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City of London Releases Updated Statement on Corporate Governance and Voting Policy for Closed-End Funds

NEW YORK, NY -- (Marketwired) -- 01/15/14 -- City of London Investment Management Company Limited ("City of London"), a significant long-term investor in closed-end funds seeking to encourage growth in the industry by promoting excellent corporate governance, announces the release of its updated Statement on Corporate Governance and Voting Policy for Closed-End Funds, now in its Ninth Edition. This newly published Statement identifies the current 'best practices' in the corporate governance of closed-end funds and is addressed to all industry stakeholders, including Boards, Managers, Shareholders, Regulators, Brokers, Attorneys and the professional investment community.

The Management of City of London strongly believe that this document should be the blueprint for Closed-End Funds to conduct business in the best interest of shareholders.

"Despite evident progress, too many boards are still falling short in fulfilling their fiduciary responsibilities to shareholders. Consequently unacceptably wide discounts remain a problem," states Barry Olliff, Founder and Chief Investment Officer of City of London.

Live Webcast
City of London invites you to participate in a live webcast titled, 'Progress & Problems' -- to further discuss this document. The webcast will take place on Tuesday, January 21st at 11:00 a.m. (EST), 4:00 p.m. (GMT).

The webcast will examine how raising governance standards can improve shareholder returns and will be led by Barry Olliff.

Discussion topics include:

  • Recent corporate governance trends in the UK and US
  • Prospectus commitments are not being kept
  • Board mismanagement results in significant discount widening
  • All closed-end funds should have a discount control mechanism
  • Managers must be held to account for their investment performance
  • Boards should comprise only independent directors

Statement on Corporate Governance and Voting Policy for Closed-End Funds
Please find the link to the 2013 document: http://www.citlon.com/reg_reports/Corp_Governance.pdf

Webcast Registration
We hope you can join us for this live event and look forward to your participation. There will be a Q&A period following the presentation and all questions need to be submitted prior to the live webcast. If you are unable to attend, you are welcome to listen to the replay at the link supplied below.

Please register and submit your questions at Webcast Lobby or visit http://www.cefnetwork.com/events.php

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