# EDGAR Filing Document

**Accession Number:** 0001234074
**File Stem:** 0001021408-25-000975
**Filing Date:** 2025-8
**Character Count:** 13756
**Document Hash:** 7ccf12e2ef0f7de7999e8278e7e68f09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001021408-25-000975.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001021408-25-000975

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCEGROVE INVESTMENT MANAGEMENT LTD
- **CENTRAL INDEX KEY:** 0001234074

**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:** 028-11833
- **FILM NUMBER:** 251187899

**BUSINESS ADDRESS:**
- **STREET 1:** 181 UNIVERSITY AVE
- **STREET 2:** STE 1300
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 3M7
- **BUSINESS PHONE:** 416-363-5854

**MAIL ADDRESS:**
- **STREET 1:** 181 UNIVERSITY AVE
- **STREET 2:** STE 1300
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 3M7

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

## N-PX: Filer Information

**Filer CIK:** 0001234074

**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:** Sprucegrove Investment Management Ltd

**Address:** 181 University Ave #1300, Toronto, A6 M5H 3M7

**Telephone number:** (416) 363-5854

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-11833

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Donaldson Company, Inc.         | 257651109 | 11/22/2024     | Non-binding advisory vote on the compensation of our Named Executive Officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         307431 |                0 | FOR         |                                   307431 | FOR                         |  |
| MSC Industrial Direct Co., Inc. | 553530106 | 01/22/2025     | Advisory Vote to Approve Named Executive Officer Compensation  To approve, on an advisory basis, the compensation of MSC's named executive officers.                                                                  | SECTION 14A SAY-ON-PAY VOTES |          27156 |           212864 | FOR         |                                    27156 | FOR                         |  |
| Becton, Dickinson and Company   | 075887109 | 01/28/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          55609 |                0 | AGAINST     |                                    55609 | AGAINST                     |  |
| QUALCOMM Incorporated           | 747525103 | 03/18/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         145138 |                0 | FOR         |                                   145138 | FOR                         |  |
| The Walt Disney Company         | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         242189 |                0 | AGAINST     |                                   242189 | AGAINST                     |  |
| Johnson  Johnson                | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          83935 |                0 | FOR         |                                    83935 | FOR                         |  |
| Snap-on Incorporated            | 833034101 | 04/24/2025     | Advisory vote to approve the compensation of Snap-on Incorporated's named executive officers, as disclosed in 'Compensation Discussion and Analysis' and 'Executive Compensation Information' in the Proxy Statement. | SECTION 14A SAY-ON-PAY VOTES |          20225 |            14875 | FOR         |                                    20225 | FOR                         |  |
| American Express Company        | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          45387 |                0 | FOR         |                                    45387 | FOR                         |  |
| Wells Fargo  Company            | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         230727 |                0 | FOR         |                                   230727 | FOR                         |  |
| BorgWarner Inc.                 | 099724106 | 04/30/2025     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         134818 |            13239 | FOR         |                                   134818 | FOR                         |  |
| Cullen/Frost Bankers, Inc.      | 229899109 | 04/30/2025     | To provide nonbinding approval of executive compensation;                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          51693 |            76814 | FOR         |                                    51693 | FOR                         |  |
| RTX Corporation                 | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         150190 |              793 | FOR         |                                   150190 | FOR                         |  |
| Intel Corporation               | 458140100 | 05/06/2025     | Advisory vote on executive compensation (Say-On-Pay).                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         513524 |                0 | AGAINST     |                                   513524 | AGAINST                     |  |
| Gilead Sciences, Inc.           | 375558103 | 05/07/2025     | To approve, on an advisory basis, the compensation of our Named Executive Officers as presented in the Proxy Statement.                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         203136 |                0 | AGAINST     |                                   203136 | AGAINST                     |  |
| C.H. Robinson Worldwide, Inc.   | 12541W209 | 05/08/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         153129 |               49 | AGAINST     |                                   153129 | AGAINST                     |  |
| T. Rowe Price Group, Inc.       | 74144T108 | 05/08/2025     | Approve, by a non-binding advisory vote, the compensation paid by the Company to its Named Executive Officers.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          22007 |           157415 | AGAINST     |                                    22007 | 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 |         562122 |                0 | FOR         |                                   562122 | FOR                         |  |
| Markel Group Inc.               | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          12143 |              700 | FOR         |                                    12143 | FOR                         |  |
| Henry Schein, Inc.              | 806407102 | 05/22/2025     | Proposal to approve, by non-binding vote, the 2024 compensation paid to the Company's Named Executive Officers.                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         109688 |           193543 | FOR         |                                   109688 | FOR                         |  |
| Exxon Mobil Corporation         | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          99790 |                0 | AGAINST     |                                    99790 | AGAINST                     |  |
| 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 |          30101 |                0 | AGAINST     |                                    30101 | 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 |          30101 |                0 | ONE YEAR    |                                    30101 | AGAINST                     |  |
| XPEL, Inc.                      | 98379L100 | 06/04/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          14502 |            37498 | FOR         |                                    14502 | FOR                         |  |
| Biogen Inc.                     | 09062X103 | 06/17/2025     | Say on Pay - To hold an advisory vote on executive compensation.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          14110 |                0 | AGAINST     |                                    14110 | AGAINST                     |  |

## N-PX: Signature Block

**Reporting Person:** Sprucegrove Investment Management Ltd

**By (Signature):** Joe DaSilva

**By (Printed Signature):** Joe DaSilva

**By (Title):** Chief Compliance Officer

**Date:** 07/21/2025