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Vanguard 2025-2026: where it broke with 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.

Vanguard, 2025-2026 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
Cello World Ltd. August 8, 2025 Approve Cello-Employee Stock Option Scheme-2025 (Cello ESOP-2025) Compensation Board AGAINST 5
Cello World Ltd. August 8, 2025 Approve Extension of Cello-Employee Stock Option Scheme-2025 (Cello ESOP-2025) to Employees of its Subsidiary Company(ies) and/or Associate Company(ies), Group Company(ies) Compensation Board AGAINST 5
Cello World Ltd. August 8, 2025 Approve Grant of Options to Identified Employees Under Cello-Employee Stock Option Scheme-2025 (Cello ESOP-2025) Compensation Board AGAINST 5
Cello World Ltd. October 31, 2025 Approve Reappointment and Remuneration of Gaurav Pradeep Rathod as Joint Managing Director Compensation Board AGAINST 5
Cello World Ltd. October 31, 2025 Approve Reappointment and Remuneration of Pankaj Ghisulal Rathod as Joint Managing Director Compensation Board AGAINST 5
Cello World Ltd. October 31, 2025 Approve Reappointment and Remuneration of Pradeep Ghisulal Rathod as Chairman and Managing Director Compensation Board AGAINST 5
Cenergy Holdings SA May 26, 2026 Approve Remuneration Report Compensation Board AGAINST 5
Cenergy Holdings SA May 26, 2026 Approve Revised Remuneration Policy Compensation Board AGAINST 5
Cenergy Holdings SA May 26, 2026 Reelect Simon Macvicker as Director Director Elections Board AGAINST 5
Cenergy Holdings SA May 26, 2026 Reelect Xavier Bedoret as Director Director Elections Board AGAINST 5
Center Laboratories, Inc. June 12, 2026 Approve Issuance of Shares via a Private Placement Capital Structure Board AGAINST 5
Centrais Eletricas Brasileiras SA April 15, 2026 Approve Performance Share Plan Compensation Board AGAINST 5
Central Bancompany, Inc. May 4, 2026 Election of Directors: E. Stanley Kroenke Class I director Director Elections Board AGAINST 5
Century Plyboards (India) Limited September 18, 2025 Reelect Ajay Baldawa as Director Director Elections Board AGAINST 5
Changjiang & Jinggong Steel Building (Group) Co., Ltd. May 11, 2026 Amend Remuneration Management System for Directors and Senior Management Members Compensation Board AGAINST 5
Changjiang & Jinggong Steel Building (Group) Co., Ltd. May 11, 2026 Approve Remuneration of Directors Compensation Board AGAINST 5
Changshu Fengfan Power Equipment Co. Ltd. January 23, 2026 Approve Application of Bank Credit Lines Capital Structure Board AGAINST 5
Changshu Fengfan Power Equipment Co. Ltd. January 23, 2026 Approve Guarantee Plan Capital Structure Board AGAINST 5
Changshu Fengfan Power Equipment Co. Ltd. May 20, 2026 Amend Remuneration Management System for Directors and Senior Management Members Compensation Board AGAINST 5
Changshu Fengfan Power Equipment Co. Ltd. May 20, 2026 Approve Remuneration of Directors and Senior Management Members Compensation Board AGAINST 5
Changzhou Fusion New Material Co., Ltd. January 7, 2026 Approve Application of Credit Lines and Provision of Guarantee Capital Structure Board AGAINST 5
Chemplast Sanmar Ltd. March 22, 2026 Approve Appointment and Remuneration of S Ganeshkumar as Managing Director Compensation Board AGAINST 5
Chemplast Sanmar Ltd. March 22, 2026 Approve Reappointment and Remuneration of Ramkumar Shankar as Managing Director Compensation Board AGAINST 5
Chengdu Wintrue Holding Co., Ltd. January 8, 2026 Approve Estimated Financing Guarantee Amount Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Authorization of the Board and its Authorized Persons to Handle Matters Related to Issuance of Shares to Specific Targets Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Company's Eligibility for Issuance of Shares to Specific Targets Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Demonstration Analysis Report in Connection to Issuance of Shares to Specific Targets Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Distribution Arrangement of Cumulative Earnings Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Feasibility Analysis Report on the Use of Proceeds Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Impact of Dilution of Current Returns on Major Financial Indicators, the Relevant Measures to be Taken and Commitment from Relevant Parties Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Introduced Strategic Investor China Innovation Aviation and Signing of Conditional Strategic Cooperation Agreement Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Introduced Strategic Investor Huayu Holding Group and Signing of Conditional Strategic Cooperation Agreement Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Issue Manner and Issue Time Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Issue Price and Pricing Basis Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Issue Size Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Issue Type and Par Value Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Listing Location Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Lock-up Period Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Plan on Issuance of Shares to Specific Targets Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Report on the Usage of Previously Raised Funds Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Resolution Validity Period Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Signing of Conditional Subscription Agreement with China Innovation Aviation Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Signing of Conditional Subscription Agreement with Huayou Holdings Group Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Signing of Conditional Subscription Agreement with Shengton Group Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Target Subscribers and Subscription Method Capital Structure Board AGAINST 5
Chengxin Lithium Group Co., Ltd. November 17, 2025 Approve Usage of Raised Funds Capital Structure Board AGAINST 5
Chifeng Jilong Gold Mining Co., Ltd. May 8, 2026 Approve General Mandate to Issue Debt Financing Instruments Capital Structure Board AGAINST 5
Chifeng Jilong Gold Mining Co., Ltd. May 8, 2026 Approve Plan of Guarantees Capital Structure Board AGAINST 5
Chimney Co., Ltd. June 23, 2026 Elect Director Barada, Atsushi Director Elections Board AGAINST 5
China CAMC Engineering Co., Ltd. March 26, 2026 Approve Application of Bank Credit Lines Capital Structure Board AGAINST 5
China Coal Energy Company Limited June 26, 2026 Approve Ernst & Young Hua Ming LLP and Ernst & Young as Auditors and Authorize Board to Fix Their Remuneration Audit-related Board AGAINST 5
China Datang Corporation Renewable Power Co., Limited June 25, 2026 Approve Registration of Debt Financing Instruments of Non-Financial Enterprises Capital Structure Board AGAINST 5
China Eastern Airlines Corporation Limited May 28, 2026 Approve Grant of General Mandate to the Board of Directors to Issue Bonds Capital Structure Board AGAINST 5
China Energy Engineering Corporation Limited June 26, 2026 Approve External Guarantees Plan Capital Structure Board AGAINST 5
China Express Airlines Co., Ltd. May 18, 2026 Approve Credit Line Application Capital Structure Board AGAINST 5
China Film Group Co., Ltd. May 28, 2026 Approve 2026 Remuneration of Directors and Senior Management Compensation Board AGAINST 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Bielin Shi Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Chenguang Hou Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Na Tian Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Ruixia Han Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Wanming Wang Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Wei Shao Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Yingbin Ian He Director Elections Board WITHHOLD 5
China Gold International Resources Corp. Ltd. June 29, 2026 Elect Director Yuanhui Fu Director Elections Board WITHHOLD 5
China Hainan Rubber Industry Group Co., Ltd. May 19, 2026 Approve Provision of Guarantee Capital Structure Board AGAINST 5
China Hainan Rubber Industry Group Co., Ltd. May 19, 2026 Approve Remuneration of Directors Compensation Board AGAINST 5
China Jushi Co. Ltd. April 15, 2026 Approve Authorization of Guarantee Amount Capital Structure Board AGAINST 5
China Lilang Limited April 30, 2026 Elect Liao Jianwen as Director Director Elections Board AGAINST 5
China Lilang Limited April 30, 2026 Elect Zhang Shengman as Director Director Elections Board AGAINST 5
China Meheco Group Co., Ltd. May 20, 2026 Approve Provision of Guarantee Capital Structure Board AGAINST 5
China Merchants Port Group Co., Ltd. May 21, 2026 Approve Provision of Guarantee Capital Structure Board AGAINST 5
China Modern Dairy Holdings Ltd. June 5, 2026 Approve Extension Granted under the Option Agreement and Related Transactions Capital Structure Board AGAINST 5
China Modern Dairy Holdings Ltd. June 5, 2026 Approve Grant of Specific Mandate to the Directors to Issue Option Shares Capital Structure Board AGAINST 5
China Modern Dairy Holdings Ltd. June 5, 2026 Authorize Board to Deal with All Matters in Relation to the Extension, Issue of the Option Shares under the Relevant Specific Mandate and Related Transactions Capital Structure Board AGAINST 5
China National Chemical Engineering Co., Ltd. June 29, 2026 Approve Formulation of the Remuneration Management Measures for Directors and Senior Management Members Compensation Board AGAINST 5
China National Chemical Engineering Co., Ltd. June 29, 2026 Approve Guarantee Plan Capital Structure Board AGAINST 5
China National Gold Group Gold Jewellery Co., Ltd. January 7, 2026 Approve Application of Additional Bank Credit Lines Capital Structure Board AGAINST 5
China National Gold Group Gold Jewellery Co., Ltd. June 5, 2026 Approve Application of Bank Credit Lines Capital Structure Board AGAINST 5
China National Gold Group Gold Jewellery Co., Ltd. June 5, 2026 Approve Formulation of Remuneration Management System for Directors and Senior Management Members Compensation Board AGAINST 5
China National Medicines Co., Ltd. April 22, 2026 Approve Comprehensive Credit Line Application Capital Structure Board AGAINST 5
China National Software & Service Co., Ltd. May 14, 2026 Approve 2026 Remuneration of Directors Compensation Board AGAINST 5
China Oriental Group Company Limited June 10, 2026 Elect Ondra Otradovec as Director Director Elections Board AGAINST 5
China Railway Tielong Container Logistics Co., Ltd. April 29, 2026 Approve Remuneration and Allowance Management System for Directors and Senior Management Members Compensation Board AGAINST 5
China Resources Beverage (Holdings) Co., Ltd. June 1, 2026 Elect Yao Yang as Director Director Elections Board AGAINST 5
China Resources Gas Group Limited May 28, 2026 Elect Yang Ping as Director Director Elections Board AGAINST 5
China Resources Power Holdings Company Limited June 5, 2026 Elect Song Kui as Director Director Elections Board AGAINST 5
China Science Publishing & Media Ltd. July 29, 2025 Amend Management Measures for Performance Appraisal of Company Senior Management Personnel Compensation Board AGAINST 5
China Southern Airlines Company Limited May 29, 2026 Authorize Board of Directors to Issue the Debt Financing Instruments Under the General Mandate Capital Structure Board AGAINST 5
China State Construction Engineering Corp. Ltd. May 19, 2026 Approve Bond Issuance Limit Capital Structure Board AGAINST 5
China State Construction Engineering Corp. Ltd. May 19, 2026 Approve Increase in Provision of Guarantee Capital Structure Board AGAINST 5
China Three Gorges Renewables (Group) Co., Ltd. May 29, 2026 Approve Remuneration of Supervisors Compensation Board AGAINST 5
China Tianying, Inc. June 24, 2026 Approve Provision of Guarantee Capital Structure Board AGAINST 5
China Tourism Group Duty Free Corporation Limited June 26, 2026 Approve Ernst & Young Hua Ming LLP as Domestic Financial Reporting Auditors and Internal Control Auditor and Ernst & Young as International Financial Reporting Auditors and Authorize Board to Fix Their Remuneration Audit-related Board AGAINST 5
China Tourism Group Duty Free Corporation Limited June 26, 2026 Elect Wang Qiang as Director Director Elections Board AGAINST 5
Chinese Universe Publishing & Media Group Co., Ltd. December 4, 2025 Approve Credit Line Application and Provision of Guarantee Capital Structure Board AGAINST 5
Chongqing Zongshen Power Machinery Co., Ltd. September 10, 2025 Amend the Dividend Management System Capital Structure Board AGAINST 5
Chongqing Zongshen Power Machinery Co., Ltd. May 13, 2026 Approve Provision of Guarantee Capital Structure Board AGAINST 5
Chongyi Zhangyuan Tungsten Co., Ltd. February 27, 2026 Approve Credit Line Application, Financing Application and Provision of Guarantee Capital Structure Board AGAINST 5
Cinda Real Estate Co. Ltd. May 12, 2026 Approve External Guarantee Authorization Capital Structure Board AGAINST 5
Cirsa Enterprises SA April 22, 2026 Advisory Vote on Remuneration Report Compensation Board AGAINST 5

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Built November 7, 2026 from SEC Form N-PX filings.