Nuveen New York AMT-Free Quality Municipal Income Fund Announces Results for 2024 Contested Annual Shareholder Meeting
Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) announced the results of its 2024 Annual Meeting of Shareholders. The majority of shareholders, excluding those aligned with the activist investor, voted in favor of the Board's nominees and against the proposal to terminate Nuveen as the investment advisor. The certified results confirm that the Board's incumbent nominees will remain in place, and Nuveen will continue as NRK's investment advisor.
The voting results show that shareholders rejected all nominees submitted by the activist investor and the proposal to terminate the investment advisory agreement. Dave Lamb, Head of Nuveen Closed-End Funds, stated that this outcome demonstrates a clear mandate from shareholders to retain Nuveen and the Fund's qualified Trustees in their roles overseeing NRK.
Il Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) ha annunciato i risultati della sua Riunione Annuale degli Azionisti del 2024. La maggioranza degli azionisti, escludendo quelli allineati con l'investitore attivista, ha votato a favore dei candidati del Consiglio e contro la proposta di terminare Nuveen come consulente agli investimenti. I risultati certificati confermano che i candidati del Consiglio in carica rimarranno in carica, e Nuveen continuerà a svolgere il ruolo di consulente agli investimenti per NRK.
I risultati delle votazioni mostrano che gli azionisti hanno respinto tutti i candidati presentati dall'investitore attivista e la proposta di terminare l'accordo di consulenza agli investimenti. Dave Lamb, Responsabile dei Fondi Chiusi Nuveen, ha dichiarato che questo risultato dimostra un chiaro mandato da parte degli azionisti per mantenere Nuveen e i fiduciari qualificati del Fondo nei loro ruoli di supervisione di NRK.
El Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) anunció los resultados de su Junta Anual de Accionistas de 2024. La mayoría de los accionistas, excluyendo a aquellos alineados con el inversor activista, votó a favor de los candidatos de la Junta y en contra de la propuesta de dar por terminada la relación con Nuveen como asesor de inversiones. Los resultados certificados confirman que los candidatos actuales de la Junta se mantendrán en sus puestos, y Nuveen continuará como asesor de inversiones de NRK.
Los resultados de la votación muestran que los accionistas rechazaron todos los candidatos presentados por el inversor activista y la propuesta de terminar el acuerdo de asesoría de inversiones. Dave Lamb, Jefe de Fondos Cerrados de Nuveen, declaró que este resultado demuestra un claro mandato de los accionistas para conservar a Nuveen y a los Fiduciarios calificados del Fondo en sus roles de supervisión de NRK.
누벤 뉴욕 AMT 무료 품질 자치소득 기금 (NYSE: NRK)이 2024년 주주 연례 회의 결과를 발표했습니다. 주주 대다수는 행동주의 투자자와 연계된 주주를 제외하고 이사회의 후보에게 찬성 투표를 했으며 누벤을 투자 자문사로 종료하자는 제안에 반대했습니다. 인증된 결과에 따르면 현 이사회의 후보들은 자리를 유지하게 되며, 누벤은 NRK의 투자 자문사로 계속 활동하게 됩니다.
투표 결과는 주주들이 행동주의 투자자가 제출한 모든 후보를 기각했다는 것을 보여줍니다 및 투자 자문 계약 종료 제안도 반대했습니다. 누벤 폐쇄형 펀드의 책임자인 데이브 램은 이 결과가 주주들로부터 누벤과 펀드의 자격을 갖춘 신탁 관리자들을 NRK 감시 역할에 유지하라는 분명한 위임을 보여준다고 밝혔습니다.
Le Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) a annoncé les résultats de sa Réunion Annuelle des Actionnaires de 2024. La majorité des actionnaires, à l'exclusion de ceux alignés avec l'investisseur activiste, a voté en faveur des candidats du Conseil et contre la proposition de mettre fin à Nuveen en tant que conseiller en investissement. Les résultats certifiés confirment que les candidats actuels du Conseil resteront en poste, et Nuveen continuera de servir comme conseiller en investissement pour NRK.
Les résultats du vote montrent que les actionnaires ont rejeté tous les candidats proposés par l'investisseur activiste ainsi que la proposition de mettre fin à l'accord de conseil en investissement. Dave Lamb, Responsable des Fonds Closes Nuveen, a déclaré que ce résultat démontre un mandat clair des actionnaires pour maintenir Nuveen et les Administrateurs qualifiés du Fonds dans leurs rôles de surveillance de NRK.
Der Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK) hat die Ergebnisse seiner Jahreshauptversammlung der Aktionäre 2024 bekannt gegeben. Die Mehrheit der Aktionäre, ausgenommen diejenigen, die sich mit dem aktivistischen Investor identifizieren, hat für die Kandidaten des Vorstands gestimmt und gegen den Vorschlag, Nuveen als Anlageberater zu kündigen. Die zertifizierten Ergebnisse bestätigen, dass die amtierenden Kandidaten des Vorstands im Amt bleiben werden und Nuveen weiterhin als Anlageberater von NRK fungieren wird.
Die Abstimmungsergebnisse zeigen, dass die Aktionäre alle vom aktivistischen Investor vorgeschlagenen Kandidaten abgelehnt haben sowie den Vorschlag, die Anlageberatungsvereinbarung zu kündigen. Dave Lamb, Leiter der Nuveen Closed-End Funds, erklärte, dass dieses Ergebnis ein klares Mandat der Aktionäre darstellt, um Nuveen und die qualifizierten Treuhänder des Fonds in ihren Rollen zu behalten, die NRK überwachen.
- Shareholders voted to retain Nuveen as the investment advisor for NRK
- Board's incumbent nominees will remain in place, ensuring continuity in fund management
- Majority of shareholders rejected the activist investor's proposals, indicating trust in current management
- Presence of an activist investor attempting to change fund management
- Proxy contest may have incurred additional costs for the fund
Insights
The voting results of Nuveen New York AMT-Free Quality Municipal Income Fund's (NRK) annual shareholder meeting reveal a strong vote of confidence in the current management and strategy. Shareholders overwhelmingly rejected the activist investor's proposals, indicating stability in the fund's governance. This outcome is generally positive for existing investors, as it suggests continuity in the fund's management approach and investment objectives.
However, it's worth noting that no nominees received the required majority vote for Class III Trustees, which could potentially lead to some uncertainty in the short term. The
The shareholder meeting results highlight several key legal and governance aspects:
- The rejection of the activist's proposals demonstrates strong shareholder support for the current board and management, potentially reducing the risk of future proxy contests.
- The failure to elect Class III Trustees due to insufficient votes may require further action, possibly leading to a holdover situation where incumbent trustees continue to serve until successors are elected.
- The approval of the independent auditor and the retention of Nuveen as the investment advisor maintain regulatory compliance and operational continuity.
These outcomes generally strengthen the fund's legal position against potential future challenges and ensure stability in its governance structure.
The voting results provide insights into investor sentiment and market dynamics:
- The strong support for current management suggests investors are satisfied with the fund's performance and strategy in the challenging municipal bond market.
- Rejection of the activist's proposals indicates a preference for stability over disruptive changes in the current economic environment.
- The outcome may deter future activist campaigns against similar closed-end funds, potentially reducing volatility in this sector.
This vote of confidence could positively impact the fund's market perception and potentially its trading price, as it removes uncertainty and reaffirms the current strategic direction.
Overwhelming Majority of Shareholders, excluding shares voted by the Activist, Rejected the Activist’s Unqualified Nominees and Termination Proposal
The certified results of the Annual Meeting confirm that the Board’s incumbent nominees will remain in place, and that Nuveen will continue as investment advisor to NRK. Through their votes, shareholders, excluding shares voted by the activist, have rejected every nominee submitted by the activist investor and the proposal to terminate the investment advisory agreement between Nuveen and NRK.
“Shareholders have made their choice clear that they do not support the activist’s proposals. The results of this unnecessary proxy contest send a clear mandate from shareholders to retain Nuveen and the Fund’s qualified Trustees in their roles overseeing NRK. We will continue to ensure that NRK is managed for the benefit of all shareholders and to meet its investment objectives. Without the activist’s own support, only a small minority of shareholders voted for the opposition’s unqualified nominees or to terminate Nuveen as the investment manager,” said Dave Lamb, Head of Nuveen Closed-End Funds.
The results of the voting with respect to each item on the meeting agenda were as follows:
- With respect to the election of Class III Trustees, by holders of common shares and preferred shares, voting together as a single class, no nominees received the required vote of a majority of the shares outstanding and entitled to vote on the matter.
- With respect to the election of trustees by the holders of preferred shares, voting separately as a single class, the Board’s nominees, Albin F. Moschner and Margaret L. Wolff, were elected.
- With respect to the ratification of the selection of the Fund’s independent registered public accounting firm, the proposal was approved.
- With respect to the activist’s proposal to terminate the investment advisory agreement between Nuveen and NRK, the proposal was not approved.
The final voting results have been certified by First Coast Results, Inc., the independent Inspector of Election, and the vote tabulation will be included in the next shareholder report.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
EPS-3805047CR-E0824W
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Source: Nuveen
FAQ
What was the outcome of Nuveen New York AMT-Free Quality Municipal Income Fund's (NRK) 2024 Annual Meeting?
Did shareholders of NRK approve the proposal to terminate the investment advisory agreement with Nuveen?
Were the activist investor's nominees elected to the Board of NRK in the 2024 Annual Meeting?
What was the voting result for the election of Class III Trustees of NRK?
