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This report assesses whether Vanguard, the world’s second-largest asset manager, acts as a universal owner on climate change.


We consider:


  • Whether Vanguard sees itself as a universal owner. 

  • How Vanguard’s stewardship compares to other leading asset managers.

  • Vanguard’s bond and equity holdings in the fossil fuel sector.

  • Whether Vanguard is using its financial power to drive decarbonization.

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