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B. G., Opalesque Geneva: Activist investor Saba Capital Management is protesting against being locked out of a board of directors and decrying the lack of rights for closed-end fund shareholders.
As the largest shareholder of the Neuberger Berman Municipal Fund (NBH) and the Neuberger Berman Next Generation Connectivity Fund (NBXG), Saba commented on what it called the rigged election Neuberger Berman held at the Funds' 2024 Joint Annual Meeting of Shareholders.
Based on the preliminary results of the Annual Meeting, shareholders overwhelmingly voted to elect Saba's director candidate, Paul Kazarian, to the funds' Boards of Directors.
However, due to Neuberger Berman's majority vote standard, Mr. Kazarian will not be granted his seat and Neuberger Berman's incumbent directors will hold onto their seats despite failing to receive a majority of the votes cast.
"Despite the clear mandate for change from NBH and NBXG shareholders, Neuberger Berman's impossible-to-achieve vote standard allows its directors to hold onto their seats in perpetuity - even when they lose an election," Boaz Weinstein, founder and CIO of Saba, commented in a public announcement. Directors responsible for poor returns should not be allowed to continue serving on the board of any closed-end fund, he added. Especially when Mr. Kazarian r...................... To view our full article Click here
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