Vanguard has published data from its Investor Choice proxy voting pilot, revealing that younger and female investors are significantly more inclined to adopt ESG-focused voting policies than their older and male counterparts. The Investor Choice pilot, launched in early 2023 by Vanguard, allows investors to choose from various policy options to align with their preferences. Over the past two years, the pilot has expanded to include 12 equity index funds, representing assets exceeding $1 trillion, with participation rising to over 82,000 investors in 2025, more than double the previous year’s figures.
The programme offers several policy options, including the “Company Board-Aligned Policy,” which aligns with recommendations from the portfolio company’s board of directors; the “Glass Lewis ESG Policy,” which adheres to Glass Lewis’s thematic ESG Voting Policy, promoting investment returns by focusing on ESG risk disclosure and mitigation; the “Vanguard-Advised Funds Policy,” managed by Vanguard’s investment stewardship team; and a new “Mirror Voting Policy,” which votes in similar proportions to other shareholders.
In 2025, Vanguard introduced the “Egan-Jones Wealth-Focused Policy,” which dismisses ESG proposals unless they directly contribute to the company’s revenue generation. During the 2025 season, each of the returning policies saw a decrease in investor selection, with approximately 23% opting for the new Egan-Jones policy, while the ESG voting policy’s selection fell from around 24% to 18%.
Despite the overall decline in ESG policy selection, Vanguard highlighted that younger investors were more than twice as likely to opt for the ESG policy, with 42% of those under 45 choosing it, compared to only 17% of those 45 and older. Among younger investors, the ESG policy was the most popular, followed by the Vanguard-Advised Funds Policy at 27%.
Female investors also showed a stronger preference for the ESG policy, at 28%, versus 16% of male investors. Conversely, male investors were more inclined towards the Egan-Jones policy, avoiding ESG resolutions, at 26%, compared to just 14% of female investors.
John Galloway, Global Head of Investment Stewardship at Vanguard, commented: “Investor Choice carries forward that legacy by ensuring that investors and their fiduciaries can more directly align their investment portfolios with their goals and preferences. The results from this proxy season reinforce that investor interest in proxy voting choice continues to grow and, as illustrated by the dispersal of policy selections, investors have a range of perspectives on proxy voting matters.”
