| Shareholders in public companies typically have voting rights associated with their stock holdings. These voting rights allow shareholders (including institutions such as Fidelity on behalf of all mutual funds it manages) to vote at annual and special company meetings. Most shareholders, including the Fidelity Funds, generally submit votes by proxy rather than attend each meeting. |
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| The typical agenda for each company meeting will include more than one proposal, such as election of Directors, adoption of a stock option plan, or approval of a merger or acquisition. Proposals are most commonly put forth by the company's management, but may be submitted by a shareholder as well. The company's management may provide a voting recommendation for each proposal, and each proposal is evaluated separately by Fidelity relative to our proxy voting guidelines. |
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| Fidelity votes on behalf of the Fidelity Funds according to the Proxy Voting Guidelines that have been approved by the Board of Trustees of the Fidelity Funds. Fidelity's approach to proxy voting decisions is consistent with our approach to investment decisions: we evaluate proposals on economic merit and support those that are reasonably likely to enhance shareholder returns. With the focus on enhancing shareholder returns as the guiding theme, social considerations are generally not emphasized in voting decisions. |
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| To the extent that a company's management is committed and incentivized to maximize shareholder value, we generally vote in favor of management's proposal. However, adhering to our proxy voting guidelines does in fact result in our submitting proxy votes that are contrary to the recommendations in every proxy voting season. One example involves our voting against overly dilutive stock compensation plans that do not adequately align management and shareholder interests. Fidelity can ultimately voice its opinions on the policies of management through the level of ownership the Fidelity funds maintain in the individual companies. |
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| In addition, Fidelity may choose not to exercise its voting rights at certain company meetings in instances where trading restrictions are placed on voted shares. This situation occurs most often in foreign countries in which voted shares cannot be traded from the time the vote is cast until the day after the meeting. |
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| Fidelity index funds are sub-advised by Geode Capital Management LLC. Geode votes in accordance with policies that also have been approved by the funds' Board of Trustees. |
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| Certain Fidelity funds managed by Strategic Advisers, Inc. are sub-advised by third parties. These third-party sub-advisers vote in accordance with policies that also have been approved by the funds' Board of Trustees. The proxy voting guidelines for these funds are available by calling 800-544-6666. |
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| Mutual funds file their annual proxy voting results with the SEC by August 31 each year, covering the 12-month period ending June 30. Fidelity's proxy voting results are available using the link below. |
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 Browse Our Proxy Voting Results |
