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: 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.

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: Shareholder proposals: Diversity, equity, and inclusion

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

 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.

 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

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.

2019

 Vanguard Investment Stewardship 2019 Annual Report

This report outlines our global voting, engagement, and advocacy efforts for the 12 months ended June 30, 2019.

 Vanguard 2019 Investment Stewardship Semiannual Engagement Update

In this midyear update, Vanguard's Investment Stewardship team shares examples of the dialogues it has had with hundreds of company leaders and directors.

 2019 Investment Stewardship: In focus: Europe

This brief focuses on our advocacy and engagement with companies based in Europe for the 12 months ended 30 June 2019, including our proxy votes. It also includes commentary on governance matters in Europe, including a spotlight executive remuneration.

2018

 Vanguard Investment Stewardship 2018 Annual Report

This report outlines our philosophy on corporate governance and describes our advocacy and engagement activities in the U.S. and abroad for the 12-month period ended June 30, 2018. The report also includes insights into our voting record during the last proxy year.

 2018 Investment Stewardship: In focus: Europe

This brief focuses on our advocacy and engagement with companies based in Europe for the 12 months ended 30 June 2018, including our proxy votes.

2017

 Vanguard Investment Stewardship 2017 Annual Report

This annual report on our investment stewardship activities covers the 12-month period ended June 30, 2017. The report describes our engagements with corporate leaders and our advocacy for governance practices that support the best economic interests of long-term investors.

 

Perspectives

 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.

 Engaging with Vanguard: A guide for company boards and management teams

During the last proxy season, Vanguard's Investment Stewardship team voted at more than 18,000 company meetings. Here is a quick guide on how to set up an engagement with our team.

 UK and European proxy voting policy

Our general proxy voting policy that applies to all European-domiciled companies, followed by country specific policies for the UK, Ireland, the Crown Dependencies (Jersey, Guernsey and the Isle of Man) and Germany.

 Vanguard funds plan to grant proxy voting to external managers

Vanguard has decided to grant proxy voting responsibilities to external portfolio managers for the portions of their funds that they manage.

 Chairman Bill McNabb's 2017 letter to portfolio companies

In his letter to the largest companies in which Vanguard funds invest, Chairman Bill McNabb conveys our perspectives and expectations regarding board composition, risk management and shareholder engagement.