Saba Launches Campaign to Improve the Boards of 10 Poorly Governed and Underperforming Closed-End Funds Managed by BlackRock
Retrieved on:
Wednesday, March 6, 2024
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Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.
Key Points:
- Last year, a leading independent proxy advisory firm chastised BlackRock for its ‘ abusive’ governance.
- Saba also won a lawsuit against BlackRock that should have ended its illegal efforts to deprive shareholders of their right to vote all of their shares.
- BlackRock acts as if federal law does not apply to its CEFs by blatantly ignoring the Investment Company Act.
- Under the Entrenchment Bylaw, any share not voted in a contested election is counted as a vote for BlackRock.