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Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Western Asset Global High Income Fund Inc. Shareholders Vote to Approve New Agreements Between the Fund and its Investment Manager and Subadvisers

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May 27, 2020
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Western Asset Global High Income Fund Inc. (NYSE: EHI) (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:

  • “In addition to the fund's TSR2 outperformance relative to peers over shorter- and longer-term periods, ending on the unaffected date, the fund's discount to NAV has been relatively in line with peers' discount over the last five years and had already begun to narrow prior to the dissident's public disclosures.” 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 each of the Funds as a direct result of these proposals.” Glass Lewis report dated May 21, 2020

With respect to the new subadvisory agreement, in their reports dated May 20, 2020, and May 21, 2020, respectively, ISS and Glass Lewis noted1:

  • “As the dissident has not made a compelling case that change is warranted at this time, a vote FOR the proposals is warranted.” ISS report dated May 20, 2020
  • “Glass Lewis believes that the new investment sub-advisory agreement is in the best interests of shareholders, who should directly benefit from the services and duties of the Adviser.” Glass Lewis report dated May 21, 2020

“We are pleased that ISS and Glass Lewis recognize that approval of the new agreements between the Fund and its investment manager and subadvisers is in the best interest of all shareholders,” said Jane Trust, Chairman, President and Chief Executive Officer of Western Asset Global High Income Fund Inc. “The Fund’s investment manager and subadvisers have enabled the Fund to outperform3 its benchmark4 and peers5 and increase distributions to shareholders. We encourage shareholders to follow the recommendation of the Fund’s Board of Directors, ISS and Glass Lewis by voting “FOR” the new agreements to ensure the Fund continues to operate and deliver the returns they rely on.”

The Western Asset Global High Income Fund Inc. management team has a proven track record of achieving the Fund’s objectives, including:

  • Delivering a 1-year annualized distribution3 of 9.56% as of April 30, 2020, an increase from 7.66% as of the same period in 2019
  • Delivering 5- and 10-year annualized total returns3 of 3.80% and 6.03%, respectively, above its benchmark4 averages of 3.46% and 5.00% over the same time periods
  • Outperforming3 Lipper Peer Group5 averages across key timeframes, including 1.14% vs. -1.39% on a 3-year basis, 3.80% vs. 2.24% on a 5-year basis, 2.21% vs. 1.30% on a 7-year basis, and 6.03% vs. 5.15% on a 10-year basis

The Fund’s Board of Directors unanimously recommends that shareholders vote on the WHITE Proxy Card “FOR” the approval of the new management agreement for the Fund’s manager and the new subadvisory agreement for the Fund’s subadvisers. If shareholders do not approve these agreements, the Fund may be forced to liquidate. Liquidation could result in a meaningful loss of value as well as negative tax consequences for shareholders, particularly during this period of significant market volatility.

Your Vote Is Important, No Matter How Many or How Few Shares You Own

You can vote by Internet, telephone or by signing and dating the WHITE proxy card and mailing it in the envelope provided.

If you have any questions about how to vote your shares, or need additional assistance, please contact:


Shareholders Call Toll-Free: (877) 750-0537

Banks and Brokers Call: (212) 750-5833

We urge you NOT to vote using any other colored proxy card as doing so will revoke your vote on the WHITE Proxy Card.

About Western Asset Global High Income Fund Inc.

Western Asset Global High Income Fund Inc., a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol “EHI,” is managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and is sub-advised by Western Asset Management Company, LLC, an affiliate of the investment manager.

An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission (the “Commission”). These reports are available on the Commission’s website at For more information, please call Fund Investor Services at 1-888-777-0102, or consult the Fund’s web site at Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

Forward Looking Statement

Past performance is no guarantee of future results. The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.

All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.


1 Permission to use quotations neither sought nor obtained.

2 Total Shareholder Return

3 Based on market price for the period ended April 30, 2020.

4 The benchmark is based on a blend, in equal parts, of the Bloomberg Barclays U.S. Corporate High Yield — 2% Issuer Cap Index, the Bloomberg Barclays U.S. Aggregate Index, and the JPMorgan Emerging Markets Bond Index Global (EMBI Global). Additional information about the indexes can be found in the Fund’s annual shareholder report. Additional information about the Fund’s performance and about the history of the Board and the Fund’s management generating strong investor returns is included in the Fund’s Proxy Statement and in the Fund’s annual shareholder report.

5 The Fund’s Lipper peer group refers to the peer group of high-yield, levered closed-end funds a selected by Lipper, an independent nationally recognized provider of investment company information.


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