JEFFERSON CITY, Mo. – Missouri State Treasurer Vivek Malek has expressed his concerns to Vanguard regarding the upcoming trustee election for all U.S.-domiciled funds, where they are attempting to sneak by a hand-picked slate, stacked with a climate activist, DEI advocates, and a partisan donor. The letter was signed by six other State Treasurers and the Texas Comptroller.
“The Vanguard election is pure insider baseball, and no one is calling strikes,” said Treasurer Malek. “These nominees exhibit the potential to prioritize political agendas over sound investment policies. Vanguard’s board should serve shareholders, not ideological interests.”
Currently, Vanguard serves as an investment partner for each of the respective state-sponsored educational savings programs. The trustee election is scheduled for February 26, and it will be the only election conducted since 2017.
“Regular elections are essential to fostering consistent shareholder engagement and trustee accountability,” said Treasurer Malek. “This process, with infrequent and irregular elections, creates a closed system that does not take into consideration the opinions or wishes of its shareholders. Without more frequent trustee elections, shareholders are left without a meaningful voice in the oversight of the funds to which they have entrusted their investments.”
Treasurer Malek, Chair of Missouri’s 529 Education Plan Board, and signees of the letter will abstain from voting in this election.
“Our abstention reflects our belief that the current process is misaligned with shareholder interests and lacks necessary accountability. We hope this action underscores the urgent need for reforms that promote more transparent, competitive, and shareholder-centered elections,” reads the letter.
The full letter signed by Missouri State Treasurer Vivek Malek, as well as State Treasurers of Iowa, Kansas, Louisiana, North Dakota, Pennsylvania, Tennessee, and Texas Comptroller, is available here.