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(credit: Timon – stock.adobe.com)<\/p>\n
The board of Edinburgh Worldwide Investment Trust (EWIT) has secured further crucial backing in its ongoing defence against activist investor Saba Capital.<\/p>\n
Glass Lewis, a prominent independent proxy advisory firm, has advised shareholders to reject all of Saba\u2019s 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\u2019s position has now been publicly validated by two of the most influential independent voices in corporate governance.<\/p>\n
In addition to these advisory recommendations, Legal & General, a major shareholder in the trust, has publicly declared its intention to vote against Saba\u2019s resolutions. The activist investor is currently seeking to remove the incumbent directors and install its own candidates to influence the trust\u2019s strategy. However, the EWIT board continues to firmly oppose this attempted takeover, arguing that Saba\u2019s approach does not align with the best interests of long-term investors.<\/p>\n
Jonathan Simpson-Dent, EWIT\u2019s chair, welcomed these developments. He said: \u201cWe are pleased to note the conclusions of Glass Lewis and ISS, who both recommend that shareholders vote against all of Saba\u2019s resolutions. We are also pleased to see Legal & General plc come out to publicly support the Board.\u201d<\/p>\n