Tumelo joins SEC’s pass-through voting panel

Last week, Tumelo's co-founder Will Goodwin joined a high-profile panel at the US Securities and Exchange Commission (SEC) to discuss the future of pass-through voting and retail investor empowerment.

The panel – part of the SEC’s Investor Advisory Committee – brought together leaders from Vanguard (John Galloway, Global Head of Investment Stewardship), EQ Shareowner Services (Katie Szprach, Former EVP), the Society for Corporate Governance (Paul Washington, President & CEO), Professor Jill Fisch (University of Pennsylvania), and Tumelo to explore how investors can have a more direct say in corporate governance.

Why this moment matters

More than 130 million Americans – over half of US households – own shares in pooled investment vehicles like mutual funds and ETFs. Yet when it comes to voting on shareholder resolutions at portfolio companies, most investors have little visibility or influence.

This is why pass-through voting is relevant.

At Tumelo, we believe that if it’s your money, it should be your voice. Pass-through voting allows asset managers to empower investors with real choices over how their shares are voted – bridging the long-standing gap between ownership and influence.

What Tumelo shared at the SEC

Speaking as a technology leader in the space, Will shared how Tumelo enables fund managers to offer multiple stewardship options to their clients, including:

• Policy selection – Investors can choose from a menu of voting strategies (e.g. ESG-aligned, board-aligned, or the fund manager’s default policy).

• Custom policy creation – Institutional clients can craft bespoke policies that reflect their own values and priorities.

• Proposal-by-proposal voting – A more granular approach, typically for highly engaged institutional clients.

“The principle is simple,” Will said. “It’s the client’s money, therefore it is the client’s choice.”

He also explained how Tumelo’s reporting tools help institutional investors identify misalignments between how their directly held shares are voted and how pooled funds vote on their behalf. Pass-through voting enables alignment across an entire portfolio, increasing consistency and strengthening influence.

How technology bridges the gap

Tumelo’s platform has already onboarded over £200 billion in assets, with a further £30 billion in progress – and demand from institutional investors representing more than £1 trillion in assets. This growth isn’t limited to passive funds; active managers are also adopting pass-through voting, recognising the value of transparency and alignment.

Tumelo offers tailored experiences for both:

• Institutional investors – A stewardship platform for selecting policies, tracking upcoming votes, and generating reporting for their stakeholders.

• Retail investors – An accessible platform focused on transparency and education, helping individuals connect their brokerage accounts, view how votes are cast, and hold voting policy providers to account.
  
  

Alignment is the future

As Will explained, the need for alignment is at the heart of pass-through voting:

• Alignment between an investor's investment strategy and how its votes are cast.

• Alignment between fund managers and their clients.

• Alignment between governance outcomes and long-term investment goals.

“Pass-through voting is becoming table stakes,” Will said. “Our clients don’t see a difference between passive and active – what they care about is alignment.”

 

Learnings from the panel

The discussion highlighted several key themes and challenges facing the industry:

1. Retail investors want a say – but face barriers

Professor Jill Fisch gave a compelling account of the difficulties she’s faced voting as a retail investor – from navigating confusing proxy platforms to interpreting vague voting prompts such as “Racial Equity Audit” with no context. These obstacles are real and widespread.

2. Policy-based voting is a practical solution

Vanguard’s John Galloway shared the success of their “Investor Choice” programme, which now includes 12 funds and around 10 million investors. The programme offers five policy options, including third-party administered strategies, and has seen strong uptake – especially from clients engaging via Vanguard’s own digital platform.

3. Technology is key

As Paul Washington from the Society for Corporate Governance noted, improving investor participation depends on modernising the experience. Tumelo’s platform helps do exactly that – making engagement seamless, insightful and scalable.

4. Customisation, not complexity

While some worry that choice could overwhelm investors, Tumelo’s experience shows that thoughtful design and clear education support meaningful engagement. Investors don’t need hundreds of options – just a few that align with their values and goals.

Tumelo is proud to have taken part in this important conversation – and excited to see momentum building across the industry.

Further information:

• Watch the full session here.

• Read the Remarks by Commissioner Peirce at the Meeting of the Investor Advisory Committee.
  
  

Panelists & moderator

Moderated by:

Jennifer J. Schulp, Director of Financial Regulation Studies, Cato Institute’s Center for Monetary and Financial Alternatives, Vice-Chair of U.S. Securities and Exchange Commission’s Investor as Owner Subcommittee of the Investor Advisory Committee

Panelists:

Jill E. Fisch, Saul A. Fox Distinguished Professor of Business Law, University of Pennsylvania Carey Law School

John Galloway, Global Head of Investment Stewardship, Vanguard

Will Goodwin, Co-founder and Head of U.S. Sales, Tumelo

Katie Sevcik, Consultant and former Chief Operating Officer, EQ Shareowner Services

Paul Washington, President and CEO of the Society of Corporate Governance