form 8-K filed May 23, 2024 (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: 91% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 66 asset managers below reported 12,654,656 for, 1,211,194 withheld, 100,438 abstained.

FOR

FOR: 12,654,656ABSTAIN: 100,438WITHHOLD: 1,211,194

Largest asset managers voting on “Election of Directors: Marcia M. Anderson” at MGE ENERGY INC., 2023-2024
Asset manager	For	Abstain	Withheld	Vote
BlackRock	4,470,803	0	0	For
Vanguard	4,253,597	0	0	For
Victory Capital	1,111,024	0	0	For
Dimensional	588,502	0	0	For
T. Rowe Price	19,788	0	559,977	Withhold
State Street	573,249	0	0	For
Charles Schwab	0	0	389,436	Withhold
Fidelity	326,721	0	0	For
TIAA	233,205	0	0	For
WisdomTree	0	0	129,609	Withhold
Goldman Sachs	109,544	0	0	For
Jackson National	8,614	92,795	0	Mixed
JPMorgan	101,144	0	0	For
Bridge Builder Trust	100,624	0	0	For
Columbia Threadneedle	99,320	0	0	For
Equitable	56,072	0	36,570	Mixed
QUANTITATIVE MASTER SERIES LLC	64,467	0	0	For
Northwestern Mutual	13,628	0	33,234	Mixed
BRIDGEWAY FUNDS INC	42,800	0	0	For
Principal	41,313	0	0	For
Prudential/PGIM	39,551	0	0	For
Lincoln Financial	38,702	0	0	For
First Trust	38,318	0	0	For
American Century	37,143	0	0	For
Thrivent	31,372	0	0	For

Showing the 25 largest of 66 asset managers. See all 66 in the interactive database.

4. Elect Director: Patricia K. Ackerman

Outcome not verifiedDIRECTOR ELECTIONSReported outcome: Not verified

Combines 6 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 23,802,769WITHHELD: 1,219,142

Details: description as filed, official tally, votes by 66 asset managers

Description as filed by funds: Election of Directors: Patricia K. Ackerman

MGE ENERGY INC.’s own tally for this item (“Elect Director: Patricia K. Ackerman”): 23,802,769 for, 1,219,142 withheld, per its Form 8-K filed May 23, 2024 (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: 95% of votes cast — FOR ÷ (FOR + WITHHELD); abstentions and broker non-votes are excluded.

The 66 asset managers below reported 13,362,914 for, 595,041 withheld, 8,333 abstained.

FOR

FOR: 13,362,914ABSTAIN: 8,333WITHHOLD: 595,041

Largest asset managers voting on “Election of Directors: Patricia K. Ackerman” at MGE ENERGY INC., 2023-2024
Asset manager	For	Withheld	Vote
BlackRock	4,470,803	0	For
Vanguard	4,253,597	0	For
Victory Capital	1,111,024	0	For
Dimensional	588,502	0	For
T. Rowe Price	19,788	559,977	Withhold
State Street	573,249	0	For
Charles Schwab	389,436	0	For
Fidelity	326,721	0	For
TIAA	233,205	0	For
WisdomTree	129,609	0	For
Goldman Sachs	109,544	0	For
Jackson National	101,409	0	For
JPMorgan	101,144	0	For
Bridge Builder Trust	100,624	0	For
Columbia Threadneedle	99,320	0	For
Equitable	92,642	0	For
QUANTITATIVE MASTER SERIES LLC	64,467	0	For
Northwestern Mutual	13,628	33,234	Mixed
BRIDGEWAY FUNDS INC	42,800	0	For
Principal	41,313	0	For
Prudential/PGIM	39,551	0	For
Lincoln Financial	38,702	0	For
First Trust	38,318	0	For
American Century	37,143	0	For
Thrivent	31,372	0	For

Showing the 25 largest of 66 asset managers. See all 66 in the interactive database.

5. 3. Advisory vote on executive compensation as disclosed in the annual meeting proxy statement

Outcome not verified Fund totals may overlapSECTION 14A SAY-ON-PAY VOTESReported outcome: Not verified

Combines 9 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 23,069,693AGAINST: 1,398,363

Details: description as filed, official tally, votes by 248 asset managers

Description as filed by funds: Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the proxy statement under the heading "Executive Compensation".

MGE ENERGY INC.’s own tally for this item (“3. Advisory vote on executive compensation as disclosed in the annual meeting proxy statement”): 23,069,693 for, 1,398,363 against, per its Form 8-K filed May 23, 2024 (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: 94% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Also reported under other wordings, matched to the same row of MGE ENERGY INC.’s official tally and shown with their own fund figures; their managers are not in the figures or the table on this card: “Advisory Vote to Ratify Named Executive Officers' Compensation” (5 managers, 224,095 for).

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: 68 asset managers voting on “Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the proxy statemen” at MGE ENERGY INC., 2023-2024
Asset manager	For	Against	Vote
BlackRock	4,470,803	0	For
Vanguard	4,253,597	0	For
Victory Capital	1,111,024	0	For
Dimensional	588,502	0	For
T. Rowe Price	579,765	0	For
State Street	573,197	52	For
Charles Schwab	389,436	0	For
Gabelli	337,800	0	For
Fidelity	326,721	0	For
TIAA	233,205	0	For
WisdomTree	129,609	0	For
Goldman Sachs	109,544	0	For
Jackson National	101,409	0	For
JPMorgan	101,144	0	For
Bridge Builder Trust	95,541	5,083	Mixed
Columbia Threadneedle	99,320	0	For
Equitable	92,642	0	For
QUANTITATIVE MASTER SERIES LLC	64,467	0	For
Northwestern Mutual	46,862	0	For
BRIDGEWAY FUNDS INC	42,800	0	For
Principal	41,313	0	For
Prudential/PGIM	39,551	0	For
Lincoln Financial	38,702	0	For
First Trust	38,318	0	For
American Century	0	37,143	Against

Fund voting reports, all 68 managers: 14,254,234 for, 49,783 against, 1,830 abstained. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 204 asset managers voting on “Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the proxy statemen” at MGE ENERGY INC., 2023-2024
Asset manager	For	Against	Vote
Victory Capital	1,380,603	5,930	For
State Street	1,316,212	11,498	For
T. Rowe Price	980,055	0	For
Charles Schwab	393,069	0	For
BlackRock	343,209	301	For
SILVERCREST ASSET MANAGEMENT GROUP LLC	323,143	0	For
GEODE CAPITAL MANAGEMENT, LLC	283,024	0	For
Nuveen	270,681	0	For
Northern Trust	230,370	0	For
PRINCIPAL GLOBAL INVESTORS	203,710	0	For
MELLON INVESTMENTS Corp	178,485	0	For
Goldman Sachs	115,190	0	For
Legal & General Investment Management Ltd	0	114,305	Against
Legal & General Investment Management America Inc	0	98,324	Against
Vanguard	95,021	0	For
PARAMETRIC PORTFOLIO ASSOCIATES LLC	0	94,917	Against
Dimensional	77,037	0	For
UBS	0	70,507	Against
Rhumbline	48,296	85	For
BRIDGEWAY CAPITAL MANAGEMENT, LLC	46,100	0	For
BNY Mellon	44,112	0	For
State of New Jersey Common Pension Fund D	0	44,095	Against
REGENTS OF THE UNIVERSITY OF CALIFORNIA	0	43,122	Against
Prudential/PGIM	40,465	0	For
DE Shaw	39,480	0	For

Institutional-manager reports, all 204 managers: 7,106,744 for, 533,200 against, 3,560 abstained, 430 not voted. Showing the 25 largest; see all in the interactive database.

6. 2. Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public…

Outcome not verifiedAUDIT-RELATEDReported outcome: Not verified

Combines 5 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 28,445,032AGAINST: 580,027

Details: description as filed, official tally, votes by 69 asset managers

Description as filed by funds: Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the year 2024.

MGE ENERGY INC.’s own tally for this item (“2. Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public accounting firm for the year 2024”): 28,445,032 for, 580,027 against, per its Form 8-K filed May 23, 2024 (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 + AGAINST); abstentions and broker non-votes are excluded.

The 69 asset managers below reported 14,304,118 for, 178 against, 1,830 abstained.

FOR

FOR: 14,304,118AGAINST: 178ABSTAIN: 1,830

Largest asset managers voting on “Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting ” at MGE ENERGY INC., 2023-2024
Asset manager	For	Against	Vote
BlackRock	4,470,803	0	For
Vanguard	4,253,597	0	For
Victory Capital	1,111,024	0	For
Dimensional	588,502	0	For
T. Rowe Price	579,765	0	For
State Street	573,197	52	For
Charles Schwab	389,436	0	For
Gabelli	337,800	0	For
Fidelity	326,721	0	For
TIAA	233,205	0	For
WisdomTree	129,609	0	For
Goldman Sachs	109,544	0	For
Jackson National	101,409	0	For
JPMorgan	101,144	0	For
Bridge Builder Trust	100,624	0	For
Columbia Threadneedle	99,320	0	For
Equitable	92,642	0	For
QUANTITATIVE MASTER SERIES LLC	64,467	0	For
Northwestern Mutual	46,862	0	For
BRIDGEWAY FUNDS INC	42,800	0	For
Principal	41,313	0	For
Prudential/PGIM	39,551	0	For
Lincoln Financial	38,702	0	For
First Trust	38,318	0	For
American Century	37,143	0	For

Showing the 25 largest of 69 asset managers. See all 69 in the interactive database.

Largest MGE ENERGY INC. shareholders voting in 2023-2024

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 36,163,000 shares outstanding at the time of that meeting.

Fund voting reports: top MGE ENERGY INC. shareholders by shares voted on “Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered…”, 2023-2024
#	Asset manager	% of shares outstanding
1	BlackRock	12.36%
2	Vanguard	11.76%
3	Victory Capital	3.07%
4	Dimensional	1.63%
5	T. Rowe Price	1.60%
6	State Street	1.59%
7	Charles Schwab	1.08%
8	Gabelli	0.93%
9	Fidelity	0.90%
10	TIAA	0.64%

Institutional-manager reports: top MGE ENERGY INC. shareholders by shares voted on “Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the…”, 2023-2024
#	Asset manager	% of shares outstanding
1	Victory Capital	3.83%
2	State Street	3.67%
3	T. Rowe Price	2.71%
4	Charles Schwab	1.09%
5	BlackRock	0.95%
6	SILVERCREST ASSET MANAGEMENT GROUP LLC	0.89%
7	GEODE CAPITAL MANAGEMENT, LLC	0.78%
8	Nuveen	0.75%
9	Northern Trust	0.64%
10	PRINCIPAL GLOBAL INVESTORS	0.56%

Reported MGE ENERGY INC. 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.

MGE ENERGY INC. holdings and ownership disclosed for the 2023-2024 proxy season
Holder	% outstanding	Disclosure
BlackRock	15.65%	13F
Vanguard Group	12.60%	13F
State Street	4.10%	13F
Geode Capital	2.29%	13F
Dimensional Fund Advisors	2.11%	13F
BNY Mellon	1.19%	13F
Charles Schwab	1.09%	13F
Northern Trust	1.06%	13F
Morgan Stanley	0.94%	13F
Nuveen	0.80%	13F

Percentages above are of 36,163,000 shares outstanding, as reported by MGE ENERGY INC. on its Form 10-K dated December 31, 2023 (see the filing on EDGAR). This is the count contemporaneous with the 2023-2024 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 MGE ENERGY INC.’s 10-K dated December 31, 2023. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At MGE ENERGY INC.'s shareholder meeting held May 21, 2024, in the 2023-2024 proxy season, 251 asset managers reported how they voted on 6 ballot items in their SEC Form N-PX filings, covering 1,784 separate fund positions. On the most widely held item on that ballot — Advisory Vote: Approval of the compensation of the named executive officers as disclosed in the… — FOR was 94% 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), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: MGE ENERGY INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 23, 2024.

MGE ENERGY INC. proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.

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