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M FUND INC proxy voting record, 2023-2024

M FUND INC reported 39,024 proxy votes on Form N-PX for the 2024 season. On the 30,791 ballot items the board itself put forward — directors, pay, the auditor, capital — it voted FOR 91.5% of the time. On the 165 environmental and social proposals put on the ballot by shareholders, it voted FOR 35.2% of the time.

2023-20242024-2025

91.5%Voted for board proposals
35.2%Backed E&S proposals
37,488Ballot items
37,448Proposals
2,991Issuers
4Funds / accounts

On the board’s own proposals

91.5% FOR of 30,791 fund votes on board proposals in 2023-2024: directors, pay, auditor, capital.

91.5% FOR

FOR 28,183 AGAINST 2,467 Abstained or withheld 141

How we count these

On proposals shareholders put on the ballot

35.2% FOR of 165 fund votes on environmental and social proposals shareholders put on the ballot. The board opposed 150.

35.2% FOR AGAINST

FOR 58 AGAINST 107 Abstained 0

See the 58 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.

M FUND INC, 2023-2024. “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 (177 inferred)	19,257	18,793	93.7%	6.3%	139
Director Elections	Shareholders	22	16	93.8%	6.2%	0
Corporate Governance	Board (1 inferred)	5,543	4,939	89.5%	10.5%	1
Corporate Governance	Shareholders (7 inferred)	323	319	50.5%	49.5%	0
Compensation	Board (61 inferred)	5,509	5,368	80.7%	19.3%	2
Compensation	Shareholders	69	69	34.8%	65.2%	0
Capital Structure	Board	4,483	4,302	93.3%	6.7%	0
Capital Structure	Shareholders	44	42	57.1%	42.9%	0
Audit-related	Board	2,009	1,926	97.6%	2.4%	0
Audit-related	Shareholders	74	72	62.5%	37.5%	0
Other	Board	508	478	55.0%	45.0%	7
Other	Shareholders	26	25	28.0%	72.0%	0
Other Social Issues	Board	328	326	100.0%	0.0%	0
Other Social Issues	Shareholders	141	139	18.7%	81.3%	0
Say-on-Pay	Board	432	376	87.0%	13.0%	0
Environment or Climate	Board	180	177	88.1%	11.9%	0
Environment or Climate	Shareholders	149	146	14.4%	85.6%	0
Human Rights or Human Capital/workforce	Board	156	154	100.0%	0.0%	0
Human Rights or Human Capital/workforce	Shareholders	39	39	12.8%	87.2%	0
Diversity, Equity, and Inclusion	Board	156	154	100.0%	0.0%	0
Diversity, Equity, and Inclusion	Shareholders	37	36	22.2%	77.8%	0
Extraordinary Transactions	Board	190	172	91.3%	8.7%	0
Shareholder Rights and Defenses	Board	93	88	70.5%	29.5%	0
Shareholder Rights and Defenses	Shareholders	31	31	87.1%	12.9%	0
Investment Company Matters	Board	11	10	70.0%	30.0%	0
Investment Company Matters	Shareholders	6	6	50.0%	50.0%	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 (246 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 M FUND INC broke with the board (2,666 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.: M FUND INC filed 39,024 vote records for 2023-2024; after removing votes filed twice in different N-PX filings, that is 37,488 ballot items (fund-level observations) across 2,991 issuer names and 4 funds. They cover 37,448 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.
1,430 items are outside both headline figures.: Besides the table rows neither figure uses:

Excluded	Items	Why
Not voted	1,327	Reported as not voted, take no action or do not vote. No position was expressed, so there is nothing to count.
Other ballot type	28	Frequency ballots (one / two / three years) and anything else that is not a FOR, AGAINST, abstention or withhold.
Direction indeterminate	28	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	47	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 18, 2026. The interactive database shows the same votes company by company, including every individual fund.

M FUND INC proxy season coverage: 2023-2024 (this page) · 2024-2025.