DEF: Abrdn Income Credit Strategies Fund to Hold Annual Meeting on May 28, 2025, to Elect Trustees

Abrdn Income Credit Strategies Fund announces its annual shareholder meeting to elect two Class II Trustees and one Preferred Share Trustee.

Summary

• Abrdn Income Credit Strategies Fund will hold its annual meeting of shareholders on May 28, 2025, at 11:00 a.m. Eastern Time.
• The meeting will take place at the offices of abrdn Inc. in Philadelphia.
• Shareholders of record as of April 7, 2025, are entitled to vote.
• The primary purpose of the meeting is to elect two Class II Trustees and one Preferred Share Trustee, each for a three-year term expiring in 2028.
• The nominees for Class II Trustee are Christian Pittard and Nancy Yao.
• Nancy Yao is also nominated for Preferred Share Trustee.
• The Board of Trustees recommends voting 'FOR' the proposals.
• Proxy materials are available online, and shareholders can vote by mail, phone, or internet.
• The Fund has retained EQ Fund Solutions, LLC to assist in proxy solicitation for an estimated fee of $2,500 plus expenses.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The Board's recommendation to vote 'FOR' the proposals adds a slightly positive element.

Positives

• The Board of Trustees is recommending a vote 'FOR' the election of the nominated trustees.
• Shareholders have multiple options for voting, including mail, telephone, and internet.

Future Outlook

The document outlines the upcoming annual meeting and the election of trustees, indicating a continuation of the fund's governance structure.

Management Comments

• The Board believes that each Trustee's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that the Trustees possess the requisite experience, qualifications, attributes and skills to serve on the Board.
• The Board believes that the Trustees' ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with the Investment Adviser, Sub-Adviser, other service providers, counsel and independent auditors; and to exercise effective business judgment in the performance of their duties, support this conclusion.

Industry Context

This proxy statement is a standard document for registered investment companies, ensuring shareholder participation in the election of trustees and providing transparency regarding fund governance.

Comparison to Industry Standards

• The structure of the Board with a super-majority of Independent Trustees and an Independent Trustee as Chair aligns with industry best practices for fund governance.
• The Audit Committee's responsibilities for selecting and overseeing the independent registered public accounting firm are consistent with regulatory requirements and industry norms.
• The disclosure of fees paid to the independent auditor for audit and non-audit services is a standard practice in proxy statements for registered investment companies.

Management Changes

Related Party Transactions

• Abrdn Investments Limited serves as the investment adviser to the Fund.
• Abrdn Inc. serves as the Sub-Adviser to the Fund.
• Abrdn Inc. also provides administrative services to the Fund.

Stakeholder Impact

• Shareholders have the opportunity to participate in the governance of the Fund by voting on the election of trustees.
• The election of qualified trustees is intended to benefit shareholders by ensuring effective oversight of the Fund's operations.

Next Steps

• Shareholders should review the proxy materials and vote on the proposals.
• The Annual Meeting will be held on May 28, 2025.
• The newly elected trustees will begin their terms.

Key Dates

Keywords

Annual Meeting, Trustee Election, Proxy Statement, Shareholders, Abrdn Income Credit Strategies Fund, ACP