Investment stewardship

Perspectives and commentary

 

Voting Insights

Vanguard publishes Voting Insights to disclose the rationale for how Vanguard funds voted on key votes at specific companies.

2021

 Voting Insights: Climate-related proposals, January-June 2021

This piece provides the Vanguard funds' votes and supporting rationale on climate proposals for the six months ended June 30, 2021.

 Voting Insights: Diversity-related proposals, January-June 2021

This piece provides the Vanguard funds' votes and supporting rationale on diversity proposals for the six months ended June 30, 2021.

 Voting Insights: AGL Energy

This piece provides rationale for the Vanguard funds' recent votes at Australia's largest utility.

 Voting Insights: Proxy contest at Box, Inc.

This piece provides rationale for our vote on a proxy contest involving risk oversight and shareholder rights at Box, Inc.

 Voting Insights: Executive compensation at Electronic Arts

This piece provides rationale for a vote on named executive officer compensation at the video game company.

 Voting Insights: Proxy contest at Genesco

This piece provides our rationale for a proxy contest vote related to oversight of strategy and risk at the branded footwear retailer.

 Voting Insights: Diversity, equity, and inclusion-related proposal at Amazon

Vanguard's rationale for a recent vote on a diversity, equity, and inclusion-related proposal at Amazon.

 Voting Insights: Human rights shareholder proposal at American Tower

This piece provides the rationale for a recent vote on a human rights shareholder proposal at American Tower.

 Voting Insights: Diversity, equity, and inclusion at PayPal

Vanguard's rationale for a vote on diversity, equity, and inclusion disclosures at PayPal.

 Voting Insights: Disclosures on lobbying, climate, and diversity and inclusion at UPS

Vanguard's rationale for recent votes on lobbying, climate, and diversity and inclusion disclosures at UPS.

 Voting Insights: An independent investigation and director accountability votes at Toshiba

This piece provides the rationale for recent votes on director reelections at Toshiba.

 Voting Insights: Racial equity audit shareholder proposal at Wells Fargo

This piece provides the rationale for a vote on a racial equity audit proposal at Wells Fargo.

 Voting Insights: Lobbying aligned to the Paris Agreement at Sempra Energy

This piece provides rationale for a recent vote on a proposal requesting Sempra publish a report on how its lobbying activities align with the goals of the Paris Agreement.

 Voting Insights: Emissions reduction targets and climate lobbying at Phillips 66

This piece provides rationale for recent votes on proposals that focused on emissions reductions and lobbying activities at Phillips 66.

 Voting Insights: Workers' rights and board accountability at Boohoo

This piece provides the rationale for recent votes on executive remuneration and director elections at Boohoo.

 Voting Insights: Climate-related proposals at Royal Dutch Shell

This piece provides rationale for recent votes on climate-related proposals at Royal Dutch Shell.

 Voting Insights: Climate-related proposal at Union Pacific

Vanguard's rationale for a recent climate-related vote at Union Pacific.

 Voting Insights: Emission reduction targets at ConocoPhillips

This piece provides rationale for a recent vote on a greenhouse gas emissions reduction proposal at ConocoPhillips.

 Voting Insights: Independent chair and political contributions proposals at Duke

This piece provides rationale for recent votes on independent chair and political contributions proposals at Duke Energy.

 Voting Insights: Independent chair proposal and lobbying disclosure at Dominion Energy

This piece provides our rationale on recent votes on independent chair and lobbying disclosure proposals at Dominion.

 Voting Insights: Climate-related proposal at BP

This piece provides rationale for a recent vote on a climate-related shareholder proposal at BP Plc.

 Voting Insights: How we evaluate Say on Climate proposals

Vanguard's perspectives on climate risk governance through Say on Climate proposals.

 Voting Insights: A proxy contest and shareholder proposals related to material risk oversight at ExxonMobil

This piece provides rationale for our votes on a proxy contest and shareholder proposals related to material risk oversight at Exxon.

 A push for greater environmental and social risk disclosure at Charter Communications

This piece provides the rationale for recent votes on several shareholder proposals at Charter Communications.

 Diversity, equity, and inclusion disclosures at American Express

Vanguard's rationale for a recent vote on diversity, equity, and inclusion disclosures at American Express.

 Executive remuneration and board accountability at Rio Tinto

This piece provides the rationale for recent votes on executive remuneration and director elections at Rio Tinto.

 Climate-related proposals at Santos Limited

Vanguard's rationale for recent climate-related votes at Santos Limited.

 Climate-related proposals at Woodside Petroleum

Vanguard's rationale for a recent climate-related vote at Woodside Petroleum.

 Director elections and lobbying disclosure at Boeing

This piece provides the rationale for recent votes on director elections and lobbying policy at Boeing.

 Executive remuneration at UniCredit SpA

Vanguard's rationale for a recent vote on executive remuneration at UniCredit.

 Executive compensation at Disney

This piece provides the rationale for a recent vote on executive compensation at Disney.

 Executive compensation at AmerisourceBergen

This piece provides the rationale for a recent vote on executive compensation at AmerisourceBergen.

 Human rights disclosures at Sanderson Farms

This piece provides the rationale for a recent vote on human rights disclosures at Sanderson Farms.

 Oversight of health and safety risks at Tyson

This piece provides rationale for votes related to risk oversight at Tyson.

 Executive compensation at Walgreens

This piece provides the rationale for a recent vote on executive compensation at Walgreens.

 Shareholder rights at Siemens

This piece explains the rationale for a vote on a shareholder rights proposal at Siemens.

 Executive compensation at Aramark

This piece provides the rationale for a recent vote on executive compensation at Aramark.

2020

 Votes on key climate-related shareholder proposals

We discuss how and why Vanguard funds voted on key climate proposals during the proxy season.

 Support for an independent chair at Boeing

This proxy voting rationale highlights a recent vote to support an independent chairman proposal at Boeing.

 

Insights

Vanguard publishes Investment Stewardship Insights to promote good corporate governance practices and to provide public companies with timely perspectives on important governance topics and key votes.

2021

 Insights: How we evaluate Say on Climate proposals

Vanguard's perspectives on climate risk governance through Say on Climate proposals.

 Insights: Shareholder proposals: Diversity, equity, and inclusion

Vanguard's approach to evaluating DEI-related shareholder proposals, including requests for third-party audits.

 Insights: How we evaluate corporate political activity shareholder proposals

Vanguard's perspectives on a board's oversight of material risks related to political spending.

 Insights: Director capacity and commitment

How Vanguard evaluates instances where public company directors may be "overboarded".

 Insights: Executive compensation in times of crisis

We reinforce our perspectives on executive compensation for the long-term.

 How we evaluate shareholder proposals

Key considerations for shareholder proposal analysis.

2020

 A continued call for boardroom diversity

Our perspectives on boardroom diversity continue to evolve as we encourage boards to make progress on this front.

 Diversity in the workplace

Our views on diversity extend beyond the boardroom to leadership teams and workforces.

 Social risks and the rights of indigenous peoples

In context of events that have occurred within mining and other land-intensive industries, we share our views on social risks and expectations on cultural heritage management.

 Vanguard’s expectations on climate risk governance

We share our expectations that companies and their boards will effectively oversee, mitigate, and disclose material climate-related risks.

 How Vanguard addresses climate risk

We provide an overview of how Vanguard addresses climate risk as an investor, an investment provider, and a company.

 Why climate change matters to long-term investors

As a fiduciary for more than 30 million Vanguard investors, we assess the implications of climate risk for long-term investors.

 Executive compensation: In uncertain-times in times, good judgment is critical for boards

In this Insights, Vanguard emphasizes a long-term outlook on executive compensation during times of crisis.

 

Reports

2021

 2021 Investment Stewardship Semiannual Report

This report outlines our global voting, engagement, and advocacy efforts for the six months ended June 30, 2021.

2020

 2020 Investment Stewardship Annual Report (12 months ended December 31, 2020)

This report, which marks a shift in our 12-month reporting period, outlines our global investment stewardship efforts for the year ended December 31, 2020.

 Vanguard Investment Stewardship 2020 Annual Report (12 months ended June 30, 2020)

This report outlines our global investment stewardship efforts for the 12 months ended June 30, 2020 and provides greater disclosure of our proxy voting and engagement activities.

 Vanguard Investment Stewardship 2020 Semiannual Report

This midyear update provides details on Investment Stewardship's voting and engagement activities for the six months ended December 31, 2019.

 UK Stewardship Code Report

This report signals Vanguard's intention to become a signatory to the UK Stewardship Code and fulfils certain reporting requirements of Article 3g(b) of the Shareholder Rights Directive II as implemented in the UK.

 2020 Significant votes

This document lists select proxy votes by the Vanguard funds for the 12 months ended December 31, 2020. Vanguard identified these based on criteria that we use to describe a "significant vote" for the purposes of the Shareholder Rights Directive II.

 

Perspectives

 Vanguard Investment Stewardship: About our program

We outline Vanguard's approach to investment stewardship and discuss our people, principles, processes, and policies.

 Vanguard's perspective on board diversity

Why we urge boards to seek greater diversity across a wide range of personal characteristics.

 Vanguard Investment Stewardship Commentary: What we do. How we do it. Why it matters.

In this commentary, we discuss Vanguard's approach to investment stewardship, our role as a provider of both index and actively managed funds, and our definition of sustainable investing.