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Form N-PX · fund registrantSEC filer no. 34066

VANGUARD EXPLORER FUND

fund voting report, part of Vanguard

Vote records reported
8,281year to 30 June 2026
Against management
3.7%281 of 7,654 marked votes
Say-on-pay support
94.9%for, of for + against + abstain
Shareholder-proposal support
40.8%for, of for + against + abstain
94.1% for2.4% against3.5% other3.7% against management8,258 votes

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

In its Form N-PX for the year to 30 June 2026, VANGUARD EXPLORER FUND listed 8,281 vote records. Votes against management made up 3.7% of those marked either way (281 of 7,654); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 3.3%. 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 94.9% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 40.8% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (23.7% of 38), CORPORATE GOVERNANCE (8.3% of 180) and COMPENSATION (8.1% of 273).

It reported 37.7 million shares out on loan at record dates, 0.98% 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 2026This filerMedian fund registrantAll filers pooled
Against-management share3.7%6.2%10.6%
Say-on-pay support rate94.9%91.6%86.0%
Shareholder-proposal support rate40.8%27.5%33.9%
Shares on loan, share of shares held0.98%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
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 ELECTIONS4,9744,804503.5%
SECTION 14A SAY-ON-PAY VOTES1,7621,512824.2%
AUDIT-RELATED86486400.0%
SHAREHOLDER RIGHTS AND DEFENSES4135523.7%
EXTRAORDINARY TRANSACTIONS302913.7%
CAPITAL STRUCTURE979344.3%
COMPENSATION292269228.1%
CORPORATE GOVERNANCE200172278.3%
ENVIRONMENT OR CLIMATE6330.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE1100.0%
DIVERSITY, EQUITY, AND INCLUSION4130.0%
OTHER SOCIAL ISSUES4220.0%
OTHER110not reported

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20247,6874.6%93.0%36.1%
year to 30 June 20258,1463.3%93.8%37.9%
year to 30 June 20268,2813.7%94.9%40.8%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, VANGUARD EXPLORER FUND voted against management on 22 of the 623 it marked either way (3.5%) in the year to 30 June 2026.

A further 25 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 44 proposals from security holders that could be told apart in the filings and on which it cast a vote, VANGUARD EXPLORER FUND voted for 18 (40.9%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
IDEXX Laboratories, Inc.12 May 2026Shareholder Proposal to Give Shareholders the Ability to Call for a Special Shareholder Meeting (Proposal...
NRG Energy, Inc.30 Apr 2026To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting
Verisk Analytics, Inc.19 May 2026Shareholder Proposal - Shareholder Right to Act by Written Consent.
ON Semiconductor Corporation14 May 2026To vote on a stockholder proposal regarding simple majority voting
Domino's Pizza, Inc.21 Apr 2026Shareholder proposal regarding an independent board chair requirement.
BJ's Wholesale Club Holdings, Inc.18 Jun 2026Vote on a shareholder proposal regarding a report on deforestation in the company's own-brand supply chain
BJ's Wholesale Club Holdings, Inc.18 Jun 2026Vote on a shareholder proposal regarding a report on greenhouse gas emissions reduction efforts
Entegris, Inc.6 May 2026Stockholder Proposal: Providing stockholders the right to call special meetings of stockholders.
Norwegian Cruise Line Holdings Ltd.11 Jun 2026A shareholder proposal requesting the declassification of our board of directors
Medpace Holdings, Inc.15 May 2026Stockholder proposal regarding giving shareholders an ability to call for a special shareholder meeting
Five Below, Inc.16 Jun 2026Shareholder proposal requesting that provisions in the Company's governance documents requiring greater...
The Timken Company8 May 2026Corporate governance
Eagle Materials Inc.4 Aug 2025Non-binding advisory stockholder proposal requesting the declassification of our Board of Directors.
Ryder System, Inc.1 May 2026To vote, on an advisory basis, on a shareholder proposal regarding an independent board chair.
Meritage Homes Corporation21 May 2026Shareholder proposal to improve shareholder ability to call for a special shareholder meeting.
Graphic Packaging Holding Company11 Jun 2026Stockholder Proposal - Give Shareholders the Ability to call for a Special Shareholder Meeting.
Calix, Inc.14 May 2026To hold an advisory vote on a stockholder proposal relating to a simple majority vote.
Bloomin' Brands, Inc.22 Apr 2026Shareholder proposal: CAPITAL STRUCTURE

Shares on loan

VANGUARD EXPLORER FUND reported 37.7 million shares on loan at record dates against 3.83 billion shares voted: 0.98% 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

1 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
VANGUARD EXPLORER FUND8,2813.7%95.1%40.8%

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.

Questions

How did VANGUARD EXPLORER FUND vote on executive pay?

In the year to 30 June 2026 VANGUARD EXPLORER FUND reported 1,594 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 1,512 were for (94.9%), 82 against and 0 abstentions. Counting one item per company meeting, it voted against management on 22 of the 623 say-on-pay items it marked either way. A further 25 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does VANGUARD EXPLORER FUND vote against management?

3.7% of the time in the year to 30 June 2026: 281 of the 7,654 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 EXPLORER FUND support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 5 votes on proposals from security holders in the year to 30 June 2026 and voted for 2 of them (40.0%). Across every category it voted for 40.8% 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 EXPLORER FUND (filer no. 34066), 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.