(credit: Timon - stock.adobe.com)

Glass Lewis, a prominent independent proxy advisory firm, has advised shareholders to reject all of Saba’s proposals at the requisitioned general meeting scheduled for 20 January 2026. This endorsement mirrors a recent recommendation from Institutional Shareholder Services (ISS), meaning the board’s position has now been publicly validated by two of the most influential independent voices in corporate governance.

In addition to these advisory recommendations, Legal & General, a major shareholder in the trust, has publicly declared its intention to vote against Saba’s resolutions. The activist investor is currently seeking to remove the incumbent directors and install its own candidates to influence the trust’s strategy. However, the EWIT board continues to firmly oppose this attempted takeover, arguing that Saba’s approach does not align with the best interests of long-term investors.

Jonathan Simpson-Dent, EWIT’s chair, welcomed these developments. He said: “We are pleased to note the conclusions of Glass Lewis and ISS, who both recommend that shareholders vote against all of Saba’s resolutions. We are also pleased to see Legal & General plc come out to publicly support the Board.”

To engage with stakeholders directly, the trust will host a live Q&A session via the Investor Meet Company platform at 2pm GMT today, 9 January 2026. The board has urged shareholders to cast their votes promptly; while the final proxy voting deadline is 12 noon on 17 January 2026, deadlines on certain investment platforms may fall as early as 12 January.