# EDGAR Filing Document

**Accession Number:** 0001475940
**File Stem:** 0001085146-25-005361
**Filing Date:** 2025-8
**Character Count:** 23361
**Document Hash:** 17f79182a342eff7a5b16bfd653a9a59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005361.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001085146-25-005361

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**EFFECTIVENESS DATE**: 20250819

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONTRUSCO BOLTON INVESTMENTS INC.
- **CENTRAL INDEX KEY:** 0001475940

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13628
- **FILM NUMBER:** 251229446

**BUSINESS ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8
- **BUSINESS PHONE:** 514-842-6464

**MAIL ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001475940

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** MONTRUSCO BOLTON INVESTMENTS INC.

**Address:** 1501 MCGILL COLLEGE AVENUE, MONTREAL, A8 H3A 3M8

**Telephone number:** 15142825417

**Name of agent for service:** Ginette Therien

**Agent Address:** 1501 MCGILL COLLEGE AVENUE, MONTREAL, A8 H3A 3M8

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-13628

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300YELH7NGVVLMH47

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                                                              | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                         | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ADOBE INC. COM                                                              | 00724F101 | 04/22/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         321519 |                0 | FOR         |                                   321519 | FOR                         |  |
| ALAMOS GOLD INC. NEW CLASS A                                                | 011532108 | 05/29/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         415731 |                0 | FOR         |                                   415731 | FOR                         |  |
| AMAZON.COM INC. COM                                                         | 023135106 | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        2135721 |                0 | FOR         |                                  2135721 | FOR                         |  |
| ALPHABET INC. CLASS A                                                       | 02079K305 | 06/06/2025     | Adjust Executive Compensation Metrics for Share Buybacks                 | SECTION 14A SAY-ON-PAY VOTES |        2361913 |                0 | AGAINST     |                                  2361913 | FOR                         |  |
| APPLE INC. COM                                                              | 037833100 | 02/25/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         857051 |                0 | FOR         |                                   857051 | FOR                         |  |
| BLACKROCK INC. COM                                                          | 09290D101 | 05/15/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         302258 |                0 | FOR         |                                   302258 | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT (NEW) COM                                       | 113004105 | 05/05/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         409422 |                0 | FOR         |                                   409422 | FOR                         |  |
| BROOKFIELD CORPORATION COM                                                  | 11271J107 | 06/06/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          65332 |                0 | FOR         |                                    65332 | FOR                         |  |
| CANADIAN NATIONAL RAILWAY COMPANY COM                                       | 136375102 | 05/02/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         221717 |                0 | FOR         |                                   221717 | FOR                         |  |
| CANADIAN PACIFIC KANSAS CITY LTD. COM                                       | 13646K108 | 04/30/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          27641 |                0 | FOR         |                                    27641 | FOR                         |  |
| CHIPOTLE MEXICAN GRILL INC. COM                                             | 169656105 | 06/11/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        3718442 |                0 | AGAINST     |                                  3718442 | AGAINST                     |  |
| COLLIERS INTERNATIONAL GROUP INC. COM                                       | 194693107 | 04/01/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          74843 |                0 | AGAINST     |                                    74843 | AGAINST                     |  |
| DANAHER CORPORATION COM                                                     | 235851102 | 05/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        1261847 |                0 | FOR         |                                  1261847 | FOR                         |  |
| DESCARTES SYSTEMS GROUP INC. COM                                            | 249906108 | 06/12/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          31484 |                0 | FOR         |                                    31484 | FOR                         |  |
| ELDORADO GOLD CORPORATION COM                                               | 284902509 | 06/03/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         248200 |                0 | FOR         |                                   248200 | FOR                         |  |
| META PLATFORMS INC. CLASS A                                                 | 30303M102 | 05/28/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         382931 |                0 | AGAINST     |                                   382931 | AGAINST                     |  |
| META PLATFORMS INC. CLASS A                                                 | 30303M102 | 05/28/2025     | Advisory Vote on Say on Pay Frequency                                    | SECTION 14A SAY-ON-PAY VOTES |         382931 |                0 | ONE YEAR    |                                   382931 | AGAINST                     |  |
| ENBRIDGE INC. COM                                                           | 29250N105 | 05/07/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         779242 |                0 | FOR         |                                   779242 | FOR                         |  |
| ERO COPPER CORP. COM                                                        | 296006109 | 04/24/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         570193 |                0 | FOR         |                                   570193 | FOR                         |  |
| FRANCO-NEVADA CORPORATION COM                                               | 351858105 | 05/08/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         145525 |                0 | FOR         |                                   145525 | FOR                         |  |
| FIRSTSERVICE CORPORATION COM                                                | 33767E202 | 04/02/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          62662 |                0 | FOR         |                                    62662 | FOR                         |  |
| GRANITE REAL ESTATE INVESTMENT TRUST REIT                                   | 387437205 | 06/05/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         252160 |                0 | FOR         |                                   252160 | FOR                         |  |
| IDEXX LABORATORIES INC. COM                                                 | 45168D104 | 05/07/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         199102 |                0 | FOR         |                                   199102 | FOR                         |  |
| MICROSOFT CORPORATION COM                                                   | 594918104 | 12/10/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        1550056 |                0 | FOR         |                                  1550056 | FOR                         |  |
| MASTERCARD INC. CLASS A                                                     | 57636Q104 | 06/24/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         420294 |                0 | FOR         |                                   420294 | FOR                         |  |
| MONSTER BEVERAGE CORPORATION COM (NEW)                                      | 61174X109 | 06/12/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        3342068 |                0 | FOR         |                                  3342068 | FOR                         |  |
| NEW GOLD INC. COM                                                           | 644535106 | 05/06/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |        3199477 |                0 | FOR         |                                  3199477 | FOR                         |  |
| NETFLIX INC. COM                                                            | 64110L106 | 06/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |           6192 |                0 | FOR         |                                     6192 | FOR                         |  |
| NVIDIA CORPORATION COM                                                      | 67066G104 | 06/25/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        4113784 |                0 | FOR         |                                  4113784 | FOR                         |  |
| PEMBINA PIPELINE CORPORATION COM                                            | 706327103 | 05/09/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         408974 |                0 | FOR         |                                   408974 | FOR                         |  |
| PUBLIC STORAGE COM                                                          | 74460D109 | 05/07/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         522043 |                0 | FOR         |                                   522043 | FOR                         |  |
| PROCTER  GAMBLE COMPANY COM                                                 | 742718109 | 10/08/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |          13996 |                0 | FOR         |                                    13996 | FOR                         |  |
| ROYAL BANK OF CANADA COM                                                    | 780087102 | 04/10/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         431937 |                0 | FOR         |                                   431937 | FOR                         |  |
| ROYAL BANK OF CANADA COM                                                    | 780087102 | 04/10/2025     | SP 1: Disclosure of Internal Pay Metrics Used For Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |         431937 |                0 | AGAINST     |                                   431937 | FOR                         |  |
| THE SHERWIN-WILLIAMS COMPANY COM                                            | 824348106 | 04/16/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         331907 |                0 | FOR         |                                   331907 | FOR                         |  |
| SHOPIFY INC. COM                                                            | 82509L107 | 06/17/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          43658 |                0 | FOR         |                                    43658 | FOR                         |  |
| SUN LIFE FINANCIAL INC. COM                                                 | 866796105 | 05/08/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         322043 |                0 | FOR         |                                   322043 | FOR                         |  |
| TELUS CORPORATION COM                                                       | 87971M103 | 05/09/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |        1181756 |                0 | FOR         |                                  1181756 | FOR                         |  |
| SYSCO CORPORATION COM                                                       | 871829107 | 11/15/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        3149387 |                0 | FOR         |                                  3149387 | FOR                         |  |
| SUNCOR ENERGY INC. COM ***** Related issuer *****                           | 867224107 | 05/06/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         611972 |                0 | FOR         |                                   611972 | FOR                         |  |
| TFI INTERNATIONAL INC. COM                                                  | 87241L109 | 04/23/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          32693 |                0 | FOR         |                                    32693 | FOR                         |  |
| THE TORONTO-DOMINION BANK COM                                               | 891160509 | 04/10/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         553625 |                0 | FOR         |                                   553625 | FOR                         |  |
| THOMSON REUTERS CORPORATION COM                                             | 884903808 | 06/04/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |          32800 |                0 | FOR         |                                    32800 | FOR                         |  |
| UBER TECHNOLOGIES INC. COM ***** Related issuer *****                       | 90353T100 | 05/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        2317687 |                0 | FOR         |                                  2317687 | FOR                         |  |
| VALERO ENERGY CORPORATION COM                                               | 91913Y100 | 05/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        1350321 |                0 | AGAINST     |                                  1350321 | AGAINST                     |  |
| WASTE CONNECTIONS INC. (USD) COM                                            | 94106B101 | 05/16/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |        1144995 |                0 | FOR         |                                  1144995 | FOR                         |  |
| WALMART INC. COM ***** Related issuer *****                                 | 931142103 | 06/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         413077 |                0 | FOR         |                                   413077 | FOR                         |  |
| WHEATON PRECIOUS METALS CORP. COM                                           | 962879102 | 05/09/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         289222 |                0 | FOR         |                                   289222 | FOR                         |  |
| ZOETIS INC. COM                                                             | 98978V103 | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         535682 |                0 | FOR         |                                   535682 | FOR                         |  |
| AMGEN INC. COM                                                              | 031162100 | 05/23/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         643803 |                0 | FOR         |                                   643803 | FOR                         |  |
| BALLARD POWER SYSTEMS INC. NEW COM                                          | 058586108 | 06/04/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |            122 |                0 | FOR         |                                      122 | FOR                         |  |
| CAMECO CORPORATION COM                                                      | 13321L108 | 05/09/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |            728 |                0 | FOR         |                                      728 | FOR                         |  |
| CULLEN/FROST BANKERS INC. COM                                               | 229899109 | 04/30/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         651095 |                0 | FOR         |                                   651095 | FOR                         |  |
| GRANITE REAL ESTATE INVESTMENT TRUST STAPLED UNIT (1 COMMON SHARE + 1 REIT) | 387437114 | 06/05/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         252160 |                0 | FOR         |                                   252160 | FOR                         |  |
| LAMB WESTON HOLDINGS INC. COM                                               | 513272104 | 09/26/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         560634 |                0 | FOR         |                                   560634 | FOR                         |  |
| MARSH  MCLENNAN COMPANIES INC. COM                                          | 571748102 | 05/15/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         650612 |                0 | FOR         |                                   650612 | FOR                         |  |
| OSISKO GOLD ROYALTIES LTD. COM                                              | 68827L101 | 05/08/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         391047 |                0 | FOR         |                                   391047 | FOR                         |  |
| TEXAS INSTRUMENTS INCORPORATED COM                                          | 882508104 | 04/17/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation           | SECTION 14A SAY-ON-PAY VOTES |         864431 |                0 | FOR         |                                   864431 | FOR                         |  |
| TRIPLE FLAG PRECIOUS METALS CORP. COM                                       | 89679M104 | 05/07/2025     | Advisory Vote on Executive Compensation Approach                         | SECTION 14A SAY-ON-PAY VOTES |         386125 |                0 | FOR         |                                   386125 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MONTRUSCO BOLTON INVESTMENTS INC.

**By (Signature):** Ginette Therien

**By (Printed Signature):** Ginette Therien

**By (Title):** Senior VP, Governance and CCO

**Date:** 08/18/2025