{"id":957576,"date":"2026-05-04T09:03:19","date_gmt":"2026-05-04T13:03:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/"},"modified":"2026-05-04T09:03:19","modified_gmt":"2026-05-04T13:03:19","slug":"leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/","title":{"rendered":"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth50 { width: 50% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nLeading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust<\/p>\n<p class=\"bwalignc\"><i>ISS Endorses the Election of Andre Clemot, the Independent Candidate Nominated by Saba, to Improve GDV\u2019s Governance<\/i><\/p>\n<p class=\"bwalignc\"><i>States That \u201cGDV Has a Corporate Governance Structure Replete with Deficiencies\u201d<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nSaba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d or \u201cwe\u201d), the second-largest common shareholder of Gabelli Dividend &amp; Income Trust (NYSE: GDV) (\u201cGDV\u201d or the \u201cFund\u201d), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) has recommended that GDV shareholders support the election of Saba\u2019s independent nominee, Andre Clemot, to the Fund\u2019s Board of Trustees at the 2026 Annual Meeting of Shareholders.<\/p>\n<p>\nIn its report, ISS supported Saba\u2019s case for change at GDV, stating:<sup>1<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201cIt is challenging to identify a key element of performance that is unassailably positive. For example, GDV has historically traded at a wider discount to NAV than peers, and it has historically had a lower distribution yield.\u201d<\/p>\n<\/li>\n<li>\n\u201cDespite this disappointing track record, the board has taken extreme measures to disenfranchise shareholders, the most egregious being the adoption of a worst-of-all-worlds vote standard for director elections.\u201d<\/p>\n<\/li>\n<li>\n\u201cGDV has a corporate governance structure replete with deficiencies.\u201d<\/p>\n<\/li>\n<li>\n\u201c[T]he board is classified, and it suffers from independence issues (numerous directors have personal and\/or professional relationships with key personnel at Gabelli, in some cases spanning decades).\u201d<\/p>\n<\/li>\n<li>\n\u201c[T]he board has demonstrated a concerning pattern of communication in this proxy contest.\u201d<\/p>\n<\/li>\n<li>\n\u201c[O]ne could reasonably read the board&#8217;s primary presentation as an attack on the dissident first, and as a defense of GDV&#8217;s track record second.\u201d<\/p>\n<\/li>\n<li>\n\u201cThe board needs an immediate injection of independence, which Clemot can provide.\u201d<\/p>\n<\/li>\n<\/ul>\n<p>\nBoaz Weinstein, Founder and Chief Investment Officer of Saba, commented:<\/p>\n<p>\n\u201cISS was unequivocal: GDV\u2019s governance is \u2018replete with deficiencies\u2019 and needs an immediate injection of independence \u2013 hardly a ringing endorsement of the Gabelli track record that their self-interested salesman David Schachter is defending to reporters.<\/p>\n<p>After soliciting our business in December and getting no reply, Mr. Schachter is now taking swings at Saba instead of addressing Gabelli\u2019s own track record. In his latest UK press tour, Mr. Schachter sought to distract from GDV\u2019s problems by critiquing Saba \u2013 but in doing so, he only validated ISS\u2019s concerns and exposed the stark contrast between Saba\u2019s governance discipline and GDV\u2019s governance nightmare.\n<\/p>\n<p>\nMr. Schachter bills himself as the \u2018discount doctor,\u2019 but GDV has traded at a wider discount to NAV than its peers for a decade. Physician, heal thyself. His claim to be protecting mom-and-pop investors is especially rich considering this Fund has a supermajority voting threshold designed to entrench management, two classes of shareholders with unequal rights and a decade of underperformance. That\u2019s not medicine, that\u2019s malpractice. We urge GDV shareholders to vote for Andre Clemot and send this Board a message that ignoring shareholders has consequences.\u201d<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"2\" class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>GDV\u2019s Governance Nightmare<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>GDV<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Saba\u2019s Closed-End Funds (BRW and SABA)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nSupermajority vote standard exclusively for contested elections, making it nearly impossible for shareholders to replace directors.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nPlurality vote standard in all director elections.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nMulti-year director terms.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nAnnual director elections.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nTwo classes of shareholders with different voting rights.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nEqual shareholder voting rights.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nEven though common shareholders own ~75% of GDV, they cannot exclusively elect any portion of the Board.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\">\n<ul class=\"bwlistdisc\">\n<li>\nPreferred shareholders have guaranteed control over ~15% of the Board and disproportionate influence over the rest.<\/p>\n<\/li>\n<\/ul>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth50\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p class=\"bwalignc\">\n***<\/p>\n<p><b><span class=\"bwuline\">About Saba<\/span><\/b><\/p>\n<p>\nSaba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sabacapital.com&amp;esheet=54527909&amp;newsitemid=20260504716699&amp;lan=en-US&amp;anchor=www.sabacapital.com&amp;index=1&amp;md5=2d88ab21e28a4f7d97cf609f8d917b15\">www.sabacapital.com<\/a>.<\/p>\n<p>\n________________________________<br \/>\n<br \/><sup>1<\/sup> Permission to quote ISS was neither sought nor received.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260504716699r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260504716699\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260504716699\/en\/<\/a><\/span><\/p>\n<p>\nLongacre Square Partners<br \/>\n<br \/>Kate Sylvester \/ Humza Vanderman<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ksylvester@longacresquare.com\">ksylvester@longacresquare.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:hvanderman@longacresquare.com\">hvanderman@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust ISS Endorses the Election of Andre Clemot, the Independent Candidate Nominated by Saba, to Improve GDV\u2019s Governance States That \u201cGDV Has a Corporate Governance Structure Replete with Deficiencies\u201d NEW YORK&#8211;(BUSINESS WIRE)&#8211; Saba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d or \u201cwe\u201d), the second-largest common shareholder of Gabelli Dividend &amp; Income Trust (NYSE: GDV) (\u201cGDV\u201d or the \u201cFund\u201d), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) has recommended that GDV shareholders support the election of Saba\u2019s independent nominee, Andre Clemot, to the Fund\u2019s Board of Trustees at the 2026 Annual Meeting of Shareholders. In its report, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-957576","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust ISS Endorses the Election of Andre Clemot, the Independent Candidate Nominated by Saba, to Improve GDV\u2019s Governance States That \u201cGDV Has a Corporate Governance Structure Replete with Deficiencies\u201d NEW YORK&#8211;(BUSINESS WIRE)&#8211; Saba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d or \u201cwe\u201d), the second-largest common shareholder of Gabelli Dividend &amp; Income Trust (NYSE: GDV) (\u201cGDV\u201d or the \u201cFund\u201d), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) has recommended that GDV shareholders support the election of Saba\u2019s independent nominee, Andre Clemot, to the Fund\u2019s Board of Trustees at the 2026 Annual Meeting of Shareholders. In its report, &hellip; Continue reading &quot;Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-04T13:03:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260504716699r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; 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(together with certain of its affiliates, \u201cSaba\u201d or \u201cwe\u201d), the second-largest common shareholder of Gabelli Dividend &amp; Income Trust (NYSE: GDV) (\u201cGDV\u201d or the \u201cFund\u201d), today announced that leading independent proxy advisory firm Institutional Shareholder Services Inc. (\u201cISS\u201d) has recommended that GDV shareholders support the election of Saba\u2019s independent nominee, Andre Clemot, to the Fund\u2019s Board of Trustees at the 2026 Annual Meeting of Shareholders. In its report, &hellip; Continue reading \"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; Income Trust\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-04T13:03:19+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260504716699r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisor-iss-supports-sabas-case-for-boardroom-change-at-gabelli-dividend-income-trust\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Leading Independent Proxy Advisor ISS Supports Saba\u2019s Case for Boardroom Change at Gabelli Dividend &amp; 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