City of London Investment Management has released its updated Statement on Corporate Governance and Voting Policy for Closed-End Funds, now in its ninth edition.
This newly published Statement identifies the current ‘best practices’ in the corporate governance of closed-end funds and is addressed to all industry stakeholders, including boards, managers, shareholders, regulators, brokers, attorneys and the professional investment community.
The management of City of London believes that this document should be the blueprint for closed-end funds to conduct business in the best interest of shareholders.
“Despite evident progress, too many boards are still falling short in fulfilling their fiduciary responsibilities to shareholders. Consequently unacceptably wide discounts remain a problem,” says Barry Olliff, founder and chief investment officer of City of London.