Shareholders of Edinburgh Worldwide Investment Trust (EWIT) have rejected a series of board proposals put forward by Boaz Weinstein’s activist hedge fund firm Saba Capital Management (Saba), including the removal of Chair Jonathan Simpson-Dent, following a Requisitioned General Meeting held today, (20 January).
The company said none of the resolutions proposed by Saba were passed. Overall, 53.2% of total votes cast opposed Saba’s resolutions, in line with the recommendation of EWIT’s independent board. Excluding shares held by the hedge fund, 92.7% of participating shareholders voted against the proposals.
More than 70% of the trust’s issued share capital was represented at the meeting, marking a record level of shareholder participation and exceeding turnout at last year’s requisitioned meeting. EWIT said the high engagement was supported by strong participation from retail investors holding shares through digital investment platforms.
The vote was independently supervised by Civica Election Services, which was appointed by the board to assess the polling process.
Saba, which remains EWIT’s largest shareholder, had sought to install its own nominees to the board. This marks the second time in less than a year that shareholders have rejected similar proposals from the hedge fund.
Simpson-Dent said the outcome demonstrated shareholder backing for the trust’s existing investment approach.
“Shareholders have clearly stated their preference for EWIT’s unique and differentiated mandate,” he said, adding that the board remains focused on executing its Path for Growth strategy, which it said has delivered strong returns since implementation.
Simpson-Dent said the board would continue to seek constructive engagement with Saba.
Saba did not immediately respond to a request for a comment.
