Glass Lewis advises Keystone Positive Change shareholders to vote against Saba proposals

General meeting on 3 February

Independent proxy adviser Glass Lewis has recommended Keystone Positive Change investment trust (KPC) shareholders to vote against Saba Capital’s resolutions at the upcoming general meeting in February.

Glass Lewis told shareholders that the American hedge fund's proposals present a "lack of detail" and added that Saba's campaign is "more about obtaining influence than it is about offering shareholders a timely and certain exit". Saba saga 'should come as no surprise' and serves as 'a wakeup call to boards' no matter the outcome Saba's intentions for the board were also not in line with "the highest standards of governance", according to the proxy adviser. Karen Brade, KPC's chair, also told shareholders not to be "swayed by Saba's vague and theatrical promises", adding "this is ...