As a mission-driven organization and the steward of lifetime savings for more than 30 million investors worldwide, Vanguard is deeply concerned about the long-term impacts of climate change and human rights transgressions... Where societal risks may pose a material risk to a company, we engage to uphold our responsibilities as fiduciaries and protect the value of our shareholders' investments. If a company's business practices or products cause harm to indigenous communities, or place people’s health, safety, or dignity at risk, they present long-term financial risks as well. Through our engagements, we seek assurance that boards oversee and own these risks and that they take appropriate measures to mitigate them and disclose them to the market.

Our investment stewardship team is taking action to address climate change risk through our company engagements and industry advocacy efforts with organizations and initiatives... We continue to call on companies to be transparent about climate-related matters and disclose them to investors. It is equally important that boards appropriately oversee climate matters as they would other material issues.

Vanguard’s 2020 Investment Stewardship Annual Report provides additional information about our perspectives and actions on these important topics...