Saba Capital sues BlackRock over "Entrenchment Bylaw" and nominates independent board candidates.
Saba Capital Management launches a campaign to improve the boards of 10 poorly governed and underperforming closed-end funds managed by BlackRock. It files a lawsuit against BlackRock ESG Capital Allocation Term Trust for adopting an illegal "Entrenchment Bylaw" that removes shareholders' right to elect directors. Saba nominates seven independent board candidates for the BlackRock Funds' 2024 Annual Meetings of Shareholders.
March 06, 2024
3 Articles