Data underlying this scorecard comes from the CAS Proxy Voting Database, built by parsing every public Form N-PX filing submitted to the SEC. The database is updated on an annual cycle following each proxy season, with coverage expanding as new filings become available.

Whose votes are included

Coverage varies by filer type:

- Full reporting: U.S. asset managers handling at least $100 million in U.S.-traded securities (e.g., ETFs, mutual funds, closed-end funds) report every proxy vote cast, across all proposal types.

- Say-on-pay only: Large global institutions controlling at least $100 million in U.S. securities and filing as 13F institutional managers (e.g., non-U.S. managers, global banks, endowments, hedge funds) are required to report only say-on-pay, say-on-frequency, and golden-parachute votes.

- No requirement: Financial actors holding less than $100 million in U.S. securities, including smaller private funds, unit investment trusts, and individual investors, fall outside SEC reporting requirements and are not captured in the database.

Which proposals are included

Most proposals that any fund voted on are included. The portal filters out proposals that appear rarely and inconsistently across filers — the majority of these are mis-specified in the source filings and cannot be reliably standardized, with the remainder concentrated among smaller companies. As a result, some proposals from smaller companies may be underrepresented or absent.

Environmental scorecard scope

The environmental scorecard scores institutions against a defined, curated list of environmental shareholder proposals drawn from this underlying database — not the full set of votes captured across all N-PX filings. This allows for consistent comparison of institutions' support for or opposition to environmental proposals over time, but means the scorecard's coverage should not be equated with the scale of the full Proxy Voting Database.