Proxy advisers continue to side against Saba ahead of further general meetings

Boaz Weinstein slams Baillie Gifford

Proxy voting advisers have continued their efforts to urge shareholders of the seven trusts targeted by Saba Capital to vote against the proposed changes from US activist hedge fund at their upcoming general meetings.

Glass Lewis, ISS and PIRC, a trio of proxy voting advisers, have recommended that shareholders vote down the requisitioned resolutions at the Baillie Gifford US Growth trust's (USA) general meeting on 3 February, while ISS also made the same case for shareholders of Keystone Positive Change (KPC) ahead of its general meeting on the same day.  ISS' decision to throw its weight behind KPC means it joins Glass Lewis in its support for the trust chaired by Karen Brade.  Brade said these votes of confidence from the proxy advisers demonstrates that "no one is fooled by Saba's plot for cont...