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Royce proxy voting record, 2025-2026

Royce reported 18,977 proxy votes on Form N-PX for the 2026 season. On the 15,331 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 15,331 fund votes on board proposals in 2025-2026: directors, pay, auditor, capital.

FOR 14,709 AGAINST 154 Abstained or withheld 468

How we count these

On proposals shareholders put on the ballot

Royce cast a FOR or AGAINST on only 3 environmental or social shareholder proposals in 2025-2026 — 3 FOR and 0 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, 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 (19 inferred) 9,701 9,551 99.7% 0.3% 108
Director Elections Shareholders 6 0 n/a n/a 6
Say-on-Pay Board (681 inferred) 2,468 2,070 98.1% 1.9% 185
Audit-related Board 1,964 1,964 99.8% 0.2% 0
Audit-related Shareholders 4 4 50.0% 50.0% 0
Compensation Board 954 780 89.9% 10.1% 174
Corporate Governance Board 840 837 92.1% 7.9% 3
Corporate Governance Shareholders 57 57 63.2% 36.8% 0
Capital Structure Board 397 396 99.0% 1.0% 1
Capital Structure Shareholders 2 2 0.0% 100.0% 0
Extraordinary Transactions Board 122 122 93.4% 6.6% 0
Extraordinary Transactions Shareholders 3 3 0.0% 100.0% 0
Shareholder Rights and Defenses Board 44 42 83.3% 16.7% 2
Other Board 41 41 46.3% 53.7% 0
Other Social Issues Board 39 39 100.0% 0.0% 0
Environment or Climate Board 16 16 100.0% 0.0% 0
Environment or Climate Shareholders 2 2 100.0% 0.0% 0
Human Rights or Human Capital/workforce Board 16 16 100.0% 0.0% 0
Human Rights or Human Capital/workforce Shareholders 1 1 100.0% 0.0% 0
Diversity, Equity, and Inclusion Board 16 16 100.0% 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 (700 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 (277 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 18,977 vote records for 2025-2026; after removing votes filed twice in different N-PX filings, that is 16,496 ballot items (fund-level observations) across 988 issuer names and 16 funds. They cover 7,350 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.
255 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 type213 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 vote42 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 · 2025-2026 (this page).