Commentary: Treasurer’s Update

Vivek Malek Missouri State Treasurer

Missourians work hard for their money. As your State Treasurer, I believe investments — especially those made to secure a child’s education or a family’s future — should be managed with one goal in mind: long-term financial stability. That’s why I led seven of my fellow state financial officers in raising serious concerns about Vanguard’s trustee election last month.

Vanguard, one of the world’s largest investment firms, manages assets for Missouri’s 529 Education Plan, as well as similar programs across the country. These funds help families save for college, and they deserve to be overseen by trustees who are committed to sound investment principles — not political ideology. Unfortunately, Vanguard’s election process threatened that principle.

Vanguard put forward a hand-picked slate of 13 individuals to fill 13 open trustee seats. These nominees included climate activists, DEI advocates and a partisan donor — all of whom raise red flags about prioritizing progressive political agendas over sound investment strategy. Even more concerning, this was the first trustee election since 2017. A process marked by irregular elections and a lack of competition undermines shareholder input and accountability.

That’s why Missouri led the charge in February. I authored a letter — signed by the State Treasurers of Iowa, Kansas, Louisiana, North Dakota, Pennsylvania, Tennessee, and the Texas Comptroller — to express our concerns directly to Vanguard. We abstained from the election to make a clear statement: the current process is flawed, fails to represent the best interests of investors, and we would not contribute to the quorum needed to approve a faulty slate.

As Chair of Missouri’s 529 Education Plan Board, I take my responsibility to protect families’ investments seriously. I support transparency, competition and financial discipline — not a system clouded by political activism.

Missouri has always valued common sense, stability and long-term vision. That’s what I’m fighting for — and why Missouri is proud to lead in defending the integrity of our financial institutions.

Vivek Malek

48th State Treasurer of Missouri