This fall, EQAT and other members of the Vanguard S.O.S. campaign are taking action to challenge Vanguard on its stewardship hypocrisy, highlighting the ways the asset manager has failed to act on its own stated values.

Photo by Rachael Warriner

EQAT's response to the heat. Credit Rachael Warriner.

I confess I was feeling pretty low recently. The combination of the heat and the complete failure of our government to deal with the climate crisis felt like too much to face. But I dragged myself to a Zoom call with other groups around Philly who are excited about training in nonviolent direct action. Then I got on another Zoom call with folks across the US working to get money out of fossil fuels. Both made me feel more connected and reminded me that our way of making change doesn’t rely on the whims of Washington. 

What does the term "stewardship" mean to you? We discussed that during our recent general meeting, and here are a few things folks said:

• A sacred task in the Biblical tradition, including care of the Earth.
• Encompassing, long-term, sustainable care, so that something doesn't disappear and can thrive to its fullest.
• Making sure you take care of resources sustainably and ethically.

In contrast, Vanguard's definition of stewardship is very narrow. Its continued investment in industries that are already destabilizing our climate--and therefore threatening our whole economy--show a real lack of long-term thinking. Its narrow focus only on the value of its shareholders' investments will ultimately hurt, not only the portfolios of those investors, but the web of life on which all of us depend.