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VANGUARD TRUSTEES' EQUITY FUND
fund voting report, part of Vanguard
- Vote records reported
- 16,355year to 30 June 2026
- Against management
- 15.4%2,384 of 15,503 marked votes
- Say-on-pay support
- 95.0%for, of for + against + abstain
- Shareholder-proposal support
- 81.2%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
VANGUARD TRUSTEES' EQUITY FUND reported 16,355 vote records for the year to 30 June 2026. It marked 15.4% of its votes as cast against management (2,384 of 15,503), 9.1 percentage points above the median fund registrant, which was 6.2%.
Weighted by the number of shares voted, the against-management share is 12.8%. 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 95.0% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 81.2% of the proposals put forward by security holders (the median fund registrant: 27.5%).
By category, votes against management were most frequent in CORPORATE GOVERNANCE (26.2% of 5,451), OTHER SOCIAL ISSUES (22.5% of 40) and DIRECTOR ELECTIONS (11.2% of 4,233).
It reported 240.7 million shares out on loan at record dates, 0.44% 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 1,241 fund registrants with at least 25 vote records in the season.
| year to 30 June 2026 | This filer | Median fund registrant | All filers pooled |
|---|---|---|---|
| Against-management share | 15.4% | 6.2% | 10.6% |
| Say-on-pay support rate | 95.0% | 91.6% | 86.0% |
| Shareholder-proposal support rate | 81.2% | 27.5% | 33.9% |
| Shares on loan, share of shares held | 0.44% | 0.00% | 3.12% |
| Largest families, year to 30 June 2026 | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|
| Vanguard | 20.1% | 94.1% | 42.0% |
| 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 | 4,724 | 3,897 | 441 | 11.2% | |
| SECTION 14A SAY-ON-PAY VOTES | 82 | 76 | 4 | 5.0% | |
| AUDIT-RELATED | 865 | 811 | 33 | 6.2% | |
| INVESTMENT COMPANY MATTERS | 6 | 5 | 1 | 16.7% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 16 | 9 | 5 | 35.7% | |
| EXTRAORDINARY TRANSACTIONS | 379 | 374 | 5 | 1.3% | |
| CAPITAL STRUCTURE | 3,199 | 2,945 | 249 | 7.8% | |
| COMPENSATION | 1,597 | 1,419 | 166 | 10.3% | |
| CORPORATE GOVERNANCE | 5,525 | 4,049 | 1,442 | 26.2% | |
| ENVIRONMENT OR CLIMATE | 24 | 9 | 14 | 8.3% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 4 | 4 | 0 | 0.0% | |
| DIVERSITY, EQUITY, AND INCLUSION | 4 | 4 | 0 | 0.0% | |
| OTHER SOCIAL ISSUES | 40 | 31 | 7 | 22.5% | |
| OTHER | 373 | 340 | 26 | 4.9% |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 7,848 | 11.2% | 95.7% | 70.6% | |
| year to 30 June 2025 | 7,999 | 11.1% | 89.2% | 48.5% | |
| year to 30 June 2026 | 16,355 | 15.4% | 95.0% | 81.2% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, VANGUARD TRUSTEES' EQUITY FUND voted against management on 2 of the 34 it marked either way (5.9%) in the year to 30 June 2026.
A further 1 say-on-pay item was reported without a management mark and are left out of both sides of that fraction.
- Siemens Healthineers AG 5 Feb 2026
- KGHM Polska Miedz SA 9 Jun 2026
Shareholder proposals it supported
Of 115 proposals from security holders that could be told apart in the filings and on which it cast a vote, VANGUARD TRUSTEES' EQUITY FUND voted for 73 (63.5%). 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 |
|---|---|---|
| NextEra Energy, Inc. | 21 May 2026 | Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals |
| Autodesk, Inc. | 17 Jun 2026 | Stockholder proposal requesting amendment to stockholder special meeting right. |
| AGCO Corporation | 23 Apr 2026 | Stockholder proposal regarding giving stockholders an ability to call for a special stockholder meeting |
| Contemporary Amperex Technology Co., Ltd. | 25 Dec 2025 | Shareholder proposal: CAPITAL STRUCTURE |
| PT Bank Mandiri (Persero) Tbk | 19 Dec 2025 | Approve Delegation of Authority for Approval of the 2026 Company Work Plan and Budget |
| Powszechny Zaklad Ubezpieczen SA | 23 Dec 2025 | Shareholder Proposal Regarding Approval of Claim to Seek Compensation for Losses against Beata... |
| Itau Unibanco Holding SA | 28 Apr 2026 | Shareholder proposal: AUDIT-RELATED |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Shareholder proposal: CAPITAL STRUCTURE |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Amend Articles of Association |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Approve A Share Core Employee Stock Ownership Plan (Draft) and Its Summary |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Approve Change of Use and Cancellation of Repurchased Shares |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Approve Restatement and Amendment of The H Share Restricted Share Unit Scheme |
| Haier Smart Home Co., Ltd. | 24 Jun 2026 | Authorize Board and Its Authorized Persons to Handle All Matters Relating to the A-Share Core Employee... |
| Aluminum Corporation of China Limited | 22 Dec 2025 | Shareholder proposal: EXTRAORDINARY TRANSACTIONS |
| PT Bank Rakyat Indonesia (Persero) Tbk | 17 Dec 2025 | Shareholder proposal: CORPORATE GOVERNANCE |
| KGHM Polska Miedz SA | 20 Jan 2026 | Shareholder Proposal Regarding Coverage of Meeting Costs |
| PT Bank Rakyat Indonesia (Persero) Tbk | 10 Apr 2026 | Amend Articles of Association |
| DB Insurance Co., Ltd. | 20 Mar 2026 | Please note that this resolution is a shareholder proposal: approval of amendments to the articles of... |
| NAURA Technology Group Co., Ltd. | 8 Dec 2025 | Approve Authorization of the Board to Handle All Related Matters |
| NAURA Technology Group Co., Ltd. | 8 Dec 2025 | Approve Implementation and Assessment Management Measures for Stock Option Incentive Plan |
| NAURA Technology Group Co., Ltd. | 8 Dec 2025 | Approve Stock Option Incentive Plan and Its Summary |
| Sungrow Power Supply Co., Ltd. | 24 Apr 2026 | Amend Articles of Association |
| Sungrow Power Supply Co., Ltd. | 24 Apr 2026 | Approve Determining the Roles of Company Directors |
| PT Bank Negara Indonesia (Persero) Tbk | 15 Dec 2025 | Shareholder proposal: CORPORATE GOVERNANCE |
| PGE Polska Grupa Energetyczna SA | 4 Dec 2025 | Amend Statute |
| Shandong Gold Mining Co., Ltd. | 24 Dec 2025 | Shareholder proposal: INVESTMENT COMPANY MATTERS |
| Companhia Energetica de Minas Gerais SA | 30 Apr 2026 | Shareholder proposal: AUDIT-RELATED |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Authorization of the Board to Handle All Related Matters |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Background, Purpose, Commercial Rationale, Necessity, Feasibility Analysis of Spin-off |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Company's Independence and Continued Operation |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Completeness and Compliance of Legal Procedures in Spin-off and Validity of Submitted Legal Documents |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Completion of Raised Funds Project and Use Remaining Raised Funds to Supplement Working Capital |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Initial Public Offering of H Shares and Listing of Subsidiary on Main Board of Hong Kong Stock... |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Shareholdings of Certain Directors, Senior Managers, and Their Related Parties in the Spin-off |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Spin-off of Subsidiary for Listing on Main Board of Hong Kong Stock Exchange Complies with... |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Approve Spin-off of Subsidiary for Listing on the Main Board of the Hong Kong Stock Exchange is Beneficial... |
| Zhejiang Dahua Technology Co., Ltd. | 28 Nov 2025 | Shareholder proposal: CORPORATE GOVERNANCE |
| Bank of Hangzhou Co., Ltd. | 31 Dec 2025 | Shareholder proposal: CORPORATE GOVERNANCE |
| 360 Security Technology, Inc. | 16 Sep 2025 | Approve Interim Profit Distribution |
| Datang International Power Generation Co., Ltd. | 28 Oct 2025 | Shareholder proposal: CORPORATE GOVERNANCE |
Shares on loan
VANGUARD TRUSTEES' EQUITY FUND reported 240.7 million shares on loan at record dates against 54.20 billion shares voted: 0.44% of the two together. Median fund registrant: 0.00%. 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.
Fund series in this filing
3 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.
| Series | Vote records | Against management | Say-on-pay support | Shareholder-proposal support |
|---|---|---|---|---|
| VANGUARD EMERGING MARKETS SELECT STOCK FUND | 12,246 | 16.9% | 94.1% | 77.6% |
| VANGUARD INTERNATIONAL VALUE FUND | 3,550 | 12.0% | 92.3% | 0.0% |
| VANGUARD GLOBAL ENVIRONMENTAL OPPORTUNITIES STOCK FUND | 559 | 4.7% | 100.0% | 75.0% |
The filings
These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.
- N-PX filed 27 Aug 2026 accession 0001104659-26-102051
- N-PX filed 27 Aug 2026 accession 0001104659-26-102055
- N-PX filed 27 Aug 2026 accession 0001104659-26-102056
- Every N-PX filing by this filer on EDGAR
Questions
How did VANGUARD TRUSTEES' EQUITY FUND vote on executive pay?
In the year to 30 June 2026 VANGUARD TRUSTEES' EQUITY FUND reported 80 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 76 were for (95.0%), 4 against and 0 abstentions. Counting one item per company meeting, it voted against management on 2 of the 34 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 TRUSTEES' EQUITY FUND vote against management?
15.4% of the time in the year to 30 June 2026: 2,384 of the 15,503 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 TRUSTEES' EQUITY FUND support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 15 votes on proposals from security holders in the year to 30 June 2026 and voted for 1 of them (6.7%). Across every category it voted for 81.2% 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 this filer 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 by VANGUARD TRUSTEES' EQUITY FUND (filer no. 313850), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.