Vanguard Investor Choice Participation Grows More Than Sixfold, Surpassing Half a Million Investors

VALLEY FORGE, PA (September 29, 2026)—Vanguard today published its 2026 How Investors Vote Report, a comprehensive look at investor¹ participation and preferences in Vanguard Investor Choice², the world’s largest retail proxy voting choice program³. The report highlights a substantial increase in participation across individual investors and retirement plan sponsors.

Launched in 2023, Vanguard Investor Choice gives investors a voice on important shareholder matters, such as director elections and executive compensation, at companies held by eligible Vanguard funds. Investors can choose a proxy voting policy that determines how their proportionate share of eligible funds votes. Investor Choice is available across approximately $4 trillion in assets.⁴

“Investor Choice is grounded in the foundational belief that investors have diverse perspectives on corporate governance, and those perspectives deserve to be heard,” said John Galloway, Global Head of Investor Engagement at Vanguard. “More than half a million investors have chosen to participate in Investor Choice this year, demonstrating strong demand and reinforcing the importance of giving index fund investors a voice. As we expand Investor Choice to all U.S. equity index funds in 2027⁵, we look forward to giving even more investors the opportunity to take part.”

2026 Investor Choice Data

• Participation accelerated in 2026: The number of participating investors increased more than sixfold, from 82,000 in 2025 to 507,000 in 2026. Participating assets also saw significant year-over-year growth, rising nearly 17x from $9 billion to $151 billion.

• Retirement plan sponsor participation expanded: Nearly 80 retirement plan sponsors now participate in Investor Choice, representing more than one million underlying plan participants.

• Investors continued to express diverse perspectives: Vanguard Mutual fund and ETF investors selected from across the range of available voting policies, with no single voting policy accounting for more than 38% of policy selections.

• Voting preferences varied by age: Younger investors were more likely to select the Glass Lewis ESG Policy, while older investors were more likely to choose the Company Board-Aligned Policy. Investors under 30 selected the Glass Lewis ESG Policy at more than twice the rate of investors age 62-80 —38% compared with 16%.⁷

• Investors signaled demand for future expansion: Investors proactively selected policies for an additional $120 billion in assets tied to funds expected to join Investor Choice in 2027.

Please click here to review the full 2026 How Investors Vote Report.

Investor Choice Policies

Vanguard Investor Choice offers a range of clear, distinct, and deliberately curated voting policy options that determine how investors’ proportionate shares are voted. To learn more about the policy options and for enrollment instructions for both investors who hold Vanguard funds through third parties and for those who hold their funds directly in Vanguard accounts, please visit the Vanguard Investor Choice webpage.

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Notes:          

1 Shareholders of Vanguard Equity Index Funds eligible for Investor Choice.

2 Vanguard Investor Choice is a program offered by the Vanguard Equity Index Funds.

3 Based on eligible assets under management as of July 31, 2026.

4 As of July 31, 2026.

5 Vanguard US Equity Index Funds with US securities.

6 Percentages may not sum to 100% due to rounding. Percentages for policy selection are asset weighted and reflect an active policy selection for 32 eligible equity index mutual funds and ETFs. The Egan-Jones Wealth-Focused Policy and Mirror Voting Policy were both added in 2025; the “Not Voting” Policy was removed in 2025.

7 Among Vanguard fund investors whose funds are held in Vanguard accounts.