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Telefonica SA 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings. Page generated October 14, 2026.

  • 46Reported items
  • 162Asset managers
  • 3,153Fund votes
  • March 25, 2026Meeting date

Results at a glance

No official results are on file for this meeting: no Form 8-K tally (Item 5.07) from Telefonica SA has been matched to it. The figures below are the funds’ own votes from Form N-PX. They are not the meeting result, so they are not used to judge dissent.

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 Telefonica SA in the interactive database Compare manager voting policies

How asset managers voted at the Telefonica SA 2025-2026 meeting

Each item below shows how the 162 asset managers that disclosed a Telefonica SA vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of Telefonica SA’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Elect Jane Thompson as Director

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Elect Jane Thompson as Director” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

2. Ratify Appointment of and Elect Anna Martinez Balana as Director

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Ratify Appointment of and Elect Anna Martinez Balana as Director” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

3. Ratify Appointment of and Elect Cesar Mascaraque Alonso as Director

No official resultsDIRECTOR ELECTIONS

99.6% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 285,091,347 for, 1,012,043 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 285,091,347AGAINST: 1,012,043
Largest asset managers voting on “Ratify Appointment of and Elect Cesar Mascaraque Alonso as Director” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity29,068,8221,012,043 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

4. Ratify Appointment of and Elect Monica Rey Amado as Director

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Ratify Appointment of and Elect Monica Rey Amado as Director” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

5. Reelect Maria Luisa Garcia Blanco as Director

No official resultsDIRECTOR ELECTIONS

99.6% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 284,967,142 for, 1,136,248 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 284,967,142AGAINST: 1,136,248
Largest asset managers voting on “Reelect Maria Luisa Garcia Blanco as Director” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity29,068,8221,012,043 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

6. APPOINTMENT OF "MS. JANE THOMPSON" AS AN INDEPENDENT DIRECTOR

No official resultsDIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 12 asset managers

The 12 asset managers below reported 31,934,678 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,934,678UNKNOWN: 53,575
Largest asset managers voting on “APPOINTMENT OF "MS. JANE THOMPSON" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Ultimus Managers Trust344,9320 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--
FORUM FUNDS34,1190 00For

7. APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2025

No official resultsDIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2025” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

8. RATIFICATION AND APPOINTMENT OF "MR. CESAR MASCARAQUE ALONSO" AS AN INDEPENDENT DIRECTOR

No official resultsDIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MR. CESAR MASCARAQUE ALONSO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

9. RATIFICATION AND APPOINTMENT OF "MS. ANNA MARTINEZ BALANA" AS AN INDEPENDENT DIRECTOR

No official resultsDIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MS. ANNA MARTINEZ BALANA" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

10. RATIFICATION AND APPOINTMENT OF "MS. MONICA REY AMADO" AS AN INDEPENDENT DIRECTOR

No official resultsDIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MS. MONICA REY AMADO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

11. RE-ELECTION OF "MS. MARIA LUISA GARCIA BLANCO" AS AN INDEPENDENT DIRECTOR

No official resultsDIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

99% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,150,984 for, 404,643 against, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,150,984AGAINST: 404,643UNKNOWN: 53,575
Largest asset managers voting on “RE-ELECTION OF "MS. MARIA LUISA GARCIA BLANCO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust220,916404,643 00Mixed
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

12. Elect Jane Thompson

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Elect Jane Thompson” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

13. Elect Maria Luisa Garcia Blanco

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Elect Maria Luisa Garcia Blanco” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

14. Approve Treatment of Net Loss

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Approve Treatment of Net Loss” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

15. Approve Consolidated and Standalone Financial Statements

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Approve Consolidated and Standalone Financial Statements” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

16. Approve Discharge of Board

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Approve Discharge of Board” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

17. Approve Dividends Charged Against Unrestricted Reserves

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Approve Dividends Charged Against Unrestricted Reserves” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

18. SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES

No official resultsCAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 12 asset managers

The 12 asset managers below reported 31,934,678 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,934,678UNKNOWN: 53,575
Largest asset managers voting on “SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Ultimus Managers Trust344,9320 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--
FORUM FUNDS34,1190 00For

19. APPROVAL OF THE ANNUAL ACCOUNTS AND OF THE MANAGEMENT REPORT OF BOTH TELEFONICA, S.A. AND ITS CONSOLIDATED GROUP OF…

No official resultsCORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 10 asset managers

Description as filed by funds: APPROVAL OF THE ANNUAL ACCOUNTS AND OF THE MANAGEMENT REPORT OF BOTH TELEFONICA, S.A. AND ITS CONSOLIDATED GROUP OF COMPANIES FOR FISCAL YEAR 2025

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “APPROVAL OF THE ANNUAL ACCOUNTS AND OF THE MANAGEMENT REPORT OF BOTH TELEFONICA, S.A. AND ITS CONSOLIDATED GRO” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

20. APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2025

No official resultsCORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 10 asset managers

The 10 asset managers below reported 31,555,627 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,555,627UNKNOWN: 53,575
Largest asset managers voting on “APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2025” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

21. Accounts and Reports

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Accounts and Reports” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

22. Allocation of Profits/Dividends

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Allocation of Profits/Dividends” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

23. Ratification of Board Acts

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Ratification of Board Acts” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

24. Approve Non-Financial Information Statement

No official resultsCORPORATE GOVERNANCEENVIRONMENT OR CLIMATEHUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCEDIVERSITY, EQUITY, AND INCLUSION

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 284,042,110 for, 2,061,280 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 284,042,110ABSTAIN: 2,061,280
Largest asset managers voting on “Approve Non-Financial Information Statement” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica00 2,045,0590Abstain
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

25. APPROVAL OF THE STATEMENT OF NON-FINANCIAL INFORMATION AND SUSTAINABILITY INFORMATION OF THE CONSOLIDATED GROUP OF…

No official resultsOTHER SOCIAL ISSUES

Combines 3 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 10 asset managers

Description as filed by funds: APPROVAL OF THE STATEMENT OF NON-FINANCIAL INFORMATION AND SUSTAINABILITY INFORMATION OF THE CONSOLIDATED GROUP OF COMPANIES LED BY TELEFONICA, S.A. FOR FISCAL YEAR 2025 INCLUDED IN THE CONSOLIDATED MANAGEMENT REPORT OF TELEFONICA, S.A. AND OF ITS GROUP OF COMPANIES FOR SUCH FISCAL YEAR

The 10 asset managers below reported 30,206,627 for, 1,349,000 abstained, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 30,206,627ABSTAIN: 1,349,000UNKNOWN: 53,575
Largest asset managers voting on “APPROVAL OF THE STATEMENT OF NON-FINANCIAL INFORMATION AND SUSTAINABILITY INFORMATION OF THE CONSOLIDATED GROU” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli00 1,349,0000Abstain
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--

26. Authorize Board to Ratify and Execute Approved Resolutions

No official resultsCORPORATE GOVERNANCE

99.9% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,015,803 for, 87,587 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,015,803AGAINST: 87,587
Largest asset managers voting on “Authorize Board to Ratify and Execute Approved Resolutions” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

27. DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDERS AT THE…

No official resultsCORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 12 asset managers

Description as filed by funds: DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDERS AT THE GENERAL SHAREHOLDERS' MEETING

The 12 asset managers below reported 31,988,253 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,988,253
Largest asset managers voting on “DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDER” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Ultimus Managers Trust344,9320 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC53,5750 00For
FORUM FUNDS34,1190 00For

28. Authorisation of Legal Formalities

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Authorisation of Legal Formalities” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

29. Consultative vote on the 2025 Annual Report on Directors' Remuneration.

No official resultsFund totals may overlapSECTION 14A SAY-ON-PAY VOTES

Combines 5 wordings of this item as funds reported it.

75% Fund and manager reports combined; may count the same shares twice · no official result

FORAGAINST
Details: votes by 109 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 11 asset managers voting on “Consultative vote on the 2025 Annual Report on Directors' Remuneration.” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,149,423170,055 00For
Pacer Funds Trust07,009,606 00Against
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust220,916404,643 00Mixed
John Hancock0587,649 00Against
Ultimus Managers Trust344,9320 00For
Jackson National0187,277 00Against
EA Series Trust113,2530 00For
FORUM FUNDS39,1190 00For

Fund voting reports, all 11 managers: 23,580,448 for, 8,359,230 against.

Institutional-manager reports: 100 asset managers voting on “Consultative vote on the 2025 Annual Report on Directors' Remuneration.” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock83,832,64127,772,713 9,7560Mixed
Northern Trust2,829,4663,961 00For
Ethic Inc.378,5520 00For
Siemens Fonds Invest GmbH338,6940 00For
1832 Asset Management L.P.03,047 216,9280Abstain
ENVESTNET ASSET MANAGEMENT INC0180,192 00Against
MITCHELL & PAHL PRIVATE WEALTH, LLC172,1320 00For
OPPENHEIMER & CO INC0146,310 00Against
Korea Investment CORP0116,309 00Against
AUXIER ASSET MANAGEMENT LLC116,1290 00For
Pathstone Holdings, LLC114,1960 00For
ASSETMARK, INC0110,752 00Against
First Trust34,05751,922 00Mixed
Gabelli76,0000 00For
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC66,4420 00For
SCOTIA CAPITAL INC.063,265 00Against
WELLS FARGO BANK N A62,0560 00For
NATIONAL BANK INVESTMENTS INC.061,775 00Against
O'SHAUGHNESSY ASSET MANAGEMENT, LLC054,364 00Against
ZEVIN ASSET MANAGEMENT LLC00 00--
Callan Family Office, LLC44,5050 00For
KEYBANK NATIONAL ASSOCIATION/OH044,429 00Against
MERCER GLOBAL ADVISORS INC /ADV38,1020 00For
Natixis029,769 00Against
Westfuller Advisors, LLC28,6860 00For

Institutional-manager reports, all 100 managers: 88,272,546 for, 28,767,058 against, 248,909 abstained, 53,575 unknown. Showing the 25 largest; see all in the interactive database.

30. Advisory Vote on Remuneration Report

80% Fund and manager reports combined; may count the same shares twice · no official result

FORAGAINST
Details: votes by 47 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 45 asset managers voting on “Advisory Vote on Remuneration Report” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock108,218,7004,820,571 00For
Fidelity030,080,865 00Against
First Trust02,295,234 00Against
TIAA2,220,2180 00For
State Street02,136,117 00Against
PIMCO02,134,995 00Against
AIG/SunAmerica02,045,059 00Against
DWS01,725,873 00Against
JPMorgan01,708,085 00Against
WisdomTree01,683,648 00Against
Dimensional01,448,717 00Against
American Century01,254,079 00Against
Northern Trust1,161,37021,267 00For
MASTER INVESTMENT PORTFOLIO197,373864,071 00Mixed
Franklin Templeton0791,557 00Against
Lincoln Financial0637,310 00Against
Empower0449,410 00Against
Goldman Sachs0380,545 00Against
AQR0273,844 00Against
Equitable61,101178,051 00Mixed
Principal0233,922 00Against
Calvert0213,829 00Against
BNY Mellon0195,444 00Against
HC CAPITAL TRUST0147,147 00Against

Fund voting reports, all 45 managers: 229,397,541 for, 56,705,849 against. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 4 asset managers voting on “Advisory Vote on Remuneration Report” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock37,130,3213,541,720 00Mixed
APG Asset Management US Inc.07,864,651 00Against
JPMorgan072,056 00Against
Purpose Unlimited Inc.0655 00Against

Institutional-manager reports, all 4 managers: 37,130,321 for, 11,479,082 against.

31. Approve Remuneration Policy

99.9% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 45 asset managers voting on “Approve Remuneration Policy” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Fund voting reports, all 45 managers: 286,102,020 for, 1,370 against. Showing the 25 largest; see all in the interactive database.

Institutional-manager reports: 2 asset managers voting on “Approve Remuneration Policy” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock37,130,3210 00For
Purpose Unlimited Inc.6550 00For

Institutional-manager reports, all 2 managers: 37,130,976 for.

32. APPROVAL OF THE REMUNERATION POLICY FOR THE DIRECTORS OF TELEFONICA, S.A

No official resultsFund totals may overlapSECTION 14A SAY-ON-PAY VOTES

Combines 4 wordings of this item as funds reported it.

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 14 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 9 asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR THE DIRECTORS OF TELEFONICA, S.A” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For

Fund voting reports, all 9 managers: 31,555,627 for.

Institutional-manager reports: 6 asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR THE DIRECTORS OF TELEFONICA, S.A” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock111,605,3540 9,7560For
Ethic Inc.378,5520 00For
MITCHELL & PAHL PRIVATE WEALTH, LLC172,1320 00For
ZEVIN ASSET MANAGEMENT LLC00 00--
Janney Montgomery Scott LLC1,7600 00For
BIRCHBROOK, INC.800 00For

Institutional-manager reports, all 6 managers: 112,157,878 for, 9,756 abstained, 53,575 unknown.

33. Remuneration Policy

90% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 9 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 8 asset managers voting on “Remuneration Policy” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

Fund voting reports, all 8 managers: 21,919,853 for, 201,176 abstained.

Institutional-manager reports: 1 asset manager voting on “Remuneration Policy” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Union Investment Management GmbH02,424,720 00Against

Institutional-manager reports, all 1 managers: 2,424,720 against.

34. Remuneration Report

0.1% Fund and manager reports combined; may count the same shares twice · no official result

AGAINST
Details: votes by 9 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 8 asset managers voting on “Remuneration Report” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab021,355,406 00Against
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust0167,790 00Against
SEI0152,449 00Against
Global X0140,893 00Against
Russell Investments087,775 00Against
Prudential/PGIM8,8480 00For
Adviser Managed Trust06,692 00Against

Fund voting reports, all 8 managers: 8,848 for, 21,911,005 against, 201,176 abstained.

Institutional-manager reports: 1 asset manager voting on “Remuneration Report” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Union Investment Management GmbH02,424,720 00Against

Institutional-manager reports, all 1 managers: 2,424,720 against.

35. Appoint PricewaterhouseCoopers as Auditor for FY 2027, 2028 and 2029

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Appoint PricewaterhouseCoopers as Auditor for FY 2027, 2028 and 2029” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

36. Renew Appointment of PricewaterhouseCoopers as Auditor for FY 2026

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: votes by 45 asset managers

The 45 asset managers below reported 286,103,390 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 286,103,390
Largest asset managers voting on “Renew Appointment of PricewaterhouseCoopers as Auditor for FY 2026” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard117,393,8700 00For
BlackRock113,039,2710 00For
Fidelity30,080,8650 00For
First Trust2,295,2340 00For
TIAA2,220,2180 00For
State Street2,136,1170 00For
PIMCO2,134,9950 00For
AIG/SunAmerica2,045,0590 00For
DWS1,725,8730 00For
JPMorgan1,708,0850 00For
WisdomTree1,683,6480 00For
Dimensional1,448,7170 00For
American Century1,254,0790 00For
Northern Trust1,182,6370 00For
MASTER INVESTMENT PORTFOLIO1,061,4440 00For
Franklin Templeton791,5570 00For
Lincoln Financial637,3100 00For
Empower449,4100 00For
Goldman Sachs380,5450 00For
AQR273,8440 00For
Equitable239,1520 00For
Principal233,9220 00For
Calvert213,8290 00For
BNY Mellon195,4440 00For
HC CAPITAL TRUST147,1470 00For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

37. APPOINTMENT OF THE STATUTORY AUDITOR FOR FISCAL YEARS 2027, 2028 AND 2029

No official resultsAUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 12 asset managers

The 12 asset managers below reported 31,934,678 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,934,678UNKNOWN: 53,575
Largest asset managers voting on “APPOINTMENT OF THE STATUTORY AUDITOR FOR FISCAL YEARS 2027, 2028 AND 2029” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Ultimus Managers Trust344,9320 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--
FORUM FUNDS34,1190 00For

38. RE-ELECTION OF THE STATUTORY AUDITOR FOR FISCAL YEAR 2026

No official resultsAUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

FOR
Details: votes by 12 asset managers

The 12 asset managers below reported 31,934,678 for, 53,575 unknown. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 31,934,678UNKNOWN: 53,575
Largest asset managers voting on “RE-ELECTION OF THE STATUTORY AUDITOR FOR FISCAL YEAR 2026” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock15,319,4780 00For
Pacer Funds Trust7,009,6060 00For
Six Circles Trust5,363,8050 00For
Gabelli1,349,0000 00For
Investment Managers Series Trust1,000,0000 00For
Bridge Builder Trust625,5590 00For
John Hancock587,6490 00For
Ultimus Managers Trust344,9320 00For
Jackson National187,2770 00For
EA Series Trust113,2530 00For
ZEVIN ASSET MANAGEMENT LLC00 00--
FORUM FUNDS34,1190 00For

39. Appointment of Auditor (2026)

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Appointment of Auditor (2026)” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

40. Appointment of Auditor (2027-2029)

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: votes by 8 asset managers

The 8 asset managers below reported 21,919,853 for, 201,176 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 21,919,853ABSTAIN: 201,176
Largest asset managers voting on “Appointment of Auditor (2027-2029)” at Telefonica SA, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Charles Schwab21,355,4060 00For
Brighthouse00 201,1760Abstain
Venerable Variable Insurance Trust167,7900 00For
SEI152,4490 00For
Global X140,8930 00For
Russell Investments87,7750 00For
Prudential/PGIM8,8480 00For
Adviser Managed Trust6,6920 00For

Showing the 40 reported items with the widest manager coverage, of 46 in total. View every item.

Largest Telefonica SA shareholders voting in 2025-2026

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 5,670,161,554 shares outstanding at the time of that meeting.

Fund voting reports: top Telefonica SA shareholders by shares voted on “Advisory Vote on Remuneration Report”, 2025-2026
#Asset manager % of shares outstanding
1Vanguard 2.07%
2BlackRock 1.99%
3Fidelity 0.53%
4First Trust 0.04%
5TIAA 0.04%
6State Street 0.04%
7PIMCO 0.04%
8AIG/SunAmerica 0.04%
9DWS 0.03%
10JPMorgan 0.03%
Institutional-manager reports: top Telefonica SA shareholders by shares voted on “Consultative vote on the 2025 Annual Report on Directors' Remuneration.”, 2025-2026
#Asset manager % of shares outstanding
1BlackRock 1.97%
2Northern Trust 0.05%
3Ethic Inc. <0.01%
4Siemens Fonds Invest GmbH <0.01%
51832 Asset Management L.P. <0.01%
6ENVESTNET ASSET MANAGEMENT INC <0.01%
7MITCHELL & PAHL PRIVATE WEALTH, LLC <0.01%
8OPPENHEIMER & CO INC <0.01%
9Korea Investment CORP <0.01%
10AUXIER ASSET MANAGEMENT LLC <0.01%

Percentages above are of 5,670,161,554 shares outstanding, as reported by Telefonica SA on its Form 20-F dated December 31, 2024 (see the filing on EDGAR). This is the count contemporaneous with the 2025-2026 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 Telefonica SA’s 20-F dated December 31, 2024. This page is a static snapshot rebuilt weekly on October 14, 2026; a live search always shows the current data.

At Telefonica SA's shareholder meeting held March 25, 2026, in the 2025-2026 proxy season, 162 asset managers reported how they voted in their SEC Form N-PX filings, covering 3,153 separate fund positions. Their filings are grouped here into 46 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. No official Form 8-K vote tally has been matched to this meeting, so this page states no certified outcome for its most widely held ballot item. On that item — Consultative vote on the 2025 Annual Report on Directors' Remuneration. — the reporting funds and managers cast 75% of the shares they voted in favour (FOR divided by FOR plus AGAINST plus WITHHELD; abstained and unvoted shares are excluded because neither took a side). Fund and manager reports are combined in it and may count the same shares twice: it adds fund reports to institutional-manager reports, which can cover the same shares. It is not the company's certified result.

Telefonica SA proxy season coverage: 2023-2024 · 2024-2025 · 2025-2026 (this page).

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