Home › Companies › MGE ENERGY INC. › 2024-2025
Compiled from SEC Form N-PX filings and MGE ENERGY INC.’s Form 8-K, filed May 22, 2025 (Item 5.07 on EDGAR). Page generated October 18, 2026.
Meeting of May 20, 2025: 5 items on MGE ENERGY INC.’s Form 8-K, filed May 22, 2025: 5 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 MGE ENERGY INC. in the interactive database Compare manager voting policies
These tallies are MGE ENERGY INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 22, 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: Daniel J. Kelly | 24,747,755 | 331,840 | 223,970 | -- | 4,520,133 | 99% | Not verified | — |
| Elect Director: James L. Possin | 23,404,941 | 1,666,145 | 232,479 | -- | 4,520,133 | 93% | Not verified | — |
| Elect Director: Noble L. Wray | 23,931,575 | 1,192,910 | 179,080 | -- | 4,520,133 | 95% | Not verified | — |
| 2. Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public accounting firm for the year 2025 | 29,077,512 | 508,144 | 238,042 | -- | -- | 98% | Not verified | — |
| 3. Advisory vote on executive compensation as disclosed in the annual meeting proxy statement | 23,492,289 | 1,292,053 | 519,223 | -- | 4,520,133 | 95% | Not verified | — |
Source: MGE ENERGY INC., Form 8-K, filed with the SEC on May 22, 2025 — read the filing on EDGAR.
Each item below shows how the 296 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.
Combines 3 wordings of this item as funds reported it.
99% Majority: yes · of votes cast
Description as filed by funds: Election of Class III Directors: Daniel J. Kelly
MGE ENERGY INC.’s own tally for this item (“Elect Director: Daniel J. Kelly”): 24,747,755 for, 331,840 against, per its Form 8-K filed May 22, 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 + AGAINST); abstentions and broker non-votes are excluded.
The 74 asset managers below reported 14,302,478 for, 52,200 against, 1,133 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,431 | 1,998 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,900 | 0 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 484,869 | 13,322 | 0 | 0 | For |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | Mixed |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 42,925 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Combines 3 wordings of this item as funds reported it.
93% Majority: yes · of votes cast
Description as filed by funds: Election of Class III Directors: James L. Possin
MGE ENERGY INC.’s own tally for this item (“Elect Director: James L. Possin”): 23,404,941 for, 1,666,145 against, per its Form 8-K filed May 22, 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: 93% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 74 asset managers below reported 13,746,292 for, 608,386 against, 1,133 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,425 | 2,004 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,857 | 43 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 498,191 | 0 | 0 | Against |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 96,403 | 5,083 | 0 | 0 | Mixed |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | Mixed |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 12,654 | 30,271 | 0 | 0 | Mixed |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Combines 3 wordings of this item as funds reported it.
95% Majority: yes · of votes cast
Description as filed by funds: Election of Class III Directors: Noble L. Wray
MGE ENERGY INC.’s own tally for this item (“Elect Director: Noble L. Wray”): 23,931,575 for, 1,192,910 against, per its Form 8-K filed May 22, 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: 95% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.
The 74 asset managers below reported 13,779,159 for, 575,519 against, 1,133 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,427 | 2,002 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,900 | 0 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 498,191 | 0 | 0 | Against |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | Mixed |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 12,654 | 30,271 | 0 | 0 | Mixed |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Combines 10 wordings of this item as funds reported it.
95% Majority: yes · of votes cast
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”): 23,492,289 for, 1,292,053 against, per its Form 8-K filed May 22, 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: 95% 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” (6 managers, Fund and manager reports combined; may count the same shares twice; no share total shown).
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).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,427 | 2,001 | 1 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,857 | 43 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 498,191 | 0 | 0 | 0 | For |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 96,403 | 5,083 | 0 | 0 | Mixed |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 95,600 | 0 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 42,925 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Fund voting reports, all 70 managers: 14,312,711 for, 13,223 against, 1,134 abstained. Showing the 25 largest; see all in the interactive database.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| State Street | 1,756,295 | 12,057 | 0 | 0 | For |
| BlackRock | 1,062,975 | 301 | 0 | 0 | For |
| T. Rowe Price | 894,985 | 0 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 889,084 | 0 | 0 | 0 | For |
| Victory Capital | 825,825 | 4,940 | 0 | 0 | For |
| Charles Schwab | 433,812 | 0 | 0 | 0 | For |
| Northern Trust | 347,131 | 1,842 | 0 | 0 | For |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | 300,143 | 8,955 | 0 | 0 | For |
| MELLON INVESTMENTS Corp | 263,888 | 0 | 0 | 0 | For |
| Nuveen | 215,698 | 0 | 0 | 0 | For |
| PRINCIPAL GLOBAL INVESTORS | 199,801 | 0 | 0 | 0 | For |
| Vanguard | 126,662 | 0 | 0 | 0 | For |
| PARAMETRIC PORTFOLIO ASSOCIATES LLC | 0 | 120,729 | 0 | 0 | Against |
| Legal & General Investment Management Ltd | 2,660 | 107,870 | 0 | 0 | Against |
| Legal & General Investment Management America Inc | 0 | 88,402 | 0 | 0 | Against |
| Dimensional | 77,313 | 0 | 0 | 0 | For |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS | 69,220 | 0 | 0 | 0 | For |
| Invesco | 63,494 | 0 | 0 | 0 | For |
| BNY Mellon | 62,189 | 0 | 0 | 0 | For |
| UBS | 0 | 61,807 | 0 | 0 | Against |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | 47,000 | 0 | 0 | 0 | For |
| Rhumbline | 39,710 | 13 | 0 | 0 | For |
| US BANK NATIONAL ASSOCIATION | 39,317 | 0 | 0 | 0 | For |
| AllianceBernstein | 38,867 | 0 | 0 | 0 | For |
| BANK OF AMERICA NA | 34,604 | 0 | 0 | 0 | For |
Institutional-manager reports, all 244 managers: 8,461,951 for, 484,592 against, 112 abstained, 490 not voted. Showing the 25 largest; see all in the interactive database.
Combines 3 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
Description as filed by funds: Ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the year 2025.
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 2025”): 29,077,512 for, 508,144 against, per its Form 8-K filed May 22, 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 + AGAINST); abstentions and broker non-votes are excluded.
The 74 asset managers below reported 14,352,239 for, 2,439 against, 1,133 abstained.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,430 | 1,999 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,857 | 43 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 498,191 | 0 | 0 | 0 | For |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 95,600 | 0 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 42,925 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 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 36,536,628 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | Vanguard | 12.34% |
| 2 | BlackRock | 11.66% |
| 3 | State Street | 2.62% |
| 4 | Fidelity | 2.30% |
| 5 | Victory Capital | 1.77% |
| 6 | T. Rowe Price | 1.36% |
| 7 | Dimensional | 1.29% |
| 8 | Charles Schwab | 1.11% |
| 9 | Gabelli | 0.75% |
| 10 | TIAA | 0.45% |
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | State Street | 4.84% |
| 2 | BlackRock | 2.91% |
| 3 | T. Rowe Price | 2.45% |
| 4 | GEODE CAPITAL MANAGEMENT, LLC | 2.43% |
| 5 | Victory Capital | 2.27% |
| 6 | Charles Schwab | 1.19% |
| 7 | Northern Trust | 0.96% |
| 8 | SILVERCREST ASSET MANAGEMENT GROUP LLC | 0.85% |
| 9 | MELLON INVESTMENTS Corp | 0.72% |
| 10 | Nuveen | 0.59% |
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 | 15.76% | 13F |
| Vanguard Group | 12.49% | 13F |
| Vanguard Portfolio Management | 7.35% | 13G |
| State Street | 5.37% | 13F |
| Dimensional Fund Advisors | 2.02% | 13F |
| Charles Schwab | 1.17% | 13F |
| Northern Trust | 1.08% | 13F |
| BNY Mellon | 0.95% | 13F |
| Morgan Stanley | 0.91% | 13F |
| Nuveen | 0.58% | 13F |
Percentages above are of 36,536,628 shares outstanding, as reported by MGE ENERGY 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 MGE ENERGY INC.’s 10-Q dated March 31, 2025. This page is a static snapshot rebuilt weekly on October 18, 2026; a live search always shows the current data.
At MGE ENERGY INC.'s shareholder meeting held May 20, 2025, in the 2024-2025 proxy season, 296 asset managers reported how they voted on 5 ballot items in their SEC Form N-PX filings, covering 1,653 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 95% 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 22, 2025.
MGE ENERGY INC. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.
Download data (CSV): ballot items · votes by manager · column guide.