PRESS RELEASE
State Treasurer Malek Questions Upcoming Vanguard Trustee Election in Letter with Seven Other Statewide Elected Officials

FOR
IMMEDIATE RELEASE JEFFERSON
CITY, Mo. – Today, Missouri State Treasurer Vivek Malek 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.