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VANGUARD SPECIALIZED FUNDS
fund voting report, part of Vanguard
- Vote records reported
- 26,302year to 30 June 2026
- Against management
- 26.8%9,098 of 33,958 marked votes
- Say-on-pay support
- 95.0%for, of for + against + abstain
- Shareholder-proposal support
- 26.9%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 SPECIALIZED FUNDS listed 26,302 vote records. Votes against management made up 26.8% of those marked either way (9,098 of 33,958); the median fund registrant stood at 6.2%.
Weighted by the number of shares voted, the against-management share is 4.6%. 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 26.9% of the proposals put forward by security holders (the median fund registrant: 27.5%).
By category, votes against management were most frequent in COMPENSATION (41.1% of 2,070), AUDIT-RELATED (32.3% of 2,786) and CORPORATE GOVERNANCE (31.6% of 1,459).
It reported 257.2 million shares out on loan at record dates, 0.57% 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 | 26.8% | 6.2% | 10.6% |
| Say-on-pay support rate | 95.0% | 91.6% | 86.0% |
| Shareholder-proposal support rate | 26.9% | 27.5% | 33.9% |
| Shares on loan, share of shares held | 0.57% | 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 | 23,916 | 17,408 | 3,353 | 27.1% | |
| SECTION 14A SAY-ON-PAY VOTES | 2,241 | 2,014 | 96 | 5.5% | |
| AUDIT-RELATED | 2,790 | 1,887 | 566 | 32.3% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 168 | 103 | 63 | 25.9% | |
| EXTRAORDINARY TRANSACTIONS | 125 | 86 | 22 | 28.8% | |
| CAPITAL STRUCTURE | 691 | 618 | 37 | 10.0% | |
| COMPENSATION | 2,084 | 1,217 | 446 | 41.1% | |
| CORPORATE GOVERNANCE | 1,515 | 904 | 397 | 31.6% | |
| ENVIRONMENT OR CLIMATE | 241 | 50 | 160 | 31.5% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 67 | 7 | 60 | 9.1% | |
| DIVERSITY, EQUITY, AND INCLUSION | 54 | 3 | 50 | 2.0% | |
| OTHER SOCIAL ISSUES | 310 | 80 | 191 | 30.0% | |
| OTHER | 1 | 0 | 1 | not reported |
By season
| Season | Vote records | Against management | Say-on-pay support | Shareholder-proposal support | Split |
|---|---|---|---|---|---|
| year to 30 June 2024 | 11,593 | 3.7% | 95.0% | 14.3% | |
| year to 30 June 2025 | 19,232 | 24.0% | 73.5% | 22.5% | |
| year to 30 June 2026 | 26,302 | 26.8% | 95.0% | 26.9% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, VANGUARD SPECIALIZED FUNDS voted against management on 13 of the 566 it marked either way (2.3%) in the year to 30 June 2026.
- Alphabet Inc. 5 Jun 2026
- Thermo Fisher Scientific Inc. 20 May 2026
- Texas Instruments Incorporated 16 Apr 2026
- American Express Company 5 May 2026
- ACCENTURE PLC 28 Jan 2026
- Intel Corporation 13 May 2026
- Welltower Inc. 21 May 2026
- Moderna, Inc. 6 May 2026
- Fluor Corporation 6 May 2026
- Opendoor Technologies Inc. 11 Jun 2026
- Tootsie Roll Industries, Inc. 6 May 2026
- Lakeland Financial Corporation 14 Apr 2026
- LandBridge Company LLC 18 Jun 2026
Shareholder proposals it supported
Of 232 proposals from security holders that could be told apart in the filings and on which it cast a vote, VANGUARD SPECIALIZED FUNDS voted for 21 (9.1%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.
| Company | Meeting | Proposal |
|---|---|---|
| Alphabet Inc. | 5 Jun 2026 | Shareholder proposal regarding equal shareholder voting |
| Eli Lilly and Company | 4 May 2026 | Shareholder proposal to adopt a policy and amend the bylaws to require an independent board chair. |
| CHEVRON CORPORATION | 27 May 2026 | Adopt an Independent Chair |
| Pfizer Inc. | 23 Apr 2026 | Adopt an Independent Chair Policy |
| Wells Fargo & Company | 28 Apr 2026 | Require Independent Board Chair |
| Wells Fargo & Company | 28 Apr 2026 | Shareholder Proposal - Energy Supply Ratio. |
| Texas Instruments Incorporated | 16 Apr 2026 | Stockholder proposal to permit stockholders to act by written consent. |
| Bristol-Myers Squibb Company | 5 May 2026 | Require Independent Board Chair |
| Starbucks Corporation | 25 Mar 2026 | Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority... |
| EXXON MOBIL CORPORATION | 27 May 2026 | Require Independent Board Chair |
| Colgate-Palmolive Company | 8 May 2026 | Stockholder proposal entitled "Independent Board Chairman." |
| Boston Scientific Corporation | 30 Apr 2026 | Stockholder proposal titled "Give Shareholders the Ability to Call for a Special Shareholder Meeting." |
| 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. |
| THE SOUTHERN COMPANY | 13 May 2026 | Stockholder proposal regarding a report on data center costs |
| Zoetis Inc. | 20 May 2026 | Shareholder proposal to permit shareholder action by written consent. |
| Vertex Pharmaceuticals Incorporated | 13 May 2026 | Shareholder proposal, if properly presented at the meeting, regarding shareholder right to act by written... |
| Northrop Grumman Corporation | 20 May 2026 | Shareholder proposal to provide for an independent Board chair. |
| Cintas Corporation | 28 Oct 2025 | A shareholder proposal regarding support for shareholder ability to call for a special shareholder meeting. |
| First Solar, Inc. | 13 May 2026 | Stockholder proposal to improve shareholder ability to call for a special shareholder meeting |
| Centene Corporation | 12 May 2026 | Stockholder proposal regarding an independent board chairman. |
Shares on loan
VANGUARD SPECIALIZED FUNDS reported 257.2 million shares on loan at record dates against 45.08 billion shares voted: 0.57% 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
7 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 DIVIDEND APPRECIATION INDEX FUND | 19,892 | 32.1% | 95.6% | 28.9% |
| VANGUARD GLOBAL CAPITAL CYCLES FUND | 1,584 | 4.7% | 92.6% | 25.0% |
| VANGUARD REAL ESTATE INDEX FUND | 1,584 | 1.8% | 97.9% | not reported |
| VANGUARD HEALTH CARE FUND | 1,015 | 2.9% | 96.6% | 33.3% |
| VANGUARD DIVIDEND GROWTH FUND | 842 | 5.0% | 91.5% | 21.3% |
| VANGUARD ENERGY OPPORTUNITIES FUND | 751 | 1.9% | 100.0% | 7.0% |
| VANGUARD GLOBAL ESG SELECT STOCK FUND | 634 | 4.7% | 91.3% | 11.5% |
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 0001104659-26-102060
- N-PX filed 27 Aug 2026 accession 0001104659-26-102061
- N-PX filed 27 Aug 2026 accession 0001104659-26-102064
- N-PX filed 27 Aug 2026 accession 0001104659-26-102066
- N-PX filed 27 Aug 2026 accession 0001104659-26-102070
- N-PX filed 27 Aug 2026 accession 0001104659-26-102071
- N-PX filed 27 Aug 2026 accession 0001104659-26-102074
- Every N-PX filing by this filer on EDGAR
Questions
How did VANGUARD SPECIALIZED FUNDS vote on executive pay?
In the year to 30 June 2026 VANGUARD SPECIALIZED FUNDS reported 2,119 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 2,014 were for (95.0%), 96 against and 9 abstentions. Counting one item per company meeting, it voted against management on 13 of the 566 say-on-pay items it marked either way.
How often does VANGUARD SPECIALIZED FUNDS vote against management?
26.8% of the time in the year to 30 June 2026: 9,098 of the 33,958 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 SPECIALIZED FUNDS support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 227 votes on proposals from security holders in the year to 30 June 2026 and voted for 45 of them (19.8%). Across every category it voted for 26.9% 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 SPECIALIZED FUNDS (filer no. 734383), 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.