The New Germany Fund, Inc. Announces Results of the Fund’s Annual Meeting of Stockholders
The New Germany Fund (NYSE: GF) announced the results of its Annual Meeting of Stockholders held on June 27, 2024. Dr. Wolfgang Leoni and Ms. Hepsen Uzcan were elected as Class III Directors for three years. Ms. Fiona Flannery, a prior Class III Director, was elected as a Class I Director for one year. Stockholders also ratified the appointment of Ernst & Young LLP as the independent auditors for the 2024 fiscal year.
Details from the portfolio manager's presentation are available on the Fund’s website. The Fund, focusing on German investments, acknowledges risks related to foreign securities, including currency fluctuations, political and economic changes, and market volatility. Shares of closed-end funds like this one often trade at a discount to net asset value, influenced by factors beyond the Fund’s control.
- Dr. Wolfgang Leoni and Ms. Hepsen Uzcan were elected as Class III Directors for three years, ensuring continuity in the board's leadership.
- Ms. Fiona Flannery was elected as a Class I Director for one year, bringing experienced leadership to the board.
- Appointment of Ernst & Young LLP as auditors for the 2024 fiscal year provides continuity and confidence in financial oversight.
- The Fund's focus on German investments increases its vulnerability to economic and political developments in Germany.
- Shares of the closed-end fund frequently trade at a discount to net asset value, potentially affecting shareholder value.
Both of the two Class III Directors nominated by the Board of Directors, Dr. Wolfgang Leoni and Ms. Hepsen Uzcan, were elected to serve for a term of three years and until his or her respective successor is elected and qualifies; and one Class I Directors nominated by the Board of Directors, Ms. Fiona Flannery, a prior Class III Director, was elected to serve a term of one year and until 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.
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
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.
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.
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NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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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-101702) (06/24)
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Source: DWS
FAQ
What were the results of the New Germany Fund's Annual Meeting of Stockholders on June 27, 2024?
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