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Compiled from SEC Form N-PX filings and BLACK HILLS CORP.’s Form 8-K, filed 2025-04-25 (Item 5.07 on EDGAR). Page generated 02 October 2026.
Explore BLACK HILLS CORP. in the interactive database Compare manager voting policies
These tallies are BLACK HILLS CORP.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-04-25 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.
| Ballot item | For | Against | Abstain | Withheld | Broker non-votes | Outcome |
|---|---|---|---|---|---|---|
| Elect Director: Robert F. Beard | 57,443,610 | -- | -- | 385,218 | 7,267,473 | Majority: yes |
| Elect Director: Kathleen S. McAllister | 57,078,676 | -- | -- | 750,152 | 7,267,473 | Majority: yes |
| Elect Director: Robert P. Otto | 55,986,803 | -- | -- | 1,842,025 | 7,267,473 | Majority: yes |
| Elect Director: Anne G. Waleski | 57,408,234 | -- | -- | 420,594 | 7,267,473 | Majority: yes |
| Proposal 2: Shareholders approved a proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2025. | 63,891,843 | 1,112,355 | 92,103 | -- | -- | Majority: yes |
| Proposal 3: Shareholders approved, on an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement. | 56,264,304 | 1,289,291 | 275,233 | -- | 7,267,473 | Majority: yes |
Source: BLACK HILLS CORP., Form 8-K, filed with the SEC on 2025-04-25 — read the filing on EDGAR.
Each item below shows how the 422 asset managers that disclosed a BLACK HILLS CORP. 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 BLACK HILLS CORP.’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.
Combines 5 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Proposal 3: Shareholders approved, on an advisory and non-binding basis, the compensation of the Company's named executive officers, as disclosed in the proxy statement.”): 56,264,304 for, 1,289,291 against, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 78% for, 2% against (80% of the company cast a for/against vote).
The 414 asset managers below cast 99.1% of the shares they voted on this item FOR. Fund share totals are not shown for this item: fund-reported shares overlap across filings (an adviser and the funds it manages can each report the same shares), and here their sum exceeds the total votes cast at the meeting.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 10,920,869 | 790 | 0 | 0 | For |
| Vanguard | 8,666,295 | 0 | 0 | 0 | For |
| State Street | 5,030,261 | 0 | 0 | 0 | For |
| Charles Schwab | 2,474,680 | 0 | 0 | 0 | For |
| MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST | 2,197,619 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,860,798 | 0 | 0 | 0 | For |
| Capital Research Global Investors | 1,845,088 | 0 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 1,718,344 | 0 | 0 | 0 | For |
| Fidelity | 1,602,879 | 0 | 0 | 0 | For |
| FULLER & THALER ASSET MANAGEMENT, INC. | 1,323,305 | 0 | 0 | 0 | For |
| Invesco | 1,263,451 | 0 | 0 | 0 | For |
| Nuveen | 1,210,445 | 0 | 0 | 0 | For |
| Victory Capital | 1,204,040 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| Dimensional | 1,016,450 | 0 | 0 | 0 | For |
| TIAA | 977,192 | 0 | 0 | 0 | For |
| Northern Trust | 957,331 | 0 | 0 | 0 | For |
| First Trust | 936,732 | 0 | 0 | 0 | For |
| John Hancock | 784,812 | 0 | 0 | 0 | For |
| Zimmer Partners, LP | 781,728 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Gabelli | 649,021 | 0 | 0 | 0 | For |
| AQR | 600,508 | 0 | 0 | 0 | For |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 582,931 | 0 | 0 | 0 | For |
Showing the 25 largest of 414 asset managers. See all 414 in the interactive database.
Combines 4 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Proposal 2: Shareholders approved a proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the year 2025.”): 63,891,843 for, 1,112,355 against, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 89% for, 2% against (91% of the company cast a for/against vote).
The 106 asset managers below cast 99.9% of the shares they voted on this item FOR (36,964,473 for, 1,340 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 8,401,150 | 241 | 0 | 0 | For |
| BlackRock | 7,365,148 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,845,088 | 0 | 0 | 0 | For |
| Fidelity | 1,582,020 | 0 | 0 | 0 | For |
| State Street | 1,291,923 | 135 | 0 | 0 | For |
| Charles Schwab | 1,233,520 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| TIAA | 977,042 | 0 | 0 | 0 | For |
| First Trust | 921,297 | 0 | 0 | 0 | For |
| Dimensional | 865,598 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Victory Capital | 576,644 | 0 | 0 | 0 | For |
| Invesco | 492,122 | 0 | 0 | 0 | For |
| Gabelli | 456,100 | 0 | 0 | 0 | For |
| Equitable | 450,945 | 0 | 0 | 0 | For |
| MFS | 444,251 | 0 | 0 | 0 | For |
| DNP SELECT INCOME FUND INC | 389,700 | 0 | 0 | 0 | For |
| John Hancock | 384,803 | 0 | 0 | 0 | For |
| JANUS INVESTMENT FUND | 362,766 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 353,535 | 0 | 0 | 0 | For |
| WisdomTree | 248,333 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 248,180 | 0 | 0 | 0 | For |
| Goldman Sachs | 210,995 | 0 | 0 | 0 | For |
| Jackson National | 210,039 | 0 | 0 | 0 | For |
Showing the 25 largest of 106 asset managers. See all 106 in the interactive database.
Combines 8 wordings of this item as funds reported it.
99.3% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Elect Director: Robert F. Beard”): 57,443,610 for, 385,218 withheld, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 80% for, 0.6% withheld (81% of the company cast a for/withheld vote).
The 103 asset managers below cast 100% of the shares they voted on this item FOR (36,470,489 for, 0 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 8,401,391 | 0 | 0 | 0 | For |
| BlackRock | 7,365,148 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,845,088 | 0 | 0 | 0 | For |
| Fidelity | 1,582,020 | 0 | 0 | 0 | For |
| State Street | 1,292,059 | 0 | 0 | 0 | For |
| Charles Schwab | 1,233,520 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| TIAA | 977,042 | 0 | 0 | 0 | For |
| First Trust | 921,297 | 0 | 0 | 0 | For |
| Dimensional | 865,598 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Victory Capital | 576,644 | 0 | 0 | 0 | For |
| Invesco | 492,122 | 0 | 0 | 0 | For |
| Equitable | 450,945 | 0 | 0 | 0 | For |
| MFS | 444,251 | 0 | 0 | 0 | For |
| DNP SELECT INCOME FUND INC | 389,700 | 0 | 0 | 0 | For |
| John Hancock | 384,803 | 0 | 0 | 0 | For |
| JANUS INVESTMENT FUND | 362,766 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 353,535 | 0 | 0 | 0 | For |
| WisdomTree | 248,333 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 248,180 | 0 | 0 | 0 | For |
| Goldman Sachs | 210,995 | 0 | 0 | 0 | For |
| Jackson National | 210,039 | 0 | 0 | 0 | For |
| GLENMEDE FUND INC | 206,247 | 0 | 0 | 0 | For |
Showing the 25 largest of 103 asset managers. See all 103 in the interactive database.
Combines 7 wordings of this item as funds reported it.
99.2% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Elect Director: Anne G. Waleski”): 57,408,234 for, 420,594 withheld, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 80% for, 0.6% withheld (81% of the company cast a for/withheld vote).
The 102 asset managers below cast 100% of the shares they voted on this item FOR (36,478,891 for, 0 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 8,401,391 | 0 | 0 | 0 | For |
| BlackRock | 7,365,148 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,845,088 | 0 | 0 | 0 | For |
| Fidelity | 1,582,020 | 0 | 0 | 0 | For |
| State Street | 1,292,059 | 0 | 0 | 0 | For |
| Charles Schwab | 1,233,520 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| TIAA | 977,042 | 0 | 0 | 0 | For |
| First Trust | 921,297 | 0 | 0 | 0 | For |
| Dimensional | 865,598 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Victory Capital | 576,644 | 0 | 0 | 0 | For |
| Invesco | 492,122 | 0 | 0 | 0 | For |
| Equitable | 450,945 | 0 | 0 | 0 | For |
| MFS | 444,251 | 0 | 0 | 0 | For |
| DNP SELECT INCOME FUND INC | 389,700 | 0 | 0 | 0 | For |
| John Hancock | 384,803 | 0 | 0 | 0 | For |
| JANUS INVESTMENT FUND | 362,766 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 353,535 | 0 | 0 | 0 | For |
| WisdomTree | 248,333 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 248,180 | 0 | 0 | 0 | For |
| Goldman Sachs | 210,995 | 0 | 0 | 0 | For |
| Jackson National | 210,039 | 0 | 0 | 0 | For |
| GLENMEDE FUND INC | 206,247 | 0 | 0 | 0 | For |
Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.
Combines 8 wordings of this item as funds reported it.
99% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Elect Director: Kathleen S. McAllister”): 57,078,676 for, 750,152 withheld, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 80% for, 1% withheld (81% of the company cast a for/withheld vote).
The 102 asset managers below cast 100% of the shares they voted on this item FOR (36,294,829 for, 0 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 8,401,391 | 0 | 0 | 0 | For |
| BlackRock | 7,365,148 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,845,088 | 0 | 0 | 0 | For |
| Fidelity | 1,582,020 | 0 | 0 | 0 | For |
| State Street | 1,292,059 | 0 | 0 | 0 | For |
| Charles Schwab | 1,233,520 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| TIAA | 977,042 | 0 | 0 | 0 | For |
| First Trust | 921,297 | 0 | 0 | 0 | For |
| Dimensional | 865,598 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Victory Capital | 576,644 | 0 | 0 | 0 | For |
| Invesco | 492,122 | 0 | 0 | 0 | For |
| Equitable | 318,650 | 0 | 132,295 | 0 | For |
| MFS | 444,251 | 0 | 0 | 0 | For |
| DNP SELECT INCOME FUND INC | 389,700 | 0 | 0 | 0 | For |
| John Hancock | 384,803 | 0 | 0 | 0 | For |
| JANUS INVESTMENT FUND | 362,766 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 353,535 | 0 | 0 | 0 | For |
| WisdomTree | 248,333 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 248,180 | 0 | 0 | 0 | For |
| Goldman Sachs | 210,995 | 0 | 0 | 0 | For |
| Jackson National | 210,039 | 0 | 0 | 0 | For |
| GLENMEDE FUND INC | 206,247 | 0 | 0 | 0 | For |
Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.
Combines 7 wordings of this item as funds reported it.
97% Majority: yes · of votes cast
BLACK HILLS CORP.’s own tally for this item (“Elect Director: Robert P. Otto”): 55,986,803 for, 1,842,025 withheld, per its Form 8-K filed 2025-04-25 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 71,700,000 outstanding shares: 78% for, 3% withheld (81% of the company cast a for/withheld vote).
The 102 asset managers below cast 100% of the shares they voted on this item FOR (35,226,530 for, 0 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 8,401,391 | 0 | 0 | 0 | For |
| BlackRock | 7,365,148 | 0 | 0 | 0 | For |
| Delaware/Macquarie | 1,862,721 | 0 | 0 | 0 | For |
| Capital Group | 1,845,088 | 0 | 0 | 0 | For |
| Fidelity | 1,582,020 | 0 | 0 | 0 | For |
| State Street | 1,292,059 | 0 | 0 | 0 | For |
| Charles Schwab | 1,233,520 | 0 | 0 | 0 | For |
| UNDISCOVERED MANAGERS FUNDS | 1,150,846 | 0 | 0 | 0 | For |
| TIAA | 0 | 0 | 977,042 | 0 | Abstain |
| First Trust | 921,297 | 0 | 0 | 0 | For |
| Dimensional | 865,598 | 0 | 0 | 0 | For |
| ProShares | 671,253 | 0 | 0 | 0 | For |
| Victory Capital | 576,644 | 0 | 0 | 0 | For |
| Invesco | 492,122 | 0 | 0 | 0 | For |
| Equitable | 318,650 | 0 | 132,295 | 0 | For |
| MFS | 444,251 | 0 | 0 | 0 | For |
| DNP SELECT INCOME FUND INC | 389,700 | 0 | 0 | 0 | For |
| John Hancock | 384,803 | 0 | 0 | 0 | For |
| JANUS INVESTMENT FUND | 362,766 | 0 | 0 | 0 | For |
| FRANKLIN VALUE INVESTORS TRUST | 353,535 | 0 | 0 | 0 | For |
| WisdomTree | 248,333 | 0 | 0 | 0 | For |
| AMERICAN BEACON FUNDS | 248,180 | 0 | 0 | 0 | For |
| Goldman Sachs | 210,995 | 0 | 0 | 0 | For |
| Jackson National | 210,039 | 0 | 0 | 0 | For |
| GLENMEDE FUND INC | 206,247 | 0 | 0 | 0 | For |
Showing the 25 largest of 102 asset managers. See all 102 in the interactive database.
All nominees (reported as one line). These filers reported the election of directors as a single line covering every nominee. It is not attributed to any one director, and no share total is shown for it.
100% fund support · no official result
The 2 asset managers below cast 100% of the shares they voted on this item FOR.
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Two Roads Shared Trust | 30,310 | 0 | 0 | 0 | For |
| VOISARD ASSET MANAGEMENT GROUP, INC. | 12 | 0 | 0 | 0 | For |
Ranked by the number of BLACK HILLS CORP. shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 71,700,000 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | BlackRock | 15.23% |
| 2 | Vanguard | 12.09% |
| 3 | State Street | 7.02% |
| 4 | Charles Schwab | 3.45% |
| 5 | MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST | 3.07% |
| 6 | Delaware/Macquarie | 2.60% |
| 7 | Capital Group | 2.60% |
| 8 | Capital Research Global Investors | 2.57% |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 2.40% |
| 10 | Fidelity | 2.24% |
Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).
| Holder | % outstanding | Disclosure |
|---|---|---|
| Hudson Yards | 16.04% | DEF14A |
| BlackRock | 15.77% | 13F |
| Vanguard Group | 12.04% | 13F |
| Vanguard Blvd. | 11.36% | DEF14A |
| Vanguard Portfolio Management | 7.07% | 13G |
| State Street Financial Center | 5.11% | DEF14A |
| Charles Schwab | 1.71% | 13F |
| Nuveen | 1.55% | 13F |
| Dimensional Fund Advisors | 1.51% | 13F |
| Northern Trust | 1.40% | 13F |
Percentages above are of 71,700,000 shares outstanding, as reported by BLACK HILLS CORP. on its Form 10-K dated 2024-12-31 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.
Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from BLACK HILLS CORP.’s 10-K dated 2024-12-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.
At BLACK HILLS CORP.'s shareholder meeting held 2025-04-23, in the 2024-2025 proxy season, 422 asset managers reported how they voted in their SEC Form N-PX filings, covering 2,779 separate fund positions. Their filings are grouped here into 7 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — Advisory resolution to approve executive compensation. — FOR was 98% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: BLACK HILLS CORP.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2025-04-25.
BLACK HILLS CORP. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.