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PEPSICO INC. 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings and PEPSICO INC.’s Form 8-K, filed May 9, 2025 (Item 5.07 on EDGAR). Page generated October 13, 2026.

21Ballot items
1,623Asset managers
26,895Fund votes
May 7, 2025Meeting date

Results at a glance

Meeting of May 7, 2025: 21 items on PEPSICO INC.’s Form 8-K, filed May 9, 2025: 15 elected · 2 approved · 4 not approved.

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 · This season’s results screens

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

Explore PEPSICO INC. in the interactive database Compare manager voting policies

Official 2024-2025 meeting results reported by PEPSICO INC.

These tallies are PEPSICO INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed May 9, 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.

PEPSICO INC. — official shareholder meeting results, meeting held May 7, 2025
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Support (of votes cast)	Reported outcome	Voting standard
Elect Director: Segun Agbaje	997,084,816	6,133,424	3,366,147	--	175,136,261	99.3%	Elected	—
Elect Director: Jennifer Bailey	998,902,880	4,515,713	3,165,794	--	175,136,261	99.5%	Elected	—
Elect Director: Cesar Conde	942,521,900	60,710,229	3,352,258	--	175,136,261	94%	Elected	—
Elect Director: Ian Cook	960,434,436	43,384,316	2,765,635	--	175,136,261	96%	Elected	—
Elect Director: Edith W. Cooper	998,937,777	4,996,549	2,650,061	--	175,136,261	99.5%	Elected	—
Elect Director: Susan M. Diamond	998,681,181	4,749,332	3,153,874	--	175,136,261	99.5%	Elected	—
Elect Director: Dina Dublon	958,176,375	45,833,155	2,574,857	--	175,136,261	95%	Elected	—
Elect Director: Michelle Gass	998,350,647	5,018,248	3,215,492	--	175,136,261	99.4%	Elected	—
Elect Director: Ramon L. Laguarta	919,746,560	80,092,770	6,745,057	--	175,136,261	92%	Elected	—
Elect Director: Dave J. Lewis	998,640,991	5,187,989	2,755,407	--	175,136,261	99.4%	Elected	—
Elect Director: David C. Page, MD	984,600,756	15,804,729	6,178,902	--	175,136,261	98%	Elected	—
Elect Director: Robert C. Pohlad	944,200,821	59,628,054	2,755,512	--	175,136,261	94%	Elected	—
Elect Director: Daniel Vasella, MD	950,671,462	53,055,825	2,857,100	--	175,136,261	95%	Elected	—
Elect Director: Darren Walker	981,718,608	20,245,677	4,620,102	--	175,136,261	98%	Elected	—
Elect Director: Alberto Weisser	954,913,134	47,944,475	3,726,778	--	175,136,261	95%	Elected	—
2. The appointment of KPMG LLP as the independent registered public accounting firm for PepsiCo for fiscal year 2025	1,093,424,839	85,680,360	2,615,449	--	--	93%	Approved	—
3. PepsiCo's executive compensation	866,270,459	131,062,509	9,251,419	--	175,136,261	87%	Approved	—
Proposal 4: The shareholders voted against a shareholder proposal regarding a third-party assessment on non-sugar sweetener risks:	111,189,815	875,831,227	19,563,345	--	175,136,261	11%	Not approved	—
Proposal 5: The shareholders voted against a shareholder proposal regarding a third-party racial equity audit:	176,085,051	811,996,840	18,502,496	--	175,136,261	18%	Not approved	—
Proposal 6: The shareholders voted against a shareholder proposal regarding a report on risks related to biodiversity and nature loss:	174,760,012	815,059,599	16,764,776	--	175,136,261	18%	Not approved	—
Proposal 7: The shareholders voted against a shareholder proposal regarding sustainable packaging policies for plastics:	154,283,732	835,765,524	16,535,131	--	175,136,261	16%	Not approved	—

Source: PEPSICO INC., Form 8-K, filed with the SEC on May 9, 2025 — read the filing on EDGAR.

How asset managers voted at the PEPSICO INC. 2024-2025 meeting

Each item below shows how the 1,623 asset managers that disclosed a PEPSICO 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: Segun Agbaje

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%

FOR: 997,084,816AGAINST: 6,133,424

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Segun Agbaje

PEPSICO INC.’s own tally for this item (“Elect Director: Segun Agbaje”): 997,084,816 for, 6,133,424 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 99.3% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 358,514,774 for, 1,411 against, 66,406 abstained, 2,995 unknown.

FOR

FOR: 358,514,774AGAINST: 1,411ABSTAIN: 66,406UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Segun Agbaje” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

2. Elect Director: Jennifer Bailey

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 998,902,880AGAINST: 4,515,713

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Jennifer Bailey

PEPSICO INC.’s own tally for this item (“Elect Director: Jennifer Bailey”): 998,902,880 for, 4,515,713 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 99.5% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 358,514,908 for, 1,292 against, 66,391 abstained, 2,995 unknown.

FOR

FOR: 358,514,908AGAINST: 1,292ABSTAIN: 66,391UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Jennifer Bailey” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

3. Elect Director: Cesar Conde

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 942,521,900AGAINST: 60,710,229

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Cesar Conde

PEPSICO INC.’s own tally for this item (“Elect Director: Cesar Conde”): 942,521,900 for, 60,710,229 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 94% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 348,190,524 for, 10,294,107 against, 66,405 abstained, 34,550 unknown.

FOR

FOR: 348,190,524AGAINST: 10,294,107ABSTAIN: 66,405UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Cesar Conde” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	32,968,943	881,372	For
Charles Schwab	25,705,493	0	For
State Street	11,592,864	0	For
JPMorgan	0	8,668,122	Against
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	1,889,360	135,727	Mixed
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

4. Elect Director: Ian Cook

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 960,434,436AGAINST: 43,384,316

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Ian Cook

PEPSICO INC.’s own tally for this item (“Elect Director: Ian Cook”): 960,434,436 for, 43,384,316 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 96% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 358,008,586 for, 476,094 against, 66,356 abstained, 34,550 unknown.

FOR

FOR: 358,008,586AGAINST: 476,094ABSTAIN: 66,356UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Ian Cook” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

5. Elect Director: Edith W. Cooper

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 998,937,777AGAINST: 4,996,549

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Edith W. Cooper

PEPSICO INC.’s own tally for this item (“Elect Director: Edith W. Cooper”): 998,937,777 for, 4,996,549 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 358,483,459 for, 1,327 against, 97,805 abstained, 2,995 unknown.

FOR

FOR: 358,483,459AGAINST: 1,327ABSTAIN: 97,805UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Edith W. Cooper” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

6. Elect Director: Susan M. Diamond

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 998,681,181AGAINST: 4,749,332

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Susan M. Diamond

PEPSICO INC.’s own tally for this item (“Elect Director: Susan M. Diamond”): 998,681,181 for, 4,749,332 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 358,514,891 for, 1,310 against, 66,389 abstained, 2,995 unknown.

FOR

FOR: 358,514,891AGAINST: 1,310ABSTAIN: 66,389UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Susan M. Diamond” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

7. Elect Director: Dina Dublon

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 958,176,375AGAINST: 45,833,155

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Dina Dublon

PEPSICO INC.’s own tally for this item (“Elect Director: Dina Dublon”): 958,176,375 for, 45,833,155 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 95% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 357,613,073 for, 871,622 against, 66,341 abstained, 34,550 unknown.

FOR

FOR: 357,613,073AGAINST: 871,622ABSTAIN: 66,341UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Dina Dublon” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

8. Elect Director: Ramon L. Laguarta

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

92% Majority: yes · of votes cast

FOR 92%

FOR: 919,746,560AGAINST: 80,092,770

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Ramon L. Laguarta

PEPSICO INC.’s own tally for this item (“Elect Director: Ramon L. Laguarta”): 919,746,560 for, 80,092,770 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 92% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 358,234,004 for, 250,693 against, 66,339 abstained, 34,550 unknown.

FOR

FOR: 358,234,004AGAINST: 250,693ABSTAIN: 66,339UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Ramon L. Laguarta” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,778	86	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

9. Elect Director: Dave J. Lewis

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 998,640,991AGAINST: 5,187,989

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Dave J. Lewis

PEPSICO INC.’s own tally for this item (“Elect Director: Dave J. Lewis”): 998,640,991 for, 5,187,989 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 99.4% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 358,103,064 for, 413,172 against, 66,355 abstained, 2,995 unknown.

FOR

FOR: 358,103,064AGAINST: 413,172ABSTAIN: 66,355UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Dave J. Lewis” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

10. Elect Director: David C. Page, MD

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 984,600,756AGAINST: 15,804,729

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: David C. Page

PEPSICO INC.’s own tally for this item (“Elect Director: David C. Page, MD”): 984,600,756 for, 15,804,729 against, per its Form 8-K filed May 9, 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: Elected, in the filing’s own words: “(1) The following 15 persons were elected to serve as directors of PepsiCo:”
Support: 98% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 243 asset managers below reported 357,817,255 for, 667,145 against, 66,636 abstained, 34,550 unknown.

FOR

FOR: 357,817,255AGAINST: 667,145ABSTAIN: 66,636UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: David C. Page” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

11. Elect Director: Robert C. Pohlad

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 944,200,821AGAINST: 59,628,054

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Robert C. Pohlad

PEPSICO INC.’s own tally for this item (“Elect Director: Robert C. Pohlad”): 944,200,821 for, 59,628,054 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 348,969,114 for, 9,515,567 against, 66,355 abstained, 34,550 unknown.

FOR

FOR: 348,969,114AGAINST: 9,515,567ABSTAIN: 66,355UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Robert C. Pohlad” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	129,799,952	7,788,009	Mixed
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,864	0	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

12. Elect Director: Daniel Vasella, MD

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 7 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 950,671,462AGAINST: 53,055,825

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Daniel Vasella

PEPSICO INC.’s own tally for this item (“Elect Director: Daniel Vasella, MD”): 950,671,462 for, 53,055,825 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 357,903,105 for, 581,567 against, 66,363 abstained, 34,550 unknown.

FOR

FOR: 357,903,105AGAINST: 581,567ABSTAIN: 66,363UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Daniel Vasella” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

13. Elect Director: Darren Walker

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 981,718,608AGAINST: 20,245,677

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Darren Walker

PEPSICO INC.’s own tally for this item (“Elect Director: Darren Walker”): 981,718,608 for, 20,245,677 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 352,000,807 for, 6,515,276 against, 66,508 abstained, 2,995 unknown.

FOR

FOR: 352,000,807AGAINST: 6,515,276ABSTAIN: 66,508UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Darren Walker” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,864	0	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	0	6,133,735	Against
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	1,998,298	26,789	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

14. Elect Director: Alberto Weisser

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 954,913,134AGAINST: 47,944,475

Details: description as filed, official tally, votes by 243 asset managers

Description as filed by funds: Election of Directors: Alberto Weisser

PEPSICO INC.’s own tally for this item (“Elect Director: Alberto Weisser”): 954,913,134 for, 47,944,475 against, per its Form 8-K filed May 9, 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.

The 243 asset managers below reported 357,997,092 for, 487,519 against, 66,425 abstained, 34,550 unknown.

FOR

FOR: 357,997,092AGAINST: 487,519ABSTAIN: 66,425UNKNOWN: 34,550

Largest asset managers voting on “Election of Directors: Alberto Weisser” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	137,587,961	0	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 243 asset managers. See all 243 in the interactive database.

15. Elect Director: Michelle Gass

Official resultDIRECTOR ELECTIONSReported outcome: Elected

Combines 6 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 998,350,647AGAINST: 5,018,248

Details: description as filed, official tally, votes by 242 asset managers

Description as filed by funds: Election of Directors: Michelle Gass

PEPSICO INC.’s own tally for this item (“Elect Director: Michelle Gass”): 998,350,647 for, 5,018,248 against, per its Form 8-K filed May 9, 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.

The 242 asset managers below reported 358,070,491 for, 413,148 against, 97,852 abstained, 2,995 unknown.

FOR

FOR: 358,070,491AGAINST: 413,148ABSTAIN: 97,852UNKNOWN: 2,995

Largest asset managers voting on “Election of Directors: Michelle Gass” at PEPSICO INC., 2024-2025
Asset manager	For	Vote
Vanguard	137,587,961	For
BlackRock	41,693,561	For
Fidelity	33,850,315	For
Charles Schwab	25,705,493	For
State Street	11,592,864	For
JPMorgan	8,668,122	For
Capital Group	7,630,830	For
Dimensional	6,133,735	For
Franklin Custodian Funds	5,998,893	For
MFS	5,889,321	For
TIAA	5,619,213	For
Invesco	3,587,338	For
INVESTMENT CO OF AMERICA	3,567,556	For
WisdomTree	3,181,494	For
ProShares	3,118,906	For
American Century	2,900,012	For
T. Rowe Price	2,778,845	For
FRANKLIN MANAGED TRUST	2,510,000	For
Columbia Threadneedle	2,491,035	For
MASTER INVESTMENT PORTFOLIO	2,127,223	For
Jackson National	2,025,087	For
First Trust	2,000,968	For
Jensen Quality Growth Fund Inc	1,889,000	For
AMG FUNDS	1,683,500	For
Victory Capital	1,527,241	For

Showing the 25 largest of 242 asset managers. See all 242 in the interactive database.

16. 3. PepsiCo's executive compensation

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

Combines 38 wordings of this item as funds reported it.

87% Approved · of votes cast

FOR 87%

FOR: 866,270,459AGAINST: 131,062,509

Details: description as filed, official tally, votes by 1,504 asset managers

Description as filed by funds: Advisory approval of the Company's executive compensation.

PEPSICO INC.’s own tally for this item (“3. PepsiCo's executive compensation”): 866,270,459 for, 131,062,509 against — passed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “(3) The shareholders approved, on an advisory basis, PepsiCo's executive compensation:”
Support: 87% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

Also reported under other wordings, matched to the same row of PEPSICO 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” (66 managers, Fund and manager reports combined; may count the same shares twice; no share total shown); “SECTION 14A EXECUTIVE COMPENSATION” (35 managers, 388,188 for, 41,520 against, 25,501 unknown); “Say on Pay” (7 managers, 451,462 for); “COMPENSATION” (3 managers, 22,561 for); “SECTION 14A SAY-ON-PAY VOTES” (3 managers, 5,565 for); “To approve, by an advisory vote, the compensation of the Company's named executives” (3 managers, 3,533 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: 218 asset managers voting on “Advisory approval of the Company's executive compensation.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	129,799,952	7,788,009	Mixed
BlackRock	41,681,771	11,790	For
Fidelity	32,968,943	881,372	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	0	8,668,122	Against
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	1,889,360	135,727	Mixed
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Fund voting reports, all 218 managers: 337,369,223 for, 19,987,210 against, 93,262 abstained. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 1,316 asset managers voting on “Advisory approval of the Company's executive compensation.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
BlackRock	46,958,892	26,497	For
State Street	33,861,517	465,319	For
GEODE CAPITAL MANAGEMENT, LLC	32,093,030	0	For
Charles Schwab	25,854,120	0	For
Legal & General Investment Management Ltd	13,817	14,350,847	Against
Northern Trust	14,099,091	157,796	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	12,837,005	0	For
Capital Research Global Investors	11,388,308	0	For
FRANKLIN ADVISERS INC	11,074,706	0	For
Wellington	0	9,900,902	Against
Invesco	9,211,354	0	For
Vanguard	9,069,645	0	For
BANK OF AMERICA NA	8,291,294	0	For
T. Rowe Price	7,701,584	85,472	For
Fisher Asset Management, LLC	6,952,371	0	For
Nuveen	6,694,987	0	For
MELLON INVESTMENTS Corp	6,545,257	0	For
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM	6,463,686	0	For
UBS	5,860,780	147,826	For
Amundi	0	5,725,895	Against
PARAMETRIC PORTFOLIO ASSOCIATES LLC	0	4,980,341	Against
FLOSSBACH VON STORCH SE	4,894,806	0	For
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	4,160,441	0	For
Fidelity	4,118,647	0	For
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4,021,402	18,600	For

Institutional-manager reports, all 1,316 managers: 448,648,734 for, 65,068,491 against, 200 withheld, 234,042 abstained, 164,737 not voted, 35,017 unknown. Showing the 25 largest; see all in the interactive database.

17. 2. The appointment of KPMG LLP as the independent registered public accounting firm for PepsiCo for fiscal year 2025

Official resultAUDIT-RELATEDReported outcome: Approved

Combines 10 wordings of this item as funds reported it.

93% Approved · of votes cast

FOR 93%

FOR: 1,093,424,839AGAINST: 85,680,360

Details: description as filed, official tally, votes by 252 asset managers

Description as filed by funds: Ratification of appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2025.

PEPSICO INC.’s own tally for this item (“2. The appointment of KPMG LLP as the independent registered public accounting firm for PepsiCo for fiscal year 2025”): 1,093,424,839 for, 85,680,360 against — passed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Approved, in the filing’s own words: “(2) The shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for PepsiCo for fiscal year 2025:”
Support: 93% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 252 asset managers below reported 354,955,056 for, 3,555,309 against, 68,438 abstained, 31,555 unknown.

FOR

FOR: 354,955,056AGAINST: 3,555,309ABSTAIN: 68,438UNKNOWN: 31,555

Largest asset managers voting on “Ratification of appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	136,192,693	1,395,268	For
BlackRock	41,693,561	0	For
Fidelity	33,850,315	0	For
Charles Schwab	25,705,493	0	For
State Street	11,592,531	333	For
JPMorgan	8,668,122	0	For
Capital Group	7,630,830	0	For
Dimensional	6,133,735	0	For
Franklin Custodian Funds	5,998,893	0	For
MFS	5,889,321	0	For
TIAA	5,619,213	0	For
Invesco	3,587,338	0	For
INVESTMENT CO OF AMERICA	3,567,556	0	For
WisdomTree	3,181,494	0	For
ProShares	3,118,906	0	For
American Century	2,900,012	0	For
T. Rowe Price	2,778,845	0	For
FRANKLIN MANAGED TRUST	2,510,000	0	For
Columbia Threadneedle	2,491,035	0	For
MASTER INVESTMENT PORTFOLIO	2,127,223	0	For
Jackson National	2,025,087	0	For
First Trust	2,000,968	0	For
Jensen Quality Growth Fund Inc	1,889,000	0	For
AMG FUNDS	1,683,500	0	For
Victory Capital	1,527,241	0	For

Showing the 25 largest of 252 asset managers. See all 252 in the interactive database.

18. Proposal 5: The shareholders voted against a shareholder proposal regarding a third-party racial equity audit:

Official resultDIVERSITY, EQUITY, AND INCLUSIONReported outcome: Not approved

Combines 9 wordings of this item as funds reported it.

18% Not approved · of votes cast

FOR 18%AGAINST

FOR: 176,085,051AGAINST: 811,996,840

Details: description as filed, official tally, votes by 245 asset managers

Description as filed by funds: Shareholder Proposal - Third-Party Racial Equity Audit.

PEPSICO INC.’s own tally for this item (“Proposal 5: The shareholders voted against a shareholder proposal regarding a third-party racial equity audit:”): 176,085,051 for, 811,996,840 against — failed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Not approved, in the filing’s own words: “(5) The shareholders voted against a shareholder proposal regarding a third-party racial equity audit:”
Support: 18% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 245 asset managers below reported 11,141,703 for, 343,890,122 against, 3,529,142 abstained, 300 not voted, 31,555 unknown.

AGAINST

FOR: 11,141,703AGAINST: 343,890,122ABSTAIN: 3,529,142UNKNOWN: 31,555NOT VOTED: 300

Largest asset managers voting on “Shareholder Proposal - Third-Party Racial Equity Audit.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	0	137,587,961	0	Against
BlackRock	37,412	41,656,149	0	Against
Fidelity	0	33,850,315	0	Against
Charles Schwab	0	25,705,493	0	Against
State Street	2,737	11,590,127	0	Against
JPMorgan	0	8,668,122	0	Against
Capital Group	0	7,630,830	0	Against
Dimensional	0	6,133,735	0	Against
Franklin Custodian Funds	498,893	5,500,000	0	Mixed
MFS	0	5,889,321	0	Against
TIAA	0	5,619,213	0	Against
Invesco	0	3,587,338	0	Against
INVESTMENT CO OF AMERICA	0	3,567,556	0	Against
WisdomTree	0	3,181,494	0	Against
ProShares	0	3,118,906	0	Against
American Century	0	2,900,012	0	Against
T. Rowe Price	0	2,778,845	0	Against
FRANKLIN MANAGED TRUST	2,510,000	0	0	For
Columbia Threadneedle	0	0	2,491,035	Abstain
MASTER INVESTMENT PORTFOLIO	0	2,127,223	0	Against
Jackson National	0	2,025,087	0	Against
First Trust	0	2,000,968	0	Against
Jensen Quality Growth Fund Inc	0	1,889,000	0	Against
AMG FUNDS	0	1,683,500	0	Against
Victory Capital	0	1,527,241	0	Against

Showing the 25 largest of 245 asset managers. See all 245 in the interactive database.

19. Proposal 4: The shareholders voted against a shareholder proposal regarding a third-party assessment on non-sugar…

Official resultOTHER SOCIAL ISSUESReported outcome: Not approved

Combines 8 wordings of this item as funds reported it.

11% Not approved · of votes cast

11%AGAINST

FOR: 111,189,815AGAINST: 875,831,227

Details: description as filed, official tally, votes by 244 asset managers

Description as filed by funds: Shareholder Proposal - Third-Party Assessment on Non-Sugar Sweetener Risks.

PEPSICO INC.’s own tally for this item (“Proposal 4: The shareholders voted against a shareholder proposal regarding a third-party assessment on non-sugar sweetener risks:”): 111,189,815 for, 875,831,227 against — failed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Not approved, in the filing’s own words: “(4) The shareholders voted against a shareholder proposal regarding a third-party assessment on non-sugar sweetener risks:”
Support: 11% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 244 asset managers below reported 2,969,633 for, 354,551,782 against, 1,038,197 abstained, 300 not voted, 31,555 unknown.

AGAINST

FOR: 2,969,633AGAINST: 354,551,782ABSTAIN: 1,038,197UNKNOWN: 31,555NOT VOTED: 300

Largest asset managers voting on “Shareholder Proposal - Third-Party Assessment on Non-Sugar Sweetener Risks.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	0	137,587,961	Against
BlackRock	30,156	41,663,405	Against
Fidelity	0	33,850,315	Against
Charles Schwab	0	25,705,493	Against
State Street	2,737	11,590,127	Against
JPMorgan	0	8,668,122	Against
Capital Group	0	7,630,830	Against
Dimensional	0	6,133,735	Against
Franklin Custodian Funds	0	5,998,893	Against
MFS	0	5,889,321	Against
TIAA	0	5,619,213	Against
Invesco	0	3,587,338	Against
INVESTMENT CO OF AMERICA	0	3,567,556	Against
WisdomTree	0	3,181,494	Against
ProShares	0	3,118,906	Against
American Century	0	2,900,012	Against
T. Rowe Price	0	2,778,845	Against
FRANKLIN MANAGED TRUST	0	2,510,000	Against
Columbia Threadneedle	0	2,491,035	Against
MASTER INVESTMENT PORTFOLIO	0	2,127,223	Against
Jackson National	0	2,025,087	Against
First Trust	0	2,000,968	Against
Jensen Quality Growth Fund Inc	0	1,889,000	Against
AMG FUNDS	0	1,683,500	Against
Victory Capital	0	1,527,241	Against

Showing the 25 largest of 244 asset managers. See all 244 in the interactive database.

20. Proposal 6: The shareholders voted against a shareholder proposal regarding a report on risks related to biodiversity…

Official resultENVIRONMENT OR CLIMATEReported outcome: Not approved

Combines 7 wordings of this item as funds reported it.

18% Not approved · of votes cast

FOR 18%AGAINST

FOR: 174,760,012AGAINST: 815,059,599

Details: description as filed, official tally, votes by 244 asset managers

Description as filed by funds: Shareholder Proposal - Report on Risks Related to Biodiversity and Nature Loss.

PEPSICO INC.’s own tally for this item (“Proposal 6: The shareholders voted against a shareholder proposal regarding a report on risks related to biodiversity and nature loss:”): 174,760,012 for, 815,059,599 against — failed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Not approved, in the filing’s own words: “(6) The shareholders voted against a shareholder proposal regarding a report on risks related to biodiversity and nature loss:”
Support: 18% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 244 asset managers below reported 5,186,932 for, 352,366,261 against, 1,037,973 abstained, 300 not voted.

AGAINST

FOR: 5,186,932AGAINST: 352,366,261ABSTAIN: 1,037,973NOT VOTED: 300

Largest asset managers voting on “Shareholder Proposal - Report on Risks Related to Biodiversity and Nature Loss.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	0	137,587,961	Against
BlackRock	30,156	41,663,405	Against
Fidelity	620,994	33,229,321	Against
Charles Schwab	0	25,705,493	Against
State Street	2,737	11,590,127	Against
JPMorgan	0	8,668,122	Against
Capital Group	0	7,630,830	Against
Dimensional	193,918	5,939,817	Against
Franklin Custodian Funds	0	5,998,893	Against
MFS	0	5,889,321	Against
TIAA	0	5,619,213	Against
Invesco	0	3,587,338	Against
INVESTMENT CO OF AMERICA	0	3,567,556	Against
WisdomTree	0	3,181,494	Against
ProShares	0	3,118,906	Against
American Century	0	2,900,012	Against
T. Rowe Price	0	2,778,845	Against
FRANKLIN MANAGED TRUST	0	2,510,000	Against
Columbia Threadneedle	0	2,491,035	Against
MASTER INVESTMENT PORTFOLIO	0	2,127,223	Against
Jackson National	0	2,025,087	Against
First Trust	0	2,000,968	Against
Jensen Quality Growth Fund Inc	0	1,889,000	Against
AMG FUNDS	0	1,683,500	Against
Victory Capital	0	1,527,241	Against

Showing the 25 largest of 244 asset managers. See all 244 in the interactive database.

21. Proposal 7: The shareholders voted against a shareholder proposal regarding sustainable packaging policies for plastics:

Official resultENVIRONMENT OR CLIMATEReported outcome: Not approved

Combines 7 wordings of this item as funds reported it.

16% Not approved · of votes cast

FOR 16%AGAINST

FOR: 154,283,732AGAINST: 835,765,524

Details: description as filed, official tally, votes by 244 asset managers

Description as filed by funds: Shareholder Proposal - Sustainable Packaging Policies for Plastics.

PEPSICO INC.’s own tally for this item (“Proposal 7: The shareholders voted against a shareholder proposal regarding sustainable packaging policies for plastics:”): 154,283,732 for, 835,765,524 against — failed, per its Form 8-K filed May 9, 2025 (Item 5.07).

Reported outcome: Not approved, in the filing’s own words: “(7) The shareholders voted against a shareholder proposal regarding sustainable packaging policies for plastics:”
Support: 16% of votes cast — FOR ÷ (FOR + AGAINST); abstentions and broker non-votes are excluded.

The 244 asset managers below reported 9,639,569 for, 347,886,364 against, 1,037,955 abstained, 300 not voted, 27,279 unknown.

AGAINST

FOR: 9,639,569AGAINST: 347,886,364ABSTAIN: 1,037,955UNKNOWN: 27,279NOT VOTED: 300

Largest asset managers voting on “Shareholder Proposal - Sustainable Packaging Policies for Plastics.” at PEPSICO INC., 2024-2025
Asset manager	For	Against	Vote
Vanguard	0	137,587,961	Against
BlackRock	30,156	41,663,405	Against
Fidelity	0	33,850,315	Against
Charles Schwab	0	25,705,493	Against
State Street	2,737	11,590,127	Against
JPMorgan	0	8,668,122	Against
Capital Group	0	7,630,830	Against
Dimensional	193,918	5,939,817	Against
Franklin Custodian Funds	0	5,998,893	Against
MFS	0	5,889,321	Against
TIAA	5,619,213	0	For
Invesco	0	3,587,338	Against
INVESTMENT CO OF AMERICA	0	3,567,556	Against
WisdomTree	0	3,181,494	Against
ProShares	0	3,118,906	Against
American Century	0	2,900,012	Against
T. Rowe Price	0	2,778,845	Against
FRANKLIN MANAGED TRUST	0	2,510,000	Against
Columbia Threadneedle	0	2,491,035	Against
MASTER INVESTMENT PORTFOLIO	0	2,127,223	Against
Jackson National	0	2,025,087	Against
First Trust	0	2,000,968	Against
Jensen Quality Growth Fund Inc	0	1,889,000	Against
AMG FUNDS	0	1,683,500	Against
Victory Capital	0	1,527,241	Against

Showing the 25 largest of 244 asset managers. See all 244 in the interactive database.

Not shown here: this season’s fund filings also report 1 item from the meeting of May 1, 2024, which belongs to the 2023-2024 season. A meeting outside this season’s July 1 to June 30 window is not counted in this page’s items or in its totals of asset managers and fund votes.

Largest PEPSICO INC. 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 1,371,079,540 shares outstanding at the time of that meeting.

Fund voting reports: top PEPSICO INC. shareholders by shares voted on “Ratification of appointment of KPMG LLP as our independent registered public accounting firm…”, 2024-2025
#	Asset manager	% of shares outstanding
1	Vanguard	10.04%
2	BlackRock	3.04%
3	Fidelity	2.47%
4	Charles Schwab	1.87%
5	State Street	0.85%
6	JPMorgan	0.63%
7	Capital Group	0.56%
8	Dimensional	0.45%
9	Franklin Custodian Funds	0.44%
10	MFS	0.43%

Institutional-manager reports: top PEPSICO INC. shareholders by shares voted on “Advisory approval of the Company's executive compensation.”, 2024-2025
#	Asset manager	% of shares outstanding
1	BlackRock	3.43%
2	State Street	2.50%
3	GEODE CAPITAL MANAGEMENT, LLC	2.34%
4	Charles Schwab	1.89%
5	Legal & General Investment Management Ltd	1.05%
6	Northern Trust	1.04%
7	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.94%
8	Capital Research Global Investors	0.83%
9	FRANKLIN ADVISERS INC	0.81%
10	Wellington	0.72%

Reported PEPSICO 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.

PEPSICO INC. holdings and ownership disclosed for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
The Vanguard Group	9.58%	DEF14A
BlackRock, Inc.	8.16%	DEF14A
State Street	4.19%	13F
JPMorgan Chase	2.58%	13F
Geode Capital	2.38%	13F
Charles Schwab	1.93%	13F
Morgan Stanley	1.90%	13F
Norges Bank	1.22%	13F
Northern Trust	1.19%	13F
BNY Mellon	1.03%	13F

Percentages above are of 1,371,079,540 shares outstanding, as reported by PEPSICO INC. on its Form 10-Q dated April 17, 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.

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 PEPSICO INC.’s 10-Q dated April 17, 2025. This page is a static snapshot rebuilt weekly on October 13, 2026; a live search always shows the current data.

At PEPSICO INC.'s shareholder meeting held May 7, 2025, in the 2024-2025 proxy season, 1,623 asset managers reported how they voted on 21 ballot items in their SEC Form N-PX filings, covering 26,895 separate fund positions. On the most widely held item on that ballot — Advisory approval of the Company's executive compensation. — PEPSICO INC.'s filing reports the proposal as approved, with 87% 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: PEPSICO INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on May 9, 2025.

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

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