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UNION PACIFIC CORP. 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings and UNION PACIFIC CORP.’s Form 8-K (Item 5.07 on EDGAR). Page generated 04 October 2026.

27Reported items
1,482Asset managers
20,099Fund votes
2024-05-09Meeting date

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

Explore UNION PACIFIC CORP. in the interactive database Compare manager voting policies

Official 2023-2024 meeting results reported by UNION PACIFIC CORP.

These tallies are UNION PACIFIC CORP.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

UNION PACIFIC CORP. — official shareholder meeting results, meeting held 2024-05-09
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: William J. DeLaney	457,206,390	14,156,808	828,849	--	61,503,692	Majority: yes
Elect Director: David B. Dillon	459,431,600	11,951,347	809,100	--	61,503,692	Majority: yes
Elect Director: Sheri H. Edison	458,758,981	12,675,988	757,078	--	61,503,692	Majority: yes
Elect Director: Teresa M. Finley	469,020,825	2,420,043	751,179	--	61,503,692	Majority: yes
Elect Director: Deborah C. Hopkins	462,343,313	9,091,742	756,992	--	61,503,692	Majority: yes
Elect Director: Jane H. Lute	462,257,771	9,221,866	712,410	--	61,503,692	Majority: yes
Elect Director: Michael R. McCarthy	445,575,486	25,851,467	765,094	--	61,503,692	Majority: yes
Elect Director: Doyle R. Simons	469,000,988	2,241,962	949,097	--	61,503,692	Majority: yes
Elect Director: John K. Tien, Jr.	468,767,113	2,479,143	945,791	--	61,503,692	Majority: yes
Elect Director: V. James Vena	468,628,593	2,760,475	802,979	--	61,503,692	Majority: yes
Elect Director: John P. Wiehoff	469,084,633	2,148,357	959,057	--	61,503,692	Majority: yes
Elect Director: Christopher J. Williams	458,981,814	12,287,586	922,647	--	61,503,692	Majority: yes
Proposal 2: Ratification of Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for the Year Ending December 31, 2024 The Shareholders voted for the ratification of the appointment of Deloitte & Touche LLP as the Company's ind	502,720,319	30,181,546	793,874	--	0	Majority: yes
Proposal 3: Advisory Vote on Executive Compensation ( " Say on Pay " ) The Shareholders approved, on an advisory (non-binding) basis, the compensation of the Company's Named Executive Officers, by the following count:	448,487,420	20,318,864	3,385,763	--	61,503,692	Majority: yes
Proposal 4: Shareholder Proposal Requesting Adoption of a Policy Limiting Severance Payments A shareholder of the Company submitted a proposal requesting the Board of Directors adopt a policy limiting severance payments, if properly presented at the meeting	29,828,975	440,962,166	1,400,906	--	61,503,692	Majority: no
Proposal 5: Shareholder Proposal Requesting an Amendment to the Safety and Service Quality Committee ' s Charter to Review Staffing Levels and Confer on Safety Issues with Stakeholders A shareholder of the Company submitted a proposal requesting the Board of D	34,152,574	431,916,634	6,122,839	--	61,503,692	Majority: no

Source: UNION PACIFIC CORP., Form 8-K — read the filing on EDGAR.

How asset managers voted at the UNION PACIFIC CORP. 2023-2024 meeting

Each item below shows how the 1,482 asset managers that disclosed a UNION PACIFIC CORP. 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 UNION PACIFIC CORP.’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. An advisory vote to approve executive compensation ("Say On Pay").

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

Meeting held 2024-05-09.

Combines 60 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 448,487,420AGAINST: 20,318,864

UNION PACIFIC CORP.’s own tally for this item (“Proposal 3: Advisory Vote on Executive Compensation ( " Say on Pay " ) The Shareholders approved, on an advisory (non-binding) basis, the compensation of the Company's Named Executive Officers, by the following count:”): 448,487,420 for, 20,318,864 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 74% for, 3% against (77% of the company cast a for/against vote).

The 1,422 asset managers below cast 97% of the shares they voted on this item FOR. Fund share totals are not shown for this item: fund-reported shares overlap across filings (an adviser and the funds it manages can each report the same shares), and here their sum exceeds the total votes cast at the meeting.

FOR 97%

FOR: 97.1%AGAINST: 2.8%ABSTAIN: 0.1%NOT VOTED: 0.0%UNKNOWN: 0.0%

Largest asset managers voting on “An advisory vote to approve executive compensation ("Say On Pay").” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	65,385,347	0	0	For
Capital Group	41,994,865	13,085	0	For
BlackRock	32,818,334	0	0	For
Fidelity	20,852,232	0	0	For
State Street	18,303,840	0	0	For
GEODE CAPITAL MANAGEMENT, LLC	12,131,721	0	0	For
JPMorgan	11,892,882	0	0	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	11,262,260	0	0	For
T. Rowe Price	11,255,837	0	0	For
Capital Research Global Investors	7,349,608	0	0	For
Charles Schwab	6,871,711	0	0	For
Wellington	6,825,369	0	0	For
UBS	6,712,070	0	0	For
Northern Trust	6,479,567	0	0	For
Kodai Capital Management LP	6,000,000	0	0	For
Invesco	5,940,131	0	0	For
Fisher Asset Management, LLC	5,797,488	0	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,695,540	0	0	For
Nuveen	5,014,671	0	0	For
Clearbridge Investments, LLC	4,359,468	0	0	For
New York Life	4,152,275	0	0	For
Legal & General Investment Management Ltd	0	4,120,845	261	Against
TIAA	3,787,656	0	0	For
Soroban Capital Partners LP	3,454,147	0	0	For

Showing the 25 largest of 1,422 asset managers. See all 1,422 in the interactive database.

2. Shareholder proposal requesting adoption of a policy limiting severance payments.

COMPENSATIONMajority of the votes cast: no

Meeting held 2024-05-09.

Combines 12 wordings of this item as funds reported it.

6% Majority: no · of votes cast

AGAINST 94%

FOR: 29,828,975AGAINST: 440,962,166

UNION PACIFIC CORP.’s own tally for this item (“Proposal 4: Shareholder Proposal Requesting Adoption of a Policy Limiting Severance Payments A shareholder of the Company submitted a proposal requesting the Board of Directors adopt a policy limiting severance payments,”): 29,828,975 for, 440,962,166 against, per its Form 8-K (Item 5.07). FOR was not more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 5% for, 72% against (77% of the company cast a for/against vote).

The 247 asset managers below cast 1% of the shares they voted on this item FOR (1,905,875 for, 168,016,190 against).

AGAINST 99%

FOR: 1,905,875 (1.1%)AGAINST: 168,016,190 (98.9%)ABSTAIN: 23,923 (0.0%)NOT VOTED: 2,423 (0.0%)

Largest asset managers voting on “Shareholder proposal requesting adoption of a policy limiting severance payments.” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	0	62,147,063	0	Against
Capital Group	0	23,560,191	0	Against
Fidelity	0	14,914,089	0	Against
MFS	0	5,774,544	0	Against
Columbia Threadneedle	0	5,484,506	0	Against
JPMorgan	0	4,689,536	0	Against
State Street	151	4,442,728	0	Against
TIAA	0	3,752,029	0	Against
T. Rowe Price	0	3,478,693	0	Against
Charles Schwab	0	3,410,830	0	Against
Dimensional	0	2,657,440	0	Against
Franklin Custodian Funds	0	2,433,210	0	Against
Invesco	0	2,334,396	0	Against
INVESTMENT CO OF AMERICA	0	2,015,397	0	Against
Legg Mason	0	1,766,242	0	Against
Principal	63	1,601,049	0	Against
Lincoln Financial	0	1,196,043	0	Against
Prudential/PGIM	0	1,066,869	0	Against
American Century	0	1,055,644	0	Against
Jackson National	0	998,069	0	Against
TEMPLETON GROWTH FUND INC	0	933,373	0	Against
DIAMOND HILL FUNDS	0	861,883	0	Against
Brighthouse	8,165	801,576	17,097	Against
Global X	0	825,236	0	Against
Lord Abbett	0	712,869	0	Against

Showing the 25 largest of 247 asset managers. See all 247 in the interactive database.

3. Ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the Company for 2024.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 13 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 502,720,319AGAINST: 30,181,546

UNION PACIFIC CORP.’s own tally for this item (“Proposal 2: Ratification of Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for the Year Ending December 31, 2024 The Shareholders voted for the ratification of the appointment of De”): 502,720,319 for, 30,181,546 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 82% for, 5% against (87% of the company cast a for/against vote).

The 237 asset managers below cast 99.7% of the shares they voted on this item FOR (183,581,856 for, 427,645 against).

FOR 99.7%

FOR: 183,581,856 (99.7%)AGAINST: 427,645 (0.2%)ABSTAIN: 24,007 (0.0%)UNKNOWN: 47,077 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm ” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,132,678	14,385	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,214,648	0	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,728	151	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	900,636	97,433	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	811,046	8,165	17,097	For

Showing the 25 largest of 237 asset managers. See all 237 in the interactive database.

4. Shareholder proposal requesting an amendment to the Safety and Service Quality Committee's charter to review staffing levels and confer on safety issues with stakeholders.

OTHER SOCIAL ISSUESMajority of the votes cast: no

Meeting held 2024-05-09.

Combines 9 wordings of this item as funds reported it.

7% Majority: no · of votes cast

7%AGAINST 93%

FOR: 34,152,574AGAINST: 431,916,634

UNION PACIFIC CORP.’s own tally for this item (“Proposal 5: Shareholder Proposal Requesting an Amendment to the Safety and Service Quality Committee ' s Charter to Review Staffing Levels and Confer on Safety Issues with Stakeholders A shareholder of the Company submit”): 34,152,574 for, 431,916,634 against, per its Form 8-K (Item 5.07). FOR was not more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 6% for, 71% against (76% of the company cast a for/against vote).

The 234 asset managers below cast 0.7% of the shares they voted on this item FOR (1,286,202 for, 182,718,081 against).

AGAINST 99.2%

FOR: 1,286,202 (0.7%)AGAINST: 182,718,081 (99.3%)ABSTAIN: 30,012 (0.0%)UNKNOWN: 39,373 (0.0%)NOT VOTED: 2,923 (0.0%)

Largest asset managers voting on “Shareholder proposal requesting an amendment to the Safety and Service Quality Committee's charter to review s” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	14,385	62,132,678	0	Against
Capital Group	0	23,560,191	0	Against
Fidelity	0	14,914,089	0	Against
BlackRock	12,710	14,201,938	0	Against
MFS	0	5,774,544	0	Against
Columbia Threadneedle	0	5,484,506	0	Against
JPMorgan	0	4,689,536	0	Against
State Street	686	4,442,193	0	Against
TIAA	0	3,752,029	0	Against
T. Rowe Price	0	3,478,693	0	Against
Charles Schwab	0	3,410,830	0	Against
Dimensional	0	2,657,440	0	Against
Franklin Custodian Funds	0	2,433,210	0	Against
Invesco	0	2,334,396	0	Against
INVESTMENT CO OF AMERICA	0	2,015,397	0	Against
Legg Mason	0	1,766,242	0	Against
Principal	0	1,601,112	0	Against
Lincoln Financial	0	1,196,043	0	Against
Prudential/PGIM	0	1,066,869	0	Against
American Century	0	1,055,644	0	Against
Jackson National	0	998,069	0	Against
MASTER INVESTMENT PORTFOLIO	0	951,126	0	Against
TEMPLETON GROWTH FUND INC	0	933,373	0	Against
DIAMOND HILL FUNDS	0	861,883	0	Against
Brighthouse	8,165	811,046	17,097	Against

Showing the 25 largest of 234 asset managers. See all 234 in the interactive database.

5. Election of Directors: William J. DeLaney

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 11 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 457,206,390AGAINST: 14,156,808

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: William J. DeLaney”): 457,206,390 for, 14,156,808 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 75% for, 2% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,015,398 for, 22,442 against).

FOR 99.9%

FOR: 184,015,398 (100.0%)AGAINST: 22,442 (0.0%)ABSTAIN: 21,397 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: William J. DeLaney” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,211,367	3,281	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,676	203	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

6. Election of Directors: David B. Dillon

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 9 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 459,431,600AGAINST: 11,951,347

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: David B. Dillon”): 459,431,600 for, 11,951,347 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 75% for, 2% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (183,865,499 for, 125,438 against).

FOR 99.8%

FOR: 183,865,499 (99.9%)AGAINST: 125,438 (0.1%)ABSTAIN: 21,396 (0.0%)UNKNOWN: 47,077 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: David B. Dillon” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,205,423	9,225	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,344	535	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

7. Election of Directors: Sheri H. Edison

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 9 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 458,758,981AGAINST: 12,675,988

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Sheri H. Edison”): 458,758,981 for, 12,675,988 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 75% for, 2% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.1% of the shares they voted on this item FOR (182,450,712 for, 1,587,181 against).

FOR 99.1%

FOR: 182,450,712 (99.1%)AGAINST: 1,587,181 (0.9%)ABSTAIN: 21,396 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Sheri H. Edison” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,205,423	9,225	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,344	535	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	0	933,373	0	Against
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

8. Election of Directors: Teresa M. Finley

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 10 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 469,020,825AGAINST: 2,420,043

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Teresa M. Finley”): 469,020,825 for, 2,420,043 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 77% for, 0.4% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,033,816 for, 4,061 against).

FOR 99.9%

FOR: 184,033,816 (100.0%)AGAINST: 4,061 (0.0%)ABSTAIN: 21,395 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Teresa M. Finley” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,211,367	3,281	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,676	203	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

9. Election of Directors: Deborah C. Hopkins

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 10 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 462,343,313AGAINST: 9,091,742

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Deborah C. Hopkins”): 462,343,313 for, 9,091,742 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 76% for, 1% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,007,969 for, 21,013 against).

FOR 99.9%

FOR: 184,007,969 (100.0%)AGAINST: 21,013 (0.0%)ABSTAIN: 30,410 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Deborah C. Hopkins” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,211,367	3,281	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,676	203	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

10. Election of Directors: Michael R. McCarthy

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 10 wordings of this item as funds reported it.

95% Majority: yes · of votes cast

FOR 95%

FOR: 445,575,486AGAINST: 25,851,467

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Michael R. McCarthy”): 445,575,486 for, 25,851,467 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 73% for, 4% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.0% of the shares they voted on this item FOR (182,315,206 for, 1,675,631 against).

FOR 99.0%

FOR: 182,315,206 (99.1%)AGAINST: 1,675,631 (0.9%)ABSTAIN: 21,392 (0.0%)UNKNOWN: 47,077 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Michael R. McCarthy” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,132,678	14,385	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,205,423	9,225	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,193	686	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	0	933,373	0	Against
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

11. Election of Directors: Doyle R. Simons

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 8 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 469,000,988AGAINST: 2,241,962

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Doyle R. Simons”): 469,000,988 for, 2,241,962 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 77% for, 0.4% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,037,768 for, 198 against).

FOR 99.9%

FOR: 184,037,768 (100.0%)AGAINST: 198 (0.0%)ABSTAIN: 21,408 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Doyle R. Simons” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Abstain	Vote
Vanguard	62,147,063	0	For
Capital Group	23,560,191	0	For
Fidelity	14,914,089	0	For
BlackRock	14,214,648	0	For
MFS	5,774,544	0	For
Columbia Threadneedle	5,484,506	0	For
JPMorgan	4,689,536	0	For
State Street	4,442,879	0	For
TIAA	3,752,029	0	For
T. Rowe Price	3,478,693	0	For
Charles Schwab	3,410,830	0	For
Dimensional	2,657,440	0	For
Franklin Custodian Funds	2,433,210	0	For
Invesco	2,334,396	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	For
Legg Mason	1,766,242	0	For
Principal	1,601,112	0	For
Lincoln Financial	1,196,043	0	For
Prudential/PGIM	1,066,869	0	For
American Century	1,055,644	0	For
Jackson National	998,069	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	For
TEMPLETON GROWTH FUND INC	933,373	0	For
DIAMOND HILL FUNDS	861,883	0	For
Brighthouse	819,211	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

12. Election of Directors: John K. Tien, Jr.

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 8 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 468,767,113AGAINST: 2,479,143

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: John K. Tien, Jr.”): 468,767,113 for, 2,479,143 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 77% for, 0.5% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,037,715 for, 217 against).

FOR 99.9%

FOR: 184,037,715 (100.0%)AGAINST: 217 (0.0%)ABSTAIN: 21,408 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: John K. Tien, Jr.” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Abstain	Vote
Vanguard	62,147,063	0	For
Capital Group	23,560,191	0	For
Fidelity	14,914,089	0	For
BlackRock	14,214,648	0	For
MFS	5,774,544	0	For
Columbia Threadneedle	5,484,506	0	For
JPMorgan	4,689,536	0	For
State Street	4,442,879	0	For
TIAA	3,752,029	0	For
T. Rowe Price	3,478,693	0	For
Charles Schwab	3,410,830	0	For
Dimensional	2,657,440	0	For
Franklin Custodian Funds	2,433,210	0	For
Invesco	2,334,396	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	For
Legg Mason	1,766,242	0	For
Principal	1,601,112	0	For
Lincoln Financial	1,196,043	0	For
Prudential/PGIM	1,066,869	0	For
American Century	1,055,644	0	For
Jackson National	998,069	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	For
TEMPLETON GROWTH FUND INC	933,373	0	For
DIAMOND HILL FUNDS	861,883	0	For
Brighthouse	819,211	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

13. Election of Directors: John P. Wiehoff

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 8 wordings of this item as funds reported it.

99.5% Majority: yes · of votes cast

FOR 99.5%

FOR: 469,084,633AGAINST: 2,148,357

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: John P. Wiehoff”): 469,084,633 for, 2,148,357 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 77% for, 0.4% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 99.9% of the shares they voted on this item FOR (184,037,725 for, 189 against).

FOR 99.9%

FOR: 184,037,725 (100.0%)AGAINST: 189 (0.0%)ABSTAIN: 21,409 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: John P. Wiehoff” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Abstain	Vote
Vanguard	62,147,063	0	For
Capital Group	23,560,191	0	For
Fidelity	14,914,089	0	For
BlackRock	14,214,648	0	For
MFS	5,774,544	0	For
Columbia Threadneedle	5,484,506	0	For
JPMorgan	4,689,536	0	For
State Street	4,442,879	0	For
TIAA	3,752,029	0	For
T. Rowe Price	3,478,693	0	For
Charles Schwab	3,410,830	0	For
Dimensional	2,657,440	0	For
Franklin Custodian Funds	2,433,210	0	For
Invesco	2,334,396	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	For
Legg Mason	1,766,242	0	For
Principal	1,601,112	0	For
Lincoln Financial	1,196,043	0	For
Prudential/PGIM	1,066,869	0	For
American Century	1,055,644	0	For
Jackson National	998,069	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	For
TEMPLETON GROWTH FUND INC	933,373	0	For
DIAMOND HILL FUNDS	861,883	0	For
Brighthouse	819,211	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

14. Election of Directors: Christopher J. Williams

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 10 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%

FOR: 458,981,814AGAINST: 12,287,586

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Christopher J. Williams”): 458,981,814 for, 12,287,586 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 75% for, 2% against (77% of the company cast a for/against vote).

The 233 asset managers below cast 97% of the shares they voted on this item FOR (177,665,305 for, 6,372,716 against).

FOR 97%

FOR: 177,665,305 (96.5%)AGAINST: 6,372,716 (3.5%)ABSTAIN: 21,406 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Christopher J. Williams” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	56,904,668	5,242,395	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,211,367	3,281	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,676	203	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,600,665	447	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	515,744	303,467	17,097	For

Showing the 25 largest of 233 asset managers. See all 233 in the interactive database.

15. Election of Directors: Jane H. Lute

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 7 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 462,257,771AGAINST: 9,221,866

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Jane H. Lute”): 462,257,771 for, 9,221,866 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 76% for, 2% against (77% of the company cast a for/against vote).

The 232 asset managers below cast 99.9% of the shares they voted on this item FOR (183,915,822 for, 120,159 against).

FOR 99.9%

FOR: 183,915,822 (99.9%)AGAINST: 120,159 (0.1%)ABSTAIN: 21,392 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: Jane H. Lute” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Vanguard	62,147,063	0	0	For
Capital Group	23,560,191	0	0	For
Fidelity	14,914,089	0	0	For
BlackRock	14,205,423	9,225	0	For
MFS	5,774,544	0	0	For
Columbia Threadneedle	5,484,506	0	0	For
JPMorgan	4,689,536	0	0	For
State Street	4,442,344	535	0	For
TIAA	3,752,029	0	0	For
T. Rowe Price	3,478,693	0	0	For
Charles Schwab	3,410,830	0	0	For
Dimensional	2,657,440	0	0	For
Franklin Custodian Funds	2,433,210	0	0	For
Invesco	2,334,396	0	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	0	For
Legg Mason	1,766,242	0	0	For
Principal	1,601,112	0	0	For
Lincoln Financial	1,196,043	0	0	For
Prudential/PGIM	1,066,869	0	0	For
American Century	1,055,644	0	0	For
Jackson National	998,069	0	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	0	For
TEMPLETON GROWTH FUND INC	933,373	0	0	For
DIAMOND HILL FUNDS	861,883	0	0	For
Brighthouse	819,211	0	17,097	For

Showing the 25 largest of 232 asset managers. See all 232 in the interactive database.

16. Election of Directors: V. James Vena

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2024-05-09.

Combines 8 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 468,628,593AGAINST: 2,760,475

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: V. James Vena”): 468,628,593 for, 2,760,475 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 77% for, 0.5% against (77% of the company cast a for/against vote).

The 232 asset managers below cast 99.9% of the shares they voted on this item FOR (184,026,611 for, 9,263 against).

FOR 99.9%

FOR: 184,026,611 (100.0%)AGAINST: 9,263 (0.0%)ABSTAIN: 21,396 (0.0%)NOT VOTED: 2,054 (0.0%)

Largest asset managers voting on “Election of Directors: V. James Vena” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Abstain	Vote
Vanguard	62,147,063	0	For
Capital Group	23,560,191	0	For
Fidelity	14,914,089	0	For
BlackRock	14,214,648	0	For
MFS	5,774,544	0	For
Columbia Threadneedle	5,484,506	0	For
JPMorgan	4,689,536	0	For
State Street	4,442,879	0	For
TIAA	3,752,029	0	For
T. Rowe Price	3,478,693	0	For
Charles Schwab	3,410,830	0	For
Dimensional	2,657,440	0	For
Franklin Custodian Funds	2,433,210	0	For
Invesco	2,334,396	0	For
INVESTMENT CO OF AMERICA	2,015,397	0	For
Legg Mason	1,766,242	0	For
Principal	1,601,112	0	For
Lincoln Financial	1,196,043	0	For
Prudential/PGIM	1,066,869	0	For
American Century	1,055,644	0	For
Jackson National	998,069	0	For
MASTER INVESTMENT PORTFOLIO	951,126	0	For
TEMPLETON GROWTH FUND INC	933,373	0	For
DIAMOND HILL FUNDS	861,883	0	For
Brighthouse	819,211	17,097	For

Showing the 25 largest of 232 asset managers. See all 232 in the interactive database.

17. Section 14a Executive Compensation

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

Meeting held 2024-05-09.

96% Majority: yes · of votes cast

FOR 96%

FOR: 448,487,420AGAINST: 20,318,864

The 24 asset managers below cast 97% of the shares they voted on this item FOR (78,815 for, 2,409 against).

FOR 96%

FOR: 78,815 (96.4%)AGAINST: 2,409 (2.9%)ABSTAIN: 521 (0.6%)

Largest asset managers voting on “Section 14a Executive Compensation” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Penobscot Investment Management Company, Inc.	19,251	0	0	For
Barnett & Company, Inc.	10,748	0	0	For
Cornerstone Investment Partners, LLC	8,440	0	0	For
PEDDOCK CAPITAL ADVISORS, LLC	8,321	0	0	For
GYL FINANCIAL SYNERGIES, LLC	7,129	0	0	For
GRIMES & COMPANY, INC.	6,826	0	0	For
Interval Partners, LP	5,980	0	0	For
Granite Investment Partners, LLC	5,197	0	0	For
Destra Multi-Alternative Fund	2,193	0	0	For
Pinnacle Family Advisors, LLC	1,555	0	0	For
Campion Asset Management	0	1,200	0	Against
Heathbridge Capital Management Ltd.	0	1,150	0	Against
BALLAST ADVISORS LLC	921	0	0	For
Baker Avenue Asset Management, LP	818	0	0	For
ASPIRIANT, LLC	125	0	521	Abstain
Waverly Advisors, LLC	646	0	0	For
TOWNSEND ASSET MANAGEMENT CORP /NC/ /ADV	421	0	0	For
FORUM FUNDS II	200	0	0	For
WOODARD & CO ASSET MANAGEMENT GROUP INC /ADV	0	59	0	Against
Lido Advisors, LLC	44	0	0	For
Moisand Fitzgerald Tamayo, LLC	0	0	0	--
Port Capital LLC	0	0	0	--
SCHOLTZ & COMPANY, LLC	0	0	0	--
Wallington Asset Management, LLC	0	0	0	--

18. Submit Severance Agreement (Change-in-Control) to Shareholder Vote

COMPENSATIONMajority of the votes cast: no

Meeting held 2024-05-09.

Combines 2 wordings of this item as funds reported it.

6% Majority: no · of votes cast

AGAINST 94%

FOR: 29,828,975AGAINST: 440,962,166

The 17 asset managers below cast 4% of the shares they voted on this item FOR (684,859 for, 15,371,877 against).

AGAINST 96%

FOR: 684,859 (4.3%)AGAINST: 15,371,877 (95.7%)ABSTAIN: 4,232 (0.0%)

Largest asset managers voting on “Submit Severance Agreement (Change-in-Control) to Shareholder Vote” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
BlackRock	0	14,214,648	0	Against
MASTER INVESTMENT PORTFOLIO	0	951,126	0	Against
Maj Invest Holding A/S	661,341	0	0	For
iA Global Asset Management Inc.	0	81,833	0	Against
Empower	0	72,713	0	Against
PATRIZIA Pty Ltd	21,189	0	0	For
TIMOTHY PLAN	0	15,852	0	Against
Key Square Capital Management LLC	0	14,100	0	Against
Brighthouse	0	9,470	0	Against
Symmetry Panoramic Trust	0	1,705	4,232	Abstain
Capitol Series Trust	0	5,052	0	Against
Tidal Trust III	0	2,534	0	Against
Resolution Capital Ltd	2,103	0	0	For
Douglass Winthrop Advisors, LLC	0	1,588	0	Against
Hanson & Doremus Investment Management	0	1,256	0	Against
Warren Street Wealth Advisors, LLC	226	0	0	For
Dixon Mitchell Investment Counsel Inc.	0	0	0	--

19. Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").

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

Meeting held 2025-05-08 (outside the 2023-2024 season's 1 July to 30 June window; reported in this season's filings).

Combines 2 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 437,800,732AGAINST: 27,943,427

UNION PACIFIC CORP.’s own tally for this item (“Proposal 3: Advisory Vote to Approve Executive Compensation ("Say on Pay") The Shareholders approved, on an advisory (non-binding) basis, the compensation of the Company's Named Executive Officers, by the following count”): 437,800,732 for, 27,943,427 against, per its Form 8-K (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 610,088,307 outstanding shares: 72% for, 5% against (76% of the company cast a for/against vote).

The 6 asset managers below cast 100% of the shares they voted on this item FOR (5,128 for, 0 against).

FOR 100%

FOR: 5,128 (100.0%)

Largest asset managers voting on “Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Vote
First County Bank /CT/	3,543	For
Freedom Day Solutions, LLC	747	For
MBA Advisors LLC	475	For
Foster Victor Wealth Advisors, LLC	208	For
Argyle Capital Management, LLC	100	For
Meixler Investment Management, Ltd.	55	For

20. S/H Proposal - Corporate Governance

CORPORATE GOVERNANCE

Meeting held 2024-05-09.

Combines 3 wordings of this item as funds reported it.

5% fund support · no official result

AGAINST 64%ABSTAIN 33%

The 4 asset managers below cast 5% of the shares they voted on this item FOR (200 for, 3,847 against).

FOR: 200 (3.3%)AGAINST: 3,847 (63.8%)ABSTAIN: 1,984 (32.9%)

Largest asset managers voting on “S/H Proposal - Corporate Governance” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Vote
Destra Multi-Alternative Fund	0	2,193	0	Against
HARBOUR INVESTMENT MANAGEMENT LLC	0	0	1,984	Abstain
Members Trust Co	0	1,654	0	Against
FORUM FUNDS II	200	0	0	For

21. Annual

DIRECTOR ELECTIONS

Meeting held 2024-05-09.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR (38,878 for, 0 against).

FOR: 38,878 (100.0%)

Largest asset managers voting on “Annual” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Vote
Colony Group, LLC	38,800	For
PERRITT CAPITAL MANAGEMENT INC	39	For
PERRITT FUNDS INC	39	For

22. Election of Directors (Majority Voting)

DIRECTOR ELECTIONS

Meeting held 2024-05-09.

All nominees (reported as one line). These filers reported the election of directors as a single line covering every nominee. It is not attributed to any one director, and no share total is shown for it.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 3 asset managers below cast 100% of the shares they voted on this item FOR.

FOR: 100.0%

Largest asset managers voting on “Election of Directors (Majority Voting)” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Vote
HARBOUR INVESTMENT MANAGEMENT LLC	11,904	For
Destra Multi-Alternative Fund	2,193	For
FORUM FUNDS II	200	For

23. An advisory vote to approve executive compensation (Say on Pay)

SECTION 14A SAY-ON-PAY VOTES

Reported under meeting date 2024-03-15; no official results on file for that date.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (5,702 for, 0 against).

FOR: 5,702 (100.0%)

Largest asset managers voting on “An advisory vote to approve executive compensation (Say on Pay)” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Withheld	Vote
Federated Hermes	3,060	0	0	0	For
Cannell & Spears LLC	2,642	0	0	0	For

24. Executive Salary

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2024-05-09.

Combines 2 wordings of this item as funds reported it.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (1,332 for, 0 against).

FOR: 1,332 (100.0%)

Largest asset managers voting on “Executive Salary” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Withheld	Vote
Northside Capital Management, LLC	1,232	0	0	0	For
WESPAC Advisors SoCal, LLC	100	0	0	0	For

25. Approve Remuneration Report

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2024-05-09.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (230,374 for, 0 against).

FOR: 230,374 (100.0%)

Largest asset managers voting on “Approve Remuneration Report” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Withheld	Vote
CAMBIAR INVESTORS LLC	227,298	0	0	0	For
Coyle Financial Counsel LLC	3,076	0	0	0	For

26. Compensation

COMPENSATIONMajority of the votes cast: yes

Meeting held 2024-05-09.

96% Majority: yes · of votes cast

FOR 96%

FOR: 448,487,420AGAINST: 20,318,864

The 2 asset managers below cast 100% of the shares they voted on this item FOR (7,004 for, 0 against).

FOR 100%

FOR: 7,004 (100.0%)

Largest asset managers voting on “Compensation” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Withheld	Vote
Capital Group	5,350	0	0	0	For
Members Trust Co	1,654	0	0	0	For

27. Meeting

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2024-05-09.

100% fund support · no official result

FOR 99.7%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (23,923 for, 0 against).

FOR: 23,923 (99.8%)UNKNOWN: 51 (0.2%)

Largest asset managers voting on “Meeting” at UNION PACIFIC CORP., 2023-2024
Asset manager	For	Against	Abstain	Withheld	Vote
PATTON ALBERTSON MILLER GROUP, LLC	23,923	0	0	0	For
Gibson Capital, LLC	0	0	0	0	Unknown

Largest UNION PACIFIC CORP. shareholders voting in 2023-2024

Ranked by the number of UNION PACIFIC CORP. shares each manager voted on the most widely held ballot item of the 2023-2024 meeting, shown as a share of the 610,088,307 shares outstanding at the time of that meeting.

Top UNION PACIFIC CORP. shareholders by shares voted, 2023-2024
#	Asset manager	% of shares outstanding
1	Vanguard	10.72%
2	Capital Group	6.89%
3	BlackRock	5.38%
4	Fidelity	3.42%
5	State Street	3.00%
6	GEODE CAPITAL MANAGEMENT, LLC	1.99%
7	JPMorgan	1.95%
8	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.85%
9	T. Rowe Price	1.84%
10	Capital Research Global Investors	1.20%

Reported UNION PACIFIC CORP. ownership

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

UNION PACIFIC CORP. beneficial owners on record for the 2023-2024 proxy season
Holder	% outstanding	Disclosure
Vanguard Group	9.62%	13F
BlackRock	7.97%	13F
BlackRock, Inc. (d)	6.89%	DEF14A
State Street	4.04%	13F
Geode Capital	2.00%	13F
Morgan Stanley	1.97%	13F
JPMorgan Chase	1.78%	13F
Capital International	1.76%	13F
T. Rowe Price	1.16%	13F
Wellington Management	1.11%	13F

Percentages above are of 610,088,307 shares outstanding, as reported by UNION PACIFIC CORP. on its Form 10-Q dated 2024-03-31 (see the filing on EDGAR). This is the count contemporaneous with the 2023-2024 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from UNION PACIFIC CORP.’s 10-Q dated 2024-03-31. This page is a static snapshot rebuilt weekly on 04 October 2026; a live search always shows the current data.

At UNION PACIFIC CORP.'s shareholder meeting held 2024-05-09, in the 2023-2024 proxy season, 1,482 asset managers reported how they voted in their SEC Form N-PX filings, covering 20,099 separate fund positions. Their filings are grouped here into 27 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — An advisory vote to approve executive compensation ("Say On Pay"). — FOR was 96% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: UNION PACIFIC CORP.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission (filing date not recorded for this item).

UNION PACIFIC CORP. proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.