I joined Proxy Insight, one of Diligent Market Intelligence’s predecessor companies, in 2017, and I have been deeply immersed in voting data ever since while working closely with our engineers and analysts, and with our client support teams. I oversaw Americas research and have been head of voting since 2023. It is a subject that continues to evolve, so there is always something new to learn and an especially exciting time because technology is helping us collect, process and display very large volumes of data more quickly.

At the same time, the fundamentals remain important: understanding investor behavior and making it intelligible for advisors, boards and other investors.

How important is N-PX as a data source to Diligent?

N-PX is one of the largest and most important datasets we work with, particularly for understanding the voting activity of U.S. mutual funds and other covered filers. But it is also part of a much broader voting-data landscape. DMI also collects disclosures published directly on investor websites and other voluntary disclosures.

That wider approach matters because no single source tells the whole story. Alongside votes themselves, we capture voting rationales when investors disclose them, as well as the context needed to interpret activity accurately. Clients can therefore look beyond filings and develop a more rounded view of voting behavior across markets, investors and proposals.

What differentiates DMI in this space?

What sets us apart comes down to three things: speed, depth and breadth. We work hard to bring voting data to market quickly, while maintaining the detail and global coverage clients need. We focus on accurate attribution, aiming to reflect the relevant voting manager right down to the fund-level.

That work involves complex disclosures, fund information, indices and a wide range of markets and proposal types. We use automation and responsible AI to help collect and match information at scale, but outputs remain subject to human oversight. Matching an N-PX disclosure to the right company, proposal or voting manager is not always straightforward. This combination of technology and specialist judgment is one reason DMI is often among the first providers to bring new voting data to market and can cope with complexity and nuance that eludes other providers.

We host actual proxy advisor recommendations from Glass Lewis and provide a synthetic recommendation derived from investor voting patterns for Institutional Shareholder Services (ISS), giving clients additional analytical context.

How has the product evolved to handle changes to N-PX disclosures introduced in 2022?

The expanded N-PX regime created a richer and more detailed body of voting information, but it also introduced new intricacies. We are capturing all new data disclosed on N-PX including shares voted.

One important development has been the way we handle split votes. As some major asset managers such as BlackRock and Vanguard reorganize their stewardship functions, voting authority is becoming more widely dispersed. That can create real attribution challenges: a single fund may have exposure to different strategies, and the entity submitting a disclosure may not map neatly to the team or manager responsible for a particular vote. DMI’s role is to reflect that complexity carefully without overstating what the underlying disclosure can prove.

That means split voting can become more visible, but it does not necessarily indicate inconsistency. DMI is designed to preserve those alternative views while also providing “house views” at easily adjustable thresholds to give clients a more nuanced picture of voting decisions.

We have continued to strengthen the way we collect additional data points and connect them to the relevant companies and proposals, so clients can assess voting intentions and compare investors with greater confidence. We are also continuing to improve the workflow behind the scenes so data can move from disclosure to platform even faster.

What does greater complexity mean for boards and stewardship teams?

Greater complexity can make shareholder engagement more challenging and voting outcomes less predictable. But it also makes high-quality voting data more valuable. Boards need to understand the voting patterns of their largest holders and the different factors that may influence those outcomes, rather than relying only on an aggregate view.

For investors, detailed and well-attributed data provides a basis for benchmarking voting behavior and strengthening their own stewardship processes. Through Stewardship Intelligence feeds, clients can use that information to develop better, more defensible voting outcomes, with greater independence from proxy advisors. Ultimately, the goal is not simply to collect more data; it is to help boards and investors make better-informed decisions in a more complex voting environment.

For more information, visit our proxy voting information page.