We regularly disclose our stewardship activities and provide our perspectives on governance topics so that our investors, portfolio companies, policymakers, and other interested stakeholders understand our four pillars of corporate governance and our approach.
The Global Proxy Voting Policy describes the funds’ general positions on matters that may be subject to a vote by portfolio company shareholders. This policy guides the funds’ proxy voting at the shareholder meetings of companies around the globe according to the funds’ four pillars of corporate governance and serves as the foundation of the funds’ regional proxy voting policies.
The regional proxy voting policies describe the general positions of the funds on matters that may be subject to a shareholder vote at companies domiciled in each region. These policies are approved by the funds’ boards on an annual basis and published on Vanguard’s websites. These policies do not represent any significant change from the prior year’s policies.
Notes:
All investing is subject to risk, including the possible loss of the money you invest.
Investments in bonds are subject to interest rate, credit, and inflation risk.
ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider or advisor’s assessment of a company, based on the company’s level of involvement in a particular industry or their own ESG criteria, may differ from that of other funds or an investor’s assessment of such company. As a result, the companies deemed eligible by the index provider or advisor may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider or advisor's proper identification and analysis of ESG data. The advisor may not be successful in assessing and identifying companies that have or will have a positive impact or support a given position. In some circumstances, companies could ultimately have a negative or no impact or support of a given position.