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 |
|---|---|---|---|---|---|---|---|
| Leon's Furniture Limited | May 7, 2026 | Elect Director Mary Ann Leon | Director Elections | Board | WITHHOLD | 5 | |
| Leon's Furniture Limited | May 7, 2026 | Elect Director Terrence Thomas Leon | Director Elections | Board | WITHHOLD | 5 | |
| Leshan Giantstar Farming & Husbandry Co., Ltd. | August 14, 2025 | Approve Proposal on Increasing the Guaranteed Objects within the Guarantee Quota in 2025 and Adjusting the Guarantee Quota and Adding Estimated Matters on the Guarantee Quota in 2025 | Capital Structure | Board | AGAINST | 5 | |
| Lianhe Chemical Technology Co., Ltd. | May 25, 2026 | Approve Bill Pool Business | Capital Structure | Board | AGAINST | 5 | |
| Liaoning Chengda Biotechnology Co. Ltd. | August 28, 2025 | Approve to Formulate Management System for Remuneration of Directors and Senior Management | Compensation | Board | AGAINST | 5 | |
| Liaoning Chengda Biotechnology Co. Ltd. | February 12, 2026 | Approve Joint External Investment with Controlling Shareholder and its Wholly-owned Subsidiary | Extraordinary Transactions | Board | AGAINST | 5 | |
| Liaoning Chengda Biotechnology Co. Ltd. | May 12, 2026 | Approve 2025 and 2026 Remuneration of Directors | Compensation | Board | AGAINST | 5 | |
| Lier Chemical Co., Ltd. | June 18, 2026 | Approve 2026 Management Team Remuneration and Performance Evaluation Plan | Compensation | Board | AGAINST | 5 | |
| LifeTech Scientific Corporation | May 28, 2026 | Elect Fang Yu as Director | Director Elections | Board | AGAINST | 5 | |
| LifeTech Scientific Corporation | May 28, 2026 | Elect Feng Xiaoling as Director | Director Elections | Board | AGAINST | 5 | |
| LifeTech Scientific Corporation | May 28, 2026 | Elect Jiang Feng as Director | Director Elections | Board | AGAINST | 5 | |
| LifeTech Scientific Corporation | May 28, 2026 | Elect Liu Jianxiong as Director | Director Elections | Board | AGAINST | 5 | |
| LifeTech Scientific Corporation | May 28, 2026 | Elect Wu Liping as Director | Director Elections | Board | AGAINST | 5 | |
| Light & Wonder, Inc. | June 10, 2026 | To approve the aggregate annual amount that may be paid or granted as the Company's non-employee director compensation (cash and equity) pursuant to and in accordance with ASX Listing Rule 10.17. | Compensation | Board | AGAINST | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Dennis Grimm | Director Elections | Board | WITHHOLD | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Jim Jarrell | Director Elections | Board | WITHHOLD | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Linda Hasenfratz | Director Elections | Board | WITHHOLD | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Lisa Forwell | Director Elections | Board | WITHHOLD | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Mark Stoddart | Director Elections | Board | WITHHOLD | 5 | |
| Linamar Corporation | May 12, 2026 | Elect Director Terry Reidel | Director Elections | Board | WITHHOLD | 5 | |
| Lingbao Gold Group Company Ltd. | May 19, 2026 | Authorize Board to Issue Debt Financing Instruments | Capital Structure | Board | AGAINST | 5 | |
| Lingyuan Iron & Steel Co., Ltd. | April 21, 2026 | Amend Comprehensive Performance Evaluation and Remuneration Management Measures for Corporate Leaders | Compensation | Board | AGAINST | 5 | |
| Linktel Technologies Co., Ltd. | May 20, 2026 | Approve Application of Bank Credit Lines | Capital Structure | Board | AGAINST | 5 | |
| Lizhong Sitong Light Alloys Group Co., Ltd. | October 30, 2025 | Amend the Principles of Bondholders Meeting | Capital Structure | Board | AGAINST | 5 | |
| Lizhong Sitong Light Alloys Group Co., Ltd. | May 19, 2026 | Approve Provision of Guarantees | Capital Structure | Board | AGAINST | 5 | |
| Lloyds Metals & Energy Ltd. | June 19, 2026 | Approve Giving Loans, Inter Corporate Deposits, Guarantees in Connection with Loans Made by Any Person or Body Corporate and Acquire by Way of Subscription, Purchase or Otherwise the Securities of Any Other Body Corporate in Excess of the Limits | Capital Structure | Board | AGAINST | 5 | |
| Lloyds Metals & Energy Ltd. | June 19, 2026 | Approve Remuneration of Shabbirhusein Shaikhadam Khandwawala as Non-Executive Director | Compensation | Board | AGAINST | 5 | |
| Log Commercial Properties e Participacoes SA | April 17, 2026 | Approve Remuneration of Company's Management and Fiscal Council | Compensation | Board | AGAINST | 5 | |
| Log Commercial Properties e Participacoes SA | April 17, 2026 | As an Ordinary Shareholder, Would You Like to Request a Separate Election of a Member of the Fiscal Council, Under the Terms of Article 161 of the Brazilian Corporate Law? | Director Elections | Board | ABSTAIN | 5 | |
| Longhua Technology Group (Luoyang) Co., Ltd. | May 14, 2026 | Approve Provision of Guarantees | Capital Structure | Board | AGAINST | 5 | |
| Lonking Holdings Limited | May 28, 2026 | Elect Ngai Ngan Ying as Director | Director Elections | Board | AGAINST | 5 | |
| Lonking Holdings Limited | May 28, 2026 | Elect Qian Shizheng as Director | Director Elections | Board | AGAINST | 5 | |
| Lonking Holdings Limited | May 28, 2026 | Elect Yu Taiwei as Director | Director Elections | Board | AGAINST | 5 | |
| Lotus Pharmaceutical Co., Ltd. | June 16, 2026 | Approve Transfer of Treasury Shares At Lower than the Actual Average Repurchase Price to Employees | Compensation | Board | AGAINST | 5 | |
| Luoniushan Co., Ltd. | May 11, 2026 | Approve External Guarantees | Capital Structure | Board | AGAINST | 5 | |
| Luoxin Pharmaceuticals Group Stock Co., Ltd. | August 18, 2025 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 5 | |
| Lushang Freda Pharmaceutical Co., Ltd. | June 16, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 5 | |
| Luyang Energy-Saving Materials Co., Ltd. | October 30, 2025 | Elect Jason Daniel Merszei as Director | Director Elections | Board | AGAINST | 5 | |
| Luyang Energy-Saving Materials Co., Ltd. | October 30, 2025 | Elect Martin Paul Melhorn as Director | Director Elections | Board | AGAINST | 5 | |
| Luyang Energy-Saving Materials Co., Ltd. | October 30, 2025 | Elect Su Liyun as Director | Director Elections | Board | AGAINST | 5 | |
| M31 Technology Corp. | May 22, 2026 | Approve Long-term Capital Raising | Capital Structure | Board | AGAINST | 5 | |
| MAIRE SpA | April 15, 2026 | Approve Second Section of the Remuneration Report | Compensation | Board | AGAINST | 5 | |
| MARA HOLDINGS, INC. | June 18, 2026 | Approval of an amendment to our Amended and Restated 2018 Equity Incentive Plan (the "2018 Plan") to increase the number of shares of our common stock reserved under the 2018 Plan by 18 million shares. | Compensation | Board | AGAINST | 5 | |
| MARCUS & MILLICHAP, INC. | April 30, 2026 | Elect Hessam Nadji | Director Elections | Board | WITHHOLD | 5 | |
| MARR SpA | April 28, 2026 | Approve Remuneration Policy | Compensation | Board | AGAINST | 5 | |
| MAXLINEAR, INC. | May 20, 2026 | To approve an amendment and restatement of the MaxLinear, Inc. Amended and Restated 2010 Equity Incentive Plan, including approval of a new ten-year term and an increase in the number of shares reserved thereunder by 3,204,107. | Compensation | Board | AGAINST | 5 | |
| MBRF Global Foods Co. SA | April 24, 2026 | Amend Stock Option Plan | Compensation | Board | AGAINST | 5 | |
| MBRF Global Foods Co. SA | April 24, 2026 | Elect Fiscal Council Members | Compensation | Board | ABSTAIN | 5 | |
| MBSB Berhad | January 20, 2026 | Approve Allocation of Shares to Mohamed Rafe Bin Mohamed Haneef under the Long Term Incentive Plan (LTIP) | Compensation | Board | AGAINST | 5 | |
| MBSB Berhad | January 20, 2026 | Approve Establishment of Long-Term Incentive Plan Comprised of Employee Share Option Scheme and Share Grant Plan | Compensation | Board | AGAINST | 5 | |
| MERIT MEDICAL SYSTEMS, INC. | May 13, 2026 | Approval of a non-binding, advisory resolution approving the compensation of the Company's named executive officers as described in the Merit Medical Systems, Inc. Proxy Statement. | Compensation | Board | AGAINST | 5 | |
| METALLUS INC. | April 30, 2026 | Elect Randall A. Wotring | Director Elections | Board | WITHHOLD | 5 | |
| METALLUS INC. | April 30, 2026 | Elect Randall H. Edwards | Director Elections | Board | WITHHOLD | 5 | |
| MGI Tech Co., Ltd. | May 27, 2026 | Approve Company's Estimated External Guarantee Amount | Capital Structure | Board | AGAINST | 5 | |
| MINERALS TECHNOLOGIES INC. | May 20, 2026 | Election of Director: Joseph C. Breunig | Director Elections | Board | AGAINST | 5 | |
| MLS Co., Ltd. | January 13, 2026 | Approve Provision of Guarantee | Capital Structure | Board | AGAINST | 5 | |
| MR. COOPER GROUP INC. | September 3, 2025 | To approve, on an advisory (non-binding) basis, the compensation that may be paid or become payable to Mr. Cooper's named executive officers that is based on or otherwise related to the mergers (the "merger-related compensation proposal"). | Compensation | Board | AGAINST | 5 | |
| MRF Limited | March 28, 2026 | Approve Revision in the Terms of Remuneration of Arun Mammen as Vice Chairman and Managing Director | Compensation | Board | AGAINST | 5 | |
| MRF Limited | March 28, 2026 | Approve Revision in the Terms of Remuneration of K M Mammen as Chairman and Managing Director | Compensation | Board | AGAINST | 5 | |
| MRF Limited | March 28, 2026 | Approve Revision in the Terms of Remuneration of Rahul Mammen Mappillai as Managing Director | Compensation | Board | AGAINST | 5 | |
| MRF Limited | March 28, 2026 | Approve Revision in the Terms of Remuneration of Samir Thariyan Mappillai as Whole-Time Director | Compensation | Board | AGAINST | 5 | |
| MRF Limited | March 28, 2026 | Approve Revision in the Terms of Remuneration of Varun Mammen as Whole-Time Director | Compensation | Board | AGAINST | 5 | |
| MURPHY OIL CORPORATION | May 13, 2026 | Election of Director: C.P. Deming | Director Elections | Board | AGAINST | 5 | |
| MURPHY OIL CORPORATION | May 13, 2026 | Election of Director: J.W. Nolan | Director Elections | Board | AGAINST | 5 | |
| MURPHY OIL CORPORATION | May 13, 2026 | Election of Director: L.A. Sugg | Director Elections | Board | AGAINST | 5 | |
| MURPHY OIL CORPORATION | May 13, 2026 | Election of Director: L.R. Dickerson | Director Elections | Board | AGAINST | 5 | |
| MURPHY OIL CORPORATION | May 13, 2026 | Election of Director: R.M. Murphy | Director Elections | Board | AGAINST | 5 | |
| Mabwell (Shanghai) Bioscience Co., Ltd. | April 28, 2026 | Approve Application for Credit and Financing Lines and Provision of Guarantee | Capital Structure | Board | AGAINST | 5 | |
| Mabwell (Shanghai) Bioscience Co., Ltd. | June 18, 2026 | Elect Qin Zhengyu as Director | Director Elections | Board | AGAINST | 5 | |
| Maeda Kosen Co., Ltd. | September 25, 2025 | Approve Restricted Stock Plan | Compensation | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Chen, Kuo-Lung with SHAREHOLDER NO.00000006 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Chou, Chiu-Ling with SHAREHOLDER NO.00000021 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Ho, Huang-Ching with SHAREHOLDER NO.00000008 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Huang, Hong-Jen, a Representative of JuWen Investment Co., Ltd. with SHAREHOLDER NO.00113215 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Huang, Yu-Ching with SHAREHOLDER NO.00007497 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Lin, Shiann-Chang with SHAREHOLDER NO.00000118 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Liu, Shuang-Chuan with SHAREHOLDER NO.00000004 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Sung, Pei-Fang with SHAREHOLDER NO.00000921 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makalot Industrial Co., Ltd. | May 26, 2026 | Elect Wang, Chien with SHAREHOLDER NO.00000005 as Non-independent Director | Director Elections | Board | AGAINST | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Abdulilah Al Tounisi as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Abdullah Al Faris as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Abdullah Al Feefi as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Abdulraouf Mannaa as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Abdulwahab Abou Kweek as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Ahmed Khoqeer as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Al Huseen Al Mihthil as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Basim Banabeelah as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Fahd Al Sameeh as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Faris Al Babteen as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Hamoud Shajaa as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Hamzah Sayrafi as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Iyad Shareef as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Khalid Al Hamdan as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Khalid Al Khudheeri as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Majid Al Baddah as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Majid Al Suweegh as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Majid Fattah as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Mohammed Al Nafea as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Mohammed Al Sultan as Director | Director Elections | Board | ABSTAIN | 5 | |
| Makkah Construction & Development Co. | June 2, 2026 | Elect Muath Al Zamil as Director | Director Elections | Board | ABSTAIN | 5 |
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Built November 8, 2026 from SEC Form N-PX filings.