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GRAND CANYON EDUCATION INC. 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings and GRAND CANYON EDUCATION INC.’s Form 8-K, filed 2024-06-14 (Item 5.07 on EDGAR). Page generated 02 October 2026.

  • 9Reported items
  • 403Asset managers
  • 4,047Fund votes
  • 2024-06-12Meeting date

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

Explore GRAND CANYON EDUCATION INC. in the interactive database Compare manager voting policies

Official 2023-2024 meeting results reported by GRAND CANYON EDUCATION INC.

These tallies are GRAND CANYON EDUCATION INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2024-06-14 (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.

GRAND CANYON EDUCATION INC. — official shareholder meeting results, meeting held 2024-06-12
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Elect Director: Brian E. Mueller 25,137,0341,255,30052,589 --698,553 Majority: yes
Elect Director: Sara Ward 25,500,883891,45952,581 --698,553 Majority: yes
Elect Director: Jack A. Henry 24,899,6951,480,24864,980 --698,553 Majority: yes
Elect Director: Lisa Graham Keegan 24,638,0141,754,32952,580 --698,553 Majority: yes
Elect Director: Chevy Humphrey 25,519,741872,50352,679 --698,553 Majority: yes
Elect Director: Kevin F. Warren 25,849,258538,98456,681 --698,553 Majority: yes
Elect Director: Compensation of Officers 25,325,0051,066,88453,034 --698,553 Majority: yes
Elect Director: Ratification of KPMG LLP 26,622,748468,56952,159 ---- Majority: yes

Source: GRAND CANYON EDUCATION INC., Form 8-K, filed with the SEC on 2024-06-14 — read the filing on EDGAR.

How asset managers voted at the GRAND CANYON EDUCATION INC. 2023-2024 meeting

Each item below shows how the 403 asset managers that disclosed a GRAND CANYON EDUCATION INC. 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 GRAND CANYON EDUCATION INC.’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. To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the Proxy Statement.

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

Combines 7 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%
FOR: 25,325,005AGAINST: 1,066,884

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Compensation of Officers”): 25,325,005 for, 1,066,884 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 85% for, 4% against (88% of the company cast a for/against vote).

The 390 asset managers below cast 98% 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 98%
FOR: 97.7%AGAINST: 2.2%ABSTAIN: 0.0%NOT VOTED: 0.1%
Largest asset managers voting on “To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the Proxy S” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Fidelity3,533,8640 00For
Vanguard3,138,1500 00For
BlackRock2,638,244140 00For
RIVERBRIDGE PARTNERS LLC1,331,7310 00For
Bridgewater1,083,5800 00For
State Street1,013,6030 00For
Thrivent797,6220 00For
Invesco746,9370 00For
Charles Schwab663,6980 00For
Dimensional681,1100 00For
Northern Trust549,0140 00For
GW&K Investment Management, LLC511,4190 00For
GEODE CAPITAL MANAGEMENT, LLC500,9920 00For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/447,3170 00For
T. Rowe Price419,8140 00For
WASATCH ADVISORS LP397,4390 00For
LOS ANGELES CAPITAL MANAGEMENT LLC381,7620 00For
MFS354,6650 00For
Burgundy Asset Management Ltd.329,1350 00For
Van Berkom & Associates Inc.298,5390 00For
WASATCH FUNDS TRUST275,7790 00For
MELLON INVESTMENTS Corp0271,488 00Against
ArrowMark Colorado Holdings LLC263,9130 00For
AQR254,1750 00For
ACADIAN ASSET MANAGEMENT LLC243,1160 00For

Showing the 25 largest of 390 asset managers. See all 390 in the interactive database.

2. To ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024.

AUDIT-RELATEDMajority of the votes cast: yes

Combines 4 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 26,622,748AGAINST: 468,569

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Ratification of KPMG LLP”): 26,622,748 for, 468,569 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 89% for, 2% against (91% of the company cast a for/against vote).

The 117 asset managers below cast 99.7% of the shares they voted on this item FOR (11,546,646 for, 29,457 against).

FOR 99.6%
FOR: 11,546,646 (99.7%)AGAINST: 29,457 (0.3%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “To ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,55223 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 117 asset managers. See all 117 in the interactive database.

3. Election of Directors: Brian E. Mueller

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%
FOR: 25,137,034AGAINST: 1,255,300

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Brian E. Mueller”): 25,137,034 for, 1,255,300 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 84% for, 4% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 99.5% of the shares they voted on this item FOR (11,528,771 for, 47,464 against).

FOR 99.5%
FOR: 11,528,771 (99.5%)AGAINST: 47,464 (0.4%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “Election of Directors: Brian E. Mueller” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,55223 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

4. Election of Directors: Chevy Humphrey

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 25,519,741AGAINST: 872,503

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Chevy Humphrey”): 25,519,741 for, 872,503 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 86% for, 3% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 99.9% of the shares they voted on this item FOR (11,572,825 for, 3,410 against).

FOR 99.9%
FOR: 11,572,825 (99.9%)AGAINST: 3,410 (0.0%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “Election of Directors: Chevy Humphrey” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,5750 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

5. Election of Directors: Jack A. Henry

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%
FOR: 24,899,695AGAINST: 1,480,248

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Jack A. Henry”): 24,899,695 for, 1,480,248 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 83% for, 5% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 99.7% of the shares they voted on this item FOR (11,546,679 for, 29,556 against).

FOR 99.6%
FOR: 11,546,679 (99.7%)AGAINST: 29,556 (0.3%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “Election of Directors: Jack A. Henry” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,55223 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

6. Election of Directors: Kevin F. Warren

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%
FOR: 25,849,258AGAINST: 538,984

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Kevin F. Warren”): 25,849,258 for, 538,984 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 87% for, 2% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 100% of the shares they voted on this item FOR (11,572,924 for, 0 against).

FOR 99.9%
FOR: 11,572,924 (99.9%)ABSTAIN: 9,278 (0.1%)
Largest asset managers voting on “Election of Directors: Kevin F. Warren” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,5750 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

7. Election of Directors: Lisa Graham Keegan

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

93% Majority: yes · of votes cast

FOR 93%
FOR: 24,638,014AGAINST: 1,754,329

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Lisa Graham Keegan”): 24,638,014 for, 1,754,329 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 83% for, 6% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 99.4% of the shares they voted on this item FOR (11,514,079 for, 62,156 against).

FOR 99.4%
FOR: 11,514,079 (99.4%)AGAINST: 62,156 (0.5%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “Election of Directors: Lisa Graham Keegan” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,5750 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

8. Election of Directors: Sara Ward

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 25,500,883AGAINST: 891,459

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Sara Ward”): 25,500,883 for, 891,459 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 85% for, 3% against (88% of the company cast a for/against vote).

The 116 asset managers below cast 99.7% of the shares they voted on this item FOR (11,549,957 for, 26,278 against).

FOR 99.7%
FOR: 11,549,957 (99.7%)AGAINST: 26,278 (0.2%)ABSTAIN: 5,967 (0.1%)
Largest asset managers voting on “Election of Directors: Sara Ward” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Vanguard3,094,2300 00For
Fidelity1,544,4870 00For
BlackRock1,525,0630 00For
Dimensional593,3200 00For
Thrivent397,3350 00For
Invesco364,8270 00For
MFS354,6650 00For
Charles Schwab331,8300 00For
WASATCH FUNDS TRUST275,7790 00For
State Street201,55223 00For
T. Rowe Price177,1700 00For
Principal152,3880 00For
Loomis Sayles143,0600 00For
First Trust133,8830 00For
Jackson National127,1610 00For
Advisers Investment Trust104,0000 00For
TOUCHSTONE STRATEGIC TRUST103,5040 00For
Columbia Threadneedle92,3060 00For
JPMorgan90,6320 00For
TIAA78,6720 00For
AMG FUNDS76,9300 00For
John Hancock76,7470 00For
SEI69,3600 00For
MERIDIAN FUND INC68,9170 00For
AIG/SunAmerica65,7200 00For

Showing the 25 largest of 116 asset managers. See all 116 in the interactive database.

9. Advisory Vote to Ratify Named Executive Officers' Compensation

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

96% Majority: yes · of votes cast

FOR 96%
FOR: 25,325,005AGAINST: 1,066,884

GRAND CANYON EDUCATION INC.’s own tally for this item (“Elect Director: Compensation of Officers”): 25,325,005 for, 1,066,884 against, per its Form 8-K filed 2024-06-14 (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 29,839,000 outstanding shares: 85% for, 4% against (88% of the company cast a for/against vote).

The 11 asset managers below cast 98% of the shares they voted on this item FOR (169,095 for, 3,351 against).

FOR 98%
FOR: 169,095 (98.1%)AGAINST: 3,351 (1.9%)
Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at GRAND CANYON EDUCATION INC., 2023-2024
Asset managerForAgainst AbstainWithheldVote
JPMorgan93,2800 00For
APG Asset Management US Inc.40,8500 00For
Empower16,2050 00For
ALGERT GLOBAL LLC12,1900 00For
TD ASSET MANAGEMENT INC5,6140 00For
Union Investment Institutional GmbH03,148 00Against
Virtus5620 00For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma2250 00For
Desjardins Global Asset Management Inc.0203 00Against
Balentine LLC1430 00For
Convergence Investment Partners, LLC260 00For

Largest GRAND CANYON EDUCATION INC. shareholders voting in 2023-2024

Ranked by the number of GRAND CANYON EDUCATION INC. shares each manager voted on the most widely held ballot item of the 2023-2024 meeting, shown as a share of the 29,839,000 shares outstanding at the time of that meeting.

Top GRAND CANYON EDUCATION INC. shareholders by shares voted, 2023-2024
#Asset manager % of shares outstanding
1Fidelity 11.84%
2Vanguard 10.52%
3BlackRock 8.84%
4RIVERBRIDGE PARTNERS LLC 4.46%
5Bridgewater 3.63%
6State Street 3.40%
7Thrivent 2.67%
8Invesco 2.50%
9Charles Schwab 2.31%
10Dimensional 2.28%

Reported GRAND CANYON EDUCATION INC. ownership

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

GRAND CANYON EDUCATION INC. beneficial owners on record for the 2023-2024 proxy season
Holder % outstanding Disclosure
The Vanguard Group– 23-1945930 10.06% DEF14A
BlackRock 9.45% 13F
Riverbridge Partners LLC 6.19% DEF14A
FMR (Fidelity) 4.38% 13F
State Street 3.01% 13F
Dimensional Fund Advisors 2.36% 13F
Geode Capital 1.70% 13F
Northern Trust 1.70% 13F
Invesco 1.30% 13F
AQR Capital 1.22% 13F

Percentages above are of 29,839,000 shares outstanding, as reported by GRAND CANYON EDUCATION INC. on its Form 10-Q dated 2024-03-31 (see the filing on EDGAR). This is the count contemporaneous with the 2023-2024 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 GRAND CANYON EDUCATION INC.’s 10-Q dated 2024-03-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At GRAND CANYON EDUCATION INC.'s shareholder meeting held 2024-06-12, in the 2023-2024 proxy season, 403 asset managers reported how they voted in their SEC Form N-PX filings, covering 4,047 separate fund positions. Their filings are grouped here into 9 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 — To approve, on an advisory basis, the compensation of our named executive officers as disclosed… — FOR was 96% 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: GRAND CANYON EDUCATION INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2024-06-14.

GRAND CANYON EDUCATION INC. proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.