Media scrutiny of the proxy votes of at least two fund firms shows that they withheld a significant number of proxy votes related to corporate governance.
Contrary to what many believed, the once-private voting records revealed that at least Vanguard
did not cast proxy votes in the rubber-stamp style that many believed. Vanguard withheld proxy votes for at least one director nominee 60 percent of the time. Vanguard voted on 19,000 directorships at 4,000 companies within the last proxy year.
Meanwhile, Putnam Investments
withheld votes for individual directors 8 percent of the time and for an entire lineup of directors 21 percent of the time, reported
the Boston Globe
. Putnam cast proxy votes for 1,300 companies within the last year.
See Vanguard's votes
See Putnam's votes
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