The £1.1 billion Baillie Gifford US Growth Trust plc said the three prominent independent governance and voting experts — Glass Lewis, ISS and PIRC — have recommended that shareholders of the fund vote against the resolutions from New York hedge fund Saba Capital at the fund’s upcoming AGM.
Saba Capital will attempt, for the third time, to replace the investment trust’s existing board at the fund’s AGM on October 23.
“All three leading voting experts have recommended that Shareholders vote against the Saba Resolutions (Resolutions 1-3 (inclusive)) at the Annual General Meeting to be held at 1.00 p.m. on 23 October 2026,” said Baillie Gifford US Growth Trust.
“Further, all three firms recommended that shareholders vote for re-appointing the existing directors (Resolutions 4-7).
“Industry-leading governance experts Glass Lewis, ISS and PIRC share the board’s concerns about the future of the company should the proposals put forward by Saba be voted through.
“Further details concerning the Annual General Meeting, along with the Board’s rationale and unanimous recommendation that Shareholders vote against the Saba Resolutions 1-3 (inclusive) and vote for the company Resolutions 4-14 (inclusive) can be found in the circular posted to Shareholders on 17 September 2026 (a copy of which is available on the Company’s website at bgusgrowthtrust.com).
“All votes againstthe Saba Resolutions (1-3 (inclusive)) and for the Company Resolutions (4-14 (inclusive)) will be crucial to preserving the independence of the board and the strategy of the company. We urge all our shareholders to make your voices heard to protect the future of the company …”
Baillie Gifford US Growth Trust plc chairman Tom Burnet said: “Baillie Gifford US Growth has been a top decile performing investment trust since launch in March 2018 compared with all UK investment trusts and US equity funds.
“It has a proven track record of delivering strong value creation for shareholders through its high-conviction strategy. Further to that it has a distinctive proposition and an independent board with a wealth of expertise which is directly aligned with the company’s strategy of investing in exceptional public and private US growth companies.
“We are very pleased to see that all three major independent voting advisers have agreed with the Board’s unanimous recommendation to vote against the Saba Resolutions.
“These experts echo the board’s concerns that Saba’s proposals are inconsistent with appropriate standards of corporate governance and signal Saba’s intent on obtaining control of the company.”