Vanguard owns 5% or more of most US publicly traded companies. They therefore have a lot of power at shareholder meetings if they choose to use it. That power is wielded by people who are not in any way selected by Vanguard fund shareholders like you and me. We have absolutely no formal influence over that decision. I kind of wish they opened up these decisions to fund shareholders. Have a website for fund owners to make their opinions known on any corporate issue coming up for a vote, and Vanguard would vote with their 5% the way their own shareholders want them to vote.