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Glass Lewis ESG Policy, in Vanguard Investor Choice

Follows proxy adviser Glass Lewis, on the view that more disclosure on environmental, social and governance issues can reduce company risks. It is one of the 5 policies the holders of a listed Vanguard fund can choose. Who writes it: Glass Lewis.

Choose the Glass Lewis ESG Policy

Hold a listed Vanguard fund in a brokerage account or IRA?

Set your policy on Vanguard’s or Broadridge’s site. Your voting policy selection can be made or updated at any time. (Vanguard Investor Choice)

Vanguard brokerage account → Any other broker, via ProxyVote →

Vanguard says a choice made through ProxyVote may not apply if Broadridge, which runs it, cannot see your Vanguard fund holdings.

Hold it through your employer’s 401(k)?

The plan sponsor makes this choice for the whole plan. Nearly 80 retirement plan sponsors now take part, for more than one million plan participants (Vanguard, September 29, 2026). Ask yours:

Draft the letter to my plan →It opens in your own email. Send it to your HR or benefits team.

What it does, in its own words

The approach: The ESG Policy was designed for clients with a strong focus on environmental and social issues or as a supplemental voting policy for ESG-focused funds. This policy is also ideal for investors who would like to vote in a stakeholder-focused manner.
Director elections: Boards that wish to protect and enhance the interests of shareholders should have sufficient levels of independence (the percentage varies by local market practice and regulations), boast a record of positive performance, have directors with diverse backgrounds, and appoint new directors that have a depth of relevant experience.
Directors and climate: … the ESG Policy will continue to vote against the chair of the board in instances where companies have not established any forward-looking GHG emissions reduction targets …
Executive pay: The ESG Policy will vote against the approval of a compensation report or policy in the following scenarios: … There is a significant disconnect between pay and performance; …
Climate and social proposals: … the ESG Policy will be broadly supportive of environmental and social shareholder proposals aimed at enhancing a company’s policies and performance with respect to such issues.
Climate: … the ESG Policy will support proposals requesting companies develop greenhouse gas emissions reduction goals, comprehensive recycling programs, and other proactive means to mitigate a company’s environmental footprint.
Workforce and diversity: The ESG Policy will also support proposals aimed at increasing the diversity of boards or management as well as those requesting additional information concerning workforce diversity and the adoption of more inclusive nondiscrimination policies.

SourceGlass Lewis, ESG Thematic Voting Policy Guidelines 2026

How Vanguard describes it

The proportionate shares of participating investors that select the Glass Lewis ESG Policy will be voted in accordance with proxy voting recommendations from Glass Lewis & Co., LLC (“Glass Lewis”), a third party proxy advisor, that is based on the belief, as described by Glass Lewis, that enhanced disclosures of company policies and practices related to certain environmental, social, and/or governance issues could mitigate company risks and create operational opportunities.

SourceVanguard Investor Choice

Vanguard reports that investors under 30 chose it at more than twice the rate of investors aged 62 to 80: 38% compared with 16% (Vanguard, September 29, 2026).

The other policies

Company Board-Aligned Policy: Votes your share the way each company's board recommends.
Egan-Jones Wealth-Focused Policy: Follows proxy adviser Egan-Jones; by rule it rejects environmental, social or political proposals unless they directly add to the company's revenue.
Mirror Voting Policy: Votes your share in about the same proportions as the other shareholders voting at each meeting.
Fund Proxy Policy (the default): The fund's own policy, adopted by its trustees. Your share votes this way if you choose nothing.

We quote each policy’s publishers; we don’t recommend one. How Vanguard Investor Choice works.

The funds where you can choose it

Every share class of Vanguard Growth Index Fund (VUG), Vanguard Value Index Fund (VTV), Vanguard Large-Cap Index Fund (VV), Vanguard Mid-Cap Index Fund (VO), Vanguard S&P 500 Growth Index Fund (VOOG), Vanguard ESG U.S. Stock ETF (ESGV), Vanguard Russell 1000 Index Fund (VONE), Vanguard Mega Cap Index Fund (MGC), Vanguard Dividend Appreciation Index Fund (VIG), Vanguard High Dividend Yield Index Fund (VYM), Vanguard Tax-Managed Capital Appreciation Fund (VTCLX), Vanguard Tax-Managed Small-Cap Fund (VTMSX), Vanguard 500 Index Fund (VOO), Vanguard Extended Market Index Fund (VXF), Vanguard Institutional Index Fund (VINIX), Vanguard Energy Index Fund (VDE), Vanguard Materials Index Fund (VAW), Vanguard Industrials Index Fund (VIS), Vanguard Consumer Discretionary Index Fund (VCR), Vanguard Consumer Staples Index Fund (VDC), Vanguard Health Care Index Fund (VHT), Vanguard Financials Index Fund (VFH), Vanguard Information Technology Index Fund (VGT), Vanguard Communication Services Index Fund (VOX), Vanguard Utilities Index Fund (VPU), Vanguard S&P Mid-Cap 400 Index Fund (IVOO), Vanguard S&P 500 Value Index Fund (VOOV), Vanguard S&P Mid-Cap 400 Growth Index Fund (IVOG), Vanguard S&P Mid-Cap 400 Value Index Fund (IVOV), Vanguard S&P Small-Cap 600 Index Fund (VIOO), Vanguard S&P Small-Cap 600 Value Index Fund (VIOV), Vanguard S&P Small-Cap 600 Growth ETF (VIOG).