During our meetings, we pressed leaders…about the lessons they had learned from the crises and any steps they were taking to improve oversight. In these instances, we expect boards to be transparent about governance lapses. We were pleased to hear company leaders talk about meaningful changes… Tokyo Electric’s management updated us on employee safety, the decommissioning of the defunct nuclear power plant, and how the board is overseeing the recovery process. …We also discussed the…shareholder proposals… Among them were several that asked…to divest from coal and nuclear businesses because of employee and community safety issues and potential harm to the environment. Although we acknowledge the environmental and safety concerns with coal and nuclear power, and share an interest in understanding their materiality to each company and its plans for mitigating associated risks, we view these specific proposals as too prescriptive because they encroach on a company’s routine operations. The Vanguard funds didn’t support them.