Vanguard's perspective on board diversity: Good governance starts with a great board of directors.

Vanguard's mission is to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. We take that job seriously. We believe that over time, good corporate governance can create and preserve value for investors. And we believe that good governance begins with a great board of directors.

One of our most important responsibilities at Vanguard is to participate in electing directors who oversee the companies in which our funds invest. Well-composed boards have perspectives that are informed by a range of backgrounds, skills, and experiences. We depend on directors to serve as the voice of shareholders in the boardroom, to ensure that proper governance structures are in place to protect shareholder rights, to plan for the next generation of leaders and board members, and to be an invaluable resource in the

Our board diversity expectations of public companies:

1. Publish your perspectives on board diversity.

   Here's what we ask companies: Does your board share its policies or perspectives on diversity? How do you approach board evolution? What steps do you take to get the widest range of perspectives and avoid groupthink? Vanguard and other investors want to know.

2. Disclose your board diversity measures.

   We want companies to disclose the diversity makeup of their boards on dimensions such as gender, age, race, ethnicity, and national origin, at least on an aggregate basis.

3. Broaden your search for director candidates.

   We encourage boards to look beyond traditional candidate pools --those with CEO-level experience--and purposely consider candidates who bring diverse perspectives into the boardroom.

4. Make progress on this front.

   Vanguard expects companies to make significant progress on boardroom diversity across multiple dimensions and to prioritize adding diverse voices to their boards in the next few years. oversight of company strategy and risk. This is why Vanguard focuses so strongly on board composition and effectiveness.

   A call for greater board diversity

   As part of that focus, we have long believed in the importance of diversity in the boardroom, and we have increasingly advocated for greater representation of women on corporate boards. We are expanding our focus to more explicitly urge boards to seek greater diversity across a wide range of personal characteristics, such as...