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VANGUARD FENWAY FUNDS
fund voting report, part of Vanguard
- Vote records reported
- 6,177year to 30 June 2026
- Against management
- 1.3%78 of 6,100 marked votes
- Say-on-pay support
- 96.6%for, of for + against + abstain
- Shareholder-proposal support
- 5.9%for, of for + against + abstain
foragainstabstain, withhold or otheramber tick: the portion cast against management
VANGUARD FENWAY FUNDS reported 6,177 vote records for the year to 30 June 2026. It marked 1.3% of its votes as cast against management (78 of 6,100), 5.0 percentage points below the median fund registrant, which was 6.2%.
Weighted by the number of shares voted, the against-management share is 0.9%. 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 96.6% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 5.9% 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 (14.9% of 74), SECTION 14A SAY-ON-PAY VOTES (3.3% of 798) and CORPORATE GOVERNANCE (3.1% of 327).
It reported 850,800 shares out on loan at record dates, 0.01% 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 | 1.3% | 6.2% | 10.6% |
| Say-on-pay support rate | 96.6% | 91.6% | 86.0% |
| Shareholder-proposal support rate | 5.9% | 27.5% | 33.9% |
| Shares on loan, share of shares held | 0.01% | 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 | 4,032 | 3,973 | 20 | 0.7% | |
| SECTION 14A SAY-ON-PAY VOTES | 798 | 738 | 26 | 3.3% | |
| AUDIT-RELATED | 423 | 420 | 0 | 0.0% | |
| SHAREHOLDER RIGHTS AND DEFENSES | 75 | 35 | 38 | 14.9% | |
| EXTRAORDINARY TRANSACTIONS | 18 | 16 | 2 | 5.6% | |
| CAPITAL STRUCTURE | 132 | 126 | 3 | 0.8% | |
| COMPENSATION | 195 | 176 | 10 | 1.6% | |
| CORPORATE GOVERNANCE | 354 | 226 | 102 | 3.1% | |
| ENVIRONMENT OR CLIMATE | 63 | 2 | 61 | 0.0% | |
| HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE | 27 | 1 | 26 | 0.0% | |
| DIVERSITY, EQUITY, AND INCLUSION | 34 | 1 | 33 | 0.0% | |
| OTHER SOCIAL ISSUES | 76 | 5 | 71 | 0.0% | |
| 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 | 6,269 | 1.7% | 98.2% | 5.5% | |
| year to 30 June 2025 | 5,817 | 1.3% | 97.6% | 7.4% | |
| year to 30 June 2026 | 6,177 | 1.3% | 96.6% | 5.9% |
Say-on-pay votes against management
Counting one say-on-pay item per company meeting, VANGUARD FENWAY FUNDS voted against management on 9 of the 307 it marked either way (2.9%) in the year to 30 June 2026.
- The Walt Disney Company 18 Mar 2026
- T-Mobile US, Inc. 16 Jun 2026
- IQVIA Holdings Inc. 23 Apr 2026
- Las Vegas Sands Corp. 14 May 2026
- Whirlpool Corporation 21 Apr 2026
- FMC Corporation 28 Apr 2026
- Newell Brands Inc. 7 May 2026
- Capri Holdings Limited 7 Aug 2025
- Leslie's, Inc. 24 Mar 2026
Shareholder proposals it supported
Of 239 proposals from security holders that could be told apart in the filings and on which it cast a vote, VANGUARD FENWAY FUNDS voted for 14 (5.9%). 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... |
| S&P Global Inc. | 20 May 2026 | Vote on a shareholder proposal to reduce the stock ownership threshold for calling a special shareholder... |
| THE BOEING COMPANY | 17 Apr 2026 | Action by Written Consent. |
| 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 disclosure of voting results by share class. |
| 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. |
| PayPal Holdings, Inc. | 19 May 2026 | Stockholder Proposal - Reduce Threshold to Call Special Meetings of Stockholders. |
| FedEx Corporation | 29 Sep 2025 | Stockholder proposal regarding independent board chairman. |
| L3Harris Technologies, Inc. | 11 May 2026 | Shareholder Proposal titled "Improve Shareholder Ability to Call for a Special Shareholder Meeting". |
| NRG Energy, Inc. | 30 Apr 2026 | To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting |
| Regions Financial Corporation | 6 May 2026 | Shareholder Proposal Relating to Special Shareholder Meeting. |
| Tyson Foods, Inc. | 5 Feb 2026 | Shareholder proposal regarding disclosure of voting results based on class of shares. |
| BJ's Wholesale Club Holdings, Inc. | 18 Jun 2026 | Vote on a shareholder proposal regarding adopting a majority voting standard |
| Norwegian Cruise Line Holdings Ltd. | 11 Jun 2026 | To consider and vote upon one shareholder proposal |
Shares on loan
VANGUARD FENWAY FUNDS reported 850,800 shares on loan at record dates against 5.68 billion shares voted: 0.01% 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
2 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 EQUITY INCOME FUND | 3,456 | 1.0% | 97.7% | 4.2% |
| VANGUARD PRIMECAP CORE FUND | 2,721 | 1.6% | 94.9% | 7.7% |
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 0001104659-26-101926
- N-PX filed 27 Aug 2026 accession 0001104659-26-101928
- Every N-PX filing by this filer on EDGAR
Questions
How did VANGUARD FENWAY FUNDS vote on executive pay?
In the year to 30 June 2026 VANGUARD FENWAY FUNDS reported 764 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 738 were for (96.6%), 26 against and 0 abstentions. Counting one item per company meeting, it voted against management on 9 of the 307 say-on-pay items it marked either way.
How often does VANGUARD FENWAY FUNDS vote against management?
1.3% of the time in the year to 30 June 2026: 78 of the 6,100 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 FENWAY FUNDS support shareholder proposals on climate?
In the category ENVIRONMENT OR CLIMATE it reported 61 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 5.9% 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 FENWAY FUNDS (filer no. 826473), 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.