The dissent rate is only 1.07%. Public funds need to make more efforts to participate in the governance of listed companies.

With the concept of "strengthening patient capital and promoting long-term investment" taking root and growing in the capital market, institutional investors have been given new connotations. As of the end of the first quarter of 2026, public funds hold a market value of A-share companies totaling 6.63 trillion yuan, and their influence and discourse power continues to rise. A year ago, the Asset Management Association of China released the "Regulations on Securities Investment Fund Managers Participating in the Governance of Listed Companies through Public Offering", requiring fund managers to exercise voting rights on 13 key issues such as director elections, compensation, and related party transactions when they hold more than 5% of the circulating shares of a single stock, guiding institutions to actively participate in the governance of listed companies, and requiring public fund managers to disclose details of their voting rights exercised in 2025. Against this backdrop, more than 70% of public fund managers disclosed their participation in shareholder meetings of listed companies in 2025. Public funds are accelerating their transformation from "voting with their feet" traders to "voting with their hands" active governance participants. However, the responsible management of public funds currently remains at a shallow level of exercising voting rights, with low opposition rates to proposals, insufficient communication with listed companies, and limited exercise of shareholder rights such as submitting proposals, questioning, and convening ad hoc shareholder meetings. Although the enthusiasm for public fund voting is on the rise, overall approval votes are still dominant, with dissenting votes accounting for only 1.07% of all types of proposals in 2025, including 0.71% opposition votes and 0.36% abstentions.