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 |
|---|---|---|---|---|---|---|---|
| Wuestenrot & Wuerttembergische AG | May 13, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| Wynn Macau, Limited | May 28, 2026 | Elect Nicholas Sallnow-smith as Director | Director Elections | Board | AGAINST | 6 | |
| XCMG Construction Machinery Co., Ltd. | September 19, 2025 | Amend Remuneration System of Senior Management Members | Compensation | Board | AGAINST | 6 | |
| XTB SA | May 8, 2026 | Amend Remuneration Policy; Amend Variable Remuneration Policy; Cancel April 12, 2024, EGM, Resolution Re: Terms of Incentive Plan | Compensation | Board | AGAINST | 6 | |
| XTB SA | May 8, 2026 | Approve Performance Share Plan | Compensation | Board | AGAINST | 6 | |
| XTB SA | May 8, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| XTB SA | May 8, 2026 | Authorize Share Repurchase Program; Approve Creation of Reserve Capital for Purposes of Share Repurchase Program | Capital Structure | Board | AGAINST | 6 | |
| Xero Limited | August 21, 2025 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| Xiamen CD Inc. | December 29, 2025 | Approve Provision of Financial Assistance | Capital Structure | Board | AGAINST | 6 | |
| Xiamen CD Inc. | December 29, 2025 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Xiamen CD Inc. | December 29, 2025 | Approve Provision of Guarantee and Related Party Transactions | Capital Structure | Board | AGAINST | 6 | |
| Xiamen International Trade Group Corp. Ltd. | September 16, 2025 | Approve Adjustment of Allowances for Audit Committee | Compensation | Board | AGAINST | 6 | |
| Xiamen International Trade Group Corp. Ltd. | January 5, 2026 | Approve Application of Credit Lines | Capital Structure | Board | AGAINST | 6 | |
| Xiamen International Trade Group Corp. Ltd. | January 5, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 6 | |
| Y. H. Dimri Building & Development Ltd. | August 3, 2025 | Reelect Dina Sabban as Director | Director Elections | Board | AGAINST | 6 | |
| YG Entertainment, Inc. | March 27, 2026 | Approve Total Remuneration of Inside Directors and Outside Directors | Compensation | Board | AGAINST | 6 | |
| YOULCHON CHEMICAL Co., Ltd. | March 24, 2026 | Approve Total Remuneration of Inside Directors and Outside Directors | Compensation | Board | AGAINST | 6 | |
| YTL Power International Berhad | December 4, 2025 | Approve Issuance of ESOS Options to Yeoh Keong Zhen | Compensation | Board | AGAINST | 6 | |
| YUASA Co., Ltd. | June 25, 2026 | Appoint Statutory Auditor Maeda, Takeshi | Compensation | Board | AGAINST | 6 | |
| Yamabiko Corp. | March 27, 2026 | Appoint Statutory Auditor Hasegawa, Chiemi | Compensation | Board | AGAINST | 6 | |
| Yamazaki Baking Co., Ltd. | March 27, 2026 | Approve Director Retirement Bonus | Compensation | Board | AGAINST | 6 | |
| Yamazaki Baking Co., Ltd. | March 27, 2026 | Elect Director Iijima, Nobuhiro | Director Elections | Board | AGAINST | 6 | |
| Yamazaki Baking Co., Ltd. | March 27, 2026 | Elect Director and Audit Committee Member Fujise, Yuji | Director Elections | Board | AGAINST | 6 | |
| Yamazaki Baking Co., Ltd. | March 27, 2026 | Elect Director and Audit Committee Member Matsuda, Michihiro | Director Elections | Board | AGAINST | 6 | |
| Yamazaki Baking Co., Ltd. | March 27, 2026 | Elect Director and Audit Committee Member Sato, Kenji | Director Elections | Board | AGAINST | 6 | |
| Yanlord Land Group Limited | April 24, 2026 | Elect Teo Ser Luck as Director | Director Elections | Board | AGAINST | 6 | |
| Yokowo Co. Ltd. | June 26, 2026 | Appoint Statutory Auditor Sato, Masaharu | Compensation | Board | AGAINST | 6 | |
| Yokowo Co. Ltd. | June 26, 2026 | Appoint Statutory Auditor Tsunoda, Hisao | Compensation | Board | AGAINST | 6 | |
| Ypsomed Holding AG | July 2, 2025 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| Ypsomed Holding AG | July 2, 2025 | Approve Share-Based Long-Term Remuneration of Directors in the Amount of CHF 220,000 | Compensation | Board | AGAINST | 6 | |
| Ypsomed Holding AG | July 2, 2025 | Reelect Simon Michel as Director | Director Elections | Board | AGAINST | 6 | |
| Yuexiu Real Estate Investment Trust | June 3, 2026 | Elect Chan Chi Fai, Brian as Director, Chairman of the Audit Committee and Member of the Finance and Investment Committee and the Remuneration and Nomination Committee and Related Transactions | Director Elections | Board | AGAINST | 6 | |
| Yukiguni Factory Co., Ltd. | June 26, 2026 | Elect Director Yuzawa, Masafumi | Director Elections | Board | AGAINST | 6 | |
| Yukiguni Factory Co., Ltd. | June 26, 2026 | Elect Director and Audit Committee Member Naito, Tetsuya | Director Elections | Board | AGAINST | 6 | |
| Yukiguni Factory Co., Ltd. | June 26, 2026 | Elect Director and Audit Committee Member Otsuka, Sugio | Director Elections | Board | AGAINST | 6 | |
| Yutong Bus Co., Ltd. | April 27, 2026 | Approve External Guarantees | Capital Structure | Board | AGAINST | 6 | |
| Zealand Pharma A/S | March 26, 2026 | Approve Remuneration Report (Advisory Vote) | Compensation | Board | AGAINST | 6 | |
| Zenrin Co., Ltd. | June 19, 2026 | Elect Director Takegawa, Michio | Director Elections | Board | AGAINST | 6 | |
| Zhejiang Longsheng Group Co., Ltd. | May 8, 2026 | Approve Guarantee Amount | Capital Structure | Board | AGAINST | 6 | |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. | December 17, 2025 | Amend Management Rules for the Proceeds | Capital Structure | Board | AGAINST | 6 | |
| Zhuhai Zhumian Group Co., Ltd. | May 13, 2026 | Approve Mutual Guarantees | Capital Structure | Board | AGAINST | 6 | |
| Zhuhai Zhumian Group Co., Ltd. | May 13, 2026 | Approve Provision of Guarantee for Subsidiaries | Capital Structure | Board | AGAINST | 6 | |
| Zignago Vetro SpA | May 6, 2026 | Approve Remuneration Policy | Compensation | Board | AGAINST | 6 | |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. | June 23, 2026 | Approve Application to Relevant Financial Institutions for General Credit Facilities and Financing and Related Transactions | Capital Structure | Board | AGAINST | 6 | |
| Zoomlion Heavy Industry Science and Technology Co., Ltd. | June 23, 2026 | Approve Provision of Guarantees and Related Transactions | Capital Structure | Board | AGAINST | 6 | |
| Zorlu Enerji Elektrik Uretim AS | May 15, 2026 | Approve Director Remuneration | Compensation | Board | AGAINST | 6 | |
| bioMerieux SA | May 28, 2026 | Approve Compensation of Pierre Boulud, CEO | Compensation | Board | AGAINST | 6 | |
| bioMerieux SA | May 28, 2026 | Approve Remuneration Policy of CEO | Compensation | Board | AGAINST | 6 | |
| bioMerieux SA | May 28, 2026 | Approve Remuneration Policy of Chairman of the Board | Compensation | Board | AGAINST | 6 | |
| bioMerieux SA | May 28, 2026 | Approve Remuneration Policy of Corporate Officers | Compensation | Board | AGAINST | 6 | |
| bioMerieux SA | May 28, 2026 | Authorize up to 10 Percent of Issued Capital for Use in Stock Option Plans | Compensation | Board | AGAINST | 6 | |
| bpost SA | May 13, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| giftee, Inc. | March 30, 2026 | Approve Restricted Stock Plan | Compensation | Board | AGAINST | 6 | |
| iFAST Corporation Ltd. | April 24, 2026 | Approve Grant of Options to Lim Chung Chun Under the 2024 iFAST Employee Share Option Scheme | Compensation | Board | AGAINST | 6 | |
| ioneer Ltd. | October 31, 2025 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| ioneer Ltd. | May 21, 2026 | Approve the Spill Resolution | Compensation | Board | AGAINST | 6 | |
| istyle, Inc. | September 27, 2025 | Elect Director Endo, Hajime | Director Elections | Board | AGAINST | 6 | |
| mBank SA | March 31, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 6 | |
| thyssenkrupp nucera AG & Co. KGaA | February 25, 2026 | Elect Silvia Bertini to the Supervisory Board | Director Elections | Board | AGAINST | 6 | |
| 360 One Wam Limited | September 5, 2025 | Approve 360 ONE Employees Stock Option Scheme 2025 | Compensation | Board | AGAINST | 5 | |
| 360 One Wam Limited | September 5, 2025 | Approve 360 ONE Employees Stock Option Scheme 2025 for the Employees of the Subsidiary Company(ies) of the Company | Compensation | Board | AGAINST | 5 | |
| 360 One Wam Limited | September 5, 2025 | Reelect Rishi Mandawat as Director | Director Elections | Board | AGAINST | 5 | |
| 360 Security Technology, Inc. | May 21, 2026 | Approve Provision of Guarantees | Capital Structure | Board | AGAINST | 5 | |
| 3peak, Inc. | April 21, 2026 | Approve Remuneration (Allowance) of Directors | Compensation | Board | AGAINST | 5 | |
| 4iG Nyrt. | April 30, 2026 | Amend Remuneration Policy | Compensation | Board | AGAINST | 5 | |
| 4iG Nyrt. | April 30, 2026 | Approve Loans Granted to Company's Executives | Compensation | Board | AGAINST | 5 | |
| 4iG Nyrt. | April 30, 2026 | Approve Remuneration Report | Compensation | Board | AGAINST | 5 | |
| 4iG Nyrt. | April 30, 2026 | Approve Transfer of Economic Unit | Extraordinary Transactions | Board | AGAINST | 5 | |
| 4iG Nyrt. | April 30, 2026 | Authorize Share Repurchase Program | Capital Structure | Board | AGAINST | 5 | |
| 5I5J Holding Group Co. Ltd. | May 20, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 5 | |
| ACADIA HEALTHCARE COMPANY, INC. | May 6, 2026 | Election of Director: Michael J. Fucci | Director Elections | Board | AGAINST | 5 | |
| ACM Research (Shanghai), Inc. | June 16, 2026 | Approve 2025 and 2026 Remuneration Plan of Directors | Compensation | Board | AGAINST | 5 | |
| ADATA Technology Co. Ltd. | May 22, 2026 | Approve Issuance of Shares via a Private Placement | Capital Structure | Board | AGAINST | 5 | |
| ADC Therapeutics SA | June 1, 2026 | Approving an amendment to increase the number of shares authorized under the 2019 Equity Incentive Plan The Board of Directors proposes that an amendment to increase the number of shares authorized under 2019 Equity Incentive Plan be approved. | Compensation | Board | AGAINST | 5 | |
| ADEIA INC. | May 7, 2026 | To approve an amendment to the Amended and Restated 2020 Equity Incentive Plan to increase the number of shares reserved for issuance by an additional 10,700,000 shares of common stock. | Compensation | Board | AGAINST | 5 | |
| ADVANCED ENERGY INDUSTRIES, INC. | May 7, 2026 | Approval of an amendment to the Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 70,000,000 shares to 140,000,000 shares. | Capital Structure | Board | AGAINST | 5 | |
| AECC Aero Science & Technology Co., Ltd. | April 24, 2026 | Approve Allowance of Independent Directors | Compensation | Board | AGAINST | 5 | |
| AECC Aero Science & Technology Co., Ltd. | April 24, 2026 | Approve Expenses of Board of Directors and Budget for Board of Directors | Compensation | Board | AGAINST | 5 | |
| AEON Thana Sinsap (Thailand) Public Co. Ltd. | June 23, 2026 | Elect Suporn Wattanavekin as Director | Director Elections | Board | AGAINST | 5 | |
| AG Anadolu Grubu Holding AS | April 17, 2026 | Elect Directors and Approve Their Remuneration | Director Elections | Board | AGAINST | 5 | |
| AGV Products Corp. | June 26, 2026 | Approve Issuance of Shares via a Private Placement | Capital Structure | Board | AGAINST | 5 | |
| ALKERMES PLC | May 20, 2026 | To approve the Alkermes plc 2018 Stock Option and Incentive Plan, as amended. | Compensation | Board | AGAINST | 5 | |
| ALi Corp. | November 28, 2025 | Amend Procedures for Endorsement and Guarantees | Extraordinary Transactions | Board | AGAINST | 5 | |
| ALi Corp. | November 28, 2025 | Amend Procedures for Lending Funds to Other Parties | Extraordinary Transactions | Board | AGAINST | 5 | |
| AMERICAN AIRLINES GROUP INC. | June 10, 2026 | A proposal to approve, on a non-binding, advisory basis, executive compensation as disclosed in the Proxy Statement for the 2026 Annual Meeting of Stockholders | Compensation | Board | AGAINST | 5 | |
| AMNEAL PHARMACEUTICALS, INC. | May 6, 2026 | Election of Director: J. Kevin Buchi | Director Elections | Board | AGAINST | 5 | |
| AMNEAL PHARMACEUTICALS, INC. | May 6, 2026 | Election of Director: John Kiely | Director Elections | Board | AGAINST | 5 | |
| AMNEAL PHARMACEUTICALS, INC. | May 6, 2026 | Election of Director: Paul Meister | Director Elections | Board | AGAINST | 5 | |
| APL Apollo Tubes Limited | September 15, 2025 | Approve APL Apollo Tubes Employees Stock Option Plan 2025 | Compensation | Board | AGAINST | 5 | |
| APL Apollo Tubes Limited | September 15, 2025 | Approve APL Apollo Tubes Limited Employees Welfare Trust to Undertake Secondary Acquisition of Equity Shares under APL Apollo Tubes Employees Stock Option Plan 2025 | Compensation | Board | AGAINST | 5 | |
| APL Apollo Tubes Limited | September 15, 2025 | Approve Extension of the Benefits under the APL Apollo Tubes Employees Stock Option Plan 2025 to the Employees of the Subsidiary and Associate Company(ies) of the Company | Compensation | Board | AGAINST | 5 | |
| APL Apollo Tubes Limited | September 15, 2025 | Approve Provision of Money by the Company to APL Apollo Tubes Limited Employees Welfare Trust | Compensation | Board | AGAINST | 5 | |
| APOGEE ENTERPRISES, INC. | June 24, 2026 | Election of Class I Director: Patricia K. Wagner | Director Elections | Board | AGAINST | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: Blythe J. McGarvie | Director Elections | Board | ABSTAIN | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: Glade M. Knight | Director Elections | Board | ABSTAIN | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: Glenn W. Bunting | Director Elections | Board | ABSTAIN | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: Jon A. Fosheim | Director Elections | Board | ABSTAIN | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: Justin G. Knight | Director Elections | Board | ABSTAIN | 5 | |
| APPLE HOSPITALITY REIT, INC. | May 22, 2026 | Elect Directors: L. Hugh Redd | Director Elections | Board | ABSTAIN | 5 | |
| AQ Group AB | April 23, 2026 | Reelect Claes Mellgren as Director | Director Elections | Board | AGAINST | 5 |
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Built November 7, 2026 from SEC Form N-PX filings.