On Eve of Vanguard Shareholder Meeting, Protestors Show Up in CEO’s Neighborhood

Years-Long Campaign Has Targeted Vanguard as the World’s Largest Investor in Fossil Fuels

Philadelphia, PA — Today, a group of 40 people arrived at Rittenhouse Square, unfurled large banners with messages like “Vanguard invests in climate destruction,” and held a Quaker-style Meeting for Worship service as pedestrians and farmers’ market customers walked past. They were there as part of an international campaign, Vanguard S.O.S., which has been active since 2021 and is calling on Vanguard, the world’s largest investor in fossil fuels, to invest for a safe and healthy future. This event was organized by Earth Quaker Action Team, a Philadelphia-based faith-based activism organization. Vanguard CEO Salim Ramji’s nearby home could be seen from the protest as participants prayed that he lead the asset manager to do better on environmental and human rights issues. Some participants gave fliers to passersby, including at least one Vanguard employee who stopped to talk.      

A group of about 30 people sit in folding chairs outside in a park surrounded by tall buildings. Some people are holding banners, including one that says "Vanguard invests in climate destruction."

Photo by Laran Kaplan

Tomorrow, Vanguard will hold a virtual shareholder meeting to select its funds’ trustees. At the same time as the shareholder meeting, another group of people from across the United States will meet to hold a virtual Quaker Meeting for Worship service, praying for the newly elected fund trustees to make more environmentally responsible investment choices. That event is organized by Quaker Earthcare Witness, a network of Quakers across North America working on sustainability and environmental justice issues. Unlike publicly traded companies, Vanguard does not have annual shareholder meetings. The last time it had a shareholder meeting was in 2017, and before that, in 2009. 

Vanguard invests a staggering $444 billion dollars of its customers’ savings in coal, oil, and gas. Campaigners claim that Vanguard should use its influence as a powerful shareholder to encourage the companies it invests in to do better on environmental issues, and exit its investments in fossil fuel companies that refuse to more meaningfully transition their businesses towards eliminating carbon pollution. Last year, Vanguard did not support any of the 400 environmental or social shareholder proposals its stewardship team voted on. 

Meanwhile, Vanguard’s own clients have demanded it take action on climate change, and even raised concerns about a breach of fiduciary duty. According to a 2021 report, Vanguard could lose at least $3 trillion by 2050 if it fails to act on the climate crisis. The world stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory, and if the Paris Agreement 2050 net-zero emissions targets are not met. 

Photos from the event can be found here.

Contact: Eve Gutman, eve@eqat.org

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