PHILADELPHIA, Sept. 16, 2015 /PRNewswire/ -- Aberdeen
Singapore Fund, Inc. (NYSE: SGF) (the "Fund"), a closed-end
fund, today announced that the Fund's Board of Directors has
approved enhancements to its corporate governance to align with
best practices for Board election and ongoing service.
Specifically, the Board approved an amendment to the Fund's
By-laws, to become effective on September
30, 2015, to provide for the election of the directors by a
majority of the votes cast at a meeting of stockholders at which a
quorum is present, except in contested elections, where a director
shall be elected by a plurality vote. The Fund's By-laws previously
provided that directors be elected by a majority of votes cast in
all director elections.
The Fund's Board of Directors adopted certain corporate
governance guidelines for the Fund to become effective on
September 30, 2015. The
governance guidelines include (i) a resignation policy, which
generally provides that a director who does not receive a majority
of votes "For" his or her election at a meeting of stockholders
shall be deemed to have tendered his or her resignation, subject to
a Board's acceptance or rejection of such resignation, which Board
determination will be disclosed publicly to Fund stockholders; and
(ii) a policy requiring that after an Independent Director has
served on the Board for three full terms of three years following
the engagement of the existing investment manager of the Fund that
Independent Director will be put forth for consideration by
stockholders annually. The failure of the Independent Director to
obtain a majority of votes cast will trigger the resignation policy
described above.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The 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. There is no assurance that the Fund will achieve
its investment objective. Past performance does not guarantee
future results.
If you wish to receive this information
electronically, please contact
InvestorRelations@aberdeen-asset.com
aberdeensgf.com
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SOURCE Aberdeen Singapore Fund, Inc.