# EDGAR Filing Document

**Accession Number:** 0001361974
**File Stem:** 0001361974-25-000012
**Filing Date:** 2025-8
**Character Count:** 24855
**Document Hash:** ad9f50edbe0f7bfbe4490e33ef6943a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001361974-25-000012.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001361974-25-000012

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beutel, Goodman & Co Ltd.
- **CENTRAL INDEX KEY:** 0001361974

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11939
- **FILM NUMBER:** 251265525

**BUSINESS ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8
- **BUSINESS PHONE:** 416-485-1010

**MAIL ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Beutel, Goodman & CO Ltd.
- **DATE OF NAME CHANGE:** 20060505

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

## N-PX: Filer Information

**Filer CIK:** 0001361974

**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:** Beutel, Goodman  Co Ltd.

**Address:** 20 EGLINTON AVENUE WEST, TORONTO, A6 M4R 1K8

**Telephone number:** 416-485-1010

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-11939

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| ATS Corporation                          | 00217Y104 | 08/09/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  55260           |      0           | FOR            |                                     4600 | FOR                         |  |
| ATS Corporation                          | 00217Y104 | 08/09/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.0236e+06  |      0           | FOR            |                                        0 | FOR                         |  |
| CAE Inc                                  | 124765108 | 08/14/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.16488e+07 |      1.17896e+07 | FOR            |                                   164210 | FOR                         |  |
| CAE Inc                                  | 124765108 | 08/14/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 574327           | 752100           | FOR            |                                   177773 | FOR                         |  |
| CAE Inc                                  | 124765108 | 08/14/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 450540           | 450540           | FOR            |                                        0 | FOR                         |  |
| Gen Digital Inc                          | 668771108 | 09/10/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.13363e+07 |      3.11051e+07 | FOR            |                                        0 | FOR                         |  |
| Netapp Inc                               | 64110D104 | 09/11/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.4429e+06  |      5.40698e+06 | FOR            |                                        0 | FOR                         |  |
| Kellanova                                | 487836108 | 11/01/2024     | Advisory Vote on Golden Parachutes      | SECTION 14A SAY-ON-PAY VOTES |      5.96195e+06 |      5.92226e+06 | AGAINST        |                                        0 | FOR                         |  |
| Primo Brands Corp                        | 74167P108 | 11/04/2024     | Advisory Vote on Golden Parachutes      | SECTION 14A SAY-ON-PAY VOTES |      1.49687e+06 |      1.49687e+06 | FOR            |                                        0 | FOR                         |  |
| Oracle Corp                              | 68389X105 | 11/14/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |    600           |    600           | TAKE NO ACTION |                                        0 | FOR                         |  |
| The Campbells Company                    | 134429109 | 11/19/2024     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      6.38392e+06 |      6.43704e+06 | FOR            |                                        0 | FOR                         |  |
| Cencora Inc                              | 03073E105 | 03/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 471931           | 476507           | FOR            |                                        0 | FOR                         |  |
| Interpublic Group Of Companies Inc       | 460690100 | 03/18/2025     | Advisory Vote on Golden Parachutes      | SECTION 14A SAY-ON-PAY VOTES |      8.27161e+06 |      8.20731e+06 | AGAINST        |                                        0 | FOR                         |  |
| Qualcomm Inc.                            | 747525103 | 03/18/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      4.5721e+06  |      4.5387e+06  | FOR            |                                        0 | FOR                         |  |
| Colliers International Group Inc         | 194693107 | 04/01/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  51670           |  51670           | FOR            |                                        0 | FOR                         |  |
| Colliers International Group Inc         | 194693107 | 04/01/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.54858e+06 |      1.54588e+06 | FOR            |                                        0 | FOR                         |  |
| Bank of Nova Scotia                      | 064149107 | 04/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.59243e+06 |      5.69168e+06 | FOR            |                                    22800 | FOR                         |  |
| Bank of Nova Scotia                      | 064149107 | 04/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  75465           | 225045           | FOR            |                                   149580 | FOR                         |  |
| Royal Bank Of Canada                     | 780087102 | 04/10/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.30397e+07 |      1.3015e+07  | FOR            |                                        0 | FOR                         |  |
| Royal Bank Of Canada                     | 780087102 | 04/10/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 501360           | 501360           | FOR            |                                        0 | FOR                         |  |
| Toronto Dominion Bank                    | 891160509 | 04/10/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.40068e+07 |      1.46905e+07 | FOR            |                                   461657 | FOR                         |  |
| Toronto Dominion Bank                    | 891160509 | 04/10/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 481620           | 580620           | FOR            |                                    99000 | FOR                         |  |
| Bank of Montreal                         | 063671101 | 04/11/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.5331e+06  |      5.84063e+06 | FOR            |                                   181639 | FOR                         |  |
| Bank of Montreal                         | 063671101 | 04/11/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  72428           | 228480           | FOR            |                                   156052 | FOR                         |  |
| PPG Industries Inc                       | 693506107 | 04/17/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.31387e+06 |      3.31826e+06 | FOR            |                                        0 | FOR                         |  |
| American Express Co                      | 025816109 | 04/29/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.35867e+06 |      1.34885e+06 | FOR            |                                        0 | FOR                         |  |
| Wells Fargo Co                           | 949746101 | 04/29/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |    600           |    600           | TAKE NO ACTION |                                        0 | FOR                         |  |
| Ameriprise Financial Inc                 | 03076C106 | 04/30/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 453465           | 450017           | FOR            |                                        0 | FOR                         |  |
| Canadian Pacific Kansas City Limited     | 13646K108 | 04/30/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 121260           | 123260           | FOR            |                                     2000 | FOR                         |  |
| Canadian Pacific Kansas City Limited     | 13646K108 | 04/30/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.97523e+06 |      3.97249e+06 | FOR            |                                     5900 | FOR                         |  |
| Kimberly-Clark Corp.                     | 494368103 | 05/01/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.77441e+06 |      2.75422e+06 | FOR            |                                        0 | FOR                         |  |
| Polaris Inc                              | 731068102 | 05/01/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.59861e+06 |      2.6177e+06  | FOR            |                                        0 | FOR                         |  |
| Canadian National Railway Co.            | 136375102 | 05/02/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 119120           | 119120           | FOR            |                                        0 | FOR                         |  |
| Canadian National Railway Co.            | 136375102 | 05/02/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.88304e+06 |      3.98518e+06 | FOR            |                                   110139 | FOR                         |  |
| Brookfield Asset Management Ltd          | 113004105 | 05/05/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  70964           |  70964           | FOR            |                                        0 | FOR                         |  |
| Brookfield Asset Management Ltd          | 113004105 | 05/05/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.09787e+06 |      2.25114e+06 | FOR            |                                   157591 | FOR                         |  |
| RB Global Inc                            | 74935Q107 | 05/05/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.3963e+06  |      3.4656e+06  | FOR            |                                    74978 | FOR                         |  |
| Omnicom Group Inc.                       | 681919106 | 05/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      3.1667e+06  |      3.19808e+06 | FOR            |                                        0 | FOR                         |  |
| Suncor Energy Inc.                       | 867224107 | 05/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      7.50561e+06 |      7.49203e+06 | FOR            |                                        0 | FOR                         |  |
| Suncor Energy Inc.                       | 867224107 | 05/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 205701           | 224390           | FOR            |                                    18689 | FOR                         |  |
| Nutrien Ltd                              | 67077M108 | 05/07/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 174975           | 174975           | FOR            |                                        0 | FOR                         |  |
| Nutrien Ltd                              | 67077M108 | 05/07/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.21913e+06 |      5.86505e+06 | FOR            |                                   522473 | FOR                         |  |
| Triple Flag Precious Metals Corp         | 89679M104 | 05/07/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  51740           |      0           | FOR            |                                        0 | FOR                         |  |
| Triple Flag Precious Metals Corp         | 89679M104 | 05/07/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.80368e+06 |      0           | FOR            |                                        0 | FOR                         |  |
| Fortis Inc.                              | 349553107 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 141326           | 208980           | FOR            |                                    67654 | FOR                         |  |
| Fortis Inc.                              | 349553107 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      6.82926e+06 |      6.89354e+06 | FOR            |                                        0 | FOR                         |  |
| Franco-Nevada Corporation                | 351858105 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 876645           | 957087           | FOR            |                                    82122 | FOR                         |  |
| Franco-Nevada Corporation                | 351858105 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  30660           |  30660           | FOR            |                                        0 | FOR                         |  |
| Manulife Financial Corp.                 | 56501R106 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 322190           | 322190           | FOR            |                                        0 | FOR                         |  |
| Manulife Financial Corp.                 | 56501R106 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |   1540           |   1540           | FOR            |                                        0 | FOR                         |  |
| Manulife Financial Corp.                 | 56501R106 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.03141e+07 |      1.05978e+07 | FOR            |                                        0 | FOR                         |  |
| Sun Life Financial, Inc.                 | 866796105 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      4.37511e+06 |      4.46508e+06 | FOR            |                                        0 | FOR                         |  |
| Sun Life Financial, Inc.                 | 866796105 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 131885           | 131885           | FOR            |                                        0 | FOR                         |  |
| TC Energy Corporation                    | 87807B107 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 201495           | 201495           | FOR            |                                        0 | FOR                         |  |
| TC Energy Corporation                    | 87807B107 | 05/08/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      6.03041e+06 |      6.6036e+06  | FOR            |                                   389404 | FOR                         |  |
| Masco Corp.                              | 574599106 | 05/09/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.59064e+06 |      2.57267e+06 | FOR            |                                        0 | FOR                         |  |
| Cummins Inc.                             | 231021106 | 05/13/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 570711           | 566443           | FOR            |                                        0 | FOR                         |  |
| GFL Environmental Inc.                   | 36168Q104 | 05/14/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 184665           | 184665           | AGAINST        |                                        0 | FOR                         |  |
| GFL Environmental Inc.                   | 36168Q104 | 05/14/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.44586e+06 |      5.68705e+06 | AGAINST        |                                   159961 | FOR                         |  |
| Harley-Davidson, Inc.                    | 412822108 | 05/14/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.79361e+07 |      2.8258e+07  | AGAINST        |                                        0 | FOR                         |  |
| Harley-Davidson, Inc.                    | 412822108 | 05/14/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.39686e+07 |      1.4129e+07  | TAKE NO ACTION |                                        0 | AGAINST                     |  |
| Somnigroup International Inc.            | 88023U101 | 05/14/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.92881e+06 |      1.94606e+06 | FOR            |                                        0 | FOR                         |  |
| BlackRock Inc.                           | 09290D101 | 05/15/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 232950           |      0           | FOR            |                                        0 | FOR                         |  |
| Gentex Corp.                             | 371901109 | 05/15/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.70466e+06 |      5.66259e+06 | FOR            |                                        0 | FOR                         |  |
| South Bow Corp.                          | 83671M105 | 05/15/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |    155           |      0           | TAKE NO ACTION |                                        0 | FOR                         |  |
| Westinghouse Air Brake Technologies Corp | 929740108 | 05/15/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.46686e+06 |      1.45551e+06 | FOR            |                                        0 | FOR                         |  |
| Flowserve Corp.                          | 34354P105 | 05/16/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.40716e+06 |      2.41255e+06 | FOR            |                                        0 | FOR                         |  |
| Amgen Inc.                               | 031162100 | 05/23/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.32428e+06 |      1.31539e+06 | FOR            |                                        0 | FOR                         |  |
| Merck Co Inc                             | 58933Y105 | 05/27/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      4.04991e+06 |      4.02057e+06 | FOR            |                                        0 | FOR                         |  |
| SEI Investments Co.                      | 784117103 | 05/28/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.50724e+06 |      2.49125e+06 | FOR            |                                        0 | FOR                         |  |
| BRP Inc                                  | 05577W200 | 05/29/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      4.59905e+06 |      5.0482e+06  | FOR            |                                   344870 | FOR                         |  |
| BRP Inc                                  | 05577W200 | 05/29/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |  50626           | 163790           | FOR            |                                   113164 | FOR                         |  |
| The Carlyle Group Inc                    | 14316J108 | 05/29/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      2.63605e+06 |      2.66308e+06 | FOR            |                                        0 | FOR                         |  |
| Restaurant Brands International Inc      | 76131D103 | 06/03/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      5.41592e+06 |      5.5631e+06  | FOR            |                                   158108 | FOR                         |  |
| Brookfield Corporation                   | 11271J107 | 06/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES | 158576           | 158576           | FOR            |                                        0 | FOR                         |  |
| Brookfield Corporation                   | 11271J107 | 06/06/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      4.88229e+06 |      4.87161e+06 | FOR            |                                        0 | FOR                         |  |
| Biogen Inc                               | 09062X103 | 06/17/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |    240           |     10           | FOR            |                                        0 | FOR                         |  |
| EBay Inc.                                | 278642103 | 06/25/2025     | Advisory Vote on Executive Compensation | SECTION 14A SAY-ON-PAY VOTES |      1.2917e+07  |      1.30275e+07 | FOR            |                                        0 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Beutel, Goodman  Co Ltd.

**By (Signature):** Michal Pomotov

**By (Printed Signature):** Michal Pomotov

**By (Title):** CCO  General Counsel

**Date:** 08/27/2025