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Form N-PX · fund registrantSEC filer no. 891190

VANGUARD ADMIRAL FUNDS

fund voting report, part of Vanguard

Vote records reported
134,907year to 30 June 2026
Against management
32.3%59,821 of 185,251 marked votes
Say-on-pay support
93.2%for, of for + against + abstain
Shareholder-proposal support
31.2%for, of for + against + abstain
66.6% for17.8% against15.5% other32.3% against management185,492 votes

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

VANGUARD ADMIRAL FUNDS reported 134,907 vote records for the year to 30 June 2026. It marked 32.3% of its votes as cast against management (59,821 of 185,251), 26.1 percentage points above the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 1.5%. 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 93.2% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 31.2% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in COMPENSATION (48.1% of 14,165), CORPORATE GOVERNANCE (42.5% of 4,785) and OTHER SOCIAL ISSUES (39.5% of 707).

It reported 63.5 million shares out on loan at record dates, 0.88% 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 share32.3%6.2%10.6%
Say-on-pay support rate93.2%91.6%86.0%
Shareholder-proposal support rate31.2%27.5%33.9%
Shares on loan, share of shares held0.88%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 ELECTIONS132,14089,53922,08532.2%
SECTION 14A SAY-ON-PAY VOTES13,03110,8866428.9%
AUDIT-RELATED17,25411,1433,71235.4%
SHAREHOLDER RIGHTS AND DEFENSES82553725327.0%
EXTRAORDINARY TRANSACTIONS6544659928.4%
CAPITAL STRUCTURE1,23189818628.1%
COMPENSATION14,1907,3243,71248.1%
CORPORATE GOVERNANCE4,8252,5271,50442.5%
ENVIRONMENT OR CLIMATE59113935838.9%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE1382511316.1%
DIVERSITY, EQUITY, AND INCLUSION145181269.9%
OTHER SOCIAL ISSUES71417142539.5%
OTHER330not reported

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202434,3351.6%97.9%12.3%
year to 30 June 202539,27711.0%90.1%20.3%
year to 30 June 2026134,90732.3%93.2%31.2%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, VANGUARD ADMIRAL FUNDS voted against management on 28 of the 1,473 it marked either way (1.9%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 423 proposals from security holders that could be told apart in the filings and on which it cast a vote, VANGUARD ADMIRAL FUNDS voted for 34 (8.0%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
Tesla, Inc.6 Nov 2025A shareholder proposal to seek shareholder approval before adopting an amendment to the bylaws pursuant to...
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to a request that the Board take steps to implement one vote per share for...
Cintas Corporation28 Oct 2025A shareholder proposal regarding support for shareholder ability to call for a special shareholder meeting.
Airbnb, Inc.5 Jun 2026Dual-class sunset; and
NRG Energy, Inc.30 Apr 2026To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting
Keysight Technologies, Inc.19 Mar 2026Consider, on a non-binding advisory basis, a Stockholder Proposal: Shareholder Ability to Call for a...
Lennar Corporation8 Apr 2026Shareholder proposal: SHAREHOLDER RIGHTS AND DEFENSES
ON Semiconductor Corporation14 May 2026To vote on a stockholder proposal regarding simple majority voting
lululemon athletica inc.25 Jun 2026Declassify the Board of Directors
Norwegian Cruise Line Holdings Ltd.11 Jun 2026A shareholder proposal requesting the declassification of our board of directors
Campbell Soup Company18 Nov 2025To vote on a shareholder proposal regarding simple majority voting.
TransUnion12 May 2026Advisory vote on a stockholder proposal requesting a stockholder right to call a special meeting.
Henry Schein, Inc.21 May 2026Proposal to approve, by non-binding vote, a shareholder proposal to Govern by Majority Vote.
Five Below, Inc.16 Jun 2026Shareholder proposal requesting that provisions in the Company's governance documents requiring greater...
OGE Energy Corp.14 May 2026Shareholder Proposal Regarding Simple Majority Vote.
Eagle Materials Inc.4 Aug 2025Non-binding advisory stockholder proposal requesting the declassification of our Board of Directors.
Wyndham Hotels & Resorts, Inc.14 May 2026To vote on a stockholder proposal, if properly presented at the meeting, regarding stockholder ability to...
Mohawk Industries, Inc.21 May 2026Stockholder proposal regarding a majority vote standard.
Bio-Rad Laboratories, Inc.21 Apr 2026Stockholder proposal regarding dual class capital structure.
The Wendy's Company20 May 2026S/h proposal - corporate governance
PENN Entertainment, Inc.16 Jun 2026Declassify the board of directors
Columbia Sportswear Company10 Jun 2026Shareholder proposal regarding proxy access.
Calix, Inc.14 May 2026To hold an advisory vote on a stockholder proposal relating to a simple majority vote.
BlackLine, Inc.7 May 2026Declassify the board of directors
Avis Budget Group, Inc.20 May 2026Adopt simple majority vote
Bloomin' Brands, Inc.22 Apr 2026Shareholder proposal: CAPITAL STRUCTURE

Shares on loan

VANGUARD ADMIRAL FUNDS reported 63.5 million shares on loan at record dates against 7.12 billion shares voted: 0.88% 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

8 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 S&P 500 VALUE INDEX FUND25,39931.6%94.7%28.5%
VANGUARD S&P SMALL-CAP 600 INDEX FUND24,63833.1%93.9%39.0%
VANGUARD S&P SMALL-CAP 600 VALUE INDEX FUND20,00332.7%94.6%38.8%
VANGUARD S&P MID-CAP 400 INDEX FUND18,21432.0%94.6%35.5%
VANGUARD S&P MID-CAP 400 VALUE INDEX FUND14,36232.2%94.6%35.3%
VANGUARD S&P SMALL-CAP 600 GROWTH INDEX FUND13,09932.4%94.6%40.9%
VANGUARD S&P MID-CAP 400 GROWTH INDEX FUND9,71731.3%94.9%38.1%
VANGUARD S&P 500 GROWTH INDEX FUND9,47532.8%95.0%28.8%

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 ADMIRAL FUNDS vote on executive pay?

In the year to 30 June 2026 VANGUARD ADMIRAL FUNDS reported 11,685 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 10,886 were for (93.2%), 642 against and 157 abstentions. Counting one item per company meeting, it voted against management on 28 of the 1,473 say-on-pay items it marked either way.

How often does VANGUARD ADMIRAL FUNDS vote against management?

32.3% of the time in the year to 30 June 2026: 59,821 of the 185,251 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 ADMIRAL FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 580 votes on proposals from security holders in the year to 30 June 2026 and voted for 136 of them (23.4%). Across every category it voted for 31.2% 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 ADMIRAL FUNDS (filer no. 891190), 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.