Vanguard
Fund registrants and adviser entities grouped under Vanguard by this site's alias table
- Vote records reported
- 1,916,707year to 30 June 2026
- Against management
- 20.1%435,944 of 2,170,705 marked votes
- Say-on-pay support
- 94.1%for, of for + against + abstain
- Shareholder-proposal support
- 42.0%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
In its Form N-PX for the year to 30 June 2026, Vanguard listed 1,916,707 vote records. Votes against management made up 20.1% of those marked either way (435,944 of 2,170,705); the median of the fund families tracked here stood at 7.8%.
Weighted by the number of shares voted, the against-management share is 7.5%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.
On pay and on shareholder proposals: it voted for 94.1% of the section 14A say-on-pay items it reported (the median of the fund families tracked here: 88.2%) and it voted for 42.0% of the proposals put forward by security holders (the median of the fund families tracked here: 30.7%).
By category, votes against management were most frequent in COMPENSATION (26.2% of 190,858), OTHER SOCIAL ISSUES (25.9% of 12,599) and SHAREHOLDER RIGHTS AND DEFENSES (24.9% of 7,781).
It reported 118.07 billion shares out on loan at record dates, 2.69% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.
Compared with other filers
Each rate is defined once, in the methodology. The median is taken over 60 families with at least 25 vote records in the season.
| year to 30 June 2026 | This family | Median family | All filers pooled |
|---|---|---|---|
| Against-management share | 20.1% | 7.8% | 10.6% |
| Say-on-pay support rate | 94.1% | 88.2% | 86.0% |
| Shareholder-proposal support rate | 42.0% | 30.7% | 33.9% |
| Shares on loan, share of shares held | 2.69% | 1.53% | 3.12% |
| Largest families, year to 30 June 2026 | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|
| BlackRock and iShares | 7.5% | 88.3% | 11.9% |
| Fidelity | 6.0% | 94.7% | 27.6% |
| Dimensional | 16.4% | 78.9% | 57.4% |
| State Street and SPDR | 16.9% | 77.1% | 50.4% |
Votes by category
Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.
| Category (as the form names it) | Votes | For | Against | Against management | Split |
|---|---|---|---|---|---|
| DIRECTOR ELECTIONS | 1,199,556 | 936,234 | 135,524 | 21.3% | |
| SECTION 14A SAY-ON-PAY VOTES | 148,451 | 126,113 | 6,913 | 7.4% | |
| AUDIT-RELATED | 166,668 | 131,314 | 21,816 | 21.1% | |
| INVESTMENT COMPANY MATTERS | 331 | 285 | 46 | 13.6% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 8,179 | 5,419 | 2,331 | 24.9% | |
| EXTRAORDINARY TRANSACTIONS | 25,213 | 23,185 | 1,331 | 7.6% | |
| CAPITAL STRUCTURE | 162,086 | 150,313 | 10,277 | 7.1% | |
| COMPENSATION | 192,328 | 140,602 | 34,126 | 26.2% | |
| CORPORATE GOVERNANCE | 305,613 | 227,194 | 71,233 | 23.0% | |
| ENVIRONMENT OR CLIMATE | 8,886 | 2,819 | 5,124 | 23.6% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 3,664 | 1,869 | 1,794 | 6.4% | |
| DIVERSITY, EQUITY, AND INCLUSION | 3,560 | 1,742 | 1,806 | 2.7% | |
| OTHER SOCIAL ISSUES | 12,671 | 4,870 | 6,801 | 25.9% | |
| OTHER | 13,828 | 11,019 | 2,766 | 4.6% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 1,291,457 | 6.5% | 96.3% | 45.1% | |
| year to 30 June 2025 | 1,418,338 | 10.3% | 88.0% | 44.4% | |
| year to 30 June 2026 | 1,916,707 | 20.1% | 94.1% | 42.0% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, Vanguard voted against management on 93 of the 3,252 it marked either way (2.9%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.
A further 6 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.
- Thermo Fisher Scientific Inc. 20 May 2026
- WARNER BROS. DISCOVERY, INC. 23 Apr 2026
- WARNER BROS. DISCOVERY, INC. 9 Jun 2026
- Snowflake Inc. 2 Jul 2025
- Aon Plc 26 Jun 2026
- The Estee Lauder Companies Inc. 13 Nov 2025
- Rivian Automotive, Inc. 22 Jun 2026
- Tyson Foods, Inc. 5 Feb 2026
- Moderna, Inc. 6 May 2026
- Exact Sciences Corporation 20 Feb 2026
- Chewy, Inc. 10 Jul 2025
- Somnigroup International, Inc. 13 May 2026
- THE TORONTO-DOMINION BANK 16 Apr 2026
- Hamilton Lane Incorporated 4 Sep 2025
- TEGNA Inc. 18 Nov 2025
- Core Scientific, Inc. 30 Oct 2025
- Core Scientific, Inc. 12 May 2026
- Arrowhead Pharmaceuticals, Inc. 19 Mar 2026
- TeraWulf Inc. 9 Jun 2026
- TPG Inc. 3 Jun 2026
- TG Therapeutics, Inc. 11 Jun 2026
- C3.ai, Inc. 3 Oct 2025
- Hut 8 Corp. 11 Jun 2026
- Roivant Sciences Ltd. 10 Sep 2025
- Coty Inc. 6 Nov 2025
- DigitalBridge Group, Inc. 23 Apr 2026
- Opendoor Technologies Inc. 11 Jun 2026
- Applied Digital Corporation 5 Nov 2025
- Freshworks Inc. 28 May 2026
- Heidrick & Struggles International, Inc. 5 Dec 2025
- BioLife Solutions, Inc. 17 Jun 2026
- Cogent Communications Holdings, Inc. 1 May 2026
- Tootsie Roll Industries, Inc. 6 May 2026
- AMC Entertainment Holdings, Inc. 10 Dec 2025
- Arbor Realty Trust, Inc. 20 May 2026
- CNA Financial Corporation 29 Apr 2026
- ON HOLDING AG 28 May 2026
- PLAINS ALL AMERICAN PIPELINE, L.P. 20 May 2026
- Grid Dynamics Holdings, Inc. 23 Dec 2025
- Nabors Industries Ltd. 2 Jun 2026
Shareholder proposals it supported
Of 1,974 proposals from security holders that could be told apart in the filings and on which it cast a vote, Vanguard voted for 785 (39.8%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.
| Company | Meeting | Proposal |
|---|---|---|
| NVIDIA Corporation | 24 Jun 2026 | Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting... |
| Alphabet Inc. | 5 Jun 2026 | Shareholder proposal regarding equal shareholder voting |
| Tesla, Inc. | 6 Nov 2025 | A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to... |
| Tesla, Inc. | 6 Nov 2025 | Declassify the Board of Directors |
| Starbucks Corporation | 25 Mar 2026 | Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority... |
| Palo Alto Networks, Inc. | 9 Dec 2025 | To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding... |
| EXXON MOBIL CORPORATION | 27 May 2026 | Require Independent Board Chair |
| Meta Platforms, Inc. | 27 May 2026 | A shareholder proposal regarding annual vote regarding executive pay. |
| Meta Platforms, Inc. | 27 May 2026 | A shareholder proposal regarding dual class capital structure. |
| United Parcel Service, Inc. | 7 May 2026 | To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share. |
| FORD MOTOR COMPANY | 14 May 2026 | A shareholder proposal relating to a request that the Board take steps to implement one vote per share for... |
| Snowflake Inc. | 29 Jun 2026 | To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal... |
| Cintas Corporation | 28 Oct 2025 | A shareholder proposal regarding support for shareholder ability to call for a special shareholder meeting. |
| Airbnb, Inc. | 5 Jun 2026 | Dual-class sunset; and |
| Datadog, Inc. | 15 Jun 2026 | The stockholder proposal, if properly presented at the Annual Meeting, requesting the adoption of a simple... |
| NRG Energy, Inc. | 30 Apr 2026 | To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting |
| Keysight Technologies, Inc. | 19 Mar 2026 | Consider, on a non-binding advisory basis, a Stockholder Proposal: Shareholder Ability to Call for a... |
| Lennar Corporation | 8 Apr 2026 | Shareholder proposal: SHAREHOLDER RIGHTS AND DEFENSES |
| ON Semiconductor Corporation | 14 May 2026 | To vote on a stockholder proposal regarding simple majority voting |
| lululemon athletica inc. | 25 Jun 2026 | Declassify the Board of Directors |
| Zscaler, Inc. | 12 Jan 2026 | To vote on a non-binding stockholder proposal requesting the declassification of our board of directors. |
| HubSpot, Inc. | 15 Jun 2026 | A stockholder proposal to change the Company's Sixth Amended and Restated Bylaws to allow 10% holders of... |
| Norwegian Cruise Line Holdings Ltd. | 11 Jun 2026 | A shareholder proposal requesting the declassification of our board of directors |
| Norwegian Cruise Line Holdings Ltd. | 11 Jun 2026 | To consider and vote upon one shareholder proposal |
| Campbell Soup Company | 18 Nov 2025 | To vote on a shareholder proposal regarding simple majority voting. |
| TransUnion | 12 May 2026 | Advisory vote on a stockholder proposal requesting a stockholder right to call a special meeting. |
| Fortune Brands Innovations, Inc. | 5 May 2026 | Advisory vote to approve named executive officer compensation |
| Five Below, Inc. | 16 Jun 2026 | Shareholder proposal requesting that provisions in the Company's governance documents requiring greater... |
| OGE Energy Corp. | 14 May 2026 | Shareholder Proposal Regarding Simple Majority Vote. |
| Eagle Materials Inc. | 4 Aug 2025 | Non-binding advisory stockholder proposal requesting the declassification of our Board of Directors. |
| Wyndham Hotels & Resorts, Inc. | 14 May 2026 | To vote on a stockholder proposal, if properly presented at the meeting, regarding stockholder ability to... |
| Mohawk Industries, Inc. | 21 May 2026 | Stockholder proposal regarding a majority vote standard. |
| Bio-Rad Laboratories, Inc. | 21 Apr 2026 | Stockholder proposal regarding dual class capital structure. |
| The Wendy's Company | 20 May 2026 | S/h proposal - corporate governance |
| PENN Entertainment, Inc. | 16 Jun 2026 | Declassify the board of directors |
| Columbia Sportswear Company | 10 Jun 2026 | Shareholder proposal regarding proxy access. |
| Calix, Inc. | 14 May 2026 | To hold an advisory vote on a stockholder proposal relating to a simple majority vote. |
| BlackLine, Inc. | 7 May 2026 | Declassify the board of directors |
| Avis Budget Group, Inc. | 20 May 2026 | Adopt simple majority vote |
| THE BANK OF NOVA SCOTIA | 14 Apr 2026 | Shareholder Proposal Regarding Report on Use of Artificial Intelligence |
Shares on loan
Vanguard reported 118.07 billion shares on loan at record dates against 4.27 trillion shares voted: 2.69% of the two together. Median family: 1.53%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.
Filers grouped under this family
Grouping is by registrant and manager name, from a hand-maintained table. See the methodology.
Questions
How did Vanguard vote on executive pay?
In the year to 30 June 2026 Vanguard reported 133,950 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 126,106 were for (94.1%), 6,908 against and 936 abstentions. Counting one item per company meeting, it voted against management on 93 of the 3,252 say-on-pay items it marked either way. A further 6 say-on-pay items were reported without a management mark and are not counted in that figure.
How often does Vanguard vote against management?
20.1% of the time in the year to 30 June 2026: 435,944 of the 2,170,705 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.
Did Vanguard support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 6,886 votes on proposals from security holders in the year to 30 June 2026 and voted for 1,139 of them (16.5%). Across every category it voted for 42.0% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.
Is this the result of the meetings?
No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.
Where does the data come from?
From the Form N-PX filings of the registrants and managers grouped under this family on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.
Provenance: SEC EDGAR, Form N-PX and N-PX/A filings of the filers listed above, read as filed and not verified by the SEC. Filings read through 23 Sep 2026; page built 26 Sep 2026.