VALLEY FORGE, PA — Vanguard announced the addition of 17 funds to its Vanguard Investor Choice program, expanding eligibility to about 22 million investors representing more than $3.6 trillion in assets.
The expansion adds roughly 2 million eligible investors across more than $200 billion in assets and marks the fifth expansion of the proxy voting program, which the company said is the largest of its kind.
Vanguard Investor Choice allows investors in certain index funds to select proxy voting policies that determine how their proportionate shares are voted on shareholder matters at companies held in those funds.
“Vanguard Investor Choice continues to help improve the corporate governance ecosystem by ensuring the voices of more investors can be heard,” said John Galloway, global head of investor engagement at Vanguard.
With the latest expansion, the program now includes 32 funds spanning multiple share classes.
Newly added funds include the Vanguard Energy Index Fund, Vanguard Materials Index Fund, Vanguard Industrials Index Fund, Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples Index Fund, Vanguard Health Care Index Fund, Vanguard Financials Index Fund, Vanguard Information Technology Index Fund, Vanguard Communication Services Index Fund, and Vanguard Utilities Index Fund.
Additional funds include the Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P 500 Value Index Fund, Vanguard S&P Mid-Cap 400 Growth Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund, Vanguard S&P Small-Cap 600 Index Fund, Vanguard S&P Small-Cap 600 Value Index Fund, and the Vanguard S&P Small-Cap 600 Growth ETF.
David Reiner, head of investor choice at Vanguard, said investor participation has increased as the program has grown.
“In 2025, we more than doubled participation in Investor Choice, reflecting strong — and increasing — investor interest in proxy voting,” Reiner said. “Going forward, we plan to continue to make it easier for all investors in our U.S. equity index funds to participate.”
Vanguard said the program allows individual investors, financial advisors, 529 plans, and retirement plan sponsors to select voting policies that guide how proxies are cast on corporate governance issues.
Funds already included in the program include the Vanguard 500 Index Fund, Vanguard Extended Market Index Fund, Vanguard Institutional Index Fund, Vanguard Growth Index Fund, Vanguard Value Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Large-Cap Index Fund, Vanguard S&P 500 Growth Index Fund, Vanguard Russell 1000 Index Fund, Vanguard ESG U.S. Stock ETF, Vanguard Mega Cap Index Fund, Vanguard Dividend Appreciation Index Fund, Vanguard High Dividend Yield Index Fund, Vanguard Tax-Managed Capital Appreciation Fund, and Vanguard Tax-Managed Small-Cap Fund.
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