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Fund Times

Vanguard Proposes Greater Autonomy in Choosing Advisors

Proxy proposals would modestly reduce expenses.

Yesterday Vanguard announced two proxy proposals designed to give the firm greater flexibility in choosing advisors. The proposals were among several others, including the election of two new trustees, Sarah Bloom Raskin and Deanna Mulligan.

The two proposals related to advisors would allow Vanguard to change a fund's subadvisors without first getting shareholder approval via proxy. Skipping this step would save Vanguard considerable time and expense when adding or subtracting subadvisors. They already have this approval with 48 funds; this new proposal would simply extend it to the rest of the lineup.