Bogle sees Index Funds, which hold 25% of all stock, as the best hope for governance. However, he acknowledges free rider problem, potential conflict of interests for offending clients. Hopes we will gradually break down the barriers. These are the funds that have held for three years or more, so these are the funds that will have proxy access.
Bogle would like funds to introduce resolutions requiring 75% of shareowner vote in order to make political contributions. They should vote in the interest of their shareowners, not their managers. Corporations shouldn’t be controlled by their agents.