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TELEFONICA SA 2024-2025 Proxy Voting Records

Compiled from SEC Form N-PX filings. Page generated 02 October 2026.

54Reported items
179Asset managers
3,905Fund votes
2025-04-09Meeting date

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

Explore TELEFONICA SA in the interactive database Compare manager voting policies

How asset managers voted at the TELEFONICA SA 2024-2025 meeting

Each item below shows how the 179 asset managers that disclosed a TELEFONICA SA 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 TELEFONICA SA’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. CONSULTATIVE VOTE ON THE 2024 ANNUAL REPORT ON DIRECTORS' REMUNERATION.

SECTION 14A SAY-ON-PAY VOTES

Combines 7 wordings of this item as funds reported it.

94% fund support · no official result

FOR 94%

The 114 asset managers below cast 94% of the shares they voted on this item FOR (211,399,487 for, 14,525,174 against).

FOR: 211,399,487 (93.5%)AGAINST: 14,525,174 (6.4%)ABSTAIN: 30,642 (0.0%)UNKNOWN: 53,575 (0.0%)NOT VOTED: 1,683 (0.0%)

Largest asset managers voting on “CONSULTATIVE VOTE ON THE 2024 ANNUAL REPORT ON DIRECTORS' REMUNERATION.” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	168,679,857	10,214,764	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
LETKO, BROSSEAU & ASSOCIATES INC	4,402,162	0	For
Northern Trust	4,320,678	0	For
JPMorgan	0	2,477,499	Against
Gabelli	1,540,000	0	For
Siemens Fonds Invest GmbH	1,410,722	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	139,075	773,783	Against
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	293,661	82,763	For
Ultimus Managers Trust	353,530	0	For
Natixis	348,847	0	For
MASTER INVESTMENT PORTFOLIO	291,956	28,745	For
NIA IMPACT ADVISORS, LLC	288,836	0	For
Bridge Builder Trust	223,061	49,898	For
1832 Asset Management L.P.	0	260,073	Against
Korea Investment CORP	0	237,840	Against
Tidal Trust I	206,076	0	For
First Trust	171,318	0	For
Russell Investments	159,814	0	For
NATIONAL BANK TRUST INC.	0	152,453	Against

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

2. Renew Appointment of PricewaterhouseCoopers as Auditor

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 64 asset managers below cast 100% of the shares they voted on this item FOR (286,533,185 for, 0 against).

FOR: 286,533,185 (100.0%)

Largest asset managers voting on “Renew Appointment of PricewaterhouseCoopers as Auditor” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
BlackRock	98,195,317	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
Pacer Funds Trust	4,587,972	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
JPMorgan	2,477,323	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Six Circles Trust	1,056,704	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
John Hancock	912,858	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Investment Managers Series Trust	578,064	For
Two Roads Shared Trust	422,704	For
Victory Capital	410,031	For

Showing the 25 largest of 64 asset managers. See all 64 in the interactive database.

3. Advisory Vote on Remuneration Report

COMPENSATION

68% fund support · no official result

FOR 68%AGAINST 32%

The 52 asset managers below cast 68% of the shares they voted on this item FOR (130,834,257 for, 60,960,595 against).

FOR: 130,834,257 (68.2%)AGAINST: 60,960,595 (31.8%)

Largest asset managers voting on “Advisory Vote on Remuneration Report” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	121,343,510	0	For
Dimensional	0	19,570,005	Against
Fidelity	0	9,144,048	Against
APG Asset Management US Inc.	0	8,688,870	Against
JPMorgan	0	5,245,729	Against
TIAA	2,789,998	0	For
First Trust	0	2,687,015	Against
OLD WESTBURY FUNDS INC	0	2,511,304	Against
AIG/SunAmerica	0	2,235,426	Against
DWS	0	2,130,251	Against
American Century	0	2,089,959	Against
State Street	1,862,388	0	For
WisdomTree	0	1,400,027	Against
Northern Trust	1,107,320	6,580	For
Goldman Sachs	1,052,195	0	For
Capital Group	1,009,720	0	For
Desjardins Global Asset Management Inc.	0	903,446	Against
Equitable	615,402	215,672	For
Lincoln Financial	562,925	200,705	For
Franklin Templeton	0	603,098	Against
Victory Capital	0	410,031	Against
PIMCO	0	354,180	Against
Nationwide	119,270	177,001	Against
Legg Mason	0	243,079	Against
Principal	0	241,096	Against

Showing the 25 largest of 52 asset managers. See all 52 in the interactive database.

4. Approve Allocation of Income

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Approve Allocation of Income” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

5. Approve Consolidated and Standalone Financial Statements

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Approve Consolidated and Standalone Financial Statements” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

6. Approve Discharge of Board

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Approve Discharge of Board” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

7. Approve Dividends Charged Against Unrestricted Reserves

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Approve Dividends Charged Against Unrestricted Reserves” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

8. Approve Non-Financial Information Statement

CORPORATE GOVERNANCEENVIRONMENT OR CLIMATEHUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCEDIVERSITY, EQUITY, AND INCLUSION

100% fund support · no official result

FOR 99%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (174,702,559 for, 0 against).

FOR: 174,702,559 (98.7%)ABSTAIN: 2,254,248 (1.3%)

Largest asset managers voting on “Approve Non-Financial Information Statement” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
Vanguard	121,343,510	0	For
Dimensional	19,570,005	0	For
Fidelity	9,144,048	0	For
TIAA	2,789,998	0	For
First Trust	2,687,015	0	For
OLD WESTBURY FUNDS INC	2,511,304	0	For
AIG/SunAmerica	0	2,235,426	Abstain
DWS	2,130,251	0	For
American Century	2,089,959	0	For
State Street	1,862,388	0	For
WisdomTree	1,400,027	0	For
Northern Trust	1,113,900	0	For
Goldman Sachs	1,052,195	0	For
Capital Group	1,009,720	0	For
Equitable	831,074	0	For
Lincoln Financial	763,630	0	For
Franklin Templeton	603,098	0	For
Victory Capital	410,031	0	For
PIMCO	354,180	0	For
Nationwide	296,271	0	For
Legg Mason	243,079	0	For
Principal	241,096	0	For
Calvert	218,290	0	For
Empower	194,207	0	For
Pacific Life	192,014	0	For

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

9. Authorize Board to Ratify and Execute Approved Resolutions

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Authorize Board to Ratify and Execute Approved Resolutions” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

10. Authorize Increase in Capital up to 50 Percent via Issuance of Equity or Equity-Linked Securities, Excluding Preemptive Rights of up to 20 Percent

CAPITAL STRUCTURE

78% fund support · no official result

FOR 78%AGAINST 22%

The 49 asset managers below cast 78% of the shares they voted on this item FOR (137,187,298 for, 39,769,509 against).

FOR: 137,187,298 (77.5%)AGAINST: 39,769,509 (22.5%)

Largest asset managers voting on “Authorize Increase in Capital up to 50 Percent via Issuance of Equity or Equity-Linked Securities, Excluding P” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	121,343,510	0	For
Dimensional	0	19,570,005	Against
Fidelity	9,144,048	0	For
TIAA	2,789,998	0	For
First Trust	0	2,687,015	Against
OLD WESTBURY FUNDS INC	0	2,511,304	Against
AIG/SunAmerica	0	2,235,426	Against
DWS	0	2,130,251	Against
American Century	0	2,089,959	Against
State Street	1,862,388	0	For
WisdomTree	0	1,400,027	Against
Northern Trust	0	1,113,900	Against
Goldman Sachs	0	1,052,195	Against
Capital Group	0	1,009,720	Against
Equitable	831,074	0	For
Lincoln Financial	562,925	200,705	For
Franklin Templeton	0	603,098	Against
Victory Capital	0	410,031	Against
PIMCO	0	354,180	Against
Nationwide	119,270	177,001	Against
Legg Mason	0	243,079	Against
Principal	0	241,096	Against
Calvert	0	218,290	Against
Empower	0	194,207	Against
Pacific Life	192,014	0	For

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

11. Authorize Issuance of Non-Convertible and/or Convertible Bonds, Debentures, Warrants, and Other Debt Securities up to EUR 25 Billion with Exclusion of Preemptive Rights up to 20 Percent of Capital

CAPITAL STRUCTURE

77% fund support · no official result

FOR 77%AGAINST 23%

The 49 asset managers below cast 77% of the shares they voted on this item FOR (136,783,198 for, 40,173,609 against).

FOR: 136,783,198 (77.3%)AGAINST: 40,173,609 (22.7%)

Largest asset managers voting on “Authorize Issuance of Non-Convertible and/or Convertible Bonds, Debentures, Warrants, and Other Debt Securitie” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	121,343,510	0	For
Dimensional	0	19,570,005	Against
Fidelity	9,144,048	0	For
TIAA	2,789,998	0	For
First Trust	0	2,687,015	Against
OLD WESTBURY FUNDS INC	0	2,511,304	Against
AIG/SunAmerica	0	2,235,426	Against
DWS	0	2,130,251	Against
American Century	0	2,089,959	Against
State Street	1,862,388	0	For
WisdomTree	0	1,400,027	Against
Northern Trust	0	1,113,900	Against
Goldman Sachs	0	1,052,195	Against
Capital Group	0	1,009,720	Against
Equitable	615,402	215,672	For
Lincoln Financial	562,925	200,705	For
Franklin Templeton	0	603,098	Against
Victory Capital	0	410,031	Against
PIMCO	0	354,180	Against
Nationwide	119,270	177,001	Against
Legg Mason	0	243,079	Against
Principal	0	241,096	Against
Calvert	0	218,290	Against
Empower	0	194,207	Against
Pacific Life	192,014	0	For

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

12. Ratify Appointment of and Elect Ana Maria Sala Andres as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Ana Maria Sala Andres as Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

13. Ratify Appointment of and Elect Carlos Ocana Orbis as Director

DIRECTOR ELECTIONS

96% fund support · no official result

FOR 96%

The 49 asset managers below cast 96% of the shares they voted on this item FOR (170,157,204 for, 6,799,603 against).

FOR: 170,157,204 (96.2%)AGAINST: 6,799,603 (3.8%)

Largest asset managers voting on “Ratify Appointment of and Elect Carlos Ocana Orbis as Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	121,343,510	0	For
Dimensional	19,570,005	0	For
Fidelity	8,412,199	731,849	For
TIAA	2,789,998	0	For
First Trust	2,687,015	0	For
OLD WESTBURY FUNDS INC	2,511,304	0	For
AIG/SunAmerica	2,235,426	0	For
DWS	2,130,251	0	For
American Century	0	2,089,959	Against
State Street	0	1,862,388	Against
WisdomTree	1,400,027	0	For
Northern Trust	6,580	1,107,320	Against
Goldman Sachs	1,052,195	0	For
Capital Group	1,009,720	0	For
Equitable	831,074	0	For
Lincoln Financial	200,705	562,925	Against
Franklin Templeton	603,098	0	For
Victory Capital	410,031	0	For
PIMCO	354,180	0	For
Nationwide	296,271	0	For
Legg Mason	243,079	0	For
Principal	241,096	0	For
Calvert	0	218,290	Against
Empower	194,207	0	For
Pacific Life	192,014	0	For

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

14. Ratify Appointment of and Elect Emilio Gayo Rodriguez as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Emilio Gayo Rodriguez as Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

15. Ratify Appointment of and Elect Marc Thomas Murtra Millar as Director

DIRECTOR ELECTIONS

73% fund support · no official result

FOR 73%AGAINST 27%

The 49 asset managers below cast 73% of the shares they voted on this item FOR (129,145,735 for, 47,811,072 against).

FOR: 129,145,735 (73.0%)AGAINST: 47,811,072 (27.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Marc Thomas Murtra Millar as Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
Vanguard	121,343,510	0	For
Dimensional	0	19,570,005	Against
Fidelity	731,849	8,412,199	Against
TIAA	0	2,789,998	Against
First Trust	0	2,687,015	Against
OLD WESTBURY FUNDS INC	0	2,511,304	Against
AIG/SunAmerica	0	2,235,426	Against
DWS	0	2,130,251	Against
American Century	0	2,089,959	Against
State Street	1,862,388	0	For
WisdomTree	0	1,400,027	Against
Northern Trust	1,107,320	6,580	For
Goldman Sachs	1,052,195	0	For
Capital Group	1,009,720	0	For
Equitable	831,074	0	For
Lincoln Financial	562,925	200,705	For
Franklin Templeton	0	603,098	Against
Victory Capital	0	410,031	Against
PIMCO	0	354,180	Against
Nationwide	119,270	177,001	Against
Legg Mason	0	243,079	Against
Principal	0	241,096	Against
Calvert	0	218,290	Against
Empower	0	194,207	Against
Pacific Life	0	192,014	Against

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

16. Ratify Appointment of and Elect Olayan M. Alwetaid as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 49 asset managers below cast 100% of the shares they voted on this item FOR (176,956,807 for, 0 against).

FOR: 176,956,807 (100.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Olayan M. Alwetaid as Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Vanguard	121,343,510	For
Dimensional	19,570,005	For
Fidelity	9,144,048	For
TIAA	2,789,998	For
First Trust	2,687,015	For
OLD WESTBURY FUNDS INC	2,511,304	For
AIG/SunAmerica	2,235,426	For
DWS	2,130,251	For
American Century	2,089,959	For
State Street	1,862,388	For
WisdomTree	1,400,027	For
Northern Trust	1,113,900	For
Goldman Sachs	1,052,195	For
Capital Group	1,009,720	For
Equitable	831,074	For
Lincoln Financial	763,630	For
Franklin Templeton	603,098	For
Victory Capital	410,031	For
PIMCO	354,180	For
Nationwide	296,271	For
Legg Mason	243,079	For
Principal	241,096	For
Calvert	218,290	For
Empower	194,207	For
Pacific Life	192,014	For

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

17. SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES

CAPITAL STRUCTURE

Combines 4 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 29 asset managers below cast 100% of the shares they voted on this item FOR (132,306,687 for, 0 against).

FOR: 132,306,687 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
Ultimus Managers Trust	353,530	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Decatur Capital Management, Inc.	16,420	0	For
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
Ironwood Investment Counsel, LLC	120	0	For

Showing the 25 largest of 29 asset managers. See all 29 in the interactive database.

18. DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDERS AT THE GENERAL SHAREHOLDERS' MEETING

CORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (132,359,933 for, 0 against).

FOR: 132,359,933 (100.0%)ABSTAIN: 28,402 (0.0%)

Largest asset managers voting on “DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDER” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
Ultimus Managers Trust	353,530	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	53,575	0	For
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Decatur Capital Management, Inc.	16,420	0	For
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

19. DELEGATION TO THE BOARD OF DIRECTORS, WITH EXPRESS POWERS OF SUBSTITUTION, FOR A FIVE-YEAR TERM, OF THE POWER TO INCREASE SHARE CAPITAL IN ACCORDANCE WITH SECTION 297.1.B) OF THE COMPANIES ACT (LEY DE SOCIEDADES DE CAPITAL), WITH THE POWER TO EXCLUDE THE PRE-EMPTIVE RIGHTS OF SHAREHOLDERS

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

97% fund support · no official result

FOR 96%

The 25 asset managers below cast 97% of the shares they voted on this item FOR (127,312,492 for, 3,558,268 against).

FOR: 127,312,492 (96.2%)AGAINST: 3,558,268 (2.7%)ABSTAIN: 1,464,000 (1.1%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “DELEGATION TO THE BOARD OF DIRECTORS, WITH EXPRESS POWERS OF SUBSTITUTION, FOR A FIVE-YEAR TERM, OF THE POWER ” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
BlackRock	98,195,317	0	0	For
Charles Schwab	20,015,413	0	0	For
Pacer Funds Trust	4,587,972	0	0	For
JPMorgan	0	2,477,323	0	Against
Gabelli	0	0	1,464,000	Abstain
Six Circles Trust	1,056,704	0	0	For
John Hancock	139,075	773,783	0	Against
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	0	For
Investment Managers Series Trust	578,064	0	0	For
Two Roads Shared Trust	422,704	0	0	For
Allianz	293,661	82,763	0	For
Ultimus Managers Trust	353,530	0	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	0	For
Bridge Builder Trust	223,061	49,898	0	For
Tidal Trust I	206,076	0	0	For
Russell Investments	159,814	0	0	For
GPS Funds I	0	86,739	0	Against
Jackson National	0	59,360	0	Against
ZEVIN ASSET MANAGEMENT LLC	0	0	0	Unknown
FORUM FUNDS	34,119	0	0	For
Brighthouse	0	28,402	0	Against
Decatur Capital Management, Inc.	16,420	0	0	For
Forethought Variable Insurance Trust	13,452	0	0	For
RBB FUND, INC.	9,725	0	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	0	For

20. Ratification and appointment of Mr. Marc Thomas Murtra Millar as an Executive Director

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

99.2% fund support · no official result

FOR 99.2%

The 25 asset managers below cast 99.2% of the shares they voted on this item FOR (131,345,535 for, 960,823 against).

FOR: 131,345,535 (99.2%)AGAINST: 960,823 (0.7%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Ratification and appointment of Mr. Marc Thomas Murtra Millar as an Executive Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
BlackRock	98,195,317	0	0	For
Charles Schwab	20,015,413	0	0	For
Pacer Funds Trust	4,587,972	0	0	For
JPMorgan	2,477,323	0	0	For
Gabelli	1,464,000	0	0	For
Six Circles Trust	1,056,704	0	0	For
John Hancock	139,075	773,783	0	Against
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	0	For
Investment Managers Series Trust	578,064	0	0	For
Two Roads Shared Trust	422,704	0	0	For
Allianz	293,661	82,763	0	For
Ultimus Managers Trust	353,530	0	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	0	For
Bridge Builder Trust	223,061	49,898	0	For
Tidal Trust I	206,076	0	0	For
Russell Investments	159,814	0	0	For
GPS Funds I	86,739	0	0	For
Jackson National	4,981	54,379	0	Against
ZEVIN ASSET MANAGEMENT LLC	0	0	0	Unknown
FORUM FUNDS	34,119	0	0	For
Brighthouse	0	0	28,402	Abstain
Decatur Capital Management, Inc.	16,420	0	0	For
Forethought Variable Insurance Trust	13,452	0	0	For
RBB FUND, INC.	9,725	0	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	0	For

21. Ratification and appointment of Mr. Olayan M. Alwetaid as a Proprietary Director

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 25 asset managers below cast 100% of the shares they voted on this item FOR (132,306,358 for, 0 against).

FOR: 132,306,358 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Ratification and appointment of Mr. Olayan M. Alwetaid as a Proprietary Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
Ultimus Managers Trust	353,530	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Decatur Capital Management, Inc.	16,420	0	For
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

22. APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2024

CORPORATE GOVERNANCE

Combines 4 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 24 asset managers below cast 100% of the shares they voted on this item FOR (131,936,488 for, 0 against).

FOR: 131,936,488 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2024” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For
BIRCHBROOK, INC.	80	0	For

23. Approval of the Annual Accounts and of the Management Report of both Telefonica, S.A. and its Consolidated Group of Companies for fiscal year 2024

CORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (131,936,408 for, 0 against).

FOR: 131,936,408 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Approval of the Annual Accounts and of the Management Report of both Telefonica, S.A. and its Consolidated Gro” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

24. APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2024

CAPITAL STRUCTURE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (131,936,408 for, 0 against).

FOR: 131,936,408 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2024” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

25. Approval of the Statement of Non-Financial Information and Sustainability Information of the Consolidated Group of Companies led by Telefonica, S.A. for fiscal year 2024 included in the Consolidated Management Report of Telefonica, S.A. and of its Group of Companies for such fiscal year

CORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (130,472,408 for, 0 against).

FOR: 130,472,408 (98.8%)ABSTAIN: 1,492,402 (1.1%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Approval of the Statement of Non-Financial Information and Sustainability Information of the Consolidated Grou” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	0	1,464,000	Abstain
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

26. Ratification and appointment of Mr. Carlos Ocana Orbis as a Proprietary Director

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

99.8% fund support · no official result

FOR 99.7%

The 23 asset managers below cast 99.8% of the shares they voted on this item FOR (131,747,435 for, 188,973 against).

FOR: 131,747,435 (99.8%)AGAINST: 188,973 (0.1%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Ratification and appointment of Mr. Carlos Ocana Orbis as a Proprietary Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Abstain	Vote
BlackRock	98,195,317	0	0	For
Charles Schwab	20,015,413	0	0	For
Pacer Funds Trust	4,587,972	0	0	For
JPMorgan	2,477,323	0	0	For
Gabelli	1,464,000	0	0	For
Six Circles Trust	1,056,704	0	0	For
John Hancock	773,783	139,075	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	0	For
Investment Managers Series Trust	578,064	0	0	For
Two Roads Shared Trust	422,704	0	0	For
Allianz	376,424	0	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	0	For
Bridge Builder Trust	223,061	49,898	0	For
Tidal Trust I	206,076	0	0	For
Russell Investments	159,814	0	0	For
GPS Funds I	86,739	0	0	For
Jackson National	59,360	0	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	0	Unknown
FORUM FUNDS	34,119	0	0	For
Brighthouse	0	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	0	For
RBB FUND, INC.	9,725	0	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	0	For

27. RATIFICATION AND APPOINTMENT OF MR. EMILIO GAYO RODRIGUEZ AS AN EXECUTIVE DIRECTOR

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (131,936,408 for, 0 against).

FOR: 131,936,408 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF MR. EMILIO GAYO RODRIGUEZ AS AN EXECUTIVE DIRECTOR” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

28. Ratification and appointment of Ms. Ana Maria Sala Andres as an Independent Director

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 23 asset managers below cast 100% of the shares they voted on this item FOR (131,936,408 for, 0 against).

FOR: 131,936,408 (99.9%)ABSTAIN: 28,402 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Ratification and appointment of Ms. Ana Maria Sala Andres as an Independent Director” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
BlackRock	98,195,317	0	For
Charles Schwab	20,015,413	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	2,477,323	0	For
Gabelli	1,464,000	0	For
Six Circles Trust	1,056,704	0	For
John Hancock	912,858	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	376,424	0	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	272,959	0	For
Tidal Trust I	206,076	0	For
Russell Investments	159,814	0	For
GPS Funds I	86,739	0	For
Jackson National	59,360	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

29. DELEGATION TO THE BOARD OF DIRECTORS, WITH EXPRESS POWERS OF SUBSTITUTION, FOR A FIVE-YEAR TERM, OF THE POWER TO ISSUE DEBENTURES, BONDS, NOTES AND OTHER FIXED-INCOME SECURITIES AND HYBRID INSTRUMENTS, INCLUDING PREFERRED SHARES, WHICH MAY IN ALL CASES BE SIMPLE, EXCHANGEABLE AND/OR CONVERTIBLE (PLEASE SEE THE ATTACHED LINK FOR MORE DETAILS)

CAPITAL STRUCTURE

97% fund support · no official result

FOR 97%

The 15 asset managers below cast 97% of the shares they voted on this item FOR (106,046,512 for, 3,529,866 against).

FOR: 106,046,512 (96.8%)AGAINST: 3,529,866 (3.2%)

Largest asset managers voting on “DELEGATION TO THE BOARD OF DIRECTORS, WITH EXPRESS POWERS OF SUBSTITUTION, FOR A FIVE-YEAR TERM, OF THE POWER ” at TELEFONICA SA, 2024-2025
Asset manager	For	Against	Vote
BlackRock	98,195,317	0	For
Pacer Funds Trust	4,587,972	0	For
JPMorgan	0	2,477,323	Against
Six Circles Trust	1,056,704	0	For
John Hancock	139,075	773,783	Against
Investment Managers Series Trust	578,064	0	For
Two Roads Shared Trust	422,704	0	For
Allianz	293,661	82,763	For
MASTER INVESTMENT PORTFOLIO	320,701	0	For
Bridge Builder Trust	223,061	49,898	For
Tidal Trust I	206,076	0	For
GPS Funds I	0	86,739	Against
Jackson National	0	59,360	Against
Forethought Variable Insurance Trust	13,452	0	For
RBB FUND, INC.	9,725	0	For

30. Delegation to the Board of Directors, with express powers of substitution, for a five-year term, of the power to issue debentures, bonds, notes and other fixed-income securities and hybrid instruments, including preferred shares, which may in all cases be simple, exchangeable and/or convertible and/or grant the holders thereof a share in the earnings of the Company, as well as warrants, with the p

CAPITAL STRUCTURE

100% fund support · no official result

FOR 99.7%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (22,758,382 for, 0 against).

FOR: 22,758,382 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “Delegation to the Board of Directors, with express powers of substitution, for a five-year term, of the power ” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	20,015,413	For
Gabelli	1,464,000	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	For
Ultimus Managers Trust	353,530	For
Russell Investments	159,814	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown
FORUM FUNDS	34,119	For
Brighthouse	28,402	For
Decatur Capital Management, Inc.	16,420	For
CITY NATIONAL ROCHDALE FUNDS	99	For

31. Re-election of the Statutory Auditor for fiscal year 2025.

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.6%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (22,729,980 for, 0 against).

FOR: 22,729,980 (99.6%)ABSTAIN: 28,402 (0.1%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “Re-election of the Statutory Auditor for fiscal year 2025.” at TELEFONICA SA, 2024-2025
Asset manager	For	Abstain	Vote
Charles Schwab	20,015,413	0	For
Gabelli	1,464,000	0	For
TRUST FOR PROFESSIONAL MANAGERS	686,585	0	For
Ultimus Managers Trust	353,530	0	For
Russell Investments	159,814	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
FORUM FUNDS	34,119	0	For
Brighthouse	0	28,402	Abstain
Decatur Capital Management, Inc.	16,420	0	For
CITY NATIONAL ROCHDALE FUNDS	99	0	For

32. Remuneration Report

COMPENSATION

100% fund support · no official result

FOR 100%

The 9 asset managers below cast 100% of the shares they voted on this item FOR (5,561,154 for, 0 against).

FOR: 5,561,154 (100.0%)

Largest asset managers voting on “Remuneration Report” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
Union Investment Institutional GmbH	354,759	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma	1,300	For

33. Accounts and Reports

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Accounts and Reports” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

34. Allocation of Profits/Dividends

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Allocation of Profits/Dividends” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

35. Appointment of Auditor

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Appointment of Auditor” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

36. Authorisation of Legal Formalities

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Authorisation of Legal Formalities” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

37. Authority to Issue Convertible Securities w/ or w/o Preemptive Rights

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Authority to Issue Convertible Securities w/ or w/o Preemptive Rights” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

38. Authority to Issue Shares w/ or w/o Preemptive Rights

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Authority to Issue Shares w/ or w/o Preemptive Rights” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

39. Ratification of Board Acts

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Ratification of Board Acts” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

40. Ratify Co-Option and Elect Ana Maria Sala Andres

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 7 asset managers below cast 100% of the shares they voted on this item FOR (5,205,095 for, 0 against).

FOR: 5,205,095 (100.0%)

Largest asset managers voting on “Ratify Co-Option and Elect Ana Maria Sala Andres” at TELEFONICA SA, 2024-2025
Asset manager	For	Vote
Charles Schwab	4,904,705	For
SEI	223,476	For
Global X	41,101	For
Russell Investments	12,945	For
ETFis Series Trust I	8,760	For
Prudential/PGIM	8,609	For
Adviser Managed Trust	5,499	For

Showing the 40 reported items with the widest manager coverage, of 54 in total. View every item.

Largest TELEFONICA SA shareholders voting in 2024-2025

Ranked by the number of TELEFONICA SA shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 5,670,161,554 shares outstanding at the time of that meeting.

Top TELEFONICA SA shareholders by shares voted, 2024-2025
#	Asset manager	% of shares outstanding
1	BlackRock	3.16%
2	Charles Schwab	0.35%
3	Pacer Funds Trust	0.08%
4	LETKO, BROSSEAU & ASSOCIATES INC	0.08%
5	Northern Trust	0.08%
6	JPMorgan	0.04%
7	Gabelli	0.03%
8	Siemens Fonds Invest GmbH	0.02%
9	Six Circles Trust	0.02%
10	John Hancock	0.02%

Reported TELEFONICA SA ownership

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

TELEFONICA SA beneficial owners on record for the 2024-2025 proxy season
Holder	% outstanding	Disclosure
Green Bridge Investment Company SCS	9.97%	13D

Percentages above are of 5,670,161,554 shares outstanding, as reported by TELEFONICA SA on its Form 20-F dated 2024-12-31 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

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 TELEFONICA SA’s 20-F dated 2024-12-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At TELEFONICA SA's shareholder meeting held 2025-04-09, in the 2024-2025 proxy season, 179 asset managers reported how they voted in their SEC Form N-PX filings, covering 3,905 separate fund positions. Their filings are grouped here into 54 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 — CONSULTATIVE VOTE ON THE 2024 ANNUAL REPORT ON DIRECTORS' REMUNERATION. — the reporting funds cast 94% 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.

TELEFONICA SA proxy season coverage: 2023-2024 · 2024-2025 (this page) · 2025-2026.