The European Equity Fund, Inc. Announces Results of Annual Meetings of Stockholders

Rhea-AI Summary

The European Equity Fund (NYSE: EEA) announced the results of its Annual Meeting of Stockholders held on June 27, 2024. Both Class I Directors nominated by the Board, Ms. Hepsen Uzcan and Mr. Christian M. Zügel, were elected for a three-year term.

Stockholders ratified Ernst & Young LLP as the independent auditors for the 2024 fiscal year and approved a proposal to declassify the Board of Directors. The portfolio manager's presentation from the meeting is available on the Fund's website.

The Fund, focused on European equity securities, faces risks linked to regional developments, currency fluctuations, political and economic changes, and market volatility. Closed-end funds like EEA often trade at a discount to net asset value. Geopolitical events, including sanctions and economic disruptions, have significantly impacted markets, particularly in Europe.

Positive

• Both Class I Directors, Ms. Hepsen Uzcan and Mr. Christian M. Zügel, were elected for a three-year term, ensuring experienced leadership continuity.
• Stockholders ratified Ernst & Young LLP as independent auditors for 2024, reinforcing financial oversight.
• Approval to declassify the Board of Directors indicates a move towards potentially more shareholder-friendly governance.

Negative

• Continued geopolitical tensions and sanctions, especially involving Russia, pose risks to the European economy and may materially adversely affect the Fund's portfolio.
• The Fund's focus on European equity securities increases vulnerability to regional economic and political instability.
• Closed-end funds like EEA often trade at a discount to net asset value, affecting potential returns for shareholders.

NEW YORK--(BUSINESS WIRE)-- The European Equity Fund, Inc. (NYSE: EEA) (the “Fund”) announced today the results of its Annual Meeting of Stockholders held on June 27, 2024.

Both of the Class I Directors nominated by the Board of Directors, Ms. Hepsen Uzcan and Mr. Christian M. Zügel, were elected to serve a term of three years and until his or her successor is elected and qualifies. Stockholders also ratified the appointment of Ernst & Young LLP as the independent auditors for the Fund for its 2024 fiscal year. Stockholders also approved the stockholder proposal requesting the Fund to take the steps necessary to declassify the Board of Directors.

A copy of the portfolio manager’s presentation from the meeting is posted to the Fund’s website at www.dws.com.

Important Information

The Fund is diversified and primarily focuses its investments in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market or a particular geographical region will generally be more volatile than a fund that invests more broadly.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the funds and their investments.

The European Union, the United States and other countries have imposed sanctions on Russia in response to Russian military and other actions in recent years. These sanctions have adversely affected Russian individuals, issuers and the Russian economy. Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy, but also the economies of many countries in Europe, including countries in Central and Eastern Europe. The continuation of current sanctions or the imposition of additional sanctions may materially adversely affect the value of the Fund’s portfolios.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises, war, terrorism, trade disputes and related geopolitical events.

Past performance is no guarantee of future results.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
www.dws.com
Tel (800) 621-1148
© 2024 DWS Group GmbH & Co. KGaA. All rights reserved

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. (R-101701-1) (06/24)

View source version on businesswire.com: https://www.businesswire.com/news/home/20240627324129/en/

For additional information:

DWS Press Office (212) 454-4500

Shareholder Account Information (800) 294-4366

DWS Closed-End Funds (800) 349-4281

Source: DWS

FAQ

What were the results of the European Equity Fund's 2024 Annual Meeting of Stockholders?

Both Class I Directors were elected, Ernst & Young LLP was ratified as the independent auditors, and a proposal to declassify the Board of Directors was approved.

When was the European Equity Fund's Annual Meeting of Stockholders held in 2024?

The meeting was held on June 27, 2024.

Who were elected as Class I Directors in the European Equity Fund's 2024 Annual Meeting?

Ms. Hepsen Uzcan and Mr. Christian M. Zügel were elected as Class I Directors.

What proposal did the stockholders approve at the European Equity Fund's 2024 Annual Meeting?

Stockholders approved the proposal to declassify the Board of Directors.

Who was ratified as the independent auditor for the European Equity Fund for the 2024 fiscal year?

Ernst & Young LLP was ratified as the independent auditor for the 2024 fiscal year.

What risks does the European Equity Fund face?

The Fund is vulnerable to regional developments, currency fluctuations, political and economic changes, market volatility, and geopolitical events affecting Europe.

Where can I find the portfolio manager's presentation from the European Equity Fund's 2024 Annual Meeting?

The portfolio manager's presentation is available on the Fund's website at www.dws.com.