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Telefonica SA 2025-2026 Proxy Voting Records

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

46Reported items
165Asset managers
3,271Fund votes
2026-03-25Meeting 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 2025-2026 meeting

Each item below shows how the 165 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 2025 Annual Report on Directors' Remuneration.

SECTION 14A SAY-ON-PAY VOTES

Combines 5 wordings of this item as funds reported it.

75% fund support · no official result

FOR 75%AGAINST 25%

The 109 asset managers below cast 75% of the shares they voted on this item FOR (111,852,994 for, 37,126,288 against).

FOR: 111,852,994 (74.9%)AGAINST: 37,126,288 (24.9%)ABSTAIN: 248,575 (0.2%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “Consultative vote on the 2025 Annual Report on Directors' Remuneration.” at Telefonica SA, 2025-2026
Asset manager	For	Against	Abstain	Vote
BlackRock	98,982,064	27,942,768	9,756	For
Pacer Funds Trust	0	7,009,606	0	Against
Six Circles Trust	5,363,805	0	0	For
Northern Trust	2,829,466	3,961	0	For
Gabelli	1,425,000	0	0	For
Investment Managers Series Trust	1,000,000	0	0	For
Bridge Builder Trust	220,916	404,643	0	Against
John Hancock	0	587,649	0	Against
Ethic Inc.	378,552	0	0	For
Ultimus Managers Trust	344,932	0	0	For
Siemens Fonds Invest GmbH	338,694	0	0	For
1832 Asset Management L.P.	0	3,047	216,928	Abstain
Jackson National	0	187,277	0	Against
ENVESTNET ASSET MANAGEMENT INC	0	180,192	0	Against
MITCHELL & PAHL PRIVATE WEALTH, LLC	172,132	0	0	For
OPPENHEIMER & CO INC	0	146,310	0	Against
Korea Investment CORP	0	116,309	0	Against
AUXIER ASSET MANAGEMENT LLC	116,129	0	0	For
Pathstone Holdings, LLC	114,196	0	0	For
EA Series Trust	113,253	0	0	For
ASSETMARK, INC	0	110,752	0	Against
First Trust	34,057	51,922	0	Against
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	66,442	0	0	For
SCOTIA CAPITAL INC.	0	63,265	0	Against
WELLS FARGO BANK N A	62,056	0	0	For

Showing the 25 largest of 109 asset managers. See all 109 in the interactive database.

2. Advisory Vote on Remuneration Report

COMPENSATION

80% fund support · no official result

FOR 80%AGAINST 20%

The 47 asset managers below cast 80% of the shares they voted on this item FOR (266,527,862 for, 68,184,931 against).

FOR: 266,527,862 (79.6%)AGAINST: 68,184,931 (20.4%)

Largest asset managers voting on “Advisory Vote on Remuneration Report” at Telefonica SA, 2025-2026
Asset manager	For	Against	Vote
BlackRock	145,349,021	8,362,291	For
Vanguard	117,393,870	0	For
Fidelity	0	30,080,865	Against
APG Asset Management US Inc.	0	7,864,651	Against
First Trust	0	2,295,234	Against
TIAA	2,220,218	0	For
State Street	0	2,136,117	Against
PIMCO	0	2,134,995	Against
AIG/SunAmerica	0	2,045,059	Against
JPMorgan	0	1,780,141	Against
DWS	0	1,725,873	Against
WisdomTree	0	1,683,648	Against
Dimensional	0	1,448,717	Against
American Century	0	1,254,079	Against
Northern Trust	1,161,370	21,267	For
MASTER INVESTMENT PORTFOLIO	197,373	864,071	Against
Franklin Templeton	0	791,557	Against
Lincoln Financial	0	637,310	Against
Empower	0	449,410	Against
Goldman Sachs	0	380,545	Against
AQR	0	273,844	Against
Equitable	61,101	178,051	Against
Principal	0	233,922	Against
Calvert	0	213,829	Against
BNY Mellon	0	195,444	Against

Showing the 25 largest of 47 asset managers. See all 47 in the interactive database.

3. Approve Remuneration Policy

COMPENSATION

99.9% fund support · no official result

FOR 99.9%

The 46 asset managers below cast 99.9% of the shares they voted on this item FOR (323,232,996 for, 1,370 against).

FOR: 323,232,996 (100.0%)AGAINST: 1,370 (0.0%)

Largest asset managers voting on “Approve Remuneration Policy” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	150,169,592	For
Vanguard	117,393,870	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

Showing the 25 largest of 46 asset managers. See all 46 in the interactive database.

4. Appoint PricewaterhouseCoopers as Auditor for FY 2027, 2028 and 2029

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Appoint PricewaterhouseCoopers as Auditor for FY 2027, 2028 and 2029” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

5. Approve Consolidated and Standalone Financial Statements

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Approve Consolidated and Standalone Financial Statements” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

6. Approve Discharge of Board

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Approve Discharge of Board” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

7. Approve Dividends Charged Against Unrestricted Reserves

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Approve Dividends Charged Against Unrestricted Reserves” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

Showing the 25 largest of 45 asset managers. See all 45 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 99.2%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (284,042,110 for, 0 against).

FOR: 284,042,110 (99.3%)ABSTAIN: 2,061,280 (0.7%)

Largest asset managers voting on “Approve Non-Financial Information Statement” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Vanguard	117,393,870	0	For
BlackRock	113,039,271	0	For
Fidelity	30,080,865	0	For
First Trust	2,295,234	0	For
TIAA	2,220,218	0	For
State Street	2,136,117	0	For
PIMCO	2,134,995	0	For
AIG/SunAmerica	0	2,045,059	Abstain
DWS	1,725,873	0	For
JPMorgan	1,708,085	0	For
WisdomTree	1,683,648	0	For
Dimensional	1,448,717	0	For
American Century	1,254,079	0	For
Northern Trust	1,182,637	0	For
MASTER INVESTMENT PORTFOLIO	1,061,444	0	For
Franklin Templeton	791,557	0	For
Lincoln Financial	637,310	0	For
Empower	449,410	0	For
Goldman Sachs	380,545	0	For
AQR	273,844	0	For
Equitable	239,152	0	For
Principal	233,922	0	For
Calvert	213,829	0	For
BNY Mellon	195,444	0	For
HC CAPITAL TRUST	147,147	0	For

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

9. Approve Treatment of Net Loss

CAPITAL STRUCTURE

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Approve Treatment of Net Loss” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

10. Authorize Board to Ratify and Execute Approved Resolutions

CORPORATE GOVERNANCE

99.9% fund support · no official result

FOR 99.9%

The 45 asset managers below cast 99.9% of the shares they voted on this item FOR (286,015,803 for, 87,587 against).

FOR: 286,015,803 (100.0%)AGAINST: 87,587 (0.0%)

Largest asset managers voting on “Authorize Board to Ratify and Execute Approved Resolutions” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

11. Elect Jane Thompson as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Elect Jane Thompson as Director” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

12. Ratify Appointment of and Elect Anna Martinez Balana as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Anna Martinez Balana as Director” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

13. Ratify Appointment of and Elect Cesar Mascaraque Alonso as Director

DIRECTOR ELECTIONS

99.6% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 99.6% of the shares they voted on this item FOR (285,091,347 for, 1,012,043 against).

FOR: 285,091,347 (99.6%)AGAINST: 1,012,043 (0.4%)

Largest asset managers voting on “Ratify Appointment of and Elect Cesar Mascaraque Alonso as Director” at Telefonica SA, 2025-2026
Asset manager	For	Against	Vote
Vanguard	117,393,870	0	For
BlackRock	113,039,271	0	For
Fidelity	29,068,822	1,012,043	For
First Trust	2,295,234	0	For
TIAA	2,220,218	0	For
State Street	2,136,117	0	For
PIMCO	2,134,995	0	For
AIG/SunAmerica	2,045,059	0	For
DWS	1,725,873	0	For
JPMorgan	1,708,085	0	For
WisdomTree	1,683,648	0	For
Dimensional	1,448,717	0	For
American Century	1,254,079	0	For
Northern Trust	1,182,637	0	For
MASTER INVESTMENT PORTFOLIO	1,061,444	0	For
Franklin Templeton	791,557	0	For
Lincoln Financial	637,310	0	For
Empower	449,410	0	For
Goldman Sachs	380,545	0	For
AQR	273,844	0	For
Equitable	239,152	0	For
Principal	233,922	0	For
Calvert	213,829	0	For
BNY Mellon	195,444	0	For
HC CAPITAL TRUST	147,147	0	For

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

14. Ratify Appointment of and Elect Monica Rey Amado as Director

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Ratify Appointment of and Elect Monica Rey Amado as Director” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

15. Reelect Maria Luisa Garcia Blanco as Director

DIRECTOR ELECTIONS

99.6% fund support · no official result

FOR 99.6%

The 45 asset managers below cast 99.6% of the shares they voted on this item FOR (284,967,142 for, 1,136,248 against).

FOR: 284,967,142 (99.6%)AGAINST: 1,136,248 (0.4%)

Largest asset managers voting on “Reelect Maria Luisa Garcia Blanco as Director” at Telefonica SA, 2025-2026
Asset manager	For	Against	Vote
Vanguard	117,393,870	0	For
BlackRock	113,039,271	0	For
Fidelity	29,068,822	1,012,043	For
First Trust	2,295,234	0	For
TIAA	2,220,218	0	For
State Street	2,136,117	0	For
PIMCO	2,134,995	0	For
AIG/SunAmerica	2,045,059	0	For
DWS	1,725,873	0	For
JPMorgan	1,708,085	0	For
WisdomTree	1,683,648	0	For
Dimensional	1,448,717	0	For
American Century	1,254,079	0	For
Northern Trust	1,182,637	0	For
MASTER INVESTMENT PORTFOLIO	1,061,444	0	For
Franklin Templeton	791,557	0	For
Lincoln Financial	637,310	0	For
Empower	449,410	0	For
Goldman Sachs	380,545	0	For
AQR	273,844	0	For
Equitable	239,152	0	For
Principal	233,922	0	For
Calvert	213,829	0	For
BNY Mellon	195,444	0	For
HC CAPITAL TRUST	147,147	0	For

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

16. Renew Appointment of PricewaterhouseCoopers as Auditor for FY 2026

AUDIT-RELATED

100% fund support · no official result

FOR 100%

The 45 asset managers below cast 100% of the shares they voted on this item FOR (286,103,390 for, 0 against).

FOR: 286,103,390 (100.0%)

Largest asset managers voting on “Renew Appointment of PricewaterhouseCoopers as Auditor for FY 2026” at Telefonica SA, 2025-2026
Asset manager	For	Vote
Vanguard	117,393,870	For
BlackRock	113,039,271	For
Fidelity	30,080,865	For
First Trust	2,295,234	For
TIAA	2,220,218	For
State Street	2,136,117	For
PIMCO	2,134,995	For
AIG/SunAmerica	2,045,059	For
DWS	1,725,873	For
JPMorgan	1,708,085	For
WisdomTree	1,683,648	For
Dimensional	1,448,717	For
American Century	1,254,079	For
Northern Trust	1,182,637	For
MASTER INVESTMENT PORTFOLIO	1,061,444	For
Franklin Templeton	791,557	For
Lincoln Financial	637,310	For
Empower	449,410	For
Goldman Sachs	380,545	For
AQR	273,844	For
Equitable	239,152	For
Principal	233,922	For
Calvert	213,829	For
BNY Mellon	195,444	For
HC CAPITAL TRUST	147,147	For

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

17. APPROVAL OF THE REMUNERATION POLICY FOR THE DIRECTORS OF TELEFONICA, S.A

SECTION 14A SAY-ON-PAY VOTES

Combines 4 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.9%

The 14 asset managers below cast 100% of the shares they voted on this item FOR (143,713,505 for, 0 against).

FOR: 143,713,505 (100.0%)ABSTAIN: 9,756 (0.0%)UNKNOWN: 53,575 (0.0%)

Largest asset managers voting on “APPROVAL OF THE REMUNERATION POLICY FOR THE DIRECTORS OF TELEFONICA, S.A” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	126,924,832	9,756	For
Pacer Funds Trust	7,009,606	0	For
Six Circles Trust	5,363,805	0	For
Gabelli	1,349,000	0	For
Investment Managers Series Trust	1,000,000	0	For
Bridge Builder Trust	625,559	0	For
John Hancock	587,649	0	For
Ethic Inc.	378,552	0	For
Jackson National	187,277	0	For
MITCHELL & PAHL PRIVATE WEALTH, LLC	172,132	0	For
EA Series Trust	113,253	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown
Janney Montgomery Scott LLC	1,760	0	For
BIRCHBROOK, INC.	80	0	For

18. APPOINTMENT OF "MS. JANE THOMPSON" AS AN INDEPENDENT DIRECTOR

DIRECTOR ELECTIONS

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (31,934,678 for, 0 against).

FOR: 31,934,678 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “APPOINTMENT OF "MS. JANE THOMPSON" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Ultimus Managers Trust	344,932	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown
FORUM FUNDS	34,119	For

19. APPOINTMENT OF THE STATUTORY AUDITOR FOR FISCAL YEARS 2027, 2028 AND 2029

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (31,934,678 for, 0 against).

FOR: 31,934,678 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “APPOINTMENT OF THE STATUTORY AUDITOR FOR FISCAL YEARS 2027, 2028 AND 2029” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Ultimus Managers Trust	344,932	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown
FORUM FUNDS	34,119	For

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

CORPORATE GOVERNANCE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (31,988,253 for, 0 against).

FOR: 31,988,253 (100.0%)

Largest asset managers voting on “DELEGATION OF POWERS TO FORMALIZE, INTERPRET, RECTIFY AND CARRY OUT THE RESOLUTIONS ADOPTED BY THE SHAREHOLDER” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Ultimus Managers Trust	344,932	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	53,575	For
FORUM FUNDS	34,119	For

21. RE-ELECTION OF THE STATUTORY AUDITOR FOR FISCAL YEAR 2026

AUDIT-RELATED

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (31,934,678 for, 0 against).

FOR: 31,934,678 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “RE-ELECTION OF THE STATUTORY AUDITOR FOR FISCAL YEAR 2026” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Ultimus Managers Trust	344,932	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown
FORUM FUNDS	34,119	For

22. SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES

CAPITAL STRUCTURE

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 12 asset managers below cast 100% of the shares they voted on this item FOR (31,934,678 for, 0 against).

FOR: 31,934,678 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “SHAREHOLDER COMPENSATION. DISTRIBUTION OF DIVIDENDS FROM UNRESTRICTED RESERVES” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Ultimus Managers Trust	344,932	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown
FORUM FUNDS	34,119	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 2025

CORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

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, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

24. APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2025

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “APPROVAL OF THE MANAGEMENT OF THE BOARD OF DIRECTORS OF TELEFONICA, S.A. DURING FISCAL YEAR 2025” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

25. APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2025

CORPORATE GOVERNANCE

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “APPROVAL OF THE PROPOSED ALLOCATION OF THE PROFITS/LOSSES OF TELEFONICA, S.A. FOR FISCAL YEAR 2025” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

26. 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 2025 INCLUDED IN THE CONSOLIDATED MANAGEMENT REPORT OF TELEFONICA, S.A. AND OF ITS GROUP OF COMPANIES FOR SUCH FISCAL YEAR

OTHER SOCIAL ISSUES

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 96%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (30,206,627 for, 0 against).

FOR: 30,206,627 (95.6%)ABSTAIN: 1,349,000 (4.3%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “APPROVAL OF THE STATEMENT OF NON-FINANCIAL INFORMATION AND SUSTAINABILITY INFORMATION OF THE CONSOLIDATED GROU” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
BlackRock	15,319,478	0	For
Pacer Funds Trust	7,009,606	0	For
Six Circles Trust	5,363,805	0	For
Gabelli	0	1,349,000	Abstain
Investment Managers Series Trust	1,000,000	0	For
Bridge Builder Trust	625,559	0	For
John Hancock	587,649	0	For
Jackson National	187,277	0	For
EA Series Trust	113,253	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown

27. RATIFICATION AND APPOINTMENT OF "MR. CESAR MASCARAQUE ALONSO" AS AN INDEPENDENT DIRECTOR

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MR. CESAR MASCARAQUE ALONSO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

28. RATIFICATION AND APPOINTMENT OF "MS. ANNA MARTINEZ BALANA" AS AN INDEPENDENT DIRECTOR

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MS. ANNA MARTINEZ BALANA" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

29. RATIFICATION AND APPOINTMENT OF "MS. MONICA REY AMADO" AS AN INDEPENDENT DIRECTOR

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

100% fund support · no official result

FOR 99.8%

The 10 asset managers below cast 100% of the shares they voted on this item FOR (31,555,627 for, 0 against).

FOR: 31,555,627 (99.8%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “RATIFICATION AND APPOINTMENT OF "MS. MONICA REY AMADO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset manager	For	Vote
BlackRock	15,319,478	For
Pacer Funds Trust	7,009,606	For
Six Circles Trust	5,363,805	For
Gabelli	1,349,000	For
Investment Managers Series Trust	1,000,000	For
Bridge Builder Trust	625,559	For
John Hancock	587,649	For
Jackson National	187,277	For
EA Series Trust	113,253	For
ZEVIN ASSET MANAGEMENT LLC	0	Unknown

30. RE-ELECTION OF "MS. MARIA LUISA GARCIA BLANCO" AS AN INDEPENDENT DIRECTOR

DIRECTOR ELECTIONS

Combines 3 wordings of this item as funds reported it.

99% fund support · no official result

FOR 99%

The 10 asset managers below cast 99% of the shares they voted on this item FOR (31,150,984 for, 404,643 against).

FOR: 31,150,984 (98.6%)AGAINST: 404,643 (1.3%)UNKNOWN: 53,575 (0.2%)

Largest asset managers voting on “RE-ELECTION OF "MS. MARIA LUISA GARCIA BLANCO" AS AN INDEPENDENT DIRECTOR” at Telefonica SA, 2025-2026
Asset manager	For	Against	Vote
BlackRock	15,319,478	0	For
Pacer Funds Trust	7,009,606	0	For
Six Circles Trust	5,363,805	0	For
Gabelli	1,349,000	0	For
Investment Managers Series Trust	1,000,000	0	For
Bridge Builder Trust	220,916	404,643	Against
John Hancock	587,649	0	For
Jackson National	187,277	0	For
EA Series Trust	113,253	0	For
ZEVIN ASSET MANAGEMENT LLC	0	0	Unknown

31. Remuneration Policy

COMPENSATION

90% fund support · no official result

FOR 89%10%

The 9 asset managers below cast 90% of the shares they voted on this item FOR (21,919,853 for, 2,424,720 against).

FOR: 21,919,853 (89.3%)AGAINST: 2,424,720 (9.9%)ABSTAIN: 201,176 (0.8%)

Largest asset managers voting on “Remuneration Policy” at Telefonica SA, 2025-2026
Asset manager	For	Against	Abstain	Vote
Charles Schwab	21,355,406	0	0	For
Union Investment Management GmbH	0	2,424,720	0	Against
Brighthouse	0	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	0	For
SEI	152,449	0	0	For
Global X	140,893	0	0	For
Russell Investments	87,775	0	0	For
Prudential/PGIM	8,848	0	0	For
Adviser Managed Trust	6,692	0	0	For

32. Remuneration Report

COMPENSATION

0.1% fund support · no official result

AGAINST 99.1%

The 9 asset managers below cast 0.1% of the shares they voted on this item FOR (8,848 for, 24,335,725 against).

FOR: 8,848 (0.0%)AGAINST: 24,335,725 (99.1%)ABSTAIN: 201,176 (0.8%)

Largest asset managers voting on “Remuneration Report” at Telefonica SA, 2025-2026
Asset manager	For	Against	Abstain	Vote
Charles Schwab	0	21,355,406	0	Against
Union Investment Management GmbH	0	2,424,720	0	Against
Brighthouse	0	0	201,176	Abstain
Venerable Variable Insurance Trust	0	167,790	0	Against
SEI	0	152,449	0	Against
Global X	0	140,893	0	Against
Russell Investments	0	87,775	0	Against
Prudential/PGIM	8,848	0	0	For
Adviser Managed Trust	0	6,692	0	Against

33. Accounts and Reports

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Accounts and Reports” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

34. Allocation of Profits/Dividends

CAPITAL STRUCTURE

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Allocation of Profits/Dividends” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

35. Appointment of Auditor (2026)

AUDIT-RELATED

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Appointment of Auditor (2026)” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

36. Appointment of Auditor (2027-2029)

AUDIT-RELATED

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Appointment of Auditor (2027-2029)” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

37. Authorisation of Legal Formalities

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Authorisation of Legal Formalities” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

38. Elect Jane Thompson

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Elect Jane Thompson” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

39. Elect Maria Luisa Garcia Blanco

DIRECTOR ELECTIONS

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Elect Maria Luisa Garcia Blanco” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

40. Ratification of Board Acts

CORPORATE GOVERNANCE

100% fund support · no official result

FOR 99.0%

The 8 asset managers below cast 100% of the shares they voted on this item FOR (21,919,853 for, 0 against).

FOR: 21,919,853 (99.1%)ABSTAIN: 201,176 (0.9%)

Largest asset managers voting on “Ratification of Board Acts” at Telefonica SA, 2025-2026
Asset manager	For	Abstain	Vote
Charles Schwab	21,355,406	0	For
Brighthouse	0	201,176	Abstain
Venerable Variable Insurance Trust	167,790	0	For
SEI	152,449	0	For
Global X	140,893	0	For
Russell Investments	87,775	0	For
Prudential/PGIM	8,848	0	For
Adviser Managed Trust	6,692	0	For

Showing the 40 reported items with the widest manager coverage, of 46 in total. View every item.

Largest Telefonica SA shareholders voting in 2025-2026

Ranked by the number of Telefonica SA shares each manager voted on the most widely held ballot item of the 2025-2026 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, 2025-2026
#	Asset manager	% of shares outstanding
1	BlackRock	2.24%
2	Pacer Funds Trust	0.12%
3	Six Circles Trust	0.09%
4	Northern Trust	0.05%
5	Gabelli	0.03%
6	Investment Managers Series Trust	0.02%
7	Bridge Builder Trust	0.01%
8	John Hancock	0.01%
9	Ethic Inc.	<0.01%
10	Ultimus Managers Trust	<0.01%

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 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 Telefonica SA’s 20-F dated 2024-12-31. This page is a static snapshot rebuilt weekly on 04 October 2026; a live search always shows the current data.

At Telefonica SA's shareholder meeting held 2026-03-25, in the 2025-2026 proxy season, 165 asset managers reported how they voted in their SEC Form N-PX filings, covering 3,271 separate fund positions. Their filings are grouped here into 46 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 2025 Annual Report on Directors' Remuneration. — the reporting funds cast 75% 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 · 2025-2026 (this page).