Across Vanguard’s more than 400 funds worldwide, some two dozen internal and external investment managers cast proxy votes on behalf of the respective funds—or portion of funds—that they manage. The managers administer proxy voting in accordance with the stated voting policies and in pursuit of each fund’s stated investment objective.
Find proxy voting information about a specific Vanguard fund, including voting policies and voting records.
A growing number of Vanguard funds offer investors in those funds a greater voice in the proxy voting process through Investor Choice.
Two separate and distinct teams administer proxy voting on behalf of Vanguard’s internally managed U.S. funds, which predominately include passively managed index equity funds and ETFs that seek to track benchmarks determined by independent index providers. Accordingly, these passive U.S. funds do not seek to dictate company strategy or operations, submit shareholder proposals, or nominate board members. The precise strategies and tactics for maximizing long-term investment returns should be decided by a company’s board of directors and management team.
Learn more about the two teams, their approaches, and the U.S. funds’ voting policies:
Vanguard Capital Management Investment Stewardship (VCMIS)
U.S. funds stewarded by VCMIS (PDF)
Vanguard Portfolio Management Investment Stewardship (VPMIS)
Votes disclosed on Form N-PX to the U.S. Securities and Exchange Commission in accordance with the Investment Company Act of 1940 for the proxy year ended June 30, 2025.
Note that the link will redirect you to an external website.
Details of proxy votes cast by all Vanguard funds for the prior two proxy years ended June 30, 2025. Additionally, the vote information for the current proxy year will be published quarterly on a rolling basis. If a fund is managed by multiple advisors, each external advisor’s vote will display in the record.
Note that the link will redirect you to an external website.
Investors who participated in the pilot program helped direct how their equity index funds voted at select company shareholder meetings during the pilot period. Details of proxy votes cast by the funds included within the Vanguard Investor Choice program can be found here.
Vanguard Capital Management Investment Stewardship and Vanguard Portfolio Management Investment Stewardship follow the operational procedures and policies below:
Third-party service provider oversight
Securities lending and proxy voting
Note: Prior to the establishment of VCMIS and VPMIS in 2026, proxy voting on behalf of Vanguard’s internally advised funds was administered by Vanguard Investment Stewardship.
View archived reports and insights
Important information:
All investing is subject to risk, including possible loss of principal.