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Black Hills Corporation 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings and Black Hills Corporation’s Form 8-K, filed 2026-04-02 (Item 5.07 on EDGAR). Page generated 02 October 2026.

  • 19Reported items
  • 489Asset managers
  • 5,410Fund votes
  • 2026-04-02Main meeting date

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

Explore Black Hills Corporation in the interactive database Compare manager voting policies

Official 2025-2026 meeting results reported by Black Hills Corporation

These tallies are Black Hills Corporation’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2026-04-02 (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. Black Hills Corporation reported 2 meetings in this season; each is tabulated separately below, with its own filing.

Black Hills Corporation — official shareholder meeting results, meeting held 2026-04-02 (Form 8-K, filed 2026-04-02)
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Proposal 2: Shareholders approved to amend the restated articles of incorporation of the Company to increase the authorized shares from 100 million to 300 million. 61,251,8445,712,057437,922 ---- Majority: yes
Proposal 3: Shareholders approved to amend the restated articles of incorporation of the Company to change the name of the Company. 65,098,7021,844,797458,324 ---- Majority: yes
Proposal 4: Shareholders authorized an increase in the authorized indebtedness of the Company from $8 billion to $20 billion. 60,574,218674,470449,970 --5,703,165 Majority: yes
Proposal 5: Shareholders approved, on a non-binding and advisory basis, the merger-related compensation arrangements of the Company's named executive officers, as disclosed in the joint proxy statement/prospectus. 58,080,9133,114,157503,588 --5,703,165 Majority: yes
Proposal 6: A proposal to approve any motion to adjourn the Black Hills special meeting, if necessary. 61,243,2435,624,167534,413 ---- Majority: yes

Source: Black Hills Corporation, Form 8-K, filed with the SEC on 2026-04-02 — read the filing on EDGAR.

Black Hills Corporation — official shareholder meeting results, meeting held 2026-04-29 (Form 8-K, filed 2026-05-01)
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Elect Director: Scott M. Prochazka 58,581,725---- 2,368,8866,365,125 Majority: yes
Elect Director: Teresa A. Taylor 57,824,353---- 3,126,2586,365,125 Majority: yes
Elect Director: Anne G. Waleski 60,223,646---- 726,9656,365,125 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 2026. 66,181,2341,028,970105,532 ---- 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. 59,589,2961,096,350264,965 --6,365,125 Majority: yes

Source: Black Hills Corporation, Form 8-K, filed with the SEC on 2026-05-01 — read the filing on EDGAR.

How asset managers voted at the Black Hills Corporation 2025-2026 meetings

Each item below shows how the 489 asset managers that disclosed a Black Hills Corporation 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 Corporation’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. Advisory resolution to approve executive compensation.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2026-04-29.

Combines 6 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 59,589,296AGAINST: 1,096,350

Black Hills Corporation’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.”): 59,589,296 for, 1,096,350 against, per its Form 8-K filed 2026-05-01 (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 75,474,846 outstanding shares: 79% for, 1% against (80% of the company cast a for/against vote).

The 461 asset managers below cast 99.4% 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.

FOR 99.3%
FOR: 99.4%AGAINST: 0.6%ABSTAIN: 0.0%NOT VOTED: 0.0%SPLIT: 0.0%
Largest asset managers voting on “Advisory resolution to approve executive compensation.” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock11,438,485790 00For
Vanguard8,920,4265 00For
State Street3,067,4172,496 00For
Charles Schwab2,411,6710 00For
NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST2,321,9590 00For
Capital Group2,275,9220 00For
Capital Research Global Investors2,275,9220 00For
GEODE CAPITAL MANAGEMENT, LLC1,936,2410 00For
Fidelity1,730,1670 00For
ADAGE CAPITAL PARTNERS GP, L.L.C.1,661,5870 00For
Delaware/Macquarie1,526,5860 00For
Victory Capital1,345,6630 00For
Covalis Capital LLP1,230,2780 00For
Cohen & Steers1,109,1480 00For
Nuveen1,084,8330 00For
Northern Trust929,1680 00For
John Hancock792,2140 00For
Janus Henderson772,8480 00For
TIAA755,4340 00For
FULLER & THALER ASSET MANAGEMENT, INC.744,0880 00For
First Trust709,7610 00For
Dimensional676,0970 00For
Gabelli656,0910 00For
AQR621,4760 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For

Showing the 25 largest of 461 asset managers. See all 461 in the interactive database.

2. An advisory vote on the merger- related compensation arrangements of Black Hills' named executive officers.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Meeting held 2026-04-02.

Combines 12 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%
FOR: 58,080,913AGAINST: 3,114,157

Black Hills Corporation’s own tally for this item (“Proposal 5: Shareholders approved, on a non-binding and advisory basis, the merger-related compensation arrangements of the Company's named executive officers, as disclosed in the joint proxy statement/prospectus.”): 58,080,913 for, 3,114,157 against, per its Form 8-K filed 2026-04-02 (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 75,474,846 outstanding shares: 77% for, 4% against (81% of the company cast a for/against vote).

The 455 asset managers below cast 97% 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.

FOR 96%
FOR: 96.2%AGAINST: 3.2%ABSTAIN: 0.6%NOT VOTED: 0.0%SPLIT: 0.0%
Largest asset managers voting on “An advisory vote on the merger- related compensation arrangements of Black Hills' named executive officers.” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock11,116,9180 00For
Vanguard8,828,1442,189 10For
State Street3,567,9115,463 00For
Charles Schwab2,400,3090 00For
NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST2,355,6180 00For
Capital Group2,275,9220 00For
Capital Research Global Investors2,275,9220 00For
GEODE CAPITAL MANAGEMENT, LLC1,901,1060 00For
Fidelity1,697,3620 00For
ADAGE CAPITAL PARTNERS GP, L.L.C.1,590,9400 00For
Delaware/Macquarie1,570,8510 00For
Victory Capital1,329,0240 00For
Nuveen1,309,6670 00For
Cohen & Steers79,0421,062,950 00Against
Point721,078,1850 00For
Covalis Capital LLP1,046,0910 00For
TIAA984,1510 00For
Northern Trust902,9730 00For
AQR777,7850 00For
Janus Henderson772,8480 00For
FULLER & THALER ASSET MANAGEMENT, INC.744,9380 00For
First Trust709,8730 00For
Dimensional672,4080 00For
Gabelli656,1270 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For

Showing the 25 largest of 455 asset managers. See all 455 in the interactive database.

3. RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS BLACK HILLS CORPORATION'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2026.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2026-04-29.

Combines 3 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 66,181,234AGAINST: 1,028,970

Black Hills Corporation’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 2026.”): 66,181,234 for, 1,028,970 against, per its Form 8-K filed 2026-05-01 (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 75,474,846 outstanding shares: 88% for, 1% against (89% of the company cast a for/against vote).

The 115 asset managers below cast 99.9% of the shares they voted on this item FOR (35,244,463 for, 11,787 against).

FOR 99.9%
FOR: 35,244,463 (99.9%)AGAINST: 11,787 (0.0%)ABSTAIN: 11,716 (0.0%)
Largest asset managers voting on “RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO SERVE AS BLACK HILLS CORPORATION'S INDEPENDENT REG” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,275,9014,988 00For
BlackRock7,916,9280 00For
Capital Group2,275,9220 00For
Fidelity1,717,4120 00For
Delaware/Macquarie1,526,5860 00For
Charles Schwab1,201,5860 00For
State Street944,65263 00For
TIAA755,1350 00For
First Trust705,6530 00For
Victory Capital651,1630 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Cohen & Steers588,0850 00For
Dimensional493,1430 00For
Gabelli454,6000 00For
ProShares453,9080 00For
Equitable431,0120 00For
John Hancock396,7230 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
FRANKLIN VALUE INVESTORS TRUST343,0340 00For
Franklin Custodian Funds300,0000 00For
Invesco284,9980 00For
Jackson National222,0150 00For
WisdomTree214,9770 00For
AMERICAN BEACON FUNDS196,3000 00For

Showing the 25 largest of 115 asset managers. See all 115 in the interactive database.

4. To vote on a proposal to approve any motion to adjourn the Black Hills special meeting, if necessary (the "Black Hills Meeting Adjournment Proposal").

CORPORATE GOVERNANCEMajority of the votes cast: yes

Meeting held 2026-04-02.

Combines 4 wordings of this item as funds reported it.

92% Majority: yes · of votes cast

FOR 92%8%
FOR: 61,243,243AGAINST: 5,624,167

Black Hills Corporation’s own tally for this item (“Proposal 6: A proposal to approve any motion to adjourn the Black Hills special meeting, if necessary.”): 61,243,243 for, 5,624,167 against, per its Form 8-K filed 2026-04-02 (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 75,474,846 outstanding shares: 81% for, 7% against (89% of the company cast a for/against vote).

The 114 asset managers below cast 95% of the shares they voted on this item FOR (33,552,971 for, 1,950,845 against).

FOR 94%
FOR: 33,552,971 (94.2%)AGAINST: 1,950,845 (5.5%)ABSTAIN: 128,693 (0.4%)
Largest asset managers voting on “To vote on a proposal to approve any motion to adjourn the Black Hills special meeting, if necessary (the "Bla” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,199,0337 10For
BlackRock7,922,0560 00For
Capital Group2,275,9220 00For
Fidelity1,684,8740 00For
Delaware/Macquarie1,570,8510 00For
Charles Schwab1,196,0430 00For
State Street6,2361,177,772 00Against
TIAA983,9350 00For
First Trust705,7750 00For
Cohen & Steers0645,787 00Against
Victory Capital643,0520 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
ProShares589,5390 00For
Invesco511,5380 00For
Dimensional487,3830 00For
Gabelli454,6000 00For
Equitable310,1390 116,7050For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
Franklin Custodian Funds300,0000 00For
Voya243,9800 00For
WisdomTree208,9570 00For
Jackson National206,9700 00For
AMERICAN BEACON FUNDS202,6000 00For
Goldman Sachs172,61326,787 00For

Showing the 25 largest of 114 asset managers. See all 114 in the interactive database.

5. To vote on a proposal to amend the restated articles of incorporation of Black Hills (the "Black Hills Charter") to increase the authorized shares from 100 million to 300 million (the "Black Hills Share Increase Proposal");

CAPITAL STRUCTUREMajority of the votes cast: yes

Meeting held 2026-04-02.

Combines 6 wordings of this item as funds reported it.

91% Majority: yes · of votes cast

FOR 91%9%
FOR: 61,251,844AGAINST: 5,712,057

Black Hills Corporation’s own tally for this item (“Proposal 2: Shareholders approved to amend the restated articles of incorporation of the Company to increase the authorized shares from 100 million to 300 million.”): 61,251,844 for, 5,712,057 against, per its Form 8-K filed 2026-04-02 (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 75,474,846 outstanding shares: 81% for, 8% against (89% of the company cast a for/against vote).

The 112 asset managers below cast 94% of the shares they voted on this item FOR (33,343,501 for, 1,949,138 against).

FOR 94%
FOR: 33,343,501 (94.2%)AGAINST: 1,949,138 (5.5%)ABSTAIN: 116,705 (0.3%)
Largest asset managers voting on “To vote on a proposal to amend the restated articles of incorporation of Black Hills (the "Black Hills Charter” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,199,0337 00For
BlackRock7,922,0560 00For
Capital Group2,275,9220 00For
Fidelity1,684,8740 00For
Delaware/Macquarie1,570,8510 00For
Charles Schwab1,196,0430 00For
State Street6,2361,177,772 00Against
TIAA983,9350 00For
First Trust705,7750 00For
Cohen & Steers0645,787 00Against
Victory Capital643,0520 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
ProShares589,5390 00For
Invesco511,5380 00For
Dimensional487,3830 00For
Gabelli454,6000 00For
Equitable310,1390 116,7050For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
Franklin Custodian Funds300,0000 00For
Voya243,9800 00For
WisdomTree208,9570 00For
Jackson National206,9700 00For
AMERICAN BEACON FUNDS202,6000 00For
Goldman Sachs172,61326,787 00For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

6. To vote on a proposal to increase the authorized indebtedness of Black Hills from $8 billion to $20 billion (the "Black Hills Indebtedness Increase Proposal");

CAPITAL STRUCTUREMajority of the votes cast: yes

Meeting held 2026-04-02.

Combines 3 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%
FOR: 60,574,218AGAINST: 674,470

Black Hills Corporation’s own tally for this item (“Proposal 4: Shareholders authorized an increase in the authorized indebtedness of the Company from $8 billion to $20 billion.”): 60,574,218 for, 674,470 against, per its Form 8-K filed 2026-04-02 (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 75,474,846 outstanding shares: 80% for, 0.9% against (81% of the company cast a for/against vote).

The 112 asset managers below cast 99.9% of the shares they voted on this item FOR (35,292,138 for, 1 against).

FOR 99.6%
FOR: 35,292,138 (99.7%)AGAINST: 1 (0.0%)ABSTAIN: 117,205 (0.3%)
Largest asset managers voting on “To vote on a proposal to increase the authorized indebtedness of Black Hills from $8 billion to $20 billion (t” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,199,0391 00For
BlackRock7,922,0560 00For
Capital Group2,275,9220 00For
Fidelity1,684,8740 00For
Delaware/Macquarie1,570,8510 00For
Charles Schwab1,196,0430 00For
State Street1,184,0080 00For
TIAA983,9350 00For
First Trust705,7750 00For
Cohen & Steers645,7870 00For
Victory Capital643,0520 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
ProShares589,5390 00For
Invesco511,5380 00For
Dimensional487,3830 00For
Gabelli454,6000 00For
Equitable310,1390 116,7050For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
Franklin Custodian Funds300,0000 00For
Voya243,9800 00For
WisdomTree208,9570 00For
Jackson National206,9700 00For
AMERICAN BEACON FUNDS202,6000 00For
Goldman Sachs199,4000 00For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

7. Election of Directors: Anne G. Waleski

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-04-29.

Combines 6 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%
FOR: 60,223,646WITHHELD: 726,965

Black Hills Corporation’s own tally for this item (“Elect Director: Anne G. Waleski”): 60,223,646 for, 726,965 withheld, per its Form 8-K filed 2026-05-01 (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 75,474,846 outstanding shares: 80% for, 1.0% withheld (81% of the company cast a for/withheld vote).

The 112 asset managers below cast 100% of the shares they voted on this item FOR (34,866,302 for, 0 against).

FOR 99.4%
FOR: 34,866,302 (99.4%)ABSTAIN: 206,078 (0.6%)
Largest asset managers voting on “Election of Directors: Anne G. Waleski” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,280,8860 30For
BlackRock7,916,9280 00For
Capital Group2,275,9220 00For
Fidelity1,717,4120 00For
Delaware/Macquarie1,526,5860 00For
Charles Schwab1,201,5860 00For
State Street944,7150 00For
TIAA755,1350 00For
First Trust705,6530 00For
Victory Capital651,1630 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Cohen & Steers588,0850 00For
Dimensional493,1430 00For
Gabelli454,6000 00For
ProShares453,9080 00For
John Hancock396,7230 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
FRANKLIN VALUE INVESTORS TRUST343,0340 00For
Franklin Custodian Funds300,0000 00For
Invesco284,9980 00For
Equitable142,3000 116,2120For
Jackson National222,0150 00For
WisdomTree214,9770 00For
AMERICAN BEACON FUNDS196,3000 00For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

8. Election of Directors: Scott M. Prochazka

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-04-29.

Combines 6 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%
FOR: 58,581,725WITHHELD: 2,368,886

Black Hills Corporation’s own tally for this item (“Elect Director: Scott M. Prochazka”): 58,581,725 for, 2,368,886 withheld, per its Form 8-K filed 2026-05-01 (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 75,474,846 outstanding shares: 78% for, 3% withheld (81% of the company cast a for/withheld vote).

The 112 asset managers below cast 100% of the shares they voted on this item FOR (34,402,334 for, 0 against).

FOR 98%
FOR: 34,402,334 (98.1%)ABSTAIN: 670,046 (1.9%)
Largest asset managers voting on “Election of Directors: Scott M. Prochazka” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,280,8800 90For
BlackRock7,706,4440 210,4840For
Capital Group2,275,9220 00For
Fidelity1,707,2220 10,1900For
Delaware/Macquarie1,526,5860 00For
Charles Schwab1,201,5860 00For
State Street944,7150 00For
TIAA755,1350 00For
First Trust705,6530 00For
Victory Capital651,1630 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Cohen & Steers588,0850 00For
Dimensional493,1430 00For
Gabelli454,6000 00For
ProShares453,9080 00For
John Hancock396,7230 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
FRANKLIN VALUE INVESTORS TRUST343,0340 00For
Franklin Custodian Funds300,0000 00For
Invesco284,9980 00For
Equitable142,3000 116,2120For
Jackson National222,0150 00For
WisdomTree214,9770 00For
AMERICAN BEACON FUNDS196,3000 00For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

9. Election of Directors: Teresa A. Taylor

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2026-04-29.

Combines 6 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%
FOR: 57,824,353WITHHELD: 3,126,258

Black Hills Corporation’s own tally for this item (“Elect Director: Teresa A. Taylor”): 57,824,353 for, 3,126,258 withheld, per its Form 8-K filed 2026-05-01 (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 75,474,846 outstanding shares: 77% for, 4% withheld (81% of the company cast a for/withheld vote).

The 112 asset managers below cast 100% of the shares they voted on this item FOR (34,223,447 for, 0 against).

FOR 98%
FOR: 34,223,447 (97.6%)ABSTAIN: 848,933 (2.4%)
Largest asset managers voting on “Election of Directors: Teresa A. Taylor” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,280,8750 140For
BlackRock7,706,4440 210,4840For
Capital Group2,275,9220 00For
Fidelity1,707,2220 10,1900For
Delaware/Macquarie1,526,5860 00For
Charles Schwab1,201,5860 00For
State Street944,7150 00For
TIAA755,1350 00For
First Trust705,6530 00For
Victory Capital651,1630 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Cohen & Steers588,0850 00For
Dimensional493,1430 00For
Gabelli454,6000 00For
ProShares453,9080 00For
John Hancock396,7230 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
FRANKLIN VALUE INVESTORS TRUST343,0340 00For
Franklin Custodian Funds300,0000 00For
Invesco284,9980 00For
Equitable142,3000 116,2120For
Jackson National95,7160 126,2990Abstain
WisdomTree00 214,9770Abstain
AMERICAN BEACON FUNDS196,3000 00For

Showing the 25 largest of 112 asset managers. See all 112 in the interactive database.

10. To vote on a proposal to amend the Black Hills Charter to change the name of Black Hills (the "Black Hills Name Change Amendment");

CORPORATE GOVERNANCE

Meeting held 2026-04-02.

Combines 2 wordings of this item as funds reported it.

97% fund support · no official result

FOR 97%

The 70 asset managers below cast 97% of the shares they voted on this item FOR (23,054,909 for, 672,574 against).

FOR: 23,054,909 (96.7%)AGAINST: 672,574 (2.8%)ABSTAIN: 116,705 (0.5%)
Largest asset managers voting on “To vote on a proposal to amend the Black Hills Charter to change the name of Black Hills (the "Black Hills Nam” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,194,3010 00For
Capital Group2,275,9220 00For
Fidelity1,684,8740 00For
Delaware/Macquarie1,570,8510 00For
State Street1,184,0080 00For
TIAA983,9350 00For
First Trust705,7750 00For
Cohen & Steers0645,787 00Against
Victory Capital643,0520 00For
ProShares589,5390 00For
Invesco511,5380 00For
Dimensional487,3830 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
Franklin Custodian Funds300,0000 00For
Equitable137,6390 116,7050For
Voya243,9800 00For
WisdomTree208,9570 00For
AMERICAN BEACON FUNDS202,6000 00For
Goldman Sachs172,61326,787 00For
FRANKLIN VALUE INVESTORS TRUST195,6450 00For
Lincoln Financial188,4560 00For
Northern Trust177,4870 00For
Nuveen151,7050 00For
AIG/SunAmerica142,6340 00For

Showing the 25 largest of 70 asset managers. See all 70 in the interactive database.

11. To vote on a proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black Hills ("Black Hills Common Stock"), pursuant to the terms of the Agreement and Plan of Merger, dated as of August 18, 2025 (the "Merger Agreement"), by and among Black Hills, River Merger Sub Inc. ("Merger Sub"), and NorthWestern Energy Group, Inc. ("NorthWestern") (the "Black Hills Issuanc

EXTRAORDINARY TRANSACTIONS

Meeting held 2026-04-02.

Combines 2 wordings of this item as funds reported it.

97% fund support · no official result

FOR 97%

The 70 asset managers below cast 97% of the shares they voted on this item FOR (23,054,909 for, 672,574 against).

FOR: 23,054,909 (96.7%)AGAINST: 672,574 (2.8%)ABSTAIN: 116,705 (0.5%)
Largest asset managers voting on “To vote on a proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black H” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Vanguard8,194,3010 00For
Capital Group2,275,9220 00For
Fidelity1,684,8740 00For
Delaware/Macquarie1,570,8510 00For
State Street1,184,0080 00For
TIAA983,9350 00For
First Trust705,7750 00For
Cohen & Steers0645,787 00Against
Victory Capital643,0520 00For
ProShares589,5390 00For
Invesco511,5380 00For
Dimensional487,3830 00For
DNP SELECT INCOME FUND INC389,7000 00For
JANUS INVESTMENT FUND386,3880 00For
Franklin Custodian Funds300,0000 00For
Equitable137,6390 116,7050For
Voya243,9800 00For
WisdomTree208,9570 00For
AMERICAN BEACON FUNDS202,6000 00For
Goldman Sachs172,61326,787 00For
FRANKLIN VALUE INVESTORS TRUST195,6450 00For
Lincoln Financial188,4560 00For
Northern Trust177,4870 00For
Nuveen151,7050 00For
AIG/SunAmerica142,6340 00For

Showing the 25 largest of 70 asset managers. See all 70 in the interactive database.

12. A PROPOSAL TO AMEND THE BLACK HILLS CHARTER TO CHANGE THE NAME OF BLACK HILLS.

CORPORATE GOVERNANCE

Meeting held 2026-04-02.

99.9% fund support · no official result

FOR 99.8%

The 49 asset managers below cast 99.9% of the shares they voted on this item FOR (11,553,167 for, 2 against).

FOR: 11,553,167 (99.9%)AGAINST: 2 (0.0%)ABSTAIN: 11,987 (0.1%)
Largest asset managers voting on “A PROPOSAL TO AMEND THE BLACK HILLS CHARTER TO CHANGE THE NAME OF BLACK HILLS.” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock7,922,0560 00For
Charles Schwab1,196,0430 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Gabelli454,6000 00For
Jackson National206,9700 00For
Equitable172,5000 00For
UNIFIED SERIES TRUST135,9720 00For
QUANTITATIVE MASTER SERIES LLC120,9240 00For
TRUST FOR PROFESSIONAL MANAGERS109,8150 00For
John Hancock77,8070 00For
Keeley Funds, Inc.76,7160 00For
Bridge Builder Trust55,3790 00For
Six Circles Trust48,1460 00For
Pear Tree Funds33,7000 00For
Brighthouse21,4930 11,9870For
Global X33,1610 00For
Guardian Variable Products Trust32,5270 00For
SEI31,3460 00For
Two Roads Shared Trust22,1100 00For
Russell Investments21,6900 00For
TOUCHSTONE FUNDS GROUP TRUST20,4070 00For
TIMOTHY PLAN18,0020 00For
EA Series Trust17,5030 00For
Federated Hermes17,3750 00For
Allianz12,5700 00For

Showing the 25 largest of 49 asset managers. See all 49 in the interactive database.

13. A proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black Hills, pursuant to the terms of the Agreement and Plan of Merger, dated as of August 18, 2025, by and among Black Hills, Merger Sub and NorthWestern.

CAPITAL STRUCTURE

Meeting held 2026-04-02.

Combines 2 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 99.9%

The 49 asset managers below cast 99.9% of the shares they voted on this item FOR (11,561,133 for, 2 against).

FOR: 11,561,133 (100.0%)AGAINST: 2 (0.0%)ABSTAIN: 4,021 (0.0%)
Largest asset managers voting on “A proposal to approve the issuance of shares of common stock, par value $1.00 per share, of Black Hills, pursu” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
BlackRock7,922,0560 00For
Charles Schwab1,196,0430 00For
UNDISCOVERED MANAGERS FUNDS611,8960 00For
Gabelli454,6000 00For
Jackson National206,9700 00For
Equitable172,5000 00For
UNIFIED SERIES TRUST135,9720 00For
QUANTITATIVE MASTER SERIES LLC120,9240 00For
TRUST FOR PROFESSIONAL MANAGERS109,8150 00For
John Hancock77,8070 00For
Keeley Funds, Inc.76,7160 00For
Bridge Builder Trust55,3790 00For
Six Circles Trust48,1460 00For
Pear Tree Funds33,7000 00For
Brighthouse33,4800 00For
Global X33,1610 00For
Guardian Variable Products Trust32,5270 00For
SEI31,3460 00For
Two Roads Shared Trust22,1100 00For
Russell Investments21,6900 00For
TOUCHSTONE FUNDS GROUP TRUST20,4070 00For
TIMOTHY PLAN18,0020 00For
EA Series Trust17,5030 00For
Federated Hermes17,3750 00For
Allianz12,5700 00For

Showing the 25 largest of 49 asset managers. See all 49 in the interactive database.

14. Advisory Vote on Golden Parachutes

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2026-04-02.

100% fund support · no official result

FOR 98%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (262,620 for, 0 against).

FOR: 262,620 (98.3%)ABSTAIN: 4,607 (1.7%)
Largest asset managers voting on “Advisory Vote on Golden Parachutes” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
JPMorgan175,2250 00For
Empower47,9390 00For
Resolution Capital Ltd16,2120 00For
Convergence Investment Partners, LLC14,4090 00For
MILLER HOWARD INVESTMENTS INC /NY8,2850 00For
MANGROVE PARTNERS IM, LLC00 4,6070Abstain
TD Waterhouse Canada Inc.5500 00For

15. DIRECTOR

DIRECTOR ELECTIONS

Meeting held 2026-04-29.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR (195,110 for, 0 against).

FOR: 195,110 (100.0%)
Largest asset managers voting on “DIRECTOR” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
Equitable172,5000 00For
Two Roads Shared Trust22,1100 00For
HUSSMAN INVESTMENT TRUST5000 00For

16. Approve Increase in Authorized Indebtedness

CAPITAL STRUCTURE

Meeting held 2026-04-02.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (223,164 for, 0 against).

FOR: 223,164 (100.0%)
Largest asset managers voting on “Approve Increase in Authorized Indebtedness” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
JPMorgan175,2250 00For
Empower47,9390 00For

17. Change Company Name to Bright Horizon Energy Corporation

CORPORATE GOVERNANCEMajority of the votes cast: yes

Meeting held 2026-04-02.

97% Majority: yes · of votes cast

FOR 97%
FOR: 65,098,702AGAINST: 1,844,797

Black Hills Corporation’s own tally for this item (“Proposal 3: Shareholders approved to amend the restated articles of incorporation of the Company to change the name of the Company.”): 65,098,702 for, 1,844,797 against, per its Form 8-K filed 2026-04-02 (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 75,474,846 outstanding shares: 86% for, 2% against (89% of the company cast a for/against vote).

The 2 asset managers below cast 100% of the shares they voted on this item FOR (223,164 for, 0 against).

FOR 100%
FOR: 223,164 (100.0%)
Largest asset managers voting on “Change Company Name to Bright Horizon Energy Corporation” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
JPMorgan175,2250 00For
Empower47,9390 00For

18. Increase Authorized Common Stock

CAPITAL STRUCTURE

Meeting held 2026-04-02.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (223,164 for, 0 against).

FOR: 223,164 (100.0%)
Largest asset managers voting on “Increase Authorized Common Stock” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
JPMorgan175,2250 00For
Empower47,9390 00For

19. Issue Shares in Connection with Merger

EXTRAORDINARY TRANSACTIONS

Meeting held 2026-04-02.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (223,164 for, 0 against).

FOR: 223,164 (100.0%)
Largest asset managers voting on “Issue Shares in Connection with Merger” at Black Hills Corporation, 2025-2026
Asset managerForAgainst AbstainWithheldVote
JPMorgan175,2250 00For
Empower47,9390 00For

Largest Black Hills Corporation shareholders voting in 2025-2026

Ranked by the number of Black Hills Corporation shares each manager voted on the most widely held ballot item of the 2025-2026 meeting, shown as a share of the 75,474,846 shares outstanding at the time of that meeting.

Top Black Hills Corporation shareholders by shares voted, 2025-2026
#Asset manager % of shares outstanding
1BlackRock 15.16%
2Vanguard 11.82%
3State Street 4.07%
4Charles Schwab 3.20%
5NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST 3.08%
6Capital Group 3.02%
7Capital Research Global Investors 3.02%
8GEODE CAPITAL MANAGEMENT, LLC 2.57%
9Fidelity 2.29%
10ADAGE CAPITAL PARTNERS GP, L.L.C. 2.20%

Reported Black Hills Corporation ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

Black Hills Corporation beneficial owners on record for the 2025-2026 proxy season
Holder % outstanding Disclosure
BlackRock 16.07% 13F
Hudson Yards 13.94% DEF14A
Vanguard Group 11.89% 13F
Vanguard Blvd. 10.79% DEF14A
Vanguard Portfolio Management 6.72% 13G
State Street Financial Center 4.86% DEF14A
Two Sigma 2.94% 13F
Point72 2.57% 13F
Goldman Sachs 2.10% 13F
Franklin Templeton 2.09% 13F

Percentages above are of 75,474,846 shares outstanding, as reported by Black Hills Corporation on its Form 10-K dated 2026-01-31 (see the filing on EDGAR). This is the count contemporaneous with the 2025-2026 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

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 Corporation’s 10-K dated 2026-01-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At Black Hills Corporation's 2 shareholder meetings in the 2025-2026 proxy season (held 2026-04-02 and 2026-04-29), 489 asset managers reported how they voted in their SEC Form N-PX filings, covering 5,410 separate fund positions. Their filings are grouped here into 19 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 of the season, voted at the meeting held 2026-04-29 — 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 Corporation's Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2026-05-01.

Black Hills Corporation proxy season coverage: 2023-2024 · 2024-2025 · 2025-2026 (this page).