Scottish Mortgage's Tom Slater plans to vote against Saba at Baillie Gifford meetings

‘Shareholders need to vote’

Manager of Scottish Mortgage (SMT) Tom Slater is planning to vote against Saba Capital’s proposals regarding his colleagues’ investment trusts, as the US hedge fund seeks to take control.

Speaking at the Scottish Mortgage Forum hosted in London today (16 January), Slater said that as a shareholder of all three of the Baillie Gifford trusts on Saba's hit list – Baillie Gifford US Growth, Edinburgh Worldwide and Keystone Positive Change – he would be voting in line with the respective boards. Saba has targeted seven trusts, including the aforementioned, and utilised its position as a major shareholder in each to call a requisition vote in an attempt to have the boards replaced with Saba-vetted persons and recalibrate the trusts investment processes. Slater said "from a p...