Home › Asset managers › Vanguard › 2025-2026 › Against the board
At least 6,029 proposals in the 2025-2026 proxy season: Vanguard voted against, or withheld its votes from, at least 6,000 proposals put forward by company boards, and voted for 29 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
6,029 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.
| Company | Meeting | Proposal | Category | On the ballot from | Board recommended | Vanguard voted | Funds |
|---|---|---|---|---|---|---|---|
| Shanghai Pharmaceuticals Holding Co., Ltd. | June 25, 2026 | Approve Application for Centralized Registration of Different Types of New Debt Financing Instruments (DFI) | Capital Structure | Board | AGAINST | 6 | |
| Shanghai Pharmaceuticals Holding Co., Ltd. | June 25, 2026 | Approve External Guarantees | Capital Structure | Board | AGAINST | 6 | |
| Shanghai Putailai New Energy Technology Co., Ltd. | September 15, 2025 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shanghai Putailai New Energy Technology Group Co., Ltd. | December 29, 2025 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shanghai Rural Commercial Bank Co., Ltd. | March 31, 2026 | Elect Chen Haozhi as Non-independent Director | Director Elections | Board | AGAINST | 6 | |
| Shanghai Vital Deeptech Co., Ltd. | May 22, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. | June 18, 2026 | Approve the Implementation of External Guarantees in 2025 and External Guarantee Matters in 2026 | Capital Structure | Board | AGAINST | 6 | |
| Shanjin International Gold Co., Ltd. | December 25, 2025 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shanxi Lu'An Environmental Energy Development Co., Ltd. | September 16, 2025 | Approve Financial Assistance Provision | Capital Structure | Board | AGAINST | 6 | |
| Sharetronic Data Technology Co. Ltd. | January 5, 2026 | Approve Credit Line Application and Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shenzhen Kinwong Electronic Co., Ltd. | December 25, 2025 | Approve Fixed Asset Loan Application, Increase Credit Line as well as Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shenzhen Overseas Chinese Town Co., Ltd. | June 29, 2026 | Approve Application of Credit Lines | Capital Structure | Board | AGAINST | 6 | |
| Shenzhen Overseas Chinese Town Co., Ltd. | June 29, 2026 | Approve Formulation of Remuneration Management System for Directors and Senior Management Members | Compensation | Board | AGAINST | 6 | |
| Shenzhen Overseas Chinese Town Co., Ltd. | June 29, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. | June 30, 2026 | Approve Formulation of Remuneration Management System for Directors and Senior Management Members | Compensation | Board | AGAINST | 6 | |
| Shenzhen Transsion Holding Co., Ltd. | December 18, 2025 | Approve Application of Bank Credit Lines | Capital Structure | Board | AGAINST | 6 | |
| Shenzhen Transsion Holding Co., Ltd. | December 18, 2025 | Approve Estimated Amount of External Guarantees | Capital Structure | Board | AGAINST | 6 | |
| Shibusawa Logistics Corp. | June 26, 2026 | Elect Director and Audit Committee Member Kawanishi, Hyoe | Director Elections | Board | AGAINST | 6 | |
| Shibuya Corp. | September 25, 2025 | Approve Director Retirement Bonus | Compensation | Board | AGAINST | 6 | |
| Shibuya Corp. | September 25, 2025 | Elect Director Shibuya, Hidetoshi | Director Elections | Board | AGAINST | 6 | |
| Shihlin Electric & Engineering Corp. | June 17, 2026 | Elect BRYANT HSU, a Representative of YEANG DER INVESTMENT CO., LTD. with SHAREHOLDER NO.1875 as Non-independent Director | Director Elections | Board | AGAINST | 6 | |
| Shihlin Electric & Engineering Corp. | June 17, 2026 | Elect HSU, YU JUI, a Representative of YEANG DER INVESTMENT CO., LTD. with SHAREHOLDER NO.1875 as Non-independent Director | Director Elections | Board | AGAINST | 6 | |
| Shikoku Electric Power Co., Inc. | June 25, 2026 | Elect Director Nagai, Keisuke | Director Elections | Board | AGAINST | 6 | |
| Shikun & Binui Ltd. | July 22, 2025 | Approve Special Grant to Amit Birman, CEO | Compensation | Board | AGAINST | 6 | |
| Shimano, Inc. | March 24, 2026 | Appoint Statutory Auditor Otake, Masahiro | Compensation | Board | AGAINST | 6 | |
| Shinko Shoji Co., Ltd. | June 25, 2026 | Elect Director Ogawa, Tatsuya | Director Elections | Board | AGAINST | 6 | |
| Shinnihon Corp. | June 26, 2026 | Approve Director Retirement Bonus | Compensation | Board | AGAINST | 6 | |
| Shinnihon Corp. | June 26, 2026 | Elect Director Takami, Katsushi | Director Elections | Board | AGAINST | 6 | |
| Shizuoka Gas Co., Ltd. | March 26, 2026 | Elect Director Kishida, Hiroyuki | Director Elections | Board | AGAINST | 6 | |
| Shochiku Co., Ltd. | May 26, 2026 | Elect Director Takahashi, Toshihiro | Director Elections | Board | AGAINST | 6 | |
| Shoei Foods Corp. | January 29, 2026 | Elect Director Honda, Hidemitsu | Director Elections | Board | AGAINST | 6 | |
| Showa Sangyo Co., Ltd. | June 25, 2026 | Elect Alternate Director and Audit Committee Member Takahashi, Yoshiki | Director Elections | Board | AGAINST | 6 | |
| Showa Sangyo Co., Ltd. | June 25, 2026 | Elect Director Tsukagoshi, Hideyuki | Director Elections | Board | AGAINST | 6 | |
| Sigma Healthcare Limited | October 22, 2025 | Approve Conditional Spill Resolution (First Remuneration Report) | Compensation | Board | AGAINST | 6 | |
| Sigma Healthcare Limited | October 22, 2025 | Approve Conditional Spill Resolution (Second Remuneration Report) | Compensation | Board | AGAINST | 6 | |
| SignatureGlobal (India) Ltd. | August 1, 2025 | Approve Increase in Borrowing Limit | Capital Structure | Board | AGAINST | 6 | |
| SignatureGlobal (India) Ltd. | August 1, 2025 | Approve Pledging of Assets for Debt | Capital Structure | Board | AGAINST | 6 | |
| Sinfonia Technology Co., Ltd. | June 26, 2026 | Appoint Alternate Statutory Auditor Sasakawa, Koji | Compensation | Board | AGAINST | 6 | |
| Sinfonia Technology Co., Ltd. | June 26, 2026 | Elect Director Yamakuni, Minoru | Director Elections | Board | AGAINST | 6 | |
| Sinko Industries Ltd. | June 24, 2026 | Elect Director and Audit Committee Member Eirai, Hideo | Director Elections | Board | AGAINST | 6 | |
| Sinko Industries Ltd. | June 24, 2026 | Elect Director and Audit Committee Member Kitadono, Hisao | Director Elections | Board | AGAINST | 6 | |
| Sinko Industries Ltd. | June 24, 2026 | Elect Director and Audit Committee Member Sano, Masakazu | Director Elections | Board | AGAINST | 6 | |
| Sinoma International Engineering Co., Ltd. | February 27, 2026 | Approve Company's Guarantee Plan | Capital Structure | Board | AGAINST | 6 | |
| Sinotrans Limited | May 29, 2026 | Approve Estimated Guarantees | Capital Structure | Board | AGAINST | 6 | |
| Sinpas Gayrimenkul Yatirim Ortakligi AS | August 14, 2025 | Approve Director Remuneration | Compensation | Board | AGAINST | 6 | |
| Sinpas Gayrimenkul Yatirim Ortakligi AS | August 14, 2025 | Approve Share Capital Increase without Preemptive Rights | Capital Structure | Board | AGAINST | 6 | |
| Sinpas Gayrimenkul Yatirim Ortakligi AS | June 18, 2026 | Approve Director Remuneration | Compensation | Board | AGAINST | 6 | |
| Sintokogio Ltd. | June 23, 2026 | Appoint Statutory Auditor Nakane, Mikio | Compensation | Board | AGAINST | 6 | |
| Sixt SE | June 17, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| SkiStar AB | December 13, 2025 | Elect Anders Sundstrom as Board Chair | Director Elections | Board | AGAINST | 6 | |
| SkiStar AB | December 13, 2025 | Reelect Anders Sundstrom as Director | Director Elections | Board | AGAINST | 6 | |
| SkiStar AB | December 13, 2025 | Reelect Bent Oustad as Director | Director Elections | Board | AGAINST | 6 | |
| Skillsoft Corp. | July 17, 2025 | To approve, on an advisory basis, the compensation of our named executive officers; | Say-on-Pay | Board | AGAINST | 6 | |
| Skillsoft Corp. | June 25, 2026 | To approve the Second Amendment to the Skillsoft Corp. 2020 Omnibus Incentive Plan to increase the number of shares of common stock available for issuance under thereunder; | Compensation | Board | AGAINST | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Amend Restricted Stock Plan | Compensation | Board | AGAINST | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Elect Directors | Director Elections | Board | AGAINST | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | In Case Cumulative Voting Is Adopted, Do You Wish to Equally Distribute Your Votes Amongst the Nominees below? | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Andre Macedo Pezeta as Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Claudia Elisa de Pinho Soares as Independent Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Daniel Rizardi Sorrentino as Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Diogo Ferraz de Andrade Corona as Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Edgard Gomes Corona as Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Felipe Rodrigues Affonso as Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Pedro Santos Ripper as Independent Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Ricardo Lerner Castro as Independent Director | Director Elections | Board | ABSTAIN | 6 | |
| Smartfit Escola de Ginastica e Danca SA | April 24, 2026 | Percentage of Votes to Be Assigned - Elect Wolfgang Stephan Schwerdtle as Independent Director | Director Elections | Board | ABSTAIN | 6 | |
| Societatea Energetica Electrica SA | April 29, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| Societatea Nationala Nuclearelectrica SA | April 29, 2026 | Approve Remuneration Policy | Compensation | Board | AGAINST | 6 | |
| Societatea Nationala Nuclearelectrica SA | April 29, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| Societe BIC SA | May 20, 2026 | Approve Compensation of Gonzalve Bich, CEO until September 15, 2025 | Compensation | Board | AGAINST | 6 | |
| Societe BIC SA | May 20, 2026 | Approve Compensation of Rob Versloot, CEO from September 15, 2025 | Compensation | Board | AGAINST | 6 | |
| Societe BIC SA | May 20, 2026 | Reelect Veronique Laury as Director | Director Elections | Board | AGAINST | 6 | |
| Softcreate Holdings Corp. | June 19, 2026 | Elect Director Hayashi, Muneharu | Director Elections | Board | AGAINST | 6 | |
| Software Service, Inc. | January 23, 2026 | Elect Director Otani, Akihiro | Director Elections | Board | AGAINST | 6 | |
| SoftwareONE Holding AG | May 22, 2026 | Approve Remuneration Report (Non-Binding) | Compensation | Board | AGAINST | 6 | |
| Solaria Energia y Medio Ambiente SA | June 29, 2026 | Ratify Appointment of and Elect Felipe Morenes Botin-Sanz de Sautuola as Director | Director Elections | Board | AGAINST | 6 | |
| Solaria Energia y Medio Ambiente SA | June 29, 2026 | Reelect Carlos Francisco Abad Rico as Director | Director Elections | Board | AGAINST | 6 | |
| Solaria Energia y Medio Ambiente SA | June 29, 2026 | Reelect Enrique Diaz-Tejeiro Gutierrez as Director | Director Elections | Board | AGAINST | 6 | |
| Solaria Energia y Medio Ambiente SA | June 29, 2026 | Reelect Manuel Azpilicueta Ferrer as Director | Director Elections | Board | AGAINST | 6 | |
| Solaria Energia y Medio Ambiente SA | June 29, 2026 | Reelect Maria Dolores Larranaga Horna as Director | Director Elections | Board | AGAINST | 6 | |
| Sona BLW Precision Forgings Ltd. | July 25, 2025 | Reelect Shradha Suri as Director | Director Elections | Board | AGAINST | 6 | |
| Soop Co., Ltd. | March 27, 2026 | Approve Total Remuneration of Inside Directors and Outside Directors | Compensation | Board | AGAINST | 6 | |
| Sopra Steria Group SA | May 20, 2026 | Reelect Pascal Daloz as Director | Director Elections | Board | AGAINST | 6 | |
| Soulbrain Co., Ltd. | March 24, 2026 | Approve Total Remuneration of Inside Directors and Outside Directors | Compensation | Board | AGAINST | 6 | |
| Soulbrain Holdings Co., Ltd. | March 26, 2026 | Approve Total Remuneration of Inside Directors and Outside Directors | Compensation | Board | AGAINST | 6 | |
| Space42 Plc | April 8, 2026 | Approve Equity-based Long-Term Incentive Plan for Senior Management | Compensation | Board | AGAINST | 6 | |
| Springer Nature AG & Co. KGaA | May 28, 2026 | Approve Remuneration Policy | Compensation | Board | AGAINST | 6 | |
| Srf Limited | June 30, 2026 | Approve Reappointment and Remuneration of Kartik Bharat Ram as Joint Managing Director | Compensation | Board | AGAINST | 6 | |
| Srf Limited | June 30, 2026 | Approve Reappointment, Payment and Facilities to be Extended to Arun Bharat Ram as Chairman Emeritus | Compensation | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Approve Remuneration Report (Non-Binding) | Compensation | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Reappoint Hans-Peter Schwald as Member of the Compensation Committee | Director Elections | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Reappoint Peter Spuhler as Member of the Compensation Committee | Director Elections | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Reelect Hans-Peter Schwald as Director | Director Elections | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Reelect Peter Spuhler as Board Chair | Director Elections | Board | AGAINST | 6 | |
| Stadler Rail AG | May 5, 2026 | Reelect Peter Spuhler as Director | Director Elections | Board | AGAINST | 6 | |
| Star Health & Allied Insurance Co. Ltd. | June 16, 2026 | Approve Continuation of Sumir Chadha on the Board of Directors | Director Elections | Board | AGAINST | 6 | |
| Starzen Co., Ltd. | June 26, 2026 | Elect Director Yokota, Kazuhiko | Director Elections | Board | AGAINST | 6 | |
| State Bank of India | May 15, 2026 | Elect Arun Ananth Kamath as Director | Director Elections | Board | ABSTAIN | 6 | |
| State Bank of India | May 15, 2026 | Elect Deepak Arora as Director | Director Elections | Board | ABSTAIN | 6 | |
| State Bank of India | May 15, 2026 | Elect K.R. Ashok as Director | Director Elections | Board | ABSTAIN | 6 |
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Built November 7, 2026 from SEC Form N-PX filings.