We’ve sought every day since 1975 to be the best possible stewards of our clients’ capital. Our stewardship is evident in our unique ownership structure, client-first culture, and commitment to ethics.
Unique ownership structure
Vanguard is owned by its U.S. funds, which in turn are owned by fund shareholders. This puts investors at the center of everything we do. There are no outside stockholders seeking to profit from the management of our funds or the trusted advice or retirement services we provide. The ethical standards, values, and investment principles to which we’ve adhered since our founding are solely designed to serve the interests of our clients, communities, and employees.
Client-first culture
We hold ourcrewto the highest standards of ethical behavior. We have a strong internal culture that demandsthateveryone place our clients’ interests first, from the daily processing of transactions to strategic decisions that affecttheability to invest successfully over the long term. It’s what drives our aspirational goals fordiversity, equity, and inclusion. It’s also embedded in our policies and practices and buttressed by our Code of Ethical Conduct, regular training and education, and our expert staff of risk-management and compliance professionals.
Commitment to ethics
To ensure that we retain the confidence of our clients, our Code of Ethical Conduct is built on our commitment to doing the right thing. We expect all crew to serve the interests of our clients ahead of personal interests. They are also required to complete a range of training on fraud prevention, anti-money-laundering, and data and privacy protection. Our annual compliance review reinforces regulatory requirements for Vanguard’s registered representatives and investment advisors.
Thesevaluesare not only the backbone of our commitment to doing the right thing for investors,theyare also the tenets that inform how Vanguard shows up as a business leader, a steward in our communities, and a corporate citizen. We have a responsibility to advocate fordiversitywithin our supply chain and in corporate boardrooms. We are also deeply committed tophilanthropythat helps strengthen our localcommunities. And we strive to uphold sustainable business practices that make us good stewards of the environment.
“What we stand for, if I were to pick a single word, is: stewardship. The loyal stewardship of the assets entrusted to us by millions of investors.”
John C. Bogle (1929–2019)
Vanguard Founder