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Lazard proxy voting record, 2024-2025

Lazard reported 37,723 proxy votes on Form N-PX for the 2025 season. On the 28,503 ballot items the board itself put forward — directors, pay, the auditor, capital — it voted FOR 89.3% of the time. On the 373 environmental and social proposals put on the ballot by shareholders, it voted FOR 14.2% of the time.

2023-20242024-20252025-2026

89.3%Voted for board proposals
14.2%Backed E&S proposals
35,820Ballot items
20,801Proposals
2,426Issuers
31Funds / accounts

On the board’s own proposals

89.3% FOR of 28,503 fund votes on board proposals in 2024-2025: directors, pay, auditor, capital.

89.3% FOR

FOR 25,446 AGAINST 2,209 Abstained or withheld 848

How we count these

On proposals shareholders put on the ballot

14.2% FOR of 373 fund votes on environmental and social proposals shareholders put on the ballot. The board opposed 373.

14.2% FOR AGAINST

FOR 53 AGAINST 320 Abstained 0

See the 53 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.

Lazard, 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 (207 inferred)	16,105	15,154	94.6%	5.4%	840
Director Elections	Shareholders (4 inferred)	6	6	0.0%	100.0%	0
Corporate Governance	Board	6,409	6,367	95.5%	4.5%	40
Corporate Governance	Shareholders	330	328	45.4%	54.6%	2
Capital Structure	Board	4,147	4,146	92.6%	7.4%	0
Capital Structure	Shareholders	75	69	78.3%	21.7%	0
Compensation	Board (69 inferred)	3,463	3,448	86.0%	14.0%	14
Compensation	Shareholders (5 inferred)	77	77	27.3%	72.7%	0
Say-on-Pay	Board (1,635 inferred)	2,755	2,529	80.8%	19.2%	1
Say-on-Pay	Shareholders (2 inferred)	2	2	100.0%	0.0%	0
Audit-related	Board	2,374	2,368	93.9%	6.1%	6
Audit-related	Shareholders (1 inferred)	33	31	93.5%	6.5%	2
Other Social Issues	Board	151	151	96.7%	3.3%	0
Other Social Issues	Shareholders	254	254	9.1%	90.9%	0
Extraordinary Transactions	Board	333	333	95.2%	4.8%	0
Environment or Climate	Board	51	51	100.0%	0.0%	0
Environment or Climate	Shareholders	239	239	7.1%	92.9%	0
Other	Board	203	202	76.2%	23.8%	1
Other	Shareholders	42	42	35.7%	64.3%	0
Diversity, Equity, and Inclusion	Board	30	30	100.0%	0.0%	0
Diversity, Equity, and Inclusion	Shareholders	127	127	4.7%	95.3%	0
Shareholder Rights and Defenses	Board	79	79	68.4%	31.6%	0
Shareholder Rights and Defenses	Shareholders (4 inferred)	27	27	100.0%	0.0%	0
Human Rights or Human Capital/workforce	Board	30	30	100.0%	0.0%	0
Human Rights or Human Capital/workforce	Shareholders	55	55	27.3%	72.7%	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 (1,927 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 Lazard broke with the board (2,126 distinct proposals) →

What Lazard said it would do

The page above is what Lazard did. Its published proxy voting policy — what it said it would do — is in the voting policy library under Lazard AM, with the documents for each year and, where one exists, a year-on-year comparison.

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.: Lazard filed 37,723 vote records for 2024-2025; after removing votes filed twice in different N-PX filings, that is 35,820 ballot items (fund-level observations) across 2,426 issuer names and 31 funds. They cover 20,801 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.
346 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	225	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	121	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.

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