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Vanguard 2024-2025: where it broke with the board

At least 6,065 proposals in the 2024-2025 proxy season: Vanguard voted against, or withheld its votes from, at least 6,000 proposals put forward by company boards, and voted for 65 shareholder proposals, by its own Form N-PX filings.

Two kinds of vote are listed: a board-sponsored proposal Vanguard voted AGAINST or withheld on, and a shareholder proposal it voted FOR, with the board’s recommendation on it where the filings show one. A FOR vote on a proposal the board supported, or took no position on, is listed and labelled, but it is not a vote against the board. One row is one proposal at one meeting; “funds” is how many of the manager’s funds or accounts voted that way.

Everything Only shareholder proposals it backed

6,065 proposals. The board-sponsored half of this list keeps the 6,000 proposals with the most funds behind them; the rest are in the interactive database. Every shareholder proposal it backed is listed in full.

Vanguard, 2024-2025 proxy season. Who put a proposal on the ballot is taken from the filer’s own N-PX answer (Item 1(h)), or, marked “inferred”, from its category and wording where the filing does not say; see how we count these.
CompanyMeetingProposalCategory On the ballot fromBoard recommendedVanguard votedFunds
EVERCOMMERCE INC. June 20, 2025 Election of Class I Directors to serve until the 2028 Annual Meeting of Stockholders and until their respective successors shall have been duly elected and qualified: Penny Baldwin-Leonard Director Elections Board WITHHOLD 4
EZ TEC EMPREENDIMENTOS E PARTICIPACOES SA April 25, 2025 Elect Directors Director Elections Board AGAINST 4
EZ TEC EMPREENDIMENTOS E PARTICIPACOES SA April 25, 2025 In Case Cumulative Voting Is Adopted, Do You Wish to Equally Distribute Your Votes Amongst the Nominees below? Director Elections Board ABSTAIN 4
EZ TEC EMPREENDIMENTOS E PARTICIPACOES SA April 25, 2025 Percentage of Votes to Be Assigned - Elect Anis Chacur Neto as Independent Director Director Elections Board ABSTAIN 4
EZ TEC EMPREENDIMENTOS E PARTICIPACOES SA April 25, 2025 Percentage of Votes to Be Assigned - Elect Flavio Ernesto Zarzur as Board Chair Director Elections Board ABSTAIN 4
NIKE INC. September 10, 2024 To consider a shareholder proposal regarding a Supply Chain Management Report, if properly presented at the meeting. Other Social Issues Shareholder Against FOR 4
WELLS FARGO & CO. April 29, 2025 Shareholder Proposal - Energy Supply Ratio. Environment or Climate Shareholder Against FOR 4
FEDEX CORP. September 23, 2024 Stockholder proposal regarding a Just Transition report. Environment or Climate Shareholder Against FOR 3
FEDEX CORP. September 23, 2024 Stockholder proposal regarding climate lobbying alignment with company's carbon neutral goals. Environment or Climate Shareholder Against FOR 3
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding report on AI data usage oversight. Other Social Issues Shareholder Against FOR 3
NIKE INC. September 10, 2024 To consider a shareholder proposal regarding Environmental Targets, if properly presented at the meeting. Environment or Climate Shareholder Against FOR 3
ALPHABET INC. June 6, 2025 Stockholder proposal regarding a human rights impact assessment of AI-driven targeted ad policies Human Rights or Human Capital/workforce Shareholder Against FOR 2
AMAZON.COM May 21, 2025 SHAREHOLDER PROPOSAL REQUESTING ADDITIONAL REPORTING ON IMPACT OF DATA CENTERS ON CLIMATE COMMITMENTS Environment or Climate Shareholder Against FOR 2
AMAZON.COM May 21, 2025 SHAREHOLDER PROPOSAL REQUESTING ALTERNATIVE EMISSIONS REPORTING Environment or Climate Shareholder Against FOR 2
CINTAS CORP. October 29, 2024 A shareholder proposal regarding political disclosure, if properly presented at the meeting. Other Social Issues Shareholder Against FOR 2
CONSTELLATION BRANDS INC. July 17, 2024 Stockholder proposal on greenhouse gas emissions. Environment or Climate Shareholder Against FOR 2
CONSTELLATION BRANDS INC. July 17, 2024 Stockholder proposal on managing supply chain water risk. Environment or Climate Shareholder Against FOR 2
COSTAR GROUP INC. June 26, 2025 Stockholder proposal regarding support for transparency in political spending, if properly presented. Other Social Issues Shareholder Against FOR 2
DEERE & CO. February 26, 2025 Shareholder proposal on a civil rights audit Diversity, Equity, and Inclusion Shareholder Against FOR 2
DEERE & CO. February 26, 2025 Shareholder proposal on a report on effectiveness of efforts to create a meritocratic workplace Diversity, Equity, and Inclusion Shareholder Against FOR 2
KRAFT HEINZ CO. May 8, 2025 Stockholder Proposal - Report on plastic packaging, if properly presented. Environment or Climate Shareholder Against FOR 2
KRAFT HEINZ CO. May 8, 2025 Stockholder Proposal - Report on recyclability claims, if properly presented. Environment or Climate Shareholder Against FOR 2
MONDELEZ INTERNATIONAL INC. May 21, 2025 Shareholder Proposal: Third-party report assessing effectiveness of implementation of human rights policy Human Rights or Human Capital/workforce Shareholder Against FOR 2
VISA INC. January 28, 2025 Shareholder proposal on transparency in lobbying. Other Social Issues Shareholder Against FOR 2
ALPHABET INC. June 6, 2025 Stockholder proposal regarding a human rights impact assessment of Al-driven targeted ad policies Human Rights or Human Capital/workforce Shareholder Against FOR 1
ALPHABET INC. June 6, 2025 Stockholder proposal regarding a report on AI data usage oversight Other Social Issues Shareholder Against FOR 1
ALPHABET INC. June 6, 2025 Stockholder proposal regarding a report on Al data usage oversight Other Social Issues Shareholder Against FOR 1
AMAZON.COM INC. May 21, 2025 SHAREHOLDER PROPOSAL REQUESTING A REPORT ON WAREHOUSE WORKING CONDITIONS Human Rights or Human Capital/workforce Shareholder Against FOR 1
CAESARS ENTERTAINMENT INC. June 10, 2025 Shareholder Proposal: A Shareholder Proposal Regarding Adoption Of A Smokefree Policy For Caesars Entertainment Properties. Other Social Issues Shareholder Against FOR 1
CASEY'S GENERAL STORES INC. August 28, 2024 Shareholder proposal regarding greenhouse gas emissions reporting. Environment or Climate Shareholder Against FOR 1
CBOE GLOBAL MARKETS INC. May 6, 2025 Stockholder proposal regarding political spending. Other Social Issues Shareholder Against FOR 1
CHARTER COMMUNICATIONS INC. April 22, 2025 Stockholder proposal regarding political expenditures report. Other Social Issues Shareholder Against FOR 1
DRAFTKINGS INC. May 19, 2025 To consider a shareholder proposal regarding board matrix disclosure. Diversity, Equity, and Inclusion Shareholder Against FOR 1
ELEVANCE HEALTH INC. May 14, 2025 Shareholder proposal requesting report on the effectiveness of Diversity, Equity and Inclusion efforts. Diversity, Equity, and Inclusion Shareholder Against FOR 1
GENERAL DYNAMICS CORP. May 7, 2025 Shareholder Proposal - Human Rights Impact Assessment Human Rights or Human Capital/workforce Shareholder Against FOR 1
GENERAL MILLS INC. September 24, 2024 Shareholder Proposal - Disclosure of Regenerative Agriculture Practices Within Supply Chain. Environment or Climate Shareholder Against FOR 1
GENERAL MILLS INC. September 24, 2024 Shareholder Proposal - Plastic Packaging. Environment or Climate Shareholder Against FOR 1
HCA HEALTHCARE INC. April 24, 2025 Stockholder proposal, if properly presented at the meeting, regarding an amendment to Patient Safety and Quality of Care Committee charter. Other Social Issues Shareholder Against FOR 1
HCA HEALTHCARE INC. April 24, 2025 Stockholder proposal, if properly presented at the meeting, regarding report on acquisition strategy. Other Social Issues Shareholder Against FOR 1
KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. May 13, 2025 Vote on a stockholder proposal regarding support for transparency in political spending. Other Social Issues Shareholder Against FOR 1
L3HARRIS TECHNOLOGIES INC. April 18, 2025 Shareholder Proposal titled "Transparency in Lobbying". Other Social Issues Shareholder Against FOR 1
MARKEL May 21, 2025 Shareholder proposal for a report on the Company s greenhouse gas emissions. Environment or Climate Shareholder Against FOR 1
MERCK & CO. INC. May 27, 2025 Shareholder proposal regarding a human rights impact assessment. Human Rights or Human Capital/workforce Shareholder Against FOR 1
MERCK & CO. INC. May 27, 2025 Shareholder proposal regarding a report on civil liberties in advertising services. Environment or Climate Shareholder Against FOR 1
MERCK & CO. INC. May 27, 2025 Shareholder proposal regarding a tax transparency report. Other Social Issues Shareholder Against FOR 1
MERCK & CO. INC. May 27, 2025 Shareholder proposal to revisit DEl goals in executive pay incentives. Environment or Climate Shareholder Against FOR 1
MERITAGE HOMES CORP. May 22, 2025 Shareholder proposal to support transparency in political spending. Other Social Issues Shareholder Against FOR 1
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding GHG emissions reduction actions. Environment or Climate Shareholder Against FOR 1
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding report on Al data usage oversight. Other Social Issues Shareholder Against FOR 1
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding report on child safety impacts and actual harm reduction to children. Human Rights or Human Capital/workforce Shareholder Against FOR 1
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding report on data collection and advertising practices. Other Social Issues Shareholder Against FOR 1
META PLATFORMS INC. May 28, 2025 A shareholder proposal regarding report on hate targeting marginalized communities. Other Social Issues Shareholder Against FOR 1
MICROSOFT CORP. December 10, 2024 Report on AI Data Sourcing Accountability Other Social Issues Shareholder Against FOR 1
MICROSOFT CORP. December 10, 2024 Report on AI Data Sourcing Accountability. Other Social Issues Shareholder Against FOR 1
MICROSOFT CORP. December 10, 2024 Report on AI Misinformation and Disinformation. Other Social Issues Shareholder Against FOR 1
MICROSOFT CORP. December 10, 2024 Report on Data Operations in Human Rights Hotspots Human Rights or Human Capital/workforce Shareholder Against FOR 1
OTIS WORLDWIDE CORP. May 15, 2025 Shareholder proposal regarding reporting on political contributions and expenditures Other Social Issues Shareholder Against FOR 1
PROCTER & GAMBLE CO. October 8, 2024 Shareholder Proposal - Pay Gap Reporting Diversity, Equity, and Inclusion Shareholder Against FOR 1
RTX CORP. May 1, 2025 Shareowner Proposal Requesting a Lobbying Transparency Report Other Social Issues Shareholder Against FOR 1
RTX CORP. May 1, 2025 Shareowner Proposal Requesting a Lobbying Transparency Report. Other Social Issues Shareholder Against FOR 1
SONOCO PRODUCTS CO. April 16, 2025 Advisory (non-binding) shareholder proposal regarding transparency in political spending. Other Social Issues Shareholder Against FOR 1
SPIRIT AEROSYSTEMS HOLDINGS INC. May 23, 2025 The Stockholder Proposal titled "Transparency in Political Spending". Other Social Issues Shareholder Against FOR 1
SYSCO CORP. November 15, 2024 To consider a stockholder proposal related to establishing measurable, time bound targets for ensuring group sow housing for its private brand pork products. Other Social Issues Shareholder Against FOR 1
TORONTO-DOMINION BANK April 10, 2025 Shareholder Proposal Regarding Energy Supply Ratio Environment or Climate Shareholder Against FOR 1
TYLER TECHNOLOGIES INC. May 6, 2025 Shareholder Proposal Regarding Political Spending. Other Social Issues Shareholder Against FOR 1

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Built November 8, 2026 from SEC Form N-PX filings.