Glass Lewis, ISS and PIRC urge shareholders to reject Saba

what happened

The London Stock Exchange reported that voting advisers Glass Lewis, ISS and PIRC have recommended that shareholders of Baillie Gifford US Growth Trust plc reject all of Saba’s proposals, covering resolutions 1-3, at the annual general meeting on 23 October 2026 at 1:00 p.m. All three advisers also supported the reappointment of the current directors under resolutions 4-7.

The board said Saba’s proposals could threaten the company’s future, its independence and its investment strategy. In the circular sent to shareholders on 17 September 2026, directors recommended voting against Saba’s resolutions 1-3 and in favour of the company’s resolutions 4-14.

Chairman Tom Burnet said the trust, launched in March 2018, has ranked in the top decile by performance among UK investment trusts and US equity funds and follows a strategy focused on exceptional public and private US growth companies. The proxy deadline is 1:00 p.m. on 21 October 2026, while platform voting deadlines may be earlier.

why it matters

The ballot could determine the composition and independence of Baillie Gifford US Growth Trust’s board, as well as whether its current investment strategy remains in place.

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