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SAP SE 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings. Page generated 04 October 2026.

62Reported items
540Asset managers
9,085Fund votes
2026-05-05Meeting date

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

Explore SAP SE in the interactive database Compare manager voting policies

How asset managers voted at the SAP SE 2025-2026 meeting

Each item below shows how the 540 asset managers that disclosed a SAP SE 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 SAP SE’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. Resolution on the approval of the compensation report for fiscal year 2025

COMPENSATION

Combines 3 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 99.6%

The 366 asset managers below cast 99.9% of the shares they voted on this item FOR (23,284,198 for, 1,278 against).

FOR: 23,284,198 (99.6%)AGAINST: 1,278 (0.0%)ABSTAIN: 39,081 (0.2%)NOT VOTED: 52,989 (0.2%)SPLIT: 45 (0.0%)UNKNOWN: 16 (0.0%)

Largest asset managers voting on “Resolution on the approval of the compensation report for fiscal year 2025” at SAP SE, 2025-2026
Asset manager	For	Vote
EAGLE CAPITAL MANAGEMENT LLC	5,057,825	For
Charles Schwab	3,285,637	For
WINDACRE PARTNERSHIP LLC	2,643,125	For
Vanguard	1,867,348	For
Hartford	1,586,133	For
Northern Trust	1,458,535	For
BlackRock	863,565	For
2023 ETF Series Trust	841,257	For
ENVESTNET ASSET MANAGEMENT INC	567,154	For
WELLS FARGO CLEARING SERVICES, LLC	423,325	For
Natixis	271,068	For
SEQUOIA FUND INC	245,631	For
Russell Investments	238,503	For
Prudential/PGIM	212,043	For
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	209,379	For
PNC BANK, NATIONAL ASSOCIATION	181,933	For
RAYMOND JAMES & ASSOCIATES	168,770	For
SCOTIA CAPITAL INC.	165,250	For
HARDING LOEVNER LP	162,211	For
Petrus Trust Company, LTA	152,542	For
1832 Asset Management L.P.	150,420	For
Edward D. Jones & Co., L.P.	142,490	For
WELLS FARGO BANK N A	138,857	For
Global X	137,715	For
RIVERBRIDGE PARTNERS LLC	133,670	For

Showing the 25 largest of 366 asset managers. See all 366 in the interactive database.

2. APPROVE REMUNERATION REPORT

SECTION 14A SAY-ON-PAY VOTES

99.8% fund support · no official result

FOR 99.8%

The 181 asset managers below cast 99.8% of the shares they voted on this item FOR (221,517,868 for, 363,200 against).

FOR: 221,517,868 (99.8%)AGAINST: 363,200 (0.2%)NOT VOTED: 700 (0.0%)

Largest asset managers voting on “APPROVE REMUNERATION REPORT” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
BlackRock	86,620,427	141,773	For
Vanguard	32,628,846	0	For
Capital Group	16,072,443	0	For
Fidelity	12,987,003	0	For
MFS	9,909,175	0	For
EUPAC FUND	7,287,454	0	For
Six Circles Trust	4,080,448	0	For
TIAA	3,837,090	0	For
WINDACRE PARTNERSHIP LLC	3,599,100	0	For
APG Asset Management US Inc.	3,283,200	0	For
JPMorgan	2,950,997	0	For
State Street	2,864,038	0	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	0	For
T. Rowe Price	2,498,854	0	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	0	For
1832 Asset Management L.P.	1,481,765	0	For
COMGEST GLOBAL INVESTORS S.A.S.	1,474,752	0	For
Bridge Builder Trust	1,374,176	0	For
GMO	1,306,870	0	For
Walter Scott & Partners Ltd	1,179,893	0	For
Equitable	934,393	52,162	For
Invesco	983,568	0	For
Crake Asset Management LLP	958,365	0	For
MAKENA CAPITAL MANAGEMENT LLC	958,365	0	For
NEW ECONOMY FUND	956,469	0	For

Showing the 25 largest of 181 asset managers. See all 181 in the interactive database.

3. AMEND ARTICLES RE: ELECTRONIC SECURITIES

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 144 asset managers below cast 100% of the shares they voted on this item FOR (141,542,142 for, 0 against).

FOR: 141,542,142 (100.0%)

Largest asset managers voting on “AMEND ARTICLES RE: ELECTRONIC SECURITIES” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

4. APPOINT BDO AG AS AUDITOR FOR SUSTAINABILITY REPORTING FOR FISCAL YEAR 2026

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 99.9%

The 144 asset managers below cast 99.9% of the shares they voted on this item FOR (141,496,722 for, 45,420 against).

FOR: 141,496,722 (100.0%)AGAINST: 45,420 (0.0%)

Largest asset managers voting on “APPOINT BDO AG AS AUDITOR FOR SUSTAINABILITY REPORTING FOR FISCAL YEAR 2026” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

5. APPROVE ALLOCATION OF INCOME AND DIVIDENDS OF EUR 2.50 PER SHARE

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 144 asset managers below cast 100% of the shares they voted on this item FOR (141,542,142 for, 0 against).

FOR: 141,542,142 (100.0%)

Largest asset managers voting on “APPROVE ALLOCATION OF INCOME AND DIVIDENDS OF EUR 2.50 PER SHARE” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

6. APPROVE DISCHARGE OF MANAGEMENT BOARD FOR FISCAL YEAR 2025

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 144 asset managers below cast 100% of the shares they voted on this item FOR (141,542,142 for, 0 against).

FOR: 141,542,142 (100.0%)

Largest asset managers voting on “APPROVE DISCHARGE OF MANAGEMENT BOARD FOR FISCAL YEAR 2025” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

7. APPROVE DISCHARGE OF SUPERVISORY BOARD FOR FISCAL YEAR 2025

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 144 asset managers below cast 100% of the shares they voted on this item FOR (141,542,142 for, 0 against).

FOR: 141,542,142 (100.0%)

Largest asset managers voting on “APPROVE DISCHARGE OF SUPERVISORY BOARD FOR FISCAL YEAR 2025” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

8. APPROVE ISSUANCE OF WARRANTS/BONDS WITH WARRANTS ATTACHED/CONVERTIBLE BONDS WITHOUT PREEMPTIVE RIGHTS UP TO AGGREGATE NOMINAL AMOUNT OF EUR 10 BILLION; APPROVE CREATION OF EUR 100 MILLION POOL OF CAPITAL TO GUARANTEE CONVERSION RIGHTS

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 99.9%

The 144 asset managers below cast 99.9% of the shares they voted on this item FOR (141,537,298 for, 4,844 against).

FOR: 141,537,298 (100.0%)AGAINST: 4,844 (0.0%)

Largest asset managers voting on “APPROVE ISSUANCE OF WARRANTS/BONDS WITH WARRANTS ATTACHED/CONVERTIBLE BONDS WITHOUT PREEMPTIVE RIGHTS UP TO AG” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

9. ELECT MICHAEL GREGOIRE TO THE SUPERVISORY BOARD

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99.7%

The 144 asset managers below cast 99.7% of the shares they voted on this item FOR (141,185,032 for, 357,110 against).

FOR: 141,185,032 (99.7%)AGAINST: 357,110 (0.3%)

Largest asset managers voting on “ELECT MICHAEL GREGOIRE TO THE SUPERVISORY BOARD” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Vanguard	32,628,846	0	For
BlackRock	22,251,061	0	For
Capital Group	16,072,443	0	For
Fidelity	12,987,003	0	For
MFS	9,909,175	0	For
EUPAC FUND	7,287,454	0	For
Six Circles Trust	4,080,448	0	For
TIAA	3,837,090	0	For
State Street	2,864,038	0	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	0	For
T. Rowe Price	2,498,854	0	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	0	For
JPMorgan	1,508,005	0	For
Bridge Builder Trust	1,374,176	0	For
GMO	1,306,870	0	For
Equitable	986,555	0	For
Invesco	983,568	0	For
NEW ECONOMY FUND	956,469	0	For
Jackson National	896,987	0	For
JANUS INVESTMENT FUND	716,072	0	For
Columbia Threadneedle	686,518	0	For
First Trust	652,418	0	For
Morgan Stanley	582,175	15,416	For
Thornburg	587,571	0	For
BNY Mellon	553,452	0	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

10. ELECT PEKKA ALA-PIETILA TO THE SUPERVISORY BOARD

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.6% fund support · no official result

FOR 99.6%

The 144 asset managers below cast 99.6% of the shares they voted on this item FOR (141,046,346 for, 492,826 against).

FOR: 141,046,346 (99.6%)AGAINST: 492,826 (0.3%)ABSTAIN: 2,970 (0.0%)

Largest asset managers voting on “ELECT PEKKA ALA-PIETILA TO THE SUPERVISORY BOARD” at SAP SE, 2025-2026
Asset manager	For	Against	Abstain	Vote
Vanguard	32,628,846	0	0	For
BlackRock	22,251,061	0	0	For
Capital Group	16,072,443	0	0	For
Fidelity	12,987,003	0	0	For
MFS	9,909,175	0	0	For
EUPAC FUND	7,287,454	0	0	For
Six Circles Trust	4,080,448	0	0	For
TIAA	3,837,090	0	0	For
State Street	2,864,038	0	0	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	0	0	For
T. Rowe Price	2,498,854	0	0	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	0	0	For
JPMorgan	1,508,005	0	0	For
Bridge Builder Trust	1,374,176	0	0	For
GMO	1,306,870	0	0	For
Equitable	983,585	0	2,970	For
Invesco	952,050	31,518	0	For
NEW ECONOMY FUND	956,469	0	0	For
Jackson National	896,987	0	0	For
JANUS INVESTMENT FUND	716,072	0	0	For
Columbia Threadneedle	686,518	0	0	For
First Trust	652,418	0	0	For
Morgan Stanley	582,175	15,416	0	For
Thornburg	587,571	0	0	For
BNY Mellon	553,452	0	0	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

11. ELECT RENE OBERMANN TO THE SUPERVISORY BOARD

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.7% fund support · no official result

FOR 99.7%

The 144 asset managers below cast 99.7% of the shares they voted on this item FOR (141,185,032 for, 357,110 against).

FOR: 141,185,032 (99.7%)AGAINST: 357,110 (0.3%)

Largest asset managers voting on “ELECT RENE OBERMANN TO THE SUPERVISORY BOARD” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Vanguard	32,628,846	0	For
BlackRock	22,251,061	0	For
Capital Group	16,072,443	0	For
Fidelity	12,987,003	0	For
MFS	9,909,175	0	For
EUPAC FUND	7,287,454	0	For
Six Circles Trust	4,080,448	0	For
TIAA	3,837,090	0	For
State Street	2,864,038	0	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	0	For
T. Rowe Price	2,498,854	0	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	0	For
JPMorgan	1,508,005	0	For
Bridge Builder Trust	1,374,176	0	For
GMO	1,306,870	0	For
Equitable	986,555	0	For
Invesco	983,568	0	For
NEW ECONOMY FUND	956,469	0	For
Jackson National	896,987	0	For
JANUS INVESTMENT FUND	716,072	0	For
Columbia Threadneedle	686,518	0	For
First Trust	652,418	0	For
Morgan Stanley	582,175	15,416	For
Thornburg	587,571	0	For
BNY Mellon	553,452	0	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

12. ELECT ROUVEN WESTPHAL TO THE SUPERVISORY BOARD

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.6% fund support · no official result

FOR 99.6%

The 144 asset managers below cast 99.6% of the shares they voted on this item FOR (141,070,249 for, 471,893 against).

FOR: 141,070,249 (99.7%)AGAINST: 471,893 (0.3%)

Largest asset managers voting on “ELECT ROUVEN WESTPHAL TO THE SUPERVISORY BOARD” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Vanguard	32,628,846	0	For
BlackRock	22,251,061	0	For
Capital Group	16,072,443	0	For
Fidelity	12,987,003	0	For
MFS	9,909,175	0	For
EUPAC FUND	7,287,454	0	For
Six Circles Trust	4,080,448	0	For
TIAA	3,837,090	0	For
State Street	2,864,038	0	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	0	For
T. Rowe Price	2,498,854	0	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	0	For
JPMorgan	1,508,005	0	For
Bridge Builder Trust	1,374,176	0	For
GMO	1,306,870	0	For
Equitable	983,585	2,970	For
Invesco	983,568	0	For
NEW ECONOMY FUND	956,469	0	For
Jackson National	896,987	0	For
JANUS INVESTMENT FUND	716,072	0	For
Columbia Threadneedle	686,518	0	For
First Trust	652,418	0	For
Morgan Stanley	582,175	15,416	For
Thornburg	587,571	0	For
BNY Mellon	553,452	0	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

13. RATIFY BDO AG AS AUDITORS FOR FISCAL YEAR 2026

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 99.9%

The 144 asset managers below cast 99.9% of the shares they voted on this item FOR (141,492,737 for, 45,420 against).

FOR: 141,492,737 (100.0%)AGAINST: 45,420 (0.0%)

Largest asset managers voting on “RATIFY BDO AG AS AUDITORS FOR FISCAL YEAR 2026” at SAP SE, 2025-2026
Asset manager	For	Vote
Vanguard	32,628,846	For
BlackRock	22,251,061	For
Capital Group	16,072,443	For
Fidelity	12,987,003	For
MFS	9,909,175	For
EUPAC FUND	7,287,454	For
Six Circles Trust	4,080,448	For
TIAA	3,837,090	For
State Street	2,864,038	For
CAUSEWAY CAPITAL MANAGEMENT TRUST	2,730,177	For
T. Rowe Price	2,498,854	For
HARRIS ASSOCIATES INVESTMENT TRUST	1,708,400	For
JPMorgan	1,508,005	For
Bridge Builder Trust	1,374,176	For
GMO	1,306,870	For
Equitable	986,555	For
Invesco	983,568	For
NEW ECONOMY FUND	956,469	For
Jackson National	896,987	For
JANUS INVESTMENT FUND	716,072	For
Columbia Threadneedle	686,518	For
First Trust	652,418	For
Morgan Stanley	597,591	For
Thornburg	587,571	For
BNY Mellon	553,452	For

Showing the 25 largest of 144 asset managers. See all 144 in the interactive database.

14. Amendment to Article 4(3) of the Articles of Incorporation to enable the issuance of electronic shares

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (8,178,236 for, 0 against).

FOR: 8,178,236 (99.6%)ABSTAIN: 32,448 (0.4%)SPLIT: 45 (0.0%)A: 16 (0.0%)

Largest asset managers voting on “Amendment to Article 4(3) of the Articles of Incorporation to enable the issuance of electronic shares” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
SEQUOIA FUND INC	245,631	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
VanEck ETF Trust	12,627	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

15. Resolution on the appropriation of the retained earnings for fiscal year 2025

CAPITAL STRUCTURE

100% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (8,182,736 for, 0 against).

FOR: 8,182,736 (99.7%)ABSTAIN: 27,948 (0.3%)SPLIT: 45 (0.0%)A: 16 (0.0%)

Largest asset managers voting on “Resolution on the appropriation of the retained earnings for fiscal year 2025” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
SEQUOIA FUND INC	245,631	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
VanEck ETF Trust	12,627	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

16. Resolution on the formal approval of the acts of the Executive Board in fiscal year 2025

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (8,182,736 for, 0 against).

FOR: 8,182,736 (99.7%)ABSTAIN: 27,948 (0.3%)SPLIT: 45 (0.0%)A: 16 (0.0%)

Largest asset managers voting on “Resolution on the formal approval of the acts of the Executive Board in fiscal year 2025” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
SEQUOIA FUND INC	245,631	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
VanEck ETF Trust	12,627	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

17. Resolution on the formal approval of the acts of the Supervisory Board in fiscal year 2025

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (8,182,736 for, 0 against).

FOR: 8,182,736 (99.7%)ABSTAIN: 27,948 (0.3%)SPLIT: 45 (0.0%)A: 16 (0.0%)

Largest asset managers voting on “Resolution on the formal approval of the acts of the Supervisory Board in fiscal year 2025” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
SEQUOIA FUND INC	245,631	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
VanEck ETF Trust	12,627	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For

Showing the 25 largest of 45 asset managers. See all 45 in the interactive database.

18. Resolution on the cancelation of the existing authorization and the granting of a new authorization of the Executive Board to issue convertible and/or warrantlinked bonds, profit sharing rights and/or income bonds (or combinations of these instruments), the option to exclude shareholders' subscription rights, the cancelation of Contingent Capital I and the creation of new contingent capital and th

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

99.9% fund support · no official result

FOR 98%

The 30 asset managers below cast 99.9% of the shares they voted on this item FOR (554,498 for, 51 against).

FOR: 554,498 (98.2%)AGAINST: 51 (0.0%)ABSTAIN: 10,032 (1.8%)SPLIT: 45 (0.0%)A: 16 (0.0%)

Largest asset managers voting on “Resolution on the cancelation of the existing authorization and the granting of a new authorization of the Exe” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
WILLIAMSBURG INVESTMENT TRUST	3,923	0	For
RBB FUND, INC.	3,821	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Multi-Select Securities Fund for Puerto Rico Residents	246	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For

Showing the 25 largest of 30 asset managers. See all 30 in the interactive database.

19. ELECTION OF SUPERVISORY BOARD MEMBER: DR. ROUVEN WESTPHAL

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 98%

The 27 asset managers below cast 100% of the shares they voted on this item FOR (554,484 for, 0 against).

FOR: 554,484 (98.2%)ABSTAIN: 10,032 (1.8%)UNKNOWN: 16 (0.0%)

Largest asset managers voting on “ELECTION OF SUPERVISORY BOARD MEMBER: DR. ROUVEN WESTPHAL” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
WILLIAMSBURG INVESTMENT TRUST	3,923	0	For
RBB FUND, INC.	3,821	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Multi-Select Securities Fund for Puerto Rico Residents	246	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For

Showing the 25 largest of 27 asset managers. See all 27 in the interactive database.

20. Election of Supervisory Board member: Dr.h.c.mult. Pekka Ala-Pietilä

DIRECTOR ELECTIONS

Combines 5 wordings of this item as funds reported it.

100% fund support · no official result

FOR 98%

The 27 asset managers below cast 100% of the shares they voted on this item FOR (554,484 for, 0 against).

FOR: 554,484 (98.2%)ABSTAIN: 10,032 (1.8%)UNKNOWN: 16 (0.0%)

Largest asset managers voting on “Election of Supervisory Board member: Dr.h.c.mult. Pekka Ala-Pietilä” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
WILLIAMSBURG INVESTMENT TRUST	3,923	0	For
RBB FUND, INC.	3,821	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Multi-Select Securities Fund for Puerto Rico Residents	246	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For

Showing the 25 largest of 27 asset managers. See all 27 in the interactive database.

21. ELECTION OF SUPERVISORY BOARD MEMBER: MICHAEL GREGOIRE

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 98%

The 27 asset managers below cast 100% of the shares they voted on this item FOR (554,484 for, 0 against).

FOR: 554,484 (98.2%)ABSTAIN: 10,032 (1.8%)UNKNOWN: 16 (0.0%)

Largest asset managers voting on “ELECTION OF SUPERVISORY BOARD MEMBER: MICHAEL GREGOIRE” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Ultimus Managers Trust	8,705	0	For
Investment Managers Series Trust	8,268	0	For
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
WILLIAMSBURG INVESTMENT TRUST	3,923	0	For
RBB FUND, INC.	3,821	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Multi-Select Securities Fund for Puerto Rico Residents	246	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For

Showing the 25 largest of 27 asset managers. See all 27 in the interactive database.

22. Allocation of Dividends

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Allocation of Dividends” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

23. Amendments to Articles (Electronic Shares)

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Amendments to Articles (Electronic Shares)” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

24. Appointment of Auditor

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Appointment of Auditor” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

25. Appointment of Auditor for Sustainability Reporting

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Appointment of Auditor for Sustainability Reporting” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

26. Authority to Issue Convertible Debt Instruments; Increase in Conditional Capital

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Authority to Issue Convertible Debt Instruments; Increase in Conditional Capital” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

27. Elect Michael P. Gregoire

DIRECTOR ELECTIONS

98% fund support · no official result

FOR 98%

The 24 asset managers below cast 98% of the shares they voted on this item FOR (1,670,327 for, 40,500 against).

FOR: 1,670,327 (97.6%)AGAINST: 40,500 (2.4%)

Largest asset managers voting on “Elect Michael P. Gregoire” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	369,116	0	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	19,541	0	For
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	15,154	0	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For
Northern Lights Fund Trust IV	420	0	For

28. Elect Rouven Westphal

DIRECTOR ELECTIONS

96% fund support · no official result

FOR 96%

The 24 asset managers below cast 96% of the shares they voted on this item FOR (1,646,812 for, 64,015 against).

FOR: 1,646,812 (96.3%)AGAINST: 64,015 (3.7%)

Largest asset managers voting on “Elect Rouven Westphal” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	369,116	0	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	0	19,541	Against
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	11,180	3,974	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For
Northern Lights Fund Trust IV	420	0	For

29. Ratification of Management Board Acts

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (1,710,827 for, 0 against).

FOR: 1,710,827 (100.0%)

Largest asset managers voting on “Ratification of Management Board Acts” at SAP SE, 2025-2026
Asset manager	For	Vote
Global X	599,479	For
SEI	369,116	For
Datum One Series Trust	343,778	For
Russell Investments	72,139	For
2023 ETF Series Trust	54,487	For
Neuberger Berman	50,117	For
DOMINI INVESTMENT TRUST	40,500	For
Mercer Funds	24,270	For
Morgan Stanley	19,541	For
Equitable	16,445	For
SEI Exchange Traded Funds	16,115	For
Brighthouse	15,797	For
Morningstar Funds Trust	15,521	For
Nationwide	15,154	For
Vanguard	13,000	For
Fidelity	12,884	For
Federated Hermes	10,204	For
Victory Capital	9,289	For
Northwestern Mutual	6,389	For
New York Life	2,055	For
Adviser Managed Trust	1,920	For
Prudential/PGIM	1,373	For
Forethought Variable Insurance Trust	834	For
Northern Lights Fund Trust IV	420	For

30. Ratification of Supervisory Board Acts

CORPORATE GOVERNANCE

98% fund support · no official result

FOR 98%

The 24 asset managers below cast 98% of the shares they voted on this item FOR (1,670,327 for, 40,500 against).

FOR: 1,670,327 (97.6%)AGAINST: 40,500 (2.4%)

Largest asset managers voting on “Ratification of Supervisory Board Acts” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	369,116	0	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	19,541	0	For
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	15,154	0	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For
Northern Lights Fund Trust IV	420	0	For

31. Remuneration Report

COMPENSATION

98% fund support · no official result

FOR 98%

The 24 asset managers below cast 98% of the shares they voted on this item FOR (1,670,327 for, 40,500 against).

FOR: 1,670,327 (97.6%)AGAINST: 40,500 (2.4%)

Largest asset managers voting on “Remuneration Report” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	369,116	0	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	19,541	0	For
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	15,154	0	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For
Northern Lights Fund Trust IV	420	0	For

32. Elect Pekka Ala-Pietila

DIRECTOR ELECTIONS

97% fund support · no official result

FOR 97%

The 23 asset managers below cast 97% of the shares they voted on this item FOR (1,659,515 for, 50,892 against).

FOR: 1,659,515 (97.0%)AGAINST: 50,892 (3.0%)

Largest asset managers voting on “Elect Pekka Ala-Pietila” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	358,724	10,392	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	19,541	0	For
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	15,154	0	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For

33. Elect Rene Obermann

DIRECTOR ELECTIONS

98% fund support · no official result

FOR 98%

The 23 asset managers below cast 98% of the shares they voted on this item FOR (1,669,907 for, 40,500 against).

FOR: 1,669,907 (97.6%)AGAINST: 40,500 (2.4%)

Largest asset managers voting on “Elect Rene Obermann” at SAP SE, 2025-2026
Asset manager	For	Against	Vote
Global X	599,479	0	For
SEI	369,116	0	For
Datum One Series Trust	343,778	0	For
Russell Investments	72,139	0	For
2023 ETF Series Trust	54,487	0	For
Neuberger Berman	50,117	0	For
DOMINI INVESTMENT TRUST	0	40,500	Against
Mercer Funds	24,270	0	For
Morgan Stanley	19,541	0	For
Equitable	16,445	0	For
SEI Exchange Traded Funds	16,115	0	For
Brighthouse	15,797	0	For
Morningstar Funds Trust	15,521	0	For
Nationwide	15,154	0	For
Vanguard	13,000	0	For
Fidelity	12,884	0	For
Federated Hermes	10,204	0	For
Victory Capital	9,289	0	For
Northwestern Mutual	6,389	0	For
New York Life	2,055	0	For
Adviser Managed Trust	1,920	0	For
Prudential/PGIM	1,373	0	For
Forethought Variable Insurance Trust	834	0	For

34. BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, be appointed auditors of the financial statements and consolidated financial statements for fiscal year 2026

AUDIT-RELATED

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 98%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (529,660 for, 0 against).

FOR: 529,660 (98.1%)ABSTAIN: 10,032 (1.9%)

Largest asset managers voting on “BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, be appointed auditors of the financial statements and ” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For
Multi-Select Securities Fund for Puerto Rico Residents	123	0	For
KKM Financial LLC	39	0	For
ZEVIN ASSET MANAGEMENT LLC	16	0	For

35. BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, be appointed auditors of the sustainability reporting for fiscal year 2026.

AUDIT-RELATED

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 98%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (529,660 for, 0 against).

FOR: 529,660 (98.1%)ABSTAIN: 10,032 (1.9%)

Largest asset managers voting on “BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, be appointed auditors of the sustainability reporting ” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
ETF Opportunities Trust	41,042	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Elevation Series Trust	7,304	0	For
Gabelli	4,500	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For
Multi-Select Securities Fund for Puerto Rico Residents	123	0	For
KKM Financial LLC	39	0	For
ZEVIN ASSET MANAGEMENT LLC	16	0	For

36. Election of Supervisory Board member: René Obermann

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 98%

The 22 asset managers below cast 100% of the shares they voted on this item FOR (488,025 for, 0 against).

FOR: 488,025 (98.0%)ABSTAIN: 10,032 (2.0%)UNKNOWN: 16 (0.0%)

Largest asset managers voting on “Election of Supervisory Board member: René Obermann” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
SEQUOIA FUND INC	245,631	0	For
BUFFALO FUNDS	75,000	0	For
Brown Advisory Funds	60,030	0	For
HARDING LOEVNER FUNDS INC	26,794	0	For
Jackson National	17,650	0	For
SATURNA INVESTMENT TRUST	16,855	0	For
Loomis Sayles	16,112	0	For
TRUST FOR PROFESSIONAL MANAGERS	10,285	0	For
ALLIED ASSET ADVISORS FUNDS	0	10,032	Abstain
Elevation Series Trust	7,304	0	For
WILLIAMSBURG INVESTMENT TRUST	3,923	0	For
ETF Series Solutions	2,379	0	For
Precidian ETFs Trust	1,797	0	For
Tidal Trust I	1,320	0	For
EA Series Trust	1,117	0	For
Gateway Trust	819	0	For
Natixis	494	0	For
Calamos	178	0	For
REYNOLDS FUNDS INC	175	0	For
Multi-Select Securities Fund for Puerto Rico Residents	123	0	For
KKM Financial LLC	39	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown

37. Receive Financial Statements and Statutory Reports for Fiscal Year 2025 (Non-Voting)

CORPORATE GOVERNANCE

100% fund support · no official result

9%NOT VOTED 75%11%

The 18 asset managers below cast 100% of the shares they voted on this item FOR (89,608 for, 0 against).

FOR: 89,608 (3.9%)ABSTAIN: 216,972 (9.4%)NOT VOTED: 1,716,327 (74.6%)N/A: 246,543 (10.7%)UNKNOWN: 30,512 (1.3%)

Largest asset managers voting on “Receive Financial Statements and Statutory Reports for Fiscal Year 2025 (Non-Voting)” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
JPMorgan	0	0	Not Voted
Empower	0	0	N/A
Catholic Responsible Investments Funds	0	211,011	Abstain
Brighthouse	0	0	Not Voted
Elevation Series Trust	82,396	0	For
Lincoln Financial	0	0	Not Voted
MUTUAL FUND SERIES TRUST	0	0	Unknown
FundVantage Trust	0	0	Unknown
iM Global Partner Funds	7,157	0	For
Strategy Shares	0	0	Unknown
Dunham Funds	0	4,792	Abstain
Venerable Variable Insurance Trust	0	0	Unknown
NORTHERN LIGHTS FUND TRUST II	0	0	Unknown
Advisors' Inner Circle Fund III	0	674	Abstain
Dorsey Wright & Associates	0	495	Abstain
Morningstar Funds Trust	0	0	Not Voted
Keel Point, LLC	55	0	For
Forethought Variable Insurance Trust	0	0	--

38. Appointment of the auditors of the financial statements and consolidated financial statements and of the auditors of the sustainability reporting for fiscal year 2026 - Appointment of the auditors of the financial statements and the consolidated financial statements for fiscal year 2026

AUDIT-RELATED

100% fund support · no official result

FOR 99.7%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (7,628,238 for, 0 against).

FOR: 7,628,238 (99.8%)ABSTAIN: 17,916 (0.2%)

Largest asset managers voting on “Appointment of the auditors of the financial statements and consolidated financial statements and of the audit” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
VanEck ETF Trust	12,627	0	For
Neuberger Berman	4,308	0	For
Federated Hermes	2,336	0	For
PACE SELECT ADVISORS TRUST	2,325	0	For

39. Appointment of the auditors of the financial statements and consolidated financial statements and of the auditors of the sustainability reporting for fiscal year 2026 - Appointment of the auditors of the sustainability reporting for fiscal year 2026

AUDIT-RELATED

100% fund support · no official result

FOR 99.7%

The 16 asset managers below cast 100% of the shares they voted on this item FOR (7,628,238 for, 0 against).

FOR: 7,628,238 (99.8%)ABSTAIN: 17,916 (0.2%)

Largest asset managers voting on “Appointment of the auditors of the financial statements and consolidated financial statements and of the audit” at SAP SE, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	3,285,637	0	For
Vanguard	1,867,348	0	For
Hartford	1,586,133	0	For
Russell Investments	238,503	0	For
Prudential/PGIM	211,638	0	For
Global X	137,715	0	For
Mercer Funds	112,763	0	For
Venerable Variable Insurance Trust	50,268	0	For
SEI	48,012	0	For
Fidelity	45,459	0	For
Touchstone ETF Trust	20,582	0	For
Brighthouse	2,584	17,916	Abstain
VanEck ETF Trust	12,627	0	For
Neuberger Berman	4,308	0	For
Federated Hermes	2,336	0	For
PACE SELECT ADVISORS TRUST	2,325	0	For

40. Elections of Supervisory Board members - Dr. Rouven Westphal

DIRECTOR ELECTIONS

60% fund support · no official result

FOR 60%AGAINST 40%

The 16 asset managers below cast 60% of the shares they voted on this item FOR (4,554,109 for, 3,074,129 against).

FOR: 4,554,109 (59.6%)AGAINST: 3,074,129 (40.2%)ABSTAIN: 17,916 (0.2%)

Largest asset managers voting on “Elections of Supervisory Board members - Dr. Rouven Westphal” at SAP SE, 2025-2026
Asset manager	For	Against	Abstain	Vote
Charles Schwab	3,285,637	0	0	For
Vanguard	8,678	1,858,670	0	Against
Hartford	373,258	1,212,875	0	Against
Russell Investments	238,503	0	0	For
Prudential/PGIM	211,638	0	0	For
Global X	137,715	0	0	For
Mercer Funds	112,763	0	0	For
Venerable Variable Insurance Trust	50,268	0	0	For
SEI	48,012	0	0	For
Fidelity	45,459	0	0	For
Touchstone ETF Trust	20,582	0	0	For
Brighthouse	0	2,584	17,916	Abstain
VanEck ETF Trust	12,627	0	0	For
Neuberger Berman	4,308	0	0	For
Federated Hermes	2,336	0	0	For
PACE SELECT ADVISORS TRUST	2,325	0	0	For

Showing the 40 reported items with the widest manager coverage, of 62 in total. View every item.

Largest SAP SE shareholders voting in 2025-2026

Ranked by the number of SAP SE shares each manager voted on the most widely held ballot item of the 2025-2026 meeting, shown as a share of the 1,228,504,232 shares outstanding at the time of that meeting.

Top SAP SE shareholders by shares voted, 2025-2026
#	Asset manager	% of shares outstanding
1	EAGLE CAPITAL MANAGEMENT LLC	0.41%
2	Charles Schwab	0.27%
3	WINDACRE PARTNERSHIP LLC	0.22%
4	Vanguard	0.15%
5	Hartford	0.13%
6	Northern Trust	0.12%
7	BlackRock	0.07%
8	2023 ETF Series Trust	0.07%
9	ENVESTNET ASSET MANAGEMENT INC	0.05%
10	WELLS FARGO CLEARING SERVICES, LLC	0.03%

Percentages above are of 1,228,504,232 shares outstanding, as reported by SAP SE on its Form 20-F dated 2025-12-31 (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 SAP SE’s 20-F dated 2025-12-31. This page is a static snapshot rebuilt weekly on 04 October 2026; a live search always shows the current data.

At SAP SE's shareholder meeting held 2026-05-05, in the 2025-2026 proxy season, 540 asset managers reported how they voted in their SEC Form N-PX filings, covering 9,085 separate fund positions. Their filings are grouped here into 62 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. No official Form 8-K vote tally has been matched to this meeting, so this page states no certified outcome for its most widely held ballot item. On that item — Resolution on the approval of the compensation report for fiscal year 2025 — the reporting funds cast 99.9% of the shares they voted in favour (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). That is the aggregate of those managers' own N-PX disclosures, not the company's certified result, and the funds are a subset of all shareholders.

SAP SE proxy season coverage: 2023-2024 · 2024-2025 · 2025-2026 (this page).