Vanguard chief executive Bill McNabb has rejected claims the world’s second-largest asset manager is too soft on the companies it invests in, citing a 3,800% rise in meetings held over corporate issues since he became CEO almost a decade ago.

McNabb, who announced in July he would step down at the end of the year, insisted Vanguard takes governance issues such as executive pay and board diversity seriously, amid increasing scrutiny of the company’s voting record in these areas.