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GMO proxy voting record, 2024-2025

GMO reported 60,823 proxy votes on Form N-PX for the 2025 season. On the 46,963 ballot items the board itself put forward — directors, pay, the auditor, capital — it voted FOR 90.7% of the time. On the 601 environmental and social proposals put on the ballot by shareholders, it voted FOR 40.1% of the time.

2023-20242024-20252025-2026

90.7%Voted for board proposals
40.1%Backed E&S proposals
57,954Ballot items
21,799Proposals
1,819Issuers
30Funds / accounts

On the board’s own proposals

90.7% FOR of 46,963 fund votes on board proposals in 2024-2025: directors, pay, auditor, capital.

90.7% FOR

FOR 42,576 AGAINST 3,764 Abstained or withheld 623

How we count these

On proposals shareholders put on the ballot

40.1% FOR of 601 fund votes on environmental and social proposals shareholders put on the ballot. The board opposed 600.

40.1% FOR AGAINST

FOR 241 AGAINST 360 Abstained 0

See the 241 it backed →

How we count these

By proposal type

A single “voted with management” figure makes every manager look the same: director elections are most of the volume and nearly everyone votes FOR them. The record is therefore reported per category, using the category the filer itself put on each item in its N-PX.

GMO, 2024-2025. “Decided” is FOR + AGAINST, the denominator of the two percentage columns; abstentions and withheld votes are shown separately and are never inside a percentage. Counted in ballot items — one fund’s vote on one proposal at one meeting — never in shares.
Proposal type	Put on the ballot by	Items	Decided	Voted FOR	Voted AGAINST	Abstained / withheld
Director Elections	Board (283 inferred)	29,160	28,513	92.7%	7.3%	585
Director Elections	Shareholders (3 inferred)	6	6	16.7%	83.3%	0
Corporate Governance	Board	10,734	10,670	91.6%	8.4%	62
Corporate Governance	Shareholders (2 inferred)	622	611	53.8%	46.2%	11
Capital Structure	Board	6,687	6,687	91.2%	8.8%	0
Capital Structure	Shareholders	61	61	41.0%	59.0%	0
Compensation	Board (55 inferred)	6,300	6,260	83.7%	16.3%	39
Compensation	Shareholders (8 inferred)	145	145	30.3%	69.7%	0
Audit-related	Board	3,533	3,533	97.8%	2.2%	0
Audit-related	Shareholders (5 inferred)	100	89	89.9%	10.1%	11
Say-on-Pay	Board	1,423	1,352	90.8%	9.2%	0
Say-on-Pay	Shareholders (5 inferred)	5	5	100.0%	0.0%	0
Other Social Issues	Board	269	269	98.1%	1.9%	0
Other Social Issues	Shareholders	362	362	24.3%	75.7%	0
Environment or Climate	Board	141	137	81.8%	18.2%	4
Environment or Climate	Shareholders	460	460	45.0%	55.0%	0
Extraordinary Transactions	Board	454	454	92.1%	7.9%	0
Other	Board	240	240	84.2%	15.8%	0
Other	Shareholders	73	73	49.3%	50.7%	0
Diversity, Equity, and Inclusion	Board	114	114	100.0%	0.0%	0
Diversity, Equity, and Inclusion	Shareholders	198	198	21.2%	78.8%	0
Human Rights or Human Capital/workforce	Board	104	104	100.0%	0.0%	0
Human Rights or Human Capital/workforce	Shareholders	114	114	49.1%	50.9%	0
Shareholder Rights and Defenses	Board	104	82	91.5%	8.5%	22
Shareholder Rights and Defenses	Shareholders	23	23	73.9%	26.1%	0

An item the filer put in two categories is counted in both rows, so the rows add up to more than the total. Who put an item on the ballot is decided item by item: the filer’s own answer on Form N-PX (Item 1(h)), or, where the filing does not give one, the proposal’s own wording (361 items, shown as inferred). The two figures above use only part of these rows: the board figure, board proposals on directors, pay, the auditor, capital, transactions and fund matters; the shareholder figure, environmental, social, workforce and diversity shareholder proposals at US-listed companies. How we count these

Every proposal where GMO broke with the board (1,800 distinct proposals) →

What is being counted

The unit is a fund-level observation: one fund’s vote on one proposal at one meeting. It is not a share, not a filing line and not a proposal.: GMO filed 60,823 vote records for 2024-2025; after removing votes filed twice in different N-PX filings, that is 57,954 ballot items (fund-level observations) across 1,819 issuer names and 30 funds. They cover 21,799 distinct proposals: one proposal voted by twenty of its funds is twenty ballot items here and one proposal. Proposals are counted per issuer name and meeting, and wordings of the same director nominee are counted once; two different wordings of any other proposal count twice, so this is an upper bound. A fund that reported several directions for the same item is a split vote, counted on its own (see the table below) and not collapsed into the larger direction. “Issuer names” is literal: filers spell the same company several ways and those are counted separately here, so this runs higher than the number of distinct companies.
Share counts are not used anywhere on this page.: Share figures in N-PX carry their own long list of corrections in this dataset, and a share-weighted rate would inherit every one of them. Every percentage here is a count of items.
Abstentions are reported, never hidden inside a percentage.: On the board’s own proposals an abstention or a withheld vote is not support, so it is in the denominator of the FOR figure and not in its numerator. On shareholder proposals an abstention is neither support nor opposition, so it is excluded from the denominator and shown on its own.
136 items are outside both headline figures.: Besides the table rows neither figure uses:

Excluded	Items	Why
Not voted	0	Reported as not voted, take no action or do not vote. No position was expressed, so there is nothing to count.
Other ballot type	71	Frequency ballots (one / two / three years) and anything else that is not a FOR, AGAINST, abstention or withhold.
Direction indeterminate	0	The fund reported several directions for one ballot item with no shares attached to any of them, so which way it voted cannot be established.
Split vote	65	The fund voted its shares in more than one direction on the item (for example some FOR and some AGAINST), the smaller part at least 5% of its shares. It is not collapsed into the larger part.

About this page

Every figure is derived from Form N-PX, the filing 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). Figures are rebuilt weekly; this page was built on October 13, 2026. The interactive database shows the same votes company by company, including every individual fund.

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