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Home › Companies › Ambev SA › 2024-2025

Ambev SA 2024-2025 Proxy Voting Records

At Ambev SA's shareholder meeting held April 29, 2025, in the 2024-2025 proxy season, 88 asset managers reported how they voted in their SEC Form N-PX filings, covering 1,895 separate fund positions. Their filings are grouped here into 36 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. No official Form 8-K vote tally has been matched to this meeting, so this page states no certified outcome for its most widely held ballot item. On that item — Approve Remuneration of Company's Management — the reporting funds and managers cast 99.7% of the shares they voted in favour (FOR divided by FOR plus AGAINST plus WITHHELD; abstained and unvoted shares are excluded because neither took a side). Fund and manager reports are combined in it and may count the same shares twice: it adds fund reports to institutional-manager reports, which can cover the same shares. It is not the company's certified result.

Download data (CSV): ballot items · votes by manager · column guide.

Compiled from SEC Form N-PX filings. Page generated November 8, 2026.

  • 36Reported items
  • 88Asset managers
  • 1,895Fund votes
  • April 29, 2025Meeting date

Results at a glance

No official results are on file for this meeting: no Form 8-K tally (Item 5.07) from Ambev SA has been matched to it. The figures below are the funds’ own votes from Form N-PX. They are not the meeting result, so they are not used to judge dissent.

Material dissent: a director nominee under 80% of the votes cast, say-on-pay under 70%, any other item the board put forward under 80%, or a shareholder proposal with more than 50%, on the company’s own Form 8-K tally. How this is decided

Proxy season: 2023-2024 2024-2025 2025-2026

Explore Ambev SA in the interactive database Compare manager voting policies

How asset managers voted at the Ambev SA 2024-2025 meeting

Each item below shows how the 88 asset managers that disclosed a Ambev SA vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of Ambev SA’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Elect Fiscal Council Members

No official resultsFund totals may overlapCOMPENSATIONCORPORATE GOVERNANCE

1% Fund and manager reports combined; may count the same shares twice · no official result

ABSTAIN
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Elect Fiscal Council Members” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS00 251,578,5840Abstain
Vanguard00 140,017,2860Abstain
MFS00 37,416,5940Abstain
FINANCIAL INVESTORS TRUST00 29,069,0000Abstain
Fidelity47,3780 22,830,6260Abstain
TIAA00 8,956,5360Abstain
State Street00 8,221,3480Abstain
Allspring00 8,082,1060Abstain
Dimensional00 6,737,9880Abstain
Columbia Threadneedle00 5,939,7990Abstain
Victory Capital00 5,208,0000Abstain
Dodge & Cox03,836,500 00Against
Waddell & Reed00 3,131,4970Abstain
PIMCO00 3,015,4000Abstain
Franklin Templeton00 2,469,6000Abstain
American Century00 2,448,5870Abstain
Northern Trust00 2,274,3590Abstain
Thrivent00 2,205,3000Abstain
Lincoln Financial00 1,715,4080Abstain
AIG/SunAmerica00 1,696,2720Abstain
FIRST EAGLE VARIABLE FUNDS00 1,369,4970Abstain
Advisors' Inner Circle Fund III00 1,358,0000Abstain
DWS00 1,349,0080Abstain
Brighthouse00 1,133,3000Abstain
Voya00 973,3830Abstain

Fund voting reports, all 44 managers: 47,378 for, 3,836,500 against, 554,481,657 abstained. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Elect Fiscal Council Members” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC00 14,922,8000Abstain
RWC Asset Management LLP00 4,729,1030Abstain

Institutional-manager reports, all 2 managers: 19,651,903 abstained.

2. Approve Recasting of Votes for Amended Supervisory Council Slate

No official resultsDIRECTOR ELECTIONS

0.1% of fund votes cast · no official result

AGAINST
Details: votes by 18 asset managers

The 18 asset managers below reported 11,200 for, 122,782,947 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 11,200AGAINST: 122,782,947
Largest asset managers voting on “Approve Recasting of Votes for Amended Supervisory Council Slate” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI030,398,647 00Against
Hartford021,008,206 00Against
Russell Investments020,761,663 00Against
Charles Schwab015,940,091 00Against
Datum One Series Trust08,793,100 00Against
Vanguard08,660,049 00Against
Adviser Managed Trust06,761,900 00Against
Pacific Life04,053,222 00Against
VanEck ETF Trust01,912,400 00Against
2023 ETF Series Trust01,615,927 00Against
Victory Capital01,322,900 00Against
Mercer Funds0524,824 00Against
ADVISORS' INNER CIRCLE FUND0323,800 00Against
SEI Exchange Traded Funds0315,400 00Against
Advisors' Inner Circle Fund III0281,358 00Against
Morningstar Funds Trust077,400 00Against
Federated Hermes032,060 00Against
Prudential/PGIM11,2000 00For

3. Elect Fabio de Oliveira Moser to the Supervisory Council Presented by Minority Shareholders

No official resultsDIRECTOR ELECTIONS

100% of fund votes cast · no official result

FOR
Details: votes by 18 asset managers

The 18 asset managers below reported 122,794,147 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 122,794,147
Largest asset managers voting on “Elect Fabio de Oliveira Moser to the Supervisory Council Presented by Minority Shareholders” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI30,398,6470 00For
Hartford21,008,2060 00For
Russell Investments20,761,6630 00For
Charles Schwab15,940,0910 00For
Datum One Series Trust8,793,1000 00For
Vanguard8,660,0490 00For
Adviser Managed Trust6,761,9000 00For
Pacific Life4,053,2220 00For
VanEck ETF Trust1,912,4000 00For
2023 ETF Series Trust1,615,9270 00For
Victory Capital1,322,9000 00For
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND323,8000 00For
SEI Exchange Traded Funds315,4000 00For
Advisors' Inner Circle Fund III281,3580 00For
Morningstar Funds Trust77,4000 00For
Federated Hermes32,0600 00For
Prudential/PGIM11,2000 00For

4. Election of Supervisory Council

No official resultsDIRECTOR ELECTIONS

20% of fund votes cast · no official result

ABSTAIN
Details: votes by 18 asset managers

The 18 asset managers below reported 11,200 for, 44,100 against, 122,738,847 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 11,200AGAINST: 44,100ABSTAIN: 122,738,847
Largest asset managers voting on “Election of Supervisory Council” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI00 30,398,6470Abstain
Hartford044,100 20,964,1060Abstain
Russell Investments00 20,761,6630Abstain
Charles Schwab00 15,940,0910Abstain
Datum One Series Trust00 8,793,1000Abstain
Vanguard00 8,660,0490Abstain
Adviser Managed Trust00 6,761,9000Abstain
Pacific Life00 4,053,2220Abstain
VanEck ETF Trust00 1,912,4000Abstain
2023 ETF Series Trust00 1,615,9270Abstain
Victory Capital00 1,322,9000Abstain
Mercer Funds00 524,8240Abstain
ADVISORS' INNER CIRCLE FUND00 323,8000Abstain
SEI Exchange Traded Funds00 315,4000Abstain
Advisors' Inner Circle Fund III00 281,3580Abstain
Morningstar Funds Trust00 77,4000Abstain
Federated Hermes00 32,0600Abstain
Prudential/PGIM11,2000 00For

5. Elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year…: 3a. OR 3b.

No official resultsCORPORATE GOVERNANCE

99.2% of fund votes cast · no official result

FOR
Details: description as filed, votes by 14 asset managers

Description as filed by funds: elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which shall end on the Ordinary General Meeting to be held in 2026: Separate Election of the fiscal council - Candidates nominated by minority shareholders Fabio de Oliveira Moser / Nilson Martiniano Moreira. PLEASE VOTE IN ONLY ONE OPTION: 3a. OR 3b.

The 14 asset managers below reported 24,953,433 for, 184,900 against, 1,971,378 abstained, 25,780 not voted. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 24,953,433AGAINST: 184,900ABSTAIN: 1,971,378NOT VOTED: 25,780
Largest asset managers voting on “elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which sh” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National6,417,7450 00For
Investment Managers Series Trust00 1,450,6560Abstain
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I00 371,5950Abstain
Loomis Sayles314,8450 00For
ETF Series Solutions0184,900 00Against
MSS Series Trust00 85,0000Abstain
EA Series Trust00 64,1270Abstain
Northern Lights Fund Trust IV00 00Not Voted
ADVISORS SERIES TRUST13,5430 00For

6. ELECTION OF THE FISCAL COUNCIL BY SINGLE SLATE. NOMINATION OF ALL THE NAMES THAT COMPOSE THE SLATE. JOSE RONALDO VILELA…

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

ABSTAIN
Details: description as filed, votes by 13 asset managers

Description as filed by funds: ELECTION OF THE FISCAL COUNCIL BY SINGLE SLATE. NOMINATION OF ALL THE NAMES THAT COMPOSE THE SLATE. JOSE RONALDO VILELA REZENDE EMANUEL SOTELINO SCHIFFERLE AND ELIDIE PALMA BIFANO EDUARDO ROGATTO LUQUE

The 13 asset managers below reported 1,185,000 for, 191,540,090 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 1,185,000ABSTAIN: 191,540,090
Largest asset managers voting on “ELECTION OF THE FISCAL COUNCIL BY SINGLE SLATE. NOMINATION OF ALL THE NAMES THAT COMPOSE THE SLATE. JOSE RONAL” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock00 118,095,7470Abstain
John Hancock00 30,916,1320Abstain
ADVISORS SERIES TRUST00 22,880,0000Abstain
Bridge Builder Trust00 13,789,8040Abstain
Brown Advisory Funds00 3,538,4000Abstain
JPMorgan00 947,4160Abstain
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO00 655,4320Abstain
VELA Funds435,0000 00For
Jackson National00 404,8950Abstain
WILSHIRE MUTUAL FUNDS INC00 208,5000Abstain
Krane Shares Trust00 85,2000Abstain
GPS Funds I00 18,5640Abstain

7. NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL BY MINORITY SHAREHOLDERS WITH VOTING RIGHTS THE SHAREHOLDER MUST FILL…

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 13 asset managers

Description as filed by funds: NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL BY MINORITY SHAREHOLDERS WITH VOTING RIGHTS THE SHAREHOLDER MUST FILL THIS FIELD IF THE GENERAL ELECTION FIELD WAS LEFT IN BLANK. FABIO DE OLIVEIRA MOSER NILSON MARTINIANO MOREIRA

The 13 asset managers below reported 192,725,090 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 192,725,090
Largest asset managers voting on “NOMINATION OF CANDIDATES TO THE FISCAL COUNCIL BY MINORITY SHAREHOLDERS WITH VOTING RIGHTS THE SHAREHOLDER MUS” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock118,095,7470 00For
John Hancock30,916,1320 00For
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO655,4320 00For
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC208,5000 00For
Krane Shares Trust85,2000 00For
GPS Funds I18,5640 00For

8. Elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year…: 3a. OR 3b.

No official resultsAUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% of fund votes cast · no official result

ABSTAIN
Details: description as filed, votes by 12 asset managers

Description as filed by funds: elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which shall end on the Ordinary General Meeting to be held in 2026: Controller Slate - Fiscal Council: José Ronaldo Vilela Rezende, Elidie Palma Bifano, Emanuel Sotelino Schifferle (Alternate), Eduardo Rogatto Luque (Alternate). PLEASE VOTE IN ONLY ONE OPTION: 3a. OR 3b.

The 12 asset managers below reported 274,807 for, 25,325,028 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 274,807ABSTAIN: 25,325,028
Largest asset managers voting on “elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which sh” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock00 14,995,8110Abstain
Jackson National00 6,417,7450Abstain
Bridge Builder Trust00 1,197,8810Abstain
Pacer Funds Trust00 775,3120Abstain
Natixis00 755,2040Abstain
World Funds Trust00 483,0920Abstain
Tidal Trust I00 371,5950Abstain
Loomis Sayles00 314,8450Abstain
ETF Series Solutions184,9000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST00 13,5430Abstain

9. Elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year…: 3a. OR 3b.

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 2 asset managers

Description as filed by funds: elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which shall end on the Ordinary General Meeting to be held in 2026: Controller Slate - Fiscal Council: Jos? Ronaldo Vilela Rezende, Elidie Palma Bifano, Emanuel Sotelino Schifferle (Alternate), Eduardo Rogatto Luque (Alternate). PLEASE VOTE IN ONLY ONE OPTION: 3a. OR 3b.

The 2 asset managers below reported 1,535,656 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 1,535,656
Largest asset managers voting on “elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which sh” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
Investment Managers Series Trust1,450,6560 00For
MSS Series Trust85,0000 00For

10. Amend Article 5 to Reflect Changes in Capital

No official resultsFund totals may overlapCAPITAL STRUCTURECORPORATE GOVERNANCE

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Amend Article 5 to Reflect Changes in Capital” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,878,0040 00For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial1,715,4080 00For
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 558,365,535 for. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Amend Article 5 to Reflect Changes in Capital” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 2 managers: 19,651,903 for.

11. In Case One of the Nominees Leaves the Fiscal Council Slate Due to a Separate Minority Election, as Allowed Under…

2% Fund and manager reports combined; may count the same shares twice · no official result

AGAINST
Details: description as filed, votes by 46 asset managers

Description as filed by funds: In Case One of the Nominees Leaves the Fiscal Council Slate Due to a Separate Minority Election, as Allowed Under Articles 161 and 240 of the Brazilian Corporate Law, May Your Votes Still Be Counted for the Proposed Slate?

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “In Case One of the Nominees Leaves the Fiscal Council Slate Due to a Separate Minority Election, as Allowed Un” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS0251,578,584 00Against
Vanguard12,415,176127,602,110 00Mixed
MFS037,416,594 00Against
FINANCIAL INVESTORS TRUST029,069,000 00Against
Fidelity022,878,004 00Against
TIAA08,956,536 00Against
State Street08,221,348 00Against
Allspring08,082,106 00Against
Dimensional06,737,988 00Against
Columbia Threadneedle05,939,799 00Against
Victory Capital05,208,000 00Against
Dodge & Cox03,836,500 00Against
Waddell & Reed03,131,497 00Against
PIMCO03,015,400 00Against
Franklin Templeton02,469,600 00Against
American Century02,448,587 00Against
Northern Trust02,274,359 00Against
Thrivent02,205,300 00Against
Lincoln Financial01,715,408 00Against
AIG/SunAmerica01,696,272 00Against
FIRST EAGLE VARIABLE FUNDS01,369,497 00Against
Advisors' Inner Circle Fund III01,358,000 00Against
DWS01,349,008 00Against
Brighthouse01,133,300 00Against
Voya0973,383 00Against

Fund voting reports, all 44 managers: 12,415,176 for, 545,950,359 against. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “In Case One of the Nominees Leaves the Fiscal Council Slate Due to a Separate Minority Election, as Allowed Un” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC014,922,800 00Against
RWC Asset Management LLP04,729,103 00Against

Institutional-manager reports, all 2 managers: 19,651,903 against.

12. Consolidate Bylaws

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 22 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 21 asset managers voting on “Consolidate Bylaws” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
MFS31,931,6940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Allspring8,082,1060 00For
State Street6,402,5060 00For
Dimensional6,345,3880 00For
Vanguard4,956,3600 00For
American Century2,448,5870 00For
Lincoln Financial1,571,5080 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Brighthouse1,133,3000 00For
RBB Fund Trust813,6680 00For
Northern Trust685,3010 00For
Voya666,7830 00For
AIG/SunAmerica552,9240 00For
Fidelity380,1760 00For
Blackstone Alternative Investment Funds245,5000 00For
ProShares200,2320 00For
Macquarie ETF Trust80,7340 00For
AQR32,1880 00For
Guggenheim9,1300 00For

Fund voting reports, all 21 managers: 348,555,166 for.

Institutional-manager reports: 1 asset manager voting on “Consolidate Bylaws” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 1 managers: 4,729,103 for.

13. Amendments to Article 5 (Reconciliation of Share Capital)

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 18 asset managers

The 18 asset managers below reported 122,794,147 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 122,794,147
Largest asset managers voting on “Amendments to Article 5 (Reconciliation of Share Capital)” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI30,398,6470 00For
Hartford21,008,2060 00For
Russell Investments20,761,6630 00For
Charles Schwab15,940,0910 00For
Datum One Series Trust8,793,1000 00For
Vanguard8,660,0490 00For
Adviser Managed Trust6,761,9000 00For
Pacific Life4,053,2220 00For
VanEck ETF Trust1,912,4000 00For
2023 ETF Series Trust1,615,9270 00For
Victory Capital1,322,9000 00For
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND323,8000 00For
SEI Exchange Traded Funds315,4000 00For
Advisors' Inner Circle Fund III281,3580 00For
Morningstar Funds Trust77,4000 00For
Federated Hermes32,0600 00For
Prudential/PGIM11,2000 00For

14. If one of the candidates that are part of the slate fails to integrate it to accommodate the separate election as…

No official resultsCORPORATE GOVERNANCE

10% of fund votes cast · no official result

AGAINST
Details: description as filed, votes by 14 asset managers

Description as filed by funds: If one of the candidates that are part of the slate fails to integrate it to accommodate the separate election as provided on articles 161, Section 4, and 240 of Law No. 6,404/76, the votes corresponding to your shares may still be given to the chosen slate?

The 14 asset managers below reported 2,678,693 for, 24,456,798 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 2,678,693AGAINST: 24,456,798
Largest asset managers voting on “If one of the candidates that are part of the slate fails to integrate it to accommodate the separate election” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock014,995,811 00Against
Jackson National06,417,745 00Against
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust01,197,881 00Against
Pacer Funds Trust0775,312 00Against
Natixis0755,204 00Against
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles0314,845 00Against
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

15. Consolidate the Company's Bylaws.

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 14 asset managers

Description as filed by funds: consolidate the Company's Bylaws.

The 14 asset managers below reported 27,135,491 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 27,135,491
Largest asset managers voting on “consolidate the Company's Bylaws.” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National6,417,7450 00For
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles314,8450 00For
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

16. IF ONE OF THE CANDIDATES OF THE SLATE LEAVES IT, TO ACCOMMODATE THE SEPARATE ELECTION REFERRED TO IN ARTICLES 161…

No official resultsSHAREHOLDER RIGHTS AND DEFENSES

21% of fund votes cast · no official result

FORAGAINST
Details: description as filed, votes by 13 asset managers

Description as filed by funds: IF ONE OF THE CANDIDATES OF THE SLATE LEAVES IT, TO ACCOMMODATE THE SEPARATE ELECTION REFERRED TO IN ARTICLES 161, PARAGRAPH 4, AND 240 OF LAW 6404, OF 1976, CAN THE VOTES CORRESPONDING TO YOUR SHARES CONTINUE TO BE CONFERRED TO THE SAME SLATE

The 13 asset managers below reported 39,967,604 for, 152,757,486 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 39,967,604AGAINST: 152,757,486
Largest asset managers voting on “IF ONE OF THE CANDIDATES OF THE SLATE LEAVES IT, TO ACCOMMODATE THE SEPARATE ELECTION REFERRED TO IN ARTICLES ” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock0118,095,747 00Against
John Hancock030,916,132 00Against
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust12,168,1041,621,700 00Mixed
Brown Advisory Funds3,538,4000 00For
JPMorgan0947,416 00Against
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO0655,432 00Against
VELA Funds435,0000 00For
Jackson National0404,895 00Against
WILSHIRE MUTUAL FUNDS INC196,10012,400 00Mixed
Krane Shares Trust085,200 00Against
GPS Funds I018,564 00Against

17. Consolidation of Articles

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 4 asset managers

The 4 asset managers below reported 16,181,836 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 16,181,836
Largest asset managers voting on “Consolidation of Articles” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
Russell Investments9,605,1500 00For
SEI4,435,9350 00For
2023 ETF Series Trust1,615,9270 00For
Mercer Funds524,8240 00For

18. Amend the heading of the Article 5th of the Company's Bylaws, pursuant to the management proposal, in order to reflect…

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 14 asset managers

Description as filed by funds: amend the heading of the Article 5th of the Company's Bylaws, pursuant to the management proposal, in order to reflect the capital increases approved by the Board of Directors up to the date of the call notice of the AGOE, within the authorized capital limit.

The 14 asset managers below reported 27,135,491 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 27,135,491
Largest asset managers voting on “amend the heading of the Article 5th of the Company's Bylaws, pursuant to the management proposal, in order to” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National6,417,7450 00For
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles314,8450 00For
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

19. Approve the amendment to the bylaws, to amend the heading of article 5, in order to reflect the capital increases…

No official resultsCAPITAL STRUCTURECORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 13 asset managers

Description as filed by funds: APPROVE THE AMENDMENT TO THE BYLAWS, TO AMEND THE HEADING OF ARTICLE 5, IN ORDER TO REFLECT THE CAPITAL INCREASES APPROVED BY THE BOARD OF DIRECTORS UP TO THE CALL NOTICE DATE OF THE EXTRAORDINARY SHAREHOLDERS MEETING, WITHIN THE AUTHORIZED CAPITAL LIMIT, AS DETAILED IN EXHIBIT B.I OF THE MANAGEMENT PROPOSAL

The 13 asset managers below reported 192,725,090 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 192,725,090
Largest asset managers voting on “APPROVE THE AMENDMENT TO THE BYLAWS, TO AMEND THE HEADING OF ARTICLE 5, IN ORDER TO REFLECT THE CAPITAL INCREA” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock118,095,7470 00For
John Hancock30,916,1320 00For
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO655,4320 00For
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC208,5000 00For
Krane Shares Trust85,2000 00For
GPS Funds I18,5640 00For

20. Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2024

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2024” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,878,0040 00For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial1,715,4080 00For
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 558,230,979 for, 134,556 abstained. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2024” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 2 managers: 19,651,903 for.

21. Approve Allocation of Income and Dividends

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Approve Allocation of Income and Dividends” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,878,0040 00For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial1,715,4080 00For
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 558,365,535 for. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Approve Allocation of Income and Dividends” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 2 managers: 19,651,903 for.

22. Accounts and Reports

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: votes by 18 asset managers

The 18 asset managers below reported 122,794,147 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 122,794,147
Largest asset managers voting on “Accounts and Reports” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI30,398,6470 00For
Hartford21,008,2060 00For
Russell Investments20,761,6630 00For
Charles Schwab15,940,0910 00For
Datum One Series Trust8,793,1000 00For
Vanguard8,660,0490 00For
Adviser Managed Trust6,761,9000 00For
Pacific Life4,053,2220 00For
VanEck ETF Trust1,912,4000 00For
2023 ETF Series Trust1,615,9270 00For
Victory Capital1,322,9000 00For
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND323,8000 00For
SEI Exchange Traded Funds315,4000 00For
Advisors' Inner Circle Fund III281,3580 00For
Morningstar Funds Trust77,4000 00For
Federated Hermes32,0600 00For
Prudential/PGIM11,2000 00For

23. Allocation of Profits/Dividends

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: votes by 18 asset managers

The 18 asset managers below reported 122,794,147 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 122,794,147
Largest asset managers voting on “Allocation of Profits/Dividends” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI30,398,6470 00For
Hartford21,008,2060 00For
Russell Investments20,761,6630 00For
Charles Schwab15,940,0910 00For
Datum One Series Trust8,793,1000 00For
Vanguard8,660,0490 00For
Adviser Managed Trust6,761,9000 00For
Pacific Life4,053,2220 00For
VanEck ETF Trust1,912,4000 00For
2023 ETF Series Trust1,615,9270 00For
Victory Capital1,322,9000 00For
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND323,8000 00For
SEI Exchange Traded Funds315,4000 00For
Advisors' Inner Circle Fund III281,3580 00For
Morningstar Funds Trust77,4000 00For
Federated Hermes32,0600 00For
Prudential/PGIM11,2000 00For

24. Analyze and approve the management accounts, with examination, discussion and voting on the Company's financial…

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FORABSTAIN
Details: description as filed, votes by 14 asset managers

Description as filed by funds: analyze and approve the management accounts, with examination, discussion and voting on the Company's financial statements related to the fiscal year ended December 31, 2024 pursuant to the Management Proposal.

The 14 asset managers below reported 12,139,680 for, 14,995,811 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 12,139,680ABSTAIN: 14,995,811
Largest asset managers voting on “analyze and approve the management accounts, with examination, discussion and voting on the Company's financia” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock00 14,995,8110Abstain
Jackson National6,417,7450 00For
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles314,8450 00For
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

25. Resolve on the allocation of the net profits for the fiscal year ended December 31, 2024, pursuant to the Management…

No official resultsCORPORATE GOVERNANCE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 14 asset managers

Description as filed by funds: resolve on the allocation of the net profits for the fiscal year ended December 31, 2024, pursuant to the Management Proposal

The 14 asset managers below reported 27,135,491 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 27,135,491
Largest asset managers voting on “resolve on the allocation of the net profits for the fiscal year ended December 31, 2024, pursuant to the Mana” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National6,417,7450 00For
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles314,8450 00For
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

26. To approve the managers accounts and financial statements for the fiscal year ended on December 31, 2024

100% of fund votes cast · no official result

FORABSTAIN
Details: description as filed, votes by 13 asset managers

Description as filed by funds: TO APPROVE THE MANAGERS ACCOUNTS AND FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2024

The 13 asset managers below reported 73,973,911 for, 118,751,179 abstained. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 73,973,911ABSTAIN: 118,751,179
Largest asset managers voting on “TO APPROVE THE MANAGERS ACCOUNTS AND FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2024” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock00 118,095,7470Abstain
John Hancock30,916,1320 00For
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO00 655,4320Abstain
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC208,5000 00For
Krane Shares Trust85,2000 00For
GPS Funds I18,5640 00For

27. To resolve on the allocation of net profit for the fiscal year ended December 31, 2024, with the consequent…

No official resultsCAPITAL STRUCTURE

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 13 asset managers

Description as filed by funds: TO RESOLVE ON THE ALLOCATION OF NET PROFIT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024, WITH THE CONSEQUENT RATIFICATION OF PAYMENT OF DIVIDENDS AND INTEREST OVER SHAREHOLDERS EQUITY MADE IN ADVANCE TO THE SHAREHOLDERS, TO DEBIT OF THE PROFIT FOR THE YEAR OF 2024, PURSUANT TO THE COMPANY'S MANAGEMENT PROPOSAL

The 13 asset managers below reported 192,725,090 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 192,725,090
Largest asset managers voting on “TO RESOLVE ON THE ALLOCATION OF NET PROFIT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024, WITH THE CONSEQUENT RA” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock118,095,7470 00For
John Hancock30,916,1320 00For
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO655,4320 00For
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC208,5000 00For
Krane Shares Trust85,2000 00For
GPS Funds I18,5640 00For

28. Approve Remuneration of Company's Management

99.7% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 47 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Approve Remuneration of Company's Management” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,878,0040 00For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial143,9001,571,508 00Mixed
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 556,794,027 for, 1,571,508 against. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 3 asset managers voting on “Approve Remuneration of Company's Management” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
APG Asset Management US Inc.44,075,4900 00For
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 3 managers: 63,727,393 for.

29. Approve Remuneration of Fiscal Council Members

No official resultsFund totals may overlapCOMPENSATIONCORPORATE GOVERNANCE

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: votes by 46 asset managers

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Approve Remuneration of Fiscal Council Members” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,878,0040 00For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial1,715,4080 00For
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 558,365,535 for. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Approve Remuneration of Fiscal Council Members” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 2 managers: 19,651,903 for.

30. Supervisory Council Fees

100% of fund votes cast · no official result

FOR
Details: votes by 19 asset managers

The 19 asset managers below reported 122,794,157 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 122,794,157
Largest asset managers voting on “Supervisory Council Fees” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI30,398,6470 00For
Hartford21,008,2060 00For
Russell Investments20,761,6630 00For
Charles Schwab15,940,0910 00For
Datum One Series Trust8,793,1000 00For
Vanguard8,660,0490 00For
Adviser Managed Trust6,761,9000 00For
Pacific Life4,053,2220 00For
VanEck ETF Trust1,912,4000 00For
2023 ETF Series Trust1,615,9270 00For
Victory Capital1,322,9000 00For
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND323,8000 00For
SEI Exchange Traded Funds315,4000 00For
Advisors' Inner Circle Fund III281,3580 00For
Morningstar Funds Trust77,4000 00For
Federated Hermes32,0600 00For
Prudential/PGIM11,2000 00For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma100 00For

31. Establish the compensation of the members of the Fiscal Council for the fiscal year of 2025 pursuant to the Management…

Combines 2 wordings of this item as funds reported it.

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: description as filed, votes by 18 asset managers

Description as filed by funds: establish the compensation of the members of the Fiscal Council for the fiscal year of 2025 pursuant to the Management Proposal.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 14 asset managers voting on “establish the compensation of the members of the Fiscal Council for the fiscal year of 2025 pursuant to the Ma” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National6,417,7450 00For
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust775,3120 00For
Natixis755,2040 00For
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles314,8450 00For
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

Fund voting reports, all 14 managers: 27,135,491 for.

Institutional-manager reports: 3 asset managers voting on “establish the compensation of the members of the Fiscal Council for the fiscal year of 2025 pursuant to the Ma” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
Cook & Bynum Capital Management, LLC595,4030 00For
Leisure Capital Management3,2000 00For
Janney Montgomery Scott LLC3000 00For

Institutional-manager reports, all 3 managers: 598,903 for.

32. To determine managers overall compensation for the year of 2025, including expenses related to the recognition of the…

84% of fund votes cast · no official result

FORAGAINST
Details: description as filed, votes by 13 asset managers

Description as filed by funds: TO DETERMINE MANAGERS OVERALL COMPENSATION FOR THE YEAR OF 2025, INCLUDING EXPENSES RELATED TO THE RECOGNITION OF THE FAIR AMOUNT OF X THE STOCK OPTIONS THAT THE COMPANY INTENDS TO GRANT IN THE FISCAL YEAR, AND Y THE COMPENSATION BASED ON SHARES THAT THE COMPANY INTENDS TO EXECUTE IN THE FISCAL YEAR, UNDER THE TERMS SET FORTH IN THE MANAGEMENT PROPOSAL

The 13 asset managers below reported 162,549,488 for, 30,175,602 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 162,549,488AGAINST: 30,175,602
Largest asset managers voting on “TO DETERMINE MANAGERS OVERALL COMPENSATION FOR THE YEAR OF 2025, INCLUDING EXPENSES RELATED TO THE RECOGNITION” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock118,095,7470 00For
John Hancock838,13030,078,002 00Against
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO655,4320 00For
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC196,10012,400 00Mixed
Krane Shares Trust085,200 00Against
GPS Funds I18,5640 00For

33. Establish the overall management compensation for the fiscal year of 2025 pursuant to the Management Proposal.

Combines 4 wordings of this item as funds reported it.

70% Fund and manager reports combined; may count the same shares twice · no official result

FORAGAINST
Details: description as filed, votes by 19 asset managers

Description as filed by funds: establish the overall management compensation for the fiscal year of 2025 pursuant to the Management Proposal.

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 14 asset managers voting on “establish the overall management compensation for the fiscal year of 2025 pursuant to the Management Proposal.” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock14,995,8110 00For
Jackson National06,417,745 00Against
Investment Managers Series Trust1,450,6560 00For
Bridge Builder Trust1,197,8810 00For
Pacer Funds Trust0775,312 00Against
Natixis0755,204 00Against
World Funds Trust483,0920 00For
Tidal Trust I371,5950 00For
Loomis Sayles0314,845 00Against
ETF Series Solutions184,9000 00For
MSS Series Trust85,0000 00For
EA Series Trust64,1270 00For
Northern Lights Fund Trust IV25,7800 00For
ADVISORS SERIES TRUST13,5430 00For

Fund voting reports, all 14 managers: 18,872,385 for, 8,263,106 against.

Institutional-manager reports: 4 asset managers voting on “establish the overall management compensation for the fiscal year of 2025 pursuant to the Management Proposal.” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
Cook & Bynum Capital Management, LLC595,4030 00For
Leisure Capital Management3,2000 00For
Iron Gate Global Advisors LLC3650 00For
Janney Montgomery Scott LLC0300 00Against

Institutional-manager reports, all 4 managers: 598,968 for, 300 against.

34. Remuneration Policy

0.5% of fund votes cast · no official result

AGAINST
Details: votes by 19 asset managers

The 19 asset managers below reported 536,024 for, 122,258,133 against. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 536,024AGAINST: 122,258,133
Largest asset managers voting on “Remuneration Policy” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
SEI030,398,647 00Against
Hartford021,008,206 00Against
Russell Investments020,761,663 00Against
Charles Schwab015,940,091 00Against
Datum One Series Trust08,793,100 00Against
Vanguard08,660,049 00Against
Adviser Managed Trust06,761,900 00Against
Pacific Life04,053,222 00Against
VanEck ETF Trust01,912,400 00Against
2023 ETF Series Trust01,615,927 00Against
Victory Capital01,322,900 00Against
Mercer Funds524,8240 00For
ADVISORS' INNER CIRCLE FUND0323,800 00Against
SEI Exchange Traded Funds0315,400 00Against
Advisors' Inner Circle Fund III0281,358 00Against
Morningstar Funds Trust077,400 00Against
Federated Hermes032,060 00Against
Prudential/PGIM11,2000 00For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma010 00Against

35. To determine the overall compensation of the fiscal councils members for the year of 2025, with alternate members…

No official resultsAUDIT-RELATED

100% of fund votes cast · no official result

FOR
Details: description as filed, votes by 13 asset managers

Description as filed by funds: TO DETERMINE THE OVERALL COMPENSATION OF THE FISCAL COUNCILS MEMBERS FOR THE YEAR OF 2025, WITH ALTERNATE MEMBERS COMPENSATION CORRESPONDING TO HALF OF THE AMOUNT RECEIVED BY THE EFFECTIVE MEMBERS, UNDER THE TERMS SET FORTH IN THE MANAGEMENT PROPOSAL

The 13 asset managers below reported 192,725,090 for. The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

FOR: 192,725,090
Largest asset managers voting on “TO DETERMINE THE OVERALL COMPENSATION OF THE FISCAL COUNCILS MEMBERS FOR THE YEAR OF 2025, WITH ALTERNATE MEMB” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
BlackRock118,095,7470 00For
John Hancock30,916,1320 00For
ADVISORS SERIES TRUST22,880,0000 00For
Bridge Builder Trust13,789,8040 00For
Brown Advisory Funds3,538,4000 00For
JPMorgan947,4160 00For
Investment Managers Series Trust750,0000 00For
MASTER INVESTMENT PORTFOLIO655,4320 00For
VELA Funds435,0000 00For
Jackson National404,8950 00For
WILSHIRE MUTUAL FUNDS INC208,5000 00For
Krane Shares Trust85,2000 00For
GPS Funds I18,5640 00For

36. Elect Fabio de Oliveira Moser as Fiscal Council Member and Nilson Martiniano Moreira as Alternate Appointed by Minority…

No official resultsFund totals may overlapAUDIT-RELATEDCORPORATE GOVERNANCE

100% Fund and manager reports combined; may count the same shares twice · no official result

FOR
Details: description as filed, votes by 46 asset managers

Description as filed by funds: Elect Fabio de Oliveira Moser as Fiscal Council Member and Nilson Martiniano Moreira as Alternate Appointed by Minority Shareholder

Fund voting reports and institutional-manager reports both cover this item. An institutional manager can report shares that a fund it advises also reports, so the two are shown separately below and never added together, and their sum is not shown (fund and manager reports combined may count the same shares twice). The figure above is FOR ÷ (FOR + AGAINST + WITHHELD) of the shares these managers voted; abstained and unvoted shares are in neither half, and these managers are a subset of all shareholders, not the meeting result.

Fund voting reports: 44 asset managers voting on “Elect Fabio de Oliveira Moser as Fiscal Council Member and Nilson Martiniano Moreira as Alternate Appointed by” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
FIRST EAGLE FUNDS251,578,5840 00For
Vanguard140,017,2860 00For
MFS37,416,5940 00For
FINANCIAL INVESTORS TRUST29,069,0000 00For
Fidelity22,830,6260 47,3780For
TIAA8,956,5360 00For
State Street8,221,3480 00For
Allspring8,082,1060 00For
Dimensional6,737,9880 00For
Columbia Threadneedle5,939,7990 00For
Victory Capital5,208,0000 00For
Dodge & Cox3,836,5000 00For
Waddell & Reed3,131,4970 00For
PIMCO3,015,4000 00For
Franklin Templeton2,469,6000 00For
American Century2,448,5870 00For
Northern Trust2,274,3590 00For
Thrivent2,205,3000 00For
Lincoln Financial1,715,4080 00For
AIG/SunAmerica1,696,2720 00For
FIRST EAGLE VARIABLE FUNDS1,369,4970 00For
Advisors' Inner Circle Fund III1,358,0000 00For
DWS1,349,0080 00For
Brighthouse1,133,3000 00For
Voya973,3830 00For

Fund voting reports, all 44 managers: 558,318,157 for, 47,378 abstained. Showing the 25 largest; every one is in the interactive database (link above).

Institutional-manager reports: 2 asset managers voting on “Elect Fabio de Oliveira Moser as Fiscal Council Member and Nilson Martiniano Moreira as Alternate Appointed by” at Ambev SA, 2024-2025
Asset managerForAgainst AbstainWithheldVote
RWC ASSET ADVISORS (US) LLC14,922,8000 00For
RWC Asset Management LLP4,729,1030 00For

Institutional-manager reports, all 2 managers: 19,651,903 for.

Largest Ambev SA shareholders voting in 2024-2025

Ranked separately for each type of Form N-PX report. An institutional manager can report shares that a fund it advises also reports, so the two tables can list the same shares and are never added together. Each is ranked by the shares voted on the item that the most managers of that type reported, shown as a share of the 15,757,657,336 shares outstanding at the time of that meeting.

Fund voting reports: top Ambev SA shareholders by shares voted on “Approve Remuneration of Company's Management”, 2024-2025
#Asset manager % of shares outstanding
1FIRST EAGLE FUNDS 1.60%
2Vanguard 0.89%
3MFS 0.24%
4FINANCIAL INVESTORS TRUST 0.18%
5Fidelity 0.15%
6TIAA 0.06%
7State Street 0.05%
8Allspring 0.05%
9Dimensional 0.04%
10Columbia Threadneedle 0.04%
Institutional-manager reports: top Ambev SA shareholders by shares voted on “establish the overall management compensation for the fiscal year of 2025 pursuant to the…”, 2024-2025
#Asset manager % of shares outstanding
1Cook & Bynum Capital Management, LLC <0.01%
2Leisure Capital Management <0.01%
3Iron Gate Global Advisors LLC <0.01%
4Janney Montgomery Scott LLC <0.01%

Reported Ambev SA holdings and ownership

As disclosed to the SEC in Form 13F (quarter-end holdings of 30 large managers), Schedules 13D and 13G (beneficial ownership above 5%) and the company’s own proxy statement (DEF 14A). Each row names its form.

Ambev SA holdings and ownership disclosed for the 2024-2025 proxy season
Holder % outstanding Disclosure
Renaissance Technologies 0.25% 13F
Morgan Stanley 0.13% 13F
BlackRock 0.13% 13F
Two Sigma 0.11% 13F
State Street 0.07% 13F
Dimensional Fund Advisors 0.05% 13F
Northern Trust 0.05% 13F
Vanguard Group 0.04% 13F
Goldman Sachs 0.03% 13F
Invesco 0.02% 13F

Percentages above are of 15,757,657,336 shares outstanding, as reported by Ambev SA on its Form 20-F dated December 31, 2024 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, not today’s. Each holding is as of its own filing, which may be dated before or after the meeting.

Related

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, 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), and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from Ambev SA’s 20-F dated December 31, 2024. This page is a static snapshot rebuilt weekly on November 8, 2026; a live search always shows the current data.

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

Cite this page

proxyvotesnow.com, “Ambev (ABEV) 2025 Annual Meeting: Vote Results & How Funds Voted”, https://proxyvotesnow.com/company/ambev-sa/2025 (version of November 9, 2026). Derived from SEC Form N-PX and Form 8-K filings; tables licensed CC BY 4.0. Licence: CC BY 4.0.