Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Western Asset Variable Rate Strategic Fund Inc. Shareholders Vote to Approve New Agreements Between the Fund and its ...
WESTERN ASSET VARIABLE RATE CO (GFY)
US:NYSE Investor Relations:
leggmason.com/en-us/products/closed-end-funds/western-asset-variable-rate-strategic-fund-inc.html
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) (the “Fund”) today announced that Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), two of the leading independent proxy advisory firms, recommend that shareholders vote to approve the new agreements between the Fund and its investment manager and subadvisers.With respect to the new management agreement, in their reports dated May 20, 2020, and May 21, 2020, respectively, ISS and Glass Lewis noted1:“A vote FOR this proposal is warranted given that the fee rate shareholders pay will not increase; the investment objective remains unchanged; and the fund will continue to be managed by the same personnel.” ISS report dated May 20, 2020“Shareholders should note that the terms of the new management and subadvisory agreements are substantially identical to the terms of the current agreements, and that there will be no change to the existing management fee structure of ea
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