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Compiled from SEC Form N-PX filings and MGE ENERGY INC.’s Form 8-K, filed 2025-05-22 (Item 5.07 on EDGAR). Page generated 02 October 2026.
Explore MGE ENERGY INC. in the interactive database Compare manager voting policies
These tallies are MGE ENERGY INC.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2025-05-22 (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: Daniel J. Kelly | 24,747,755 | 331,840 | 223,970 | -- | 4,520,133 | Majority: yes |
| Elect Director: James L. Possin | 23,404,941 | 1,666,145 | 232,479 | -- | 4,520,133 | Majority: yes |
| Elect Director: Noble L. Wray | 23,931,575 | 1,192,910 | 179,080 | -- | 4,520,133 | Majority: yes |
| Proposal 2: Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public accounting firm for the year 2025. | 29,077,512 | 508,144 | 238,042 | -- | -- | Majority: yes |
| Proposal 3: Advisory vote on executive compensation as disclosed in the annual meeting proxy statement. | 23,492,289 | 1,292,053 | 519,223 | -- | 4,520,133 | Majority: yes |
Source: MGE ENERGY INC., Form 8-K, filed with the SEC on 2025-05-22 — read the filing on EDGAR.
Each item below shows how the 297 asset managers that disclosed a MGE ENERGY 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 MGE ENERGY 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.
Meeting held 2025-05-20.
Combines 10 wordings of this item as funds reported it.
95% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Proposal 3: Advisory vote on executive compensation as disclosed in the annual meeting proxy statement.”): 23,492,289 for, 1,292,053 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 64% for, 4% against (68% of the company cast a for/against vote).
The 287 asset managers below cast 98% of the shares they voted on this item FOR (22,731,568 for, 497,643 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| BlackRock | 5,324,045 | 301 | 0 | 0 | For |
| Vanguard | 4,634,089 | 2,001 | 1 | 0 | For |
| State Street | 2,713,153 | 12,099 | 0 | 0 | For |
| Victory Capital | 1,472,073 | 4,940 | 0 | 0 | For |
| T. Rowe Price | 1,393,176 | 0 | 0 | 0 | For |
| GEODE CAPITAL MANAGEMENT, LLC | 889,084 | 0 | 0 | 0 | For |
| Fidelity | 840,948 | 0 | 0 | 0 | For |
| Charles Schwab | 837,692 | 0 | 0 | 0 | For |
| Dimensional | 548,630 | 0 | 0 | 0 | For |
| Northern Trust | 370,620 | 1,842 | 0 | 0 | For |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | 300,143 | 8,955 | 0 | 0 | For |
| Gabelli | 275,650 | 0 | 0 | 0 | For |
| MELLON INVESTMENTS Corp | 263,888 | 0 | 0 | 0 | For |
| Nuveen | 252,005 | 0 | 0 | 0 | For |
| PRINCIPAL GLOBAL INVESTORS | 199,801 | 0 | 0 | 0 | For |
| TIAA | 164,962 | 0 | 0 | 0 | For |
| PARAMETRIC PORTFOLIO ASSOCIATES LLC | 0 | 120,729 | 0 | 0 | Against |
| Legal & General Investment Management Ltd | 2,660 | 107,870 | 0 | 0 | Against |
| BNY Mellon | 104,328 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 96,403 | 5,083 | 0 | 0 | For |
| First Trust | 97,855 | 0 | 0 | 0 | For |
| Equitable | 95,600 | 0 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Legal & General Investment Management America Inc | 0 | 88,402 | 0 | 0 | Against |
Showing the 25 largest of 287 asset managers. See all 287 in the interactive database.
Meeting held 2025-05-20.
Combines 3 wordings of this item as funds reported it.
99% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Elect Director: Daniel J. Kelly”): 24,747,755 for, 331,840 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 68% for, 1.0% against (69% of the company cast a for/against vote).
The 74 asset managers below cast 99.6% of the shares they voted on this item FOR (14,298,707 for, 52,200 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,431 | 1,998 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,900 | 0 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 484,869 | 13,322 | 0 | 0 | For |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 42,925 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Meeting held 2025-05-20.
Combines 3 wordings of this item as funds reported it.
93% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Elect Director: James L. Possin”): 23,404,941 for, 1,666,145 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 64% for, 5% against (69% of the company cast a for/against vote).
The 74 asset managers below cast 96% of the shares they voted on this item FOR (13,742,521 for, 608,386 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,425 | 2,004 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,857 | 43 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 498,191 | 0 | 0 | Against |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 96,403 | 5,083 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 12,654 | 30,271 | 0 | 0 | Against |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Meeting held 2025-05-20.
Combines 3 wordings of this item as funds reported it.
95% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Elect Director: Noble L. Wray”): 23,931,575 for, 1,192,910 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 66% for, 3% against (69% of the company cast a for/against vote).
The 74 asset managers below cast 96% of the shares they voted on this item FOR (13,775,388 for, 575,519 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,427 | 2,002 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,900 | 0 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 0 | 498,191 | 0 | 0 | Against |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 58,720 | 36,880 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 12,654 | 30,271 | 0 | 0 | Against |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Meeting held 2025-05-20.
Combines 3 wordings of this item as funds reported it.
98% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Proposal 2: Ratification of selection of PricewaterhouseCoopers LLP to serve as MGE Energy's independent registered public accounting firm for the year 2025.”): 29,077,512 for, 508,144 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 80% for, 1% against (81% of the company cast a for/against vote).
The 74 asset managers below cast 99.9% of the shares they voted on this item FOR (14,348,468 for, 2,439 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Vanguard | 4,507,430 | 1,999 | 0 | 0 | For |
| BlackRock | 4,261,070 | 0 | 0 | 0 | For |
| State Street | 956,857 | 43 | 0 | 0 | For |
| Fidelity | 839,299 | 0 | 0 | 0 | For |
| Victory Capital | 646,248 | 0 | 0 | 0 | For |
| T. Rowe Price | 498,191 | 0 | 0 | 0 | For |
| Dimensional | 471,317 | 0 | 0 | 0 | For |
| Charles Schwab | 403,880 | 0 | 0 | 0 | For |
| Gabelli | 274,300 | 0 | 0 | 0 | For |
| TIAA | 163,350 | 0 | 0 | 0 | For |
| Bridge Builder Trust | 101,486 | 0 | 0 | 0 | For |
| First Trust | 96,868 | 0 | 0 | 0 | For |
| Equitable | 95,600 | 0 | 0 | 0 | For |
| Jackson National | 90,262 | 0 | 0 | 0 | For |
| WisdomTree | 89,296 | 0 | 0 | 0 | For |
| Columbia Threadneedle | 75,097 | 0 | 0 | 0 | For |
| QUANTITATIVE MASTER SERIES LLC | 62,131 | 0 | 0 | 0 | For |
| Goldman Sachs | 53,691 | 0 | 0 | 0 | For |
| Northwestern Mutual | 42,925 | 0 | 0 | 0 | For |
| BRIDGEWAY FUNDS INC | 42,800 | 0 | 0 | 0 | For |
| BNY Mellon | 42,139 | 0 | 0 | 0 | For |
| Nuveen | 36,307 | 0 | 0 | 0 | For |
| Principal | 35,884 | 0 | 0 | 0 | For |
| Lincoln Financial | 31,329 | 0 | 0 | 0 | For |
| JPMorgan | 28,519 | 0 | 0 | 0 | For |
Showing the 25 largest of 74 asset managers. See all 74 in the interactive database.
Meeting held 2025-05-20.
95% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Proposal 3: Advisory vote on executive compensation as disclosed in the annual meeting proxy statement.”): 23,492,289 for, 1,292,053 against, per its Form 8-K filed 2025-05-22 (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 36,536,628 outstanding shares: 64% for, 4% against (68% of the company cast a for/against vote).
The 6 asset managers below cast 99.3% of the shares they voted on this item FOR (148,108 for, 914 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| Capital Group | 74,079 | 0 | 0 | 0 | For |
| JPMorgan | 46,200 | 0 | 0 | 0 | For |
| Empower | 27,829 | 0 | 0 | 0 | For |
| CLEARWATER INVESTMENT TRUST | 0 | 672 | 0 | 0 | Against |
| HC CAPITAL TRUST | 0 | 242 | 0 | 0 | Against |
| OARSMAN CAPITAL, INC. | 0 | 0 | 0 | 0 | -- |
Meeting held 2024-05-21 (outside the 2024-2025 season's 1 July to 30 June window; reported in this season's filings).
Combines 2 wordings of this item as funds reported it.
94% Majority: yes · of votes cast
MGE ENERGY INC.’s own tally for this item (“Proposal 3: Advisory vote on executive compensation as disclosed in the annual meeting proxy statement.”): 23,069,693 for, 1,398,363 against, per its Form 8-K filed 2024-05-23 (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 36,536,628 outstanding shares: 63% for, 4% against (67% of the company cast a for/against vote).
The 2 asset managers below cast 100% of the shares they voted on this item FOR (224 for, 0 against).
| Asset manager | For | Against | Abstain | Withheld | Vote |
|---|---|---|---|---|---|
| COLDSTREAM CAPITAL MANAGEMENT INC | 224 | 0 | 0 | 0 | For |
| Echo45 Advisors LLC | 0 | 0 | 0 | 0 | -- |
Ranked by the number of MGE ENERGY INC. shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 36,536,628 shares outstanding at the time of that meeting.
| # | Asset manager | % of shares outstanding |
|---|---|---|
| 1 | BlackRock | 14.57% |
| 2 | Vanguard | 12.69% |
| 3 | State Street | 7.46% |
| 4 | Victory Capital | 4.04% |
| 5 | T. Rowe Price | 3.81% |
| 6 | GEODE CAPITAL MANAGEMENT, LLC | 2.43% |
| 7 | Fidelity | 2.30% |
| 8 | Charles Schwab | 2.29% |
| 9 | Dimensional | 1.50% |
| 10 | Northern Trust | 1.02% |
Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).
| Holder | % outstanding | Disclosure |
|---|---|---|
| BlackRock | 15.76% | 13F |
| Vanguard Group | 12.49% | 13F |
| Vanguard Portfolio Management | 7.35% | 13G |
| State Street | 5.37% | 13F |
| Dimensional Fund Advisors | 2.02% | 13F |
| Charles Schwab | 1.17% | 13F |
| Northern Trust | 1.08% | 13F |
| BNY Mellon | 0.95% | 13F |
| Morgan Stanley | 0.91% | 13F |
| Nuveen | 0.58% | 13F |
Percentages above are of 36,536,628 shares outstanding, as reported by MGE ENERGY INC. on its Form 10-Q dated 2025-03-31 (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 MGE ENERGY INC.’s 10-Q dated 2025-03-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.
At MGE ENERGY INC.'s shareholder meeting held 2025-05-20, in the 2024-2025 proxy season, 297 asset managers reported how they voted in their SEC Form N-PX filings, covering 1,655 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 Vote: Approval of the compensation of the named executive officers as disclosed in the… — FOR was 95% 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: MGE ENERGY INC.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2025-05-22.
MGE ENERGY INC. proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.