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UNION PACIFIC CORP. 2024-2025 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 02 October 2026.

21Reported items
1,552Asset managers
18,532Fund votes
2025-05-08Meeting date

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

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

Official 2024-2025 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 2025-05-08
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: David B. Dillon	450,242,676	17,380,611	688,351	--	60,433,607	Majority: yes
Elect Director: Sheri H. Edison	460,881,949	6,832,955	596,734	--	60,433,607	Majority: yes
Elect Director: Teresa M. Finley	465,200,198	2,532,278	579,162	--	60,433,607	Majority: yes
Elect Director: Deborah C. Hopkins	461,845,351	5,843,442	622,845	--	60,433,607	Majority: yes
Elect Director: Jane H. Lute	462,703,764	4,744,418	863,456	--	60,433,607	Majority: yes
Elect Director: Michael R. McCarthy	448,028,387	19,627,889	655,362	--	60,433,607	Majority: yes
Elect Director: Doyle R. Simons	460,024,306	7,610,249	677,083	--	60,433,607	Majority: yes
Elect Director: John K. Tien, Jr.	464,763,520	2,939,115	609,003	--	60,433,607	Majority: yes
Elect Director: V. James Vena	465,150,515	2,474,488	686,635	--	60,433,607	Majority: yes
Elect Director: John P. Wiehoff	464,925,020	2,714,692	671,926	--	60,433,607	Majority: yes
Elect Director: Christopher J. Williams	464,647,641	2,942,907	721,090	--	60,433,607	Majority: yes
Proposal 2: Ratification of Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for the Year Ending December 31, 2025 The Shareholders voted for the ratification of the appointment of Deloitte & Touche LLP as the Company's ind	498,703,418	29,253,506	788,321	--	--	Majority: yes
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	27,943,427	2,567,479	--	60,433,607	Majority: yes
Proposal 4: Shareholder Proposal Requesting an Amended Clawback Policy A shareholder of the Company submitted a proposal requesting the Board of Directors adopt an amended clawback policy, if properly presented at the meeting	34,840,649	429,453,939	4,017,050	--	60,433,607	Majority: no

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

How asset managers voted at the UNION PACIFIC CORP. 2024-2025 meeting

Each item below shows how the 1,552 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. 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.

Combines 74 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 598,992,024 outstanding shares: 73% for, 5% against (78% of the company cast a for/against vote).

The 1,519 asset managers below cast 96% 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 96%

FOR: 95.7%AGAINST: 4.2%ABSTAIN: 0.2%NOT VOTED: 0.0%UNKNOWN: 0.0%WITHHOLD/ABSTAIN: 0.0%

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., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	66,366,278	14,164	3	For
BlackRock	35,172,593	19,801	0	For
Capital Group	31,034,023	357	0	For
JPMorgan	21,308,011	0	0	For
State Street	20,025,068	223,396	0	For
Fidelity	19,964,279	0	0	For
GEODE CAPITAL MANAGEMENT, LLC	14,859,420	0	0	For
T. Rowe Price	10,926,301	72,009	0	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	9,554,237	0	0	For
Capital Research Global Investors	8,827,128	0	0	For
Charles Schwab	7,387,333	0	0	For
UBS	6,571,841	54,416	0	For
Invesco	6,395,175	0	0	For
Northern Trust	6,249,349	33,016	0	For
Fisher Asset Management, LLC	6,178,598	0	0	For
Wellington	5,357,486	0	0	For
MFS	5,212,928	0	0	For
Clearbridge Investments, LLC	4,718,174	12,169	0	For
Columbia Threadneedle	4,585,789	0	0	For
Nuveen	4,578,177	0	0	For
FRANKLIN ADVISERS INC	4,415,036	0	0	For
CANADA PENSION PLAN INVESTMENT BOARD	4,305,888	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Legal & General Investment Management Ltd	131,923	3,418,519	0	Against
TIAA	3,468,325	0	0	For

Showing the 25 largest of 1,519 asset managers. See all 1,519 in the interactive database.

2. Shareholder proposal requesting an amended clawback policy if properly presented at the Annual Meeting.

COMPENSATIONMajority of the votes cast: no

Meeting held 2025-05-08.

Combines 13 wordings of this item as funds reported it.

8% Majority: no · of votes cast

8%AGAINST 92%

FOR: 34,840,649AGAINST: 429,453,939

UNION PACIFIC CORP.’s own tally for this item (“Proposal 4: Shareholder Proposal Requesting an Amended Clawback Policy A shareholder of the Company submitted a proposal requesting the Board of Directors adopt an amended clawback policy, if properly presented at the me”): 34,840,649 for, 429,453,939 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 598,992,024 outstanding shares: 6% for, 72% against (78% of the company cast a for/against vote).

The 253 asset managers below cast 4% of the shares they voted on this item FOR (8,062,346 for, 175,708,708 against).

AGAINST 95%

FOR: 8,062,346 (4.4%)AGAINST: 175,708,708 (95.5%)ABSTAIN: 280,634 (0.2%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Shareholder proposal requesting an amended clawback policy if properly presented at the Annual Meeting.” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	18,276	62,334,816	4	Against
Capital Group	0	19,073,425	0	Against
Fidelity	0	16,033,923	0	Against
BlackRock	12,096	15,329,823	0	Against
JPMorgan	0	8,197,192	0	Against
MFS	5,212,928	0	0	For
State Street	430	4,956,549	0	Against
Columbia Threadneedle	0	4,464,842	0	Against
Franklin Custodian Funds	0	3,881,039	0	Against
Charles Schwab	0	3,626,343	0	Against
TIAA	0	3,434,035	0	Against
T. Rowe Price	0	3,283,928	0	Against
Dimensional	0	2,586,259	0	Against
Invesco	0	2,499,266	0	Against
Legg Mason	0	1,870,721	0	Against
INVESTMENT CO OF AMERICA	0	1,601,705	0	Against
Prudential/PGIM	476,631	845,990	0	Against
Global X	13,184	1,139,739	0	Against
American Century	0	1,141,532	0	Against
Jackson National	0	978,403	0	Against
DIAMOND HILL FUNDS	0	958,964	0	Against
MASTER INVESTMENT PORTFOLIO	0	951,442	0	Against
WisdomTree	0	894,291	0	Against
Victory Capital	0	724,141	0	Against
Brighthouse	231,077	468,454	14,106	Against

Showing the 25 largest of 253 asset managers. See all 253 in the interactive database.

3. Ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of the Company for 2025.

AUDIT-RELATEDMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 11 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%

FOR: 498,703,418AGAINST: 29,253,506

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, 2025 The Shareholders voted for the ratification of the appointment of De”): 498,703,418 for, 29,253,506 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 598,992,024 outstanding shares: 83% for, 5% against (88% of the company cast a for/against vote).

The 247 asset managers below cast 99.7% of the shares they voted on this item FOR (182,357,670 for, 435,687 against).

FOR 99.7%

FOR: 182,357,670 (99.7%)AGAINST: 435,687 (0.2%)ABSTAIN: 16,777 (0.0%)UNKNOWN: 35,869 (0.0%)WITHHOLD/ABSTAIN: 5 (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., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,334,825	18,270	0	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,903	76	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,139,739	13,184	0	For
American Century	1,141,532	0	0	For
Jackson National	947,469	30,934	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	695,001	4,530	14,106	For

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

4. Election of Directors: David B. Dillon

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 450,242,676AGAINST: 17,380,611

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: David B. Dillon”): 450,242,676 for, 17,380,611 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 598,992,024 outstanding shares: 75% for, 3% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.7% of the shares they voted on this item FOR (182,343,714 for, 447,109 against).

FOR 99.7%

FOR: 182,343,714 (99.7%)AGAINST: 447,109 (0.2%)ABSTAIN: 14,156 (0.0%)UNKNOWN: 36,019 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: David B. Dillon” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,079	16	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,903	76	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

5. Election of Directors: Sheri H. Edison

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 460,881,949AGAINST: 6,832,955

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Sheri H. Edison”): 460,881,949 for, 6,832,955 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 598,992,024 outstanding shares: 77% for, 1% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.8% of the shares they voted on this item FOR (182,606,873 for, 183,953 against).

FOR 99.8%

FOR: 182,606,873 (99.9%)AGAINST: 183,953 (0.1%)ABSTAIN: 14,153 (0.0%)UNKNOWN: 36,019 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Sheri H. Edison” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,089	5	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

6. Election of Directors: Teresa M. Finley

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 8 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 465,200,198AGAINST: 2,532,278

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Teresa M. Finley”): 465,200,198 for, 2,532,278 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 598,992,024 outstanding shares: 78% for, 0.5% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,826,506 for, 190 against).

FOR 99.9%

FOR: 182,826,506 (100.0%)AGAINST: 190 (0.0%)ABSTAIN: 14,152 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Teresa M. Finley” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,092	2	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

7. Election of Directors: Deborah C. Hopkins

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 8 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 461,845,351AGAINST: 5,843,442

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Deborah C. Hopkins”): 461,845,351 for, 5,843,442 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 598,992,024 outstanding shares: 77% for, 1.0% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,728,232 for, 48,934 against).

FOR 99.9%

FOR: 182,728,232 (99.9%)AGAINST: 48,934 (0.0%)ABSTAIN: 27,813 (0.0%)UNKNOWN: 36,019 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Deborah C. Hopkins” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,089	6	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

8. Election of Directors: Jane H. Lute

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 462,703,764AGAINST: 4,744,418

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Jane H. Lute”): 462,703,764 for, 4,744,418 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 598,992,024 outstanding shares: 77% for, 0.8% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,807,827 for, 18,844 against).

FOR 99.9%

FOR: 182,807,827 (100.0%)AGAINST: 18,844 (0.0%)ABSTAIN: 14,176 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Jane H. Lute” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,091	3	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

9. Election of Directors: Michael R. McCarthy

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 9 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 448,028,387AGAINST: 19,627,889

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Michael R. McCarthy”): 448,028,387 for, 19,627,889 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 598,992,024 outstanding shares: 75% for, 3% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.8% of the shares they voted on this item FOR (182,556,455 for, 234,370 against).

FOR 99.8%

FOR: 182,556,455 (99.8%)AGAINST: 234,370 (0.1%)ABSTAIN: 14,154 (0.0%)UNKNOWN: 36,019 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Michael R. McCarthy” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,077	17	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,903	76	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

10. Election of Directors: Doyle R. Simons

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 460,024,306AGAINST: 7,610,249

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Doyle R. Simons”): 460,024,306 for, 7,610,249 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 598,992,024 outstanding shares: 77% for, 1% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,759,258 for, 31,566 against).

FOR 99.9%

FOR: 182,759,258 (100.0%)AGAINST: 31,566 (0.0%)ABSTAIN: 14,155 (0.0%)UNKNOWN: 36,019 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Doyle R. Simons” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,087	8	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

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

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 8 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%

FOR: 464,763,520AGAINST: 2,939,115

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: John K. Tien, Jr.”): 464,763,520 for, 2,939,115 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 598,992,024 outstanding shares: 78% for, 0.5% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,826,466 for, 227 against).

FOR 99.9%

FOR: 182,826,466 (100.0%)AGAINST: 227 (0.0%)ABSTAIN: 14,155 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: John K. Tien, Jr.” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,092	3	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

12. Election of Directors: V. James Vena

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 465,150,515AGAINST: 2,474,488

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: V. James Vena”): 465,150,515 for, 2,474,488 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 598,992,024 outstanding shares: 78% for, 0.5% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,812,831 for, 13,860 against).

FOR 99.9%

FOR: 182,812,831 (100.0%)AGAINST: 13,860 (0.0%)ABSTAIN: 14,156 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: V. James Vena” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,092	2	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

13. Election of Directors: John P. Wiehoff

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 7 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 464,925,020AGAINST: 2,714,692

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: John P. Wiehoff”): 464,925,020 for, 2,714,692 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 598,992,024 outstanding shares: 78% for, 0.5% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,824,406 for, 2,287 against).

FOR 99.9%

FOR: 182,824,406 (100.0%)AGAINST: 2,287 (0.0%)ABSTAIN: 14,155 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: John P. Wiehoff” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,092	3	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

14. Election of Directors: Christopher J. Williams

DIRECTOR ELECTIONSMajority of the votes cast: yes

Meeting held 2025-05-08.

Combines 8 wordings of this item as funds reported it.

99.3% Majority: yes · of votes cast

FOR 99.3%

FOR: 464,647,641AGAINST: 2,942,907

UNION PACIFIC CORP.’s own tally for this item (“Elect Director: Christopher J. Williams”): 464,647,641 for, 2,942,907 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 598,992,024 outstanding shares: 78% for, 0.5% against (78% of the company cast a for/against vote).

The 241 asset managers below cast 99.9% of the shares they voted on this item FOR (182,809,968 for, 3,064 against).

FOR 99.9%

FOR: 182,809,968 (100.0%)AGAINST: 3,064 (0.0%)ABSTAIN: 27,817 (0.0%)UNKNOWN: 150 (0.0%)WITHHOLD/ABSTAIN: 5 (0.0%)

Largest asset managers voting on “Election of Directors: Christopher J. Williams” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Vote
Vanguard	62,353,092	3	1	For
Capital Group	19,073,425	0	0	For
Fidelity	16,033,923	0	0	For
BlackRock	15,341,919	0	0	For
JPMorgan	8,197,192	0	0	For
MFS	5,212,928	0	0	For
State Street	4,956,979	0	0	For
Columbia Threadneedle	4,464,842	0	0	For
Franklin Custodian Funds	3,881,039	0	0	For
Charles Schwab	3,626,343	0	0	For
TIAA	3,434,035	0	0	For
T. Rowe Price	3,283,928	0	0	For
Dimensional	2,586,259	0	0	For
Invesco	2,499,266	0	0	For
Legg Mason	1,870,721	0	0	For
INVESTMENT CO OF AMERICA	1,601,705	0	0	For
Prudential/PGIM	1,322,621	0	0	For
Global X	1,152,923	0	0	For
American Century	1,141,532	0	0	For
Jackson National	978,403	0	0	For
DIAMOND HILL FUNDS	958,964	0	0	For
MASTER INVESTMENT PORTFOLIO	951,442	0	0	For
WisdomTree	894,291	0	0	For
Victory Capital	724,141	0	0	For
Brighthouse	699,531	0	14,106	For

Showing the 25 largest of 241 asset managers. See all 241 in the interactive database.

15. 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 (outside the 2024-2025 season's 1 July to 30 June window; reported in this season's filings).

Combines 2 wordings of this item as funds reported it.

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 598,992,024 outstanding shares: 75% for, 3% against (78% of the company cast a for/against vote).

The 10 asset managers below cast 94% of the shares they voted on this item FOR (86,184 for, 5,694 against).

FOR 94%

FOR: 86,184 (93.8%)AGAINST: 5,694 (6.2%)

Largest asset managers voting on “An advisory vote to approve executive compensation ("Say On Pay")” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Vote
Ipswich Investment Management Co., Inc.	30,240	0	For
DIVIDEND ASSETS CAPITAL, LLC	25,161	0	For
Americana Partners, LLC	13,267	0	For
Knuff & Co LLC	0	5,694	Against
COLDSTREAM CAPITAL MANAGEMENT INC	5,188	0	For
CANTOR FITZGERALD INFRASTRUCTURE FUND	5,076	0	For
VAUGHAN DAVID INVESTMENTS LLC/IL	4,407	0	For
Sky Investment Group LLC	2,510	0	For
Seascape Capital Management	335	0	For
Echo45 Advisors LLC	0	0	--

16. Clawback of Incentive Payments

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2025-05-08.

10% fund support · no official result

10%AGAINST 90%

The 4 asset managers below cast 10% of the shares they voted on this item FOR (17,128 for, 154,740 against).

FOR: 17,128 (10.0%)AGAINST: 154,740 (90.0%)

Largest asset managers voting on “Clawback of Incentive Payments” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Vote
iA Global Asset Management Inc.	0	152,544	Against
Hosking Partners LLP	17,128	0	For
Canopy Partners, LLC	0	1,550	Against
NORTHERN LIGHTS FUND TRUST III	0	646	Against

17. Election of Directors (Majority Voting)

DIRECTOR ELECTIONS

Meeting held 2025-05-08.

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.

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., 2024-2025
Asset manager	For	Vote
HARBOUR INVESTMENT MANAGEMENT LLC	9,988	For
VOISARD ASSET MANAGEMENT GROUP, INC.	172	For
ESL Trust Services, LLC	37	For

18. S/H Proposal - Corporate Governance

SHAREHOLDER RIGHTS AND DEFENSES

Meeting held 2025-05-08.

0% fund support · no official result

AGAINST 19%NOT VOTED 81%

The 3 asset managers below cast 0% of the shares they voted on this item FOR (0 for, 209 against).

AGAINST: 209 (18.7%)NOT VOTED: 908 (81.3%)

Largest asset managers voting on “S/H Proposal - Corporate Governance” at UNION PACIFIC CORP., 2024-2025
Asset manager	Against	Vote
HARBOUR INVESTMENT MANAGEMENT LLC	0	Not Voted
VOISARD ASSET MANAGEMENT GROUP, INC.	172	Against
ESL Trust Services, LLC	37	Against

19. COMPENSATION

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

Meeting held 2025-05-08.

94% Majority: yes · of votes cast

FOR 94%

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

The 3 asset managers below cast 96% of the shares they voted on this item FOR (4,901 for, 210 against).

FOR 96%

FOR: 4,901 (95.9%)AGAINST: 210 (4.1%)

Largest asset managers voting on “COMPENSATION” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Vote
Capital Group	3,500	0	For
Members Trust Co	1,401	0	For
Cornerstone Capital, Inc.	0	210	Against

20. Director Elections

DIRECTOR ELECTIONS

Meeting held 2025-05-08.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (2,013 for, 0 against).

FOR: 2,013 (100.0%)

Largest asset managers voting on “Director Elections” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
Members Trust Co	1,401	0	0	0	For
Ballew Advisors, Inc	612	0	0	0	For

21. Executive Salary

SECTION 14A SAY-ON-PAY VOTES

Meeting held 2025-05-08.

100% fund support · no official result

FOR 100%

The 2 asset managers below cast 100% of the shares they voted on this item FOR (1,738 for, 0 against).

FOR: 1,738 (100.0%)

Largest asset managers voting on “Executive Salary” at UNION PACIFIC CORP., 2024-2025
Asset manager	For	Against	Abstain	Withheld	Vote
Northside Capital Management, LLC	1,732	0	0	0	For
Bell & Brown Wealth Advisors, LLC	6	0	0	0	For

Largest UNION PACIFIC CORP. shareholders voting in 2024-2025

Ranked by the number of UNION PACIFIC CORP. shares each manager voted on the most widely held ballot item of the 2024-2025 meeting, shown as a share of the 598,992,024 shares outstanding at the time of that meeting.

Top UNION PACIFIC CORP. shareholders by shares voted, 2024-2025
#	Asset manager	% of shares outstanding
1	Vanguard	11.08%
2	BlackRock	5.88%
3	Capital Group	5.18%
4	JPMorgan	3.56%
5	State Street	3.38%
6	Fidelity	3.33%
7	GEODE CAPITAL MANAGEMENT, LLC	2.48%
8	T. Rowe Price	1.84%
9	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.60%
10	Capital Research Global Investors	1.47%

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 2024-2025 proxy season
Holder	% outstanding	Disclosure
Vanguard Group	9.82%	13F
BlackRock	7.58%	13F
BlackRock, Inc. (d)	7.02%	DEF14A
State Street	4.25%	13F
JPMorgan Chase	2.81%	13F
Morgan Stanley	1.72%	13F
Norges Bank	1.34%	13F
Northern Trust	1.19%	13F
T. Rowe Price	1.16%	13F
Jennifer L. Hamann	0.03%	DEF14A

Percentages above are of 598,992,024 shares outstanding, as reported by UNION PACIFIC CORP. on its Form 10-Q dated 2025-03-31 (see the filing on EDGAR). This is the count contemporaneous with the 2024-2025 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

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 2025-03-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At UNION PACIFIC CORP.'s shareholder meeting held 2025-05-08, in the 2024-2025 proxy season, 1,552 asset managers reported how they voted in their SEC Form N-PX filings, covering 18,532 separate fund positions. Their filings are grouped here into 21 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 — Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say… — FOR was 94% 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 · 2024-2025 (this page) · 2025-2026.