Ethics and integrity

Vanguard is owned by its U.S. funds, which in turn are owned by fund shareholders. This puts investors at the center of everything we do. There are no outside stockholders seeking to profit from the management of our funds or the trusted advice or retirement services we provide. The ethical standards, values, and investment principles to which we’ve adhered since our founding are solely designed to serve the interests of our clients, communities, and employees.

We hold our crew to the highest standards of ethical behavior. We have a strong internal culture that demands that everyone place our clients’ interests first, from the daily processing of transactions to strategic decisions that affect the ability to invest successfully over the long term. It’s what drives our aspirational goals for diversity, equity, and inclusion. It’s also embedded in our policies and practices and buttressed by our Code of Ethics, regular training and education, and our expert staff of risk-management and compliance professionals. 

To ensure that we retain the confidence of our clients, our Code of Ethics is built on our commitment to doing the right thing. We expect all crew to serve the interests of our clients ahead of personal interests. They are also required to complete a range of training on fraud prevention, anti-money-laundering, and data and privacy protection. Our annual compliance review reinforces regulatory requirements for Vanguard’s registered representatives and investment advisors.

These values are not only the backbone of our commitment to doing the right thing for investors, they are also the tenets that inform how Vanguard shows up as a business leader, a steward in our communities, and a corporate citizen. We have a responsibility to advocate for diversity within our supply chain and in corporate boardrooms. We are also deeply committed to philanthropy that helps strengthen our local communities. And we strive to uphold sustainable business practices that make us good stewards of the environment.