Protect Closed-End Investors’ Right to Annual Elections

Protect Closed-End Fund Investors’ Right to Annual Elections

For 100 years, the New York Stock Exchange has required closed-end funds to hold annual shareholder meetings – but now, that basic right is under attack.

After being lobbied by closed-end fund managers, the NYSE is trying to push through a proposal to eliminate annual elections so that trustees can serve unchecked for life without any recourse for investors.  

The fact that the NYSE has proposed such a rule prioritizing the interests of managers over investors is intolerable – which is why Saba Capital has launched a campaign to urge the SEC to reject the proposal and protect the rights of closed-end fund investors.  

Together, we need to send a clear message to the SEC that annual meetings are a shareholder right that must be upheld and respected.

You can submit a comment to the SEC by July 30, 2024 to express your opposition to this proposal.

Our View

The ability to elect trustees through annual elections is an essential right that must be protected.

When annual meetings are not held, funds trade at larger discounts and the value of your investment goes down – which means investors could face billions of dollars in losses if the SEC approves this proposal.

Take Action

Submit a comment to the SEC and sign this petition to urge the SEC to reject the NYSE’s proposal and protect the rights of closed-end fund shareholders.

STEP ONE: SUBMIT A COMMENT TO THE SEC

The SEC is only accepting public comments on the NYSE’s Section 302 Rule Amendment Proposal until July 30, 2024. To express your opposition, submit your comments directly to the SEC by completing this form.

Submit a comment to share your experience investing in closed-end funds and to tell the SEC why you believe being able to hold trustees accountable through annual elections is a crucial right that must be protected.  

STEP TWO: SIGN THE PETITION

Sign the petition below to urge the SEC to reject the NYSE’s proposal that would eliminate the requirement that closed-end funds hold annual shareholder meetings.

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