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Home / Families / Vanguard / year to 30 June 2025

Form N-PX · fund family · year to 30 June 202533 filers grouped

Vanguard

One season of the Vanguard record. The family page shows the latest season.

Vote records reported
1,418,338year to 30 June 2025
Against management
10.3%150,640 of 1,467,590 marked votes
Say-on-pay support
88.0%for, of for + against + abstain
Shareholder-proposal support
44.4%for, of for + against + abstain
87.1% for8.5% against4.3% other10.3% against management1,488,637 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

In its Form N-PX for the year to 30 June 2025, Vanguard listed 1,418,338 vote records. Votes against management made up 10.3% of those marked either way (150,640 of 1,467,590); the median of the fund families tracked here stood at 7.6%.

Weighted by the number of shares voted, the against-management share is 6.2%. 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 88.0% of the section 14A say-on-pay items it reported (the median of the fund families tracked here: 88.8%) and it voted for 44.4% of the proposals put forward by security holders (the median of the fund families tracked here: 29.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (27.1% of 5,086), INVESTMENT COMPANY MATTERS (21.9% of 160) and OTHER SOCIAL ISSUES (16.3% of 10,052).

It reported 72.77 billion shares out on loan at record dates, 1.45% 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 2025This familyMedian familyAll filers pooled
Against-management share10.3%7.6%9.7%
Say-on-pay support rate88.0%88.8%84.3%
Shareholder-proposal support rate44.4%29.5%33.0%
Shares on loan, share of shares held1.45%0.85%2.20%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%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)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS774,052682,98447,64410.4%
SECTION 14A SAY-ON-PAY VOTES101,14581,8137,74412.3%
AUDIT-RELATED108,28398,4866,2488.8%
INVESTMENT COMPANY MATTERS1601243621.9%
SHAREHOLDER RIGHTS AND DEFENSES5,8274,1171,13227.1%
EXTRAORDINARY TRANSACTIONS19,62218,9576123.1%
CAPITAL STRUCTURE143,561133,3989,5076.7%
COMPENSATION114,69397,52715,85312.5%
CORPORATE GOVERNANCE237,035205,86728,26110.3%
ENVIRONMENT OR CLIMATE7,6441,6335,63911.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE3,2341,3251,75112.3%
DIVERSITY, EQUITY, AND INCLUSION4,2331,2212,9663.2%
OTHER SOCIAL ISSUES10,0583,3846,28816.3%
OTHER12,89010,1432,6905.9%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20241,291,4576.5%96.3%45.1%
year to 30 June 20251,418,33810.3%88.0%44.4%
year to 30 June 20261,916,70720.1%94.1%42.0%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, Vanguard voted against management on 83 of the 3,249 it marked either way (2.6%) in the year to 30 June 2025. The 40 companies with the most reporting filers are listed.

A further 1 say-on-pay item was reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 2,399 proposals from security holders that could be told apart in the filings and on which it cast a vote, Vanguard voted for 1,191 (49.6%). 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.

CompanyMeetingProposal
Meta Platforms, Inc.28 May 2025A shareholder proposal regarding dual class capital structure.
The Charles Schwab Corporation22 May 2025Stockholder proposal requesting declassification of the board of directors
DUKE ENERGY CORPORATION1 May 2025Shareholder proposal regarding support simple majority vote
United Parcel Service, Inc.8 May 2025To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Boston Scientific Corporation1 May 2025Stockholder proposal titled "Support Simple Majority Vote."
Agilent Technologies, Inc.13 Mar 2025Declassify the Board of Directors
IDEXX Laboratories, Inc.7 May 2025Declassify the Board of Directors
Snowflake Inc.2 Jul 2024To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Keysight Technologies, Inc.20 Mar 2025Declassify the Board of Directors
Regions Financial Corporation16 Apr 2025Shareholder Proposal Relating to Simple Majority Vote.
Monolithic Power Systems, Inc.12 Jun 2025Vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting.
Skyworks Solutions, Inc.14 May 2025To approve a stockholder proposal regarding simple majority vote.
CMS Energy Corporation2 May 2025Vote on a Shareholder Proposal: Support Shareholder Ability to Call for a Special Shareholder Meeting.
Alexandria Real Estate Equities, Inc.13 May 2025To consider and vote upon a stockholder proposal titled "Simple Majority Vote".
Teledyne Technologies Incorporated23 Apr 2025Approval of a stockholder proposal to support shareholder ability to call for a special shareholder meeting
LKQ Corporation7 May 2025Advisory vote on a shareholder proposal to give shareholders the ability to call for a special shareholder...
Markel Group Inc.21 May 2025Shareholder proposal for simple majority vote.
Fortune Brands Innovations, Inc.14 May 2025If properly presented, a stockholder proposal to eliminate supermajority voting requirements.
Fidelity National Financial, Inc.11 Jun 2025Declassify the Board of Directors
Molina Healthcare, Inc.30 Apr 2025Stockholder proposal regarding stockholders ability to call a special stockholders meeting
Entegris, Inc.23 Apr 2025Stockholder Proposal Regarding Simple Majority Voting.
Revvity, Inc.22 Apr 2025To approve the shareholder proposal regarding ability to call a special shareholder meeting
US Foods Holding Corp.22 May 2025Stockholder proposal to adopt a right to call a special stockholder meeting at a 15% aggregate ownership...
Alphabet Inc.6 Jun 2025Stockholder proposal regarding equal shareholder voting
Medpace Holdings, Inc.16 May 2025Stockholder proposal regarding implementation of simple majority voting
Lantheus Holdings, Inc.1 May 2025The shareholder proposal regarding the declassification of our Board of Directors.
Lumen Technologies, Inc.13 May 2025Shareholder proposal regarding simple majority voting.
Murphy USA Inc.1 May 2025Declassify the Board of Directors
Masimo Corporation19 Sep 2024Shareholder proposal: CORPORATE GOVERNANCE
Graphic Packaging Holding Company21 May 2025Declassify the Board of Directors
Arrow Electronics, Inc.6 May 2025Advisory approval of a shareholder proposal to replace supermajority voting provisions in our charter and...
Hyatt Hotels Corporation21 May 2025Say on pay
First American Financial Corporation13 May 2025To vote on a non-binding stockholder proposal requesting simple majority voting requirements
Post Holdings, Inc.30 Jan 2025Shareholder proposal to eliminate all supermajority voting requirements.
BROOKFIELD CORPORATION6 Jun 2025The Shareholder Proposal set out in the Circular.
Choice Hotels International, Inc.15 May 2025Approval of a shareholder proposal requesting the Company consider a simple majority vote requirement in...
Sanmina Corporation10 Mar 2025To consider and vote upon the stockholder proposal entitled "Proposal 5 - Special Shareholder Meeting...
Asbury Automotive Group, Inc.13 May 2025Stockholder proposal to implement simple majority vote.
News Corporation20 Nov 2024The Starboard proposal, if properly presented at the meeting, requesting that the Board take the necessary...
ICU Medical, Inc.13 May 2025To approve, on an advisory basis, a stockholder proposal to adopt simple majority voting.

Shares on loan

Vanguard reported 72.77 billion shares on loan at record dates against 4.95 trillion shares voted: 1.45% of the two together. Median family: 0.85%. 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.

Questions

How did Vanguard vote on executive pay?

In the year to 30 June 2025 Vanguard reported 93,013 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 81,812 were for (88.0%), 7,742 against and 3,459 abstentions. Counting one item per company meeting, it voted against management on 83 of the 3,249 say-on-pay items it marked either way. A further 1 say-on-pay item was reported without a management mark and are not counted in that figure.

How often does Vanguard vote against management?

10.3% of the time in the year to 30 June 2025: 150,640 of the 1,467,590 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 6,324 votes on proposals from security holders in the year to 30 June 2025 and voted for 464 of them (7.3%). Across every category it voted for 44.4% 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.

Back to the Vanguard family page · All filers in the year to 30 June 2025

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings of the filers grouped under Vanguard, read as filed and not verified by the SEC. Filings read through 23 Sep 2026; page built 26 Sep 2026.