Proxy adviser ISS backs Janus Henderson's European Smaller Companies trust against Saba

Following Glass Lewis support

Proxy voting adviser ISS has publicly expressed its support for another of the seven UK investment trusts targeted by US hedge fund Saba Capital.

In a stock exchange notice today (28 January), ISS compelled all shareholders of the Janus Henderson-managed European Smaller Companies trust (ESCT) to vote against Saba's swathe of changes in the trust's upcoming general meeting on 5 February.  ISS' decision echoes similar sentiment to the trust's board which had already encouraged shareholders to vote down Saba's resolutions in a circular earlier in January.  Hedge funds line up short positions against Saba holdings in UK trust tussle Last week, another proxy voting adviser, Glass Lewis, expressed its support for the ESCT board. ...