We are taking action to challenge Vanguard on its stewardship hypocrisy, highlighting the ways it has failed to act on its own stated values.
Vanguard says it considers climate change a “fundamental risk to companies and their shareholders’ long-term financial success,” and that they have a fiduciary duty to encourage the companies they invest in to mitigate climate risk. Unfortunately, Vanguard is not doing enough to push companies like Exxon and Chevron in the right direction. Because it’s Investment Stewardship Department has refused to meet with anyone from our campaign after a year and a half of requests, we went to Vanguard headquarters in October, and eight people refused to leave until having their concerns addressed. Vanguard chose to arrest them rather than speak to them.
All eight were released without bail, but they were told they would be charged with defiant trespass, a misdemeanor. We don’t know yet what fines or legal expenses they will face, but we always appreciate financial support for our actions.