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Putnam proxy voting record, 2025-2026

Putnam reported 100,064 proxy votes on Form N-PX for the 2026 season. On the 79,249 ballot items the board itself put forward — directors, pay, the auditor, capital — it voted FOR 92.4% of the time. On the 1,753 environmental and social proposals put on the ballot by shareholders, it voted FOR 0.7% of the time.

2023-20242024-20252025-2026

On the board’s own proposals

92.4% FOR of 79,249 fund votes on board proposals in 2025-2026: directors, pay, auditor, capital.

FOR 73,248 AGAINST 4,710 Abstained or withheld 1,291

How we count these

On proposals shareholders put on the ballot

0.7% FOR of 1,753 fund votes on environmental and social proposals shareholders put on the ballot. The board opposed 1,753.

FOR 12 AGAINST 1,741 Abstained 0

See the 12 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.

Putnam, 2025-2026. “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 typePut on the ballot by ItemsDecided Voted FORVoted AGAINST Abstained / withheld
Director Elections Board (206 inferred) 51,099 49,559 94.0% 6.0% 1,331
Director Elections Shareholders (5 inferred) 5 5 20.0% 80.0% 0
Corporate Governance Board 8,027 7,924 89.8% 10.2% 102
Corporate Governance Shareholders (5 inferred) 1,394 1,394 20.0% 80.0% 0
Say-on-Pay Board (2,099 inferred) 9,008 8,317 92.4% 7.6% 7
Say-on-Pay Shareholders (8 inferred) 9 8 100.0% 0.0% 0
Audit-related Board 7,283 7,277 99.5% 0.5% 4
Audit-related Shareholders (5 inferred) 14 14 42.9% 57.1% 0
Compensation Board (106 inferred) 6,406 6,347 84.8% 15.2% 55
Compensation Shareholders (5 inferred) 140 140 27.9% 72.1% 0
Capital Structure Board 6,197 6,190 98.4% 1.6% 1
Capital Structure Shareholders 76 76 88.2% 11.8% 0
Other Social Issues Board 341 341 100.0% 0.0% 0
Other Social Issues Shareholders 1,197 1,197 0.1% 99.9% 0
Environment or Climate Board 112 112 100.0% 0.0% 0
Environment or Climate Shareholders 899 899 1.2% 98.8% 0
Extraordinary Transactions Board 602 599 92.0% 8.0% 3
Extraordinary Transactions Shareholders 7 7 14.3% 85.7% 0
Diversity, Equity, and Inclusion Board 74 74 100.0% 0.0% 0
Diversity, Equity, and Inclusion Shareholders 451 451 0.0% 100.0% 0
Human Rights or Human Capital/workforce Board 74 74 100.0% 0.0% 0
Human Rights or Human Capital/workforce Shareholders 340 340 0.0% 100.0% 0
Shareholder Rights and Defenses Board 165 165 95.8% 4.2% 0
Shareholder Rights and Defenses Shareholders 183 183 53.6% 46.4% 0
Other Board 169 169 90.5% 9.5% 0
Other Shareholders 33 33 0.0% 100.0% 0
Investment Company Matters Board 7 6 100.0% 0.0% 0
Investment Company Matters Shareholders 2 2 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 (2,439 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 Putnam broke with the board (1,421 distinct proposals) →

What Putnam said it would do

The page above is what Putnam did. Its published proxy voting policy — what it said it would do — is in the voting policy library under Putnam, 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.
Putnam filed 100,064 vote records for 2025-2026; after removing votes filed twice in different N-PX filings, that is 91,627 ballot items (fund-level observations) across 2,699 issuer names and 55 funds. They cover 17,936 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.
908 items are outside both headline figures.
Besides the table rows neither figure uses:
ExcludedItemsWhy
Not voted0 Reported as not voted, take no action or do not vote. No position was expressed, so there is nothing to count.
Other ballot type645 Frequency ballots (one / two / three years) and anything else that is not a FOR, AGAINST, abstention or withhold.
Direction indeterminate0 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 vote263 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.

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