Ethics and integrity

Vanguard is owned by its U.S. funds, which in turn are owned by their shareholders. There are no other parties seeking to profit from the management of our funds. The ethical standards, values, and investment principles to which we’ve adhered since our founding are  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 focus on our clients' needs, from the daily processing of transactions to strategic decisions that affect the ability to invest successfully over the long term. It’s integral to our approach to diversity, equity, and inclusion. It’s also embedded in our policies and practices and buttressed by our Code of Ethical Conduct, 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 Ethical Conduct 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 promote inclusion within our supply chain and encourage diversity in corporate boardrooms. We are also deeply committed to philanthropy that helps strengthn our local communities. And we strive to uphold sustainable business practices that make us good stewards of the environment.