Sarah Bloom Raskin, is on Vanguard’s upcoming proxy vote to be a new Board member, please see her background, click here, Sarah Bloom Raskin
To view the full press release click here, Vanguard Files Proxy Seeking Shareholder election of trustees and approval of policy changes.
The treasury oversees the IRS. This would put a person with significant regulatory experience, and Treasury experience, on the board to make sure Vanguard complies with IRS/regulatory rules in the future. It doesn’t appear any of the prior board members had any legal experience.
From Vanguard’s press release July 13, 2017:
Election of trustees
Vanguard is asking shareholders of each fund to elect a board of trustees. In selecting trustee candidates, the independent nominating committee considers the overall composition of the funds’ board to ensure it reflects an optimal combination of professional experience and expertise. The trustees are responsible for setting broad policies for the funds; monitoring fund operations, performance, regulatory compliance, risk management, and costs; reviewing and approving advisory contracts; nominating and selecting new trustees; and selecting fund officers.
Questions that may need an answer in the near future;
did the former prior board commit an oversight of colossal significance by overseeing a company that engaged in a historically massive tax evasion?
Should the board have any accountability if/when the IRS rules in the Vanguard tax evasion case that has been open going on over four years?
What specifically is the Board’s role and responsibility in seeing that Vanguard has complied and is complying to IRS/SEC/FINRA rules, guidelines and standards?
What are the consequences for not living up to the expectations in a role of being a Board member of Vanguard?