Aberdeen Japan Equity Fund, Inc. Announces Changes to Board of Directors and Results of Annual Meeting of Stockholders

Rhea-AI Summary

Aberdeen Japan Equity Fund, Inc. (NYSE:JEQ) announced the resignation of Rahn K. Porter as a Director effective May 26, 2022, reducing the Board to four members. During the same day, the Fund held its Annual Meeting of Stockholders, where shareholders elected Stephen Bird as a Class II Director until the 2025 Annual Meeting. Of the 13,408,536 shares outstanding, 62.92% were voted, indicating active shareholder engagement in corporate governance.

Positive

• Shareholder participation was high with 62.92% of outstanding shares voted.
• Election of a new Class II Director may bring fresh perspectives.

Negative

• Resignation of a Board member may raise concerns about continuity.

PHILADELPHIA, PA / ACCESSWIRE / May 26, 2022 / Aberdeen Japan Equity Fund, Inc. (NYSE:JEQ) (the "Fund") announced that effective May 26, 2022, Mr. Rahn K. Porter resigned as a Director from the Board of Directors of the Fund and the Board of Directors of the Fund reduced the size of the Board by one member to four Directors.

Also, the Fund held its Annual Meeting of Stockholders (the "Meeting") on May 26, 2022. At the Meeting, shareholders of the Fund voted to elect one Class II Director to the Board of Directors.

As of the record date, April 11, 2022, the Fund had outstanding 13,408,536 shares of common stock. 62.92% of outstanding common stock were voted, representing a quorum.

The description of the proposal and number of shares voted at the Meeting are as follows:

To elect one Class II Director to the Board of Directors to serve until the 2025 Annual Meeting of Stockholders and until such Director's successor is duly elected and qualified:

	Votes For	Votes Against	Votes Abstained
Stephen Bird	6,340,460	2,085,604	10,535

Important Information

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

https://www.abrdn.com/en-us/cefinvestorcenter/fund-centre/closed-end-funds

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For More Information Contact:

abrdn U.S. Closed-End Funds
Investor Relations
800-522-5465
Investor.Relations@abrdn.com

SOURCE: Aberdeen Japan Equity Fund, Inc.

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FAQ

What changes occurred in the Board of Directors of Aberdeen Japan Equity Fund (JEQ)?

Rahn K. Porter resigned, reducing the Board to four members.

Who was elected as the new Class II Director in the recent election for JEQ?

Stephen Bird was elected to serve until the 2025 Annual Meeting.

How many shares were voted at the Aberdeen Japan Equity Fund Annual Meeting?

62.92% of the outstanding 13,408,536 shares were voted.

What is the significance of shareholder engagement in the recent JEQ meeting?

Active voting shows strong shareholder interest in governance decisions.