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Royce proxy voting record, 2024-2025

Royce reported 19,552 proxy votes on Form N-PX for the 2025 season. On the 16,068 ballot items the board itself put forward — directors, pay, the auditor, capital — it voted FOR 95.9% of the time.

2023-20242024-20252025-2026

On the board’s own proposals

95.9% FOR of 16,068 fund votes on board proposals in 2024-2025: directors, pay, auditor, capital.

FOR 15,416 AGAINST 212 Abstained or withheld 440

How we count these

On proposals shareholders put on the ballot

Royce cast a FOR or AGAINST on only 16 environmental or social shareholder proposals in 2024-2025 — 7 FOR and 9 AGAINST — while abstaining on 0. That is too few decided items to put a percentage on, so none is shown.

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.

Royce, 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 typePut on the ballot by ItemsDecided Voted FORVoted AGAINST Abstained / withheld
Director Elections Board (9 inferred) 10,320 10,177 99.2% 0.8% 127
Director Elections Shareholders 3 0 n/a n/a 3
Say-on-Pay Board (612 inferred) 2,444 2,019 97.6% 2.4% 177
Audit-related Board 2,021 2,021 99.9% 0.1% 0
Audit-related Shareholders 2 1 100.0% 0.0% 1
Compensation Board 1,017 881 92.7% 7.3% 136
Compensation Shareholders 15 15 33.3% 66.7% 0
Corporate Governance Board 796 793 94.6% 5.4% 2
Corporate Governance Shareholders 56 55 60.0% 40.0% 1
Capital Structure Board 464 464 97.8% 2.2% 0
Extraordinary Transactions Board 85 85 92.9% 7.1% 0
Shareholder Rights and Defenses Board 76 76 96.1% 3.9% 0
Shareholder Rights and Defenses Shareholders 6 6 100.0% 0.0% 0
Other Board 61 61 41.0% 59.0% 0
Other Social Issues Board 28 28 100.0% 0.0% 0
Other Social Issues Shareholders 5 5 80.0% 20.0% 0
Environment or Climate Board 6 6 100.0% 0.0% 0
Environment or Climate Shareholders 7 7 0.0% 100.0% 0
Diversity, Equity, and Inclusion Board 6 6 100.0% 0.0% 0
Diversity, Equity, and Inclusion Shareholders 3 3 66.7% 33.3% 0
Human Rights or Human Capital/workforce Board 6 6 100.0% 0.0% 0
Human Rights or Human Capital/workforce Shareholders 1 1 100.0% 0.0% 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 (621 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 Royce broke with the board (257 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.
Royce filed 19,552 vote records for 2024-2025; after removing votes filed twice in different N-PX filings, that is 17,272 ballot items (fund-level observations) across 1,051 issuer names and 16 funds. They cover 8,065 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.
265 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 type243 Frequency ballots (one / two / three years) and anything else that is not a FOR, AGAINST, abstention or withhold.
Direction indeterminate5 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 vote17 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.

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