# EDGAR Filing Document

**Accession Number:** 0001748729
**File Stem:** 0001748729-25-000011
**Filing Date:** 2025-8
**Character Count:** 28284
**Document Hash:** 7fc96b06c4a183bd7c07820023f40d60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001748729-25-000011.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001748729-25-000011

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Triodos Investment Management BV
- **CENTRAL INDEX KEY:** 0001748729

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18867
- **FILM NUMBER:** 251192148

**BUSINESS ADDRESS:**
- **STREET 1:** HOOFDSTRAAT 10
- **CITY:** DRIEBERGEN-RIJSENBURG
- **STATE:** P7
- **ZIP:** 3700AB
- **BUSINESS PHONE:** 0031 30 7536370

**MAIL ADDRESS:**
- **STREET 1:** HOOFDSTRAAT 10
- **CITY:** DRIEBERGEN-RIJSENBURG
- **STATE:** P7
- **ZIP:** 3700AB

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

## N-PX: Filer Information

**Filer CIK:** 0001748729

**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:** Triodos Investment Management BV

**Address:** HOOFDSTRAAT 10, DRIEBERGEN-RIJSENBURG, P7 3700AB

**Telephone number:** 0031640697784

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-18867

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Acuity Brands, Inc.                         | 00508Y102 | 01/22/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  91094           |                0 | AGAINST     |                          91094           | AGAINST                     |  |
| Adobe Inc.                                  | 00724F101 | 04/22/2025     | Approve, On An Advisory Basis, The Compensation Of Our Named Executive Officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |  90450           |                0 | AGAINST     |                          90450           | AGAINST                     |  |
| Advanced Drainage Systems, Inc.             | 00790R104 | 07/18/2024     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 490500           |                0 | AGAINST     |                         490500           | AGAINST                     |  |
| Akamai Technologies, Inc.                   | 00971T101 | 05/14/2025     | To approve, on an advisory basis, our named executive officer compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 317300           |                0 | FOR         |                         317300           | FOR                         |  |
| Alexandria Real Estate Equities, Inc.       | 015271109 | 05/13/2025     | To cast a non-binding, advisory vote on a resolution to approve the compensation of the Company's named executive officers, as more particularly described in the accompanying Proxy Statement.                    | SECTION 14A SAY-ON-PAY VOTES | 196100           |                0 | AGAINST     |                         196100           | AGAINST                     |  |
| Allegion plc                                | G0176J109 | 06/05/2025     | Approve the compensation of our named executive officers on an advisory (non-binding) basis.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 178000           |                0 | AGAINST     |                         178000           | AGAINST                     |  |
| AT Inc.                                     | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |      1.2555e+06  |                0 | AGAINST     |                              1.2555e+06  | AGAINST                     |  |
| Badger Meter, Inc.                          | 056525108 | 04/25/2025     | Advisory Vote To Approve Compensation Of Our Named Executive Officers.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  71966           |                0 | AGAINST     |                          71966           | AGAINST                     |  |
| Blackbaud, Inc.                             | 09227Q100 | 06/11/2025     | Advisory Vote To Approve The 2024 Compensation Of Our Named Executive Officers.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |  14762           |                0 | FOR         |                          14762           | FOR                         |  |
| Bright Horizons Family Solutions Inc.       | 109194100 | 06/03/2025     | To approve, on an advisory basis, the 2024 compensation paid by the Company to its Named Executive Officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |  33159           |                0 | AGAINST     |                          33159           | AGAINST                     |  |
| California Water Service Group              | 130788102 | 05/28/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 525000           |                0 | FOR         |                         525000           | FOR                         |  |
| Carlisle Companies Incorporated             | 142339100 | 04/30/2025     | To approve, on an advisory basis, the Company's named executive officer compensation in 2024.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |  75950           |                0 | AGAINST     |                          75950           | AGAINST                     |  |
| Darling Ingredients Inc.                    | 237266101 | 05/07/2025     | Advisory vote to approve, on an advisory basis, executive compensation.                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES | 927000           |                0 | FOR         |                         927000           | FOR                         |  |
| Deere  Company                              | 244199105 | 02/26/2025     | Advisory vote to approve executive compensation ("say-on-pay")                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 108350           |                0 | AGAINST     |                         108350           | AGAINST                     |  |
| Duolingo, Inc.                              | 26603R106 | 06/11/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |   4000           |                0 | FOR         |                           4000           | FOR                         |  |
| eBay Inc.                                   | 278642103 | 06/25/2025     | Proposal 3 - Advisory vote to approve named executive officer compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 699500           |                0 | AGAINST     |                         699500           | AGAINST                     |  |
| Edwards Lifesciences Corporation            | 28176E108 | 05/08/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES | 537500           |                0 | AGAINST     |                         537500           | AGAINST                     |  |
| Elevance Health, Inc.                       | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 104070           |                0 | AGAINST     |                         104070           | AGAINST                     |  |
| Enphase Energy, Inc.                        | 29355A107 | 05/14/2025     | To approve, on advisory basis, the compensation of our named executive officers, as disclosed in the proxy statement.                                                                                              | SECTION 14A SAY-ON-PAY VOTES | 276350           |                0 | AGAINST     |                         276350           | AGAINST                     |  |
| First Solar, Inc.                           | 336433107 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 260684           |                0 | ABSTAIN     |                         260684           | AGAINST                     |  |
| Gen Digital Inc.                            | 668771108 | 09/10/2024     | Advisory vote to approve executive compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |      1.4575e+06  |                0 | AGAINST     |                              1.4575e+06  | AGAINST                     |  |
| Gentex Corporation                          | 371901109 | 05/15/2025     | To approve, on an advisory basis, compensation of the Company's named executive officers.                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 866493           |                0 | FOR         |                         866493           | FOR                         |  |
| HA Sustainable Infrastructure Capital, Inc. | 41068X100 | 06/04/2025     | The advisory approval of the compensation of the Named Executive Officers as described in the Compensation Discussion and Analysis, the compensation tables and other narrative disclosure in the proxy statement. | SECTION 14A SAY-ON-PAY VOTES | 595192           |                0 | FOR         |                         595192           | FOR                         |  |
| Hologic, Inc.                               | 436440101 | 02/26/2025     | A non-binding advisory vote to approve executive compensation.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  59919           |                0 | AGAINST     |                          59919           | AGAINST                     |  |
| Ingredion Incorporated                      | 457187102 | 05/21/2025     | To approve, by advisory vote, the compensation of the Company's named executive officers.                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |  92400           |                0 | AGAINST     |                          92400           | AGAINST                     |  |
| 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 |  94300           |                0 | AGAINST     |                          94300           | AGAINST                     |  |
| KLA Corporation                             | 482480100 | 11/06/2024     | To approve on a non-binding, advisory basis our named executive officer compensation.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  64900           |                0 | AGAINST     |                          64900           | AGAINST                     |  |
| Life360 Inc                                 | 532206109 | 05/27/2025     | Non-binding, advisory vote to approve named executive officer compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  32500           |                0 | ABSTAIN     |                          32500           | AGAINST                     |  |
| Mastercard Incorporated                     | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES | 103100           |                0 | AGAINST     |                         103100           | AGAINST                     |  |
| MSA Safety Incorporated                     | 553498106 | 05/13/2025     | To provide an advisory vote to approve the executive compensation of the Company's named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES | 131000           |                0 | FOR         |                         131000           | FOR                         |  |
| Mueller Water Products, Inc.                | 624758108 | 02/06/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |      1.39639e+06 |                0 | AGAINST     |                              1.39639e+06 | AGAINST                     |  |
| NIKE, Inc.                                  | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |  49735           |                0 | AGAINST     |                          49735           | AGAINST                     |  |
| NVIDIA Corporation                          | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 555500           |                0 | AGAINST     |                         555500           | AGAINST                     |  |
| OrthoPediatrics Corp.                       | 68752L100 | 05/23/2025     | To approve, on an advisory basis, the resolution approving the compensation of our named executive officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |  90000           |                0 | FOR         |                          90000           | FOR                         |  |
| Owens Corning                               | 690742101 | 04/15/2025     | To Approve, On An Advisory Basis, Our Named Executive Officer Compensation.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES | 150387           |                0 | AGAINST     |                         150387           | AGAINST                     |  |
| Palo Alto Networks, Inc.                    | 697435105 | 12/10/2024     | To approve, on an advisory basis, the frequency of holding future advisory votes on named executive officer compensation.                                                                                          | SECTION 14A SAY-ON-PAY VOTES | 116550           |                0 | 1 YEAR      |                         116550           | FOR                         |  |
| Palo Alto Networks, Inc.                    | 697435105 | 12/10/2024     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 116550           |                0 | AGAINST     |                         116550           | AGAINST                     |  |
| Planet Fitness, Inc.                        | 72703H101 | 05/06/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES | 314700           |                0 | AGAINST     |                         314700           | AGAINST                     |  |
| ResMed Inc.                                 | 761152107 | 11/20/2024     | Approve, on an advisory basis, the compensation paid to our named executive officers, as disclosed in the proxy statement ("say-on-pay").                                                                          | SECTION 14A SAY-ON-PAY VOTES | 145300           |                0 | AGAINST     |                         145300           | AGAINST                     |  |
| Revvity, Inc.                               | 714046109 | 04/22/2025     | To approve, by non-binding advisory vote, our executive compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  40550           |                0 | AGAINST     |                          40550           | AGAINST                     |  |
| Smurfit WestRock Plc                        |  | 05/02/2025     | Approve, in a non-binding, advisory vote, the compensation of the Company's named executive officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |  50186           |                0 | FOR         |                          50186           | FOR                         |  |
| Smurfit WestRock Plc                        |  | 05/02/2025     | Approve, in a non-binding, advisory vote, the frequency of future non-binding, advisory votes to approve named executive officer compensation.                                                                     | SECTION 14A SAY-ON-PAY VOTES |  50186           |                0 | FOR         |                          50186           | FOR                         |  |
| Smurfit WestRock Plc                        |  | 05/02/2025     | Ratify, in a non-binding vote, the appointment of KPMG as the Company's independent registered public accounting firm and statutory auditor under Irish law for the fiscal year ending December 31, 2025.          | SECTION 14A SAY-ON-PAY VOTES |  50186           |                0 | ABSTAIN     |                          35386           | AGAINST                     |  |
| Smurfit WestRock Plc                        |  | 05/02/2025     | Authorize, in a binding vote, the Audit Committee of the Board of Directors to determine the remuneration of KPMG as the Company's statutory auditor under Irish law.                                              | SECTION 14A SAY-ON-PAY VOTES |  50186           |                0 | ABSTAIN     |                          35386           | AGAINST                     |  |
| Smurfit WestRock Plc                        |  | 05/02/2025     | Grant the Board of Directors the authority to issue shares under Irish law.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |  50186           |                0 | ABSTAIN     |                          35386           | AGAINST                     |  |
| Smurfit WestRock Plc                        | G8267P108 | 05/02/2025     | Approve, in a non-binding, advisory vote, the compensation of the Company's named executive officers.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |   4800           |                0 | FOR         |                           4800           | FOR                         |  |
| Smurfit WestRock Plc                        | G8267P108 | 05/02/2025     | Approve, in a non-binding, advisory vote, the frequency of future non-binding, advisory votes to approve named executive officer compensation.                                                                     | SECTION 14A SAY-ON-PAY VOTES |   4800           |                0 | 1 YEAR      |                           4800           | FOR                         |  |
| Strategic Education, Inc.                   | 86272C103 | 04/23/2025     | To Approve, On An Advisory Basis, The Compensation Of The Named Executive Officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES | 233457           |                0 | FOR         |                         233457           | FOR                         |  |
| Stride, Inc.                                | 86333M108 | 12/05/2024     | Approval, on a non-binding advisory basis, of the compensation of the named executive officers of the Company;                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  52251           |                0 | AGAINST     |                          52251           | AGAINST                     |  |
| The Cooper Companies, Inc.                  | 216648501 | 04/02/2025     | Approve, on a non-binding, advisory basis, the compensation of our Named Executive Officers.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |  46028           |                0 | AGAINST     |                          46028           | AGAINST                     |  |
| The Hain Celestial Group, Inc.              | 405217100 | 10/31/2024     | Proposal to approve, on an advisory basis, named executive officer compensation.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES | 620000           |                0 | FOR         |                         620000           | FOR                         |  |
| The Procter  Gamble Company                 | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation (the "Say on Pay vote").                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES | 289700           |                0 | AGAINST     |                         289700           | AGAINST                     |  |
| Universal Display Corporation               | 91347P105 | 06/18/2025     | Advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 148456           |                0 | FOR         |                         148456           | FOR                         |  |
| Watts Water Technologies, Inc.              | 942749102 | 05/21/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |  97900           |                0 | AGAINST     |                          97900           | AGAINST                     |  |
| Xylem Inc.                                  | 98419M100 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES | 252649           |                0 | AGAINST     |                         252649           | AGAINST                     |  |
| Zurn Elkay Water Solutions Corporation      | 98983L108 | 05/01/2025     | Advisory vote to approve the compensation of Zurn Elkay's named executive officers, as disclosed in "Compensation Discussion and Analysis" and "Executive Compensation" in the Proxy Statement.                    | SECTION 14A SAY-ON-PAY VOTES |  36853           |                0 | AGAINST     |                          36853           | AGAINST                     |  |

## N-PX: Signature Block

**Reporting Person:** Triodos Investment Management BV

**By (Signature):** Jelena Pavlic

**By (Printed Signature):** Jelena Pavlic

**By (Title):** Investment Associate

**Date:** 08/07/2025