February 15, 1990
TO: CLOSED-END FUND MEMBERS NO. 9-90
RE: SOLICITATION OF PROXIES OF FOREIGN SHAREHOLDERS
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At the Closed-End Fund Committee meeting on February 6, the
issue was raised of insufficient shares at the time of annual
meetings to have a quorum present in order to conduct business.
A member informed the Committee that this was particularly
troublesome with respect to foreign shareholders of record and
mentioned that certain institutional holders had a practice of
not voting or distributing proxies. He also indicated that the
use of proxy solicitation firms was unsuccessful in resolving
this problem.
The Institute would like to obtain information relating to
this issue and, if possible, to develop a strategy to resolve it.
Accordingly, please provide us with any experiences you have had
relating to stockholder quorum problems, approaches you have used
to alleviate them and/or any additional information you have that
might be useful.
Please provide me with the information requested above by
April 1, 1990. My direct number is 202/955-3523. Your input on
this matter is appreciated.
Amy B. Rosenblum
Assistant General Counsel