# EDGAR Filing Document

**Accession Number:** 0001063497
**File Stem:** 0001172661-25-003867
**Filing Date:** 2025-8
**Character Count:** 34868
**Document Hash:** ffa53a700d6ca734c2ea17e0507f595e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003867.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001172661-25-003867

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pembroke Management, LTD
- **CENTRAL INDEX KEY:** 0001063497

**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:** 028-15085
- **FILM NUMBER:** 251266606

**BUSINESS ADDRESS:**
- **STREET 1:** 1002 SHERBROOKE STREET WEST
- **STREET 2:** SUITE 1700
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3S4
- **BUSINESS PHONE:** 514-848-1991

**MAIL ADDRESS:**
- **STREET 1:** 1002 SHERBROOKE STREET WEST
- **STREET 2:** SUITE 1700
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3S4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PEMBROKE MANAGEMENT LTD
- **DATE OF NAME CHANGE:** 19980605

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

## N-PX: Filer Information

**Filer CIK:** 0001063497

**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:** Pembroke Management, LTD

**Address:** 1002 SHERBROOKE STREET WEST, MONTREAL, A8 H3A 3S4

**Telephone number:** 514-848-1991

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-15085

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| AAON, Inc.                              | 000360206 | 05/13/2025     | Proposal to approve, on an advisory basis, a resolution on the compensation of AAON's named executive officers as set forth in the Proxy Statement.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         261826 |                0 | FOR         |                                   261826 | FOR                         |  |
| Accenture plc                           | G1151C101 | 02/06/2025     | To approve, in a non-binding vote, the compensation of our named executive officers.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| Amazon.com, Inc.                        | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             23 |                0 | AGAINST     |                                       23 | AGAINST                     |  |
| Amgen Inc.                              | 031162100 | 05/23/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | FOR         |                                        5 | FOR                         |  |
| Apple Inc.                              | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             17 |                0 | FOR         |                                       17 | FOR                         |  |
| Axos Financial, Inc.                    | 05465C100 | 11/14/2024     | To approve in a non-binding and advisory vote, the compensation of the Company's Named Executive Officers as disclosed in this Proxy Statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         242257 |                0 | AGAINST     |                                   242257 | AGAINST                     |  |
| Bio-Techne Corporation                  | 09073M104 | 10/24/2024     | Approve, on an advisory basis, the compensation of our executive officers.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         321450 |                0 | FOR         |                                   321450 | FOR                         |  |
| Boston Scientific Corporation           | 101137107 | 05/01/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             31 |                0 | FOR         |                                       31 | FOR                         |  |
| Bruker Corporation                      | 116794108 | 05/29/2025     | Approval on an advisory basis of the 2024 compensation of our named executive officers, as discussed in the Proxy Statement.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         243675 |                0 | FOR         |                                   243675 | FOR                         |  |
| Cadence Design Systems, Inc.            | 127387108 | 05/08/2025     | Advisory resolution to approve named executive officer compensation.                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| CCC Intelligent Solutions Holdings Inc. | 12510Q100 | 05/22/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers as set forth in the Proxy Statement for the Annual Meeting.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |        1059651 |                0 | AGAINST     |                                  1059651 | AGAINST                     |  |
| Core  Main, Inc.                        | 21874C102 | 06/24/2025     | Advisory vote to approve Core  Main's named executive officer compensation.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         600662 |                0 | FOR         |                                   600662 | FOR                         |  |
| CoStar Group, Inc.                      | 22160N109 | 06/26/2025     | Proposal to approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             33 |                0 | AGAINST     |                                       33 | AGAINST                     |  |
| Costco Wholesale Corporation            | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Couchbase, Inc.                         | 22207T101 | 05/29/2025     | Approval, on an advisory, non-binding basis, of the compensation of our named executive officers.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         682437 |                0 | FOR         |                                   682437 | FOR                         |  |
| Couchbase, Inc.                         | 22207T101 | 05/29/2025     | Approval, on an advisory, non-binding basis, of the frequency of future advisory, non-binding votes to approve the compensation of our named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         682437 |                0 | ONE YEAR    |                                   682437 | FOR                         |  |
| CPI Card Group Inc.                     | 12634H200 | 05/21/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          38481 |                0 | FOR         |                                    38481 | FOR                         |  |
| CRA International, Inc.                 | 12618T105 | 07/18/2024     | To approve, on an advisory basis, the compensation paid to CRA's named executive officers, as disclosed in the proxy statement for the 2024 meeting of its shareholders.                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          74601 |                0 | FOR         |                                    74601 | FOR                         |  |
| Dorman Products, Inc.                   | 258278100 | 05/16/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         168139 |                0 | FOR         |                                   168139 | FOR                         |  |
| Eli Lilly and Company                   | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to the company's named executive officers.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Federal Signal Corporation              | 313855108 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         291817 |                0 | FOR         |                                   291817 | FOR                         |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              8 |                0 | FOR         |                                        8 | FOR                         |  |
| Ferguson Enterprises Inc.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              8 |                0 | ONE YEAR    |                                        8 | FOR                         |  |
| Franklin Covey Co.                      | 353469109 | 01/24/2025     | Advisory vote approval of executive compensation.                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         141961 |                0 | FOR         |                                   141961 | FOR                         |  |
| Globus Medical, Inc.                    | 379577208 | 06/04/2025     | To approve, in an advisory vote, the compensation of the Company's named executive officers (the Say-on-Pay Vote).                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         493047 |                0 | FOR         |                                   493047 | FOR                         |  |
| Globus Medical, Inc.                    | 379577208 | 06/04/2025     | To approve, in an advisory vote, the frequency of the approval, on an advisory basis, of the compensation of our named executive officers (the Frequency Vote).                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         493047 |                0 | ONE YEAR    |                                   493047 | FOR                         |  |
| IDEXX Laboratories, Inc.                | 45168D104 | 05/07/2025     | Advisory Vote on Executive Compensation. To approve a nonbinding advisory resolution on the Company's executive compensation (Proposal Three).                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| IMAX Corporation                        | 45245E109 | 06/11/2025     | Advisory Vote on Named Executive Officer Compensation Approval, on an advisory basis, of the compensation of the Company's Named Executive Officers as set forth in the accompanying Proxy Circular and Proxy Statement.                                    | SECTION 14A SAY-ON-PAY VOTES |          19094 |                0 | FOR         |                                    19094 | FOR                         |  |
| Installed Building Products, Inc.       | 45780R101 | 05/20/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         160459 |                0 | FOR         |                                   160459 | FOR                         |  |
| Intuitive Surgical, Inc.                | 46120E602 | 05/01/2025     | To approve, by advisory vote, the compensation of the Company's Named Executive Officers.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| KBR, Inc.                               | 48242W106 | 05/14/2025     | Advisory vote to approve KBR's named executive officer compensation.                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         221809 |                0 | FOR         |                                   221809 | FOR                         |  |
| LCI Industries                          | 50189K103 | 05/15/2025     | To approve, in a non-binding advisory vote, the compensation of the Company's named executive officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          43875 |                0 | AGAINST     |                                    43875 | AGAINST                     |  |
| Linde Plc                               | G54950103 | 07/30/2024     | To approve, on an advisory and non-binding basis, the compensation of Linde plc's Named Executive Officers, as disclosed in the 2024 Proxy statement.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              3 |                0 | FOR         |                                        3 | FOR                         |  |
| Main Street Capital Corporation         | 56035L104 | 05/05/2025     | Advisory non-binding approval of executive compensation.                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          68332 |                0 | FOR         |                                    68332 | FOR                         |  |
| Manhattan Associates, Inc.              | 562750109 | 05/13/2025     | Non-binding resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          74600 |                0 | FOR         |                                    74600 | FOR                         |  |
| Mastercard Incorporated                 | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              3 |                0 | FOR         |                                        3 | FOR                         |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                           | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | AGAINST     |                                        5 | AGAINST                     |  |
| Meta Platforms, Inc.                    | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                                 | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | ONE YEAR    |                                        5 | AGAINST                     |  |
| Microsoft Corporation                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | FOR         |                                        5 | FOR                         |  |
| MongoDB, Inc.                           | 60937P106 | 06/30/2025     | Approval, on a non-binding advisory basis, of the compensation of our named executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | FOR         |                                        5 | FOR                         |  |
| MongoDB, Inc.                           | 60937P106 | 06/30/2025     | Approval, on a non-binding advisory basis, of the frequency of future advisory votes on the compensation of our named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | ONE YEAR    |                                        5 | FOR                         |  |
| Monolithic Power Systems, Inc.          | 609839105 | 06/12/2025     | Approve, on an advisory basis, the 2024 executive compensation.                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          42935 |                0 | FOR         |                                    42935 | FOR                         |  |
| nCino, Inc.                             | 63947X101 | 06/18/2025     | Approval, on a non-binding, advisory basis, of the compensation paid to the company's named executive officers (or NEOs).                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         100898 |                0 | FOR         |                                   100898 | FOR                         |  |
| NVIDIA Corporation                      | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             14 |                0 | FOR         |                                       14 | FOR                         |  |
| Ollie's Bargain Outlet Holdings, Inc.   | 681116109 | 06/12/2025     | To approve a non-binding advisory proposal regarding named executive officer compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         115561 |                0 | FOR         |                                   115561 | FOR                         |  |
| O'Reilly Automotive, Inc.               | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| Perficient, Inc.                        | 71375U101 | 07/30/2024     | To approve, on an advisory, non-binding basis, the compensation that will or may be paid or may become payable to the named executives officers of Perficient in connection with the consummation of the transactions contemplated by the Merger Agreement. | SECTION 14A SAY-ON-PAY VOTES |           1023 |                0 | FOR         |                                     1023 | FOR                         |  |
| Public Storage                          | 74460D109 | 05/07/2025     | Advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              7 |                0 | FOR         |                                        7 | FOR                         |  |
| Pure Storage, Inc.                      | 74624M102 | 06/11/2025     | An advisory vote on our named executive officer compensation.                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         584273 |                0 | AGAINST     |                                   584273 | AGAINST                     |  |
| Q2 Holdings, Inc.                       | 74736L109 | 06/03/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         199033 |                0 | FOR         |                                   199033 | FOR                         |  |
| Red Violet, Inc.                        | 75704L104 | 06/10/2025     | To hold a non-binding advisory vote to approve our named executive officers' compensation; and                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         272640 |                0 | FOR         |                                   272640 | FOR                         |  |
| Resideo Technologies, Inc.              | 76118Y104 | 06/04/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         761135 |                0 | FOR         |                                   761135 | FOR                         |  |
| Resideo Technologies, Inc.              | 76118Y104 | 06/04/2025     | Advisory Vote on the Frequency of Future Advisory Votes to Approve Executive Compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         761135 |                0 | ONE YEAR    |                                   761135 | FOR                         |  |
| Ryan Specialty Holdings, Inc.           | 78351F107 | 05/30/2025     | To approve, by non-binding advisory vote, the compensation of our named executive officers; and                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         260939 |                0 | FOR         |                                   260939 | FOR                         |  |
| SiteOne Landscape Supply, Inc.          | 82982L103 | 05/14/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         194282 |                0 | FOR         |                                   194282 | FOR                         |  |
| The Home Depot, Inc.                    | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| The Progressive Corporation             | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program;                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| The Sherwin-Williams Company            | 824348106 | 04/16/2025     | Advisory approval of the compensation of the named executive officers.                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | FOR         |                                        4 | FOR                         |  |
| Trane Technologies Plc                  | G8994E103 | 06/05/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             15 |                0 | FOR         |                                       15 | FOR                         |  |
| TransDigm Group Incorporated            | 893641100 | 03/06/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| Trex Company, Inc.                      | 89531P105 | 05/06/2025     | Non-binding advisory vote on executive compensation ("say-on-pay")                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         324563 |                0 | FOR         |                                   324563 | FOR                         |  |
| UnitedHealth Group Incorporated         | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              4 |                0 | AGAINST     |                                        4 | AGAINST                     |  |
| Universal Technical Institute, Inc.     | 913915104 | 03/06/2025     | To approve, on an advisory basis, the compensation of the Company's Named Executive Officers.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         496406 |                0 | FOR         |                                   496406 | FOR                         |  |
| Victory Capital Holdings, Inc.          | 92645B103 | 05/07/2025     | A non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         139084 |                0 | FOR         |                                   139084 | FOR                         |  |
| Watsco, Inc.                            | 942622200 | 06/02/2025     | Approval of the advisory resolution regarding the compensation of our named executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          35106 |                0 | FOR         |                                    35106 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Pembroke Management, LTD

**By (Signature):** Anthony Calzetta

**By (Printed Signature):** Anthony Calzetta

**By (Title):** Partner and Chief Financial Officer

**Date:** 08/27/2025