Money management giant Vanguard Group rose to become one of the most important shareholders in American corporations over the last decade. Now it is handing some of that voting power to outside stock pickers that oversee more than $470bn of its holdings.

By the end of the year these firms that manage Vanguard’s active equity funds will be able to cast votes on takeovers, board slates or shareholder proposals affecting the portion of shares they oversee. Historically, Vanguard made those votes on its own.