- Three major proxy advisors recommend ECAT shareholders support current Board nominees.
- Proxy advisors oppose Saba Capital's proposal to terminate BlackRock as investment adviser.
- The vote will take place at the annual meeting on June 26, 2025.
BlackRock Advisors, LLC announced that Egan-Jones, Institutional Shareholder Services (ISS), and Glass Lewis have all recommended that shareholders of BlackRock ESG Allocation Term Trust (ECAT, Financial) vote in favor of retaining the current Board nominees and against Saba Capital's proposal to terminate BlackRock as the investment adviser. This decision comes ahead of the Fund's annual meeting scheduled for June 26, 2025.
Egan-Jones highlighted in their report that ECAT's shareholder returns have surpassed those of its peers and believes that terminating BlackRock's investment management agreement would not be in the best interests of the Fund and its shareholders. They emphasized the benefits of BlackRock's extensive expertise in managing the Fund.
Shareholders are urged to vote on the WHITE proxy card for all ten incumbent Board nominees and against the proposal to terminate BlackRock. Egan-Jones, along with ISS and Glass Lewis, have advised against voting on the dissident's gold proxy card, emphasizing the importance of the WHITE card in the voting process.
For more information on the voting process or to change a previous vote, shareholders can utilize the details provided on the WHITE proxy card, including a designated website and toll-free number for assistance. Further details and proxy materials are available on BlackRock's official channels.
