DEF 14A: Credit Suisse High Yield Bond Fund Announces Annual Meeting of Shareholders

Credit Suisse High Yield Bond Fund will hold its annual shareholder meeting on April 25, 2024, to elect two trustees and consider other business matters.

Summary

• Credit Suisse High Yield Bond Fund is holding its Annual Meeting of Shareholders on April 25, 2024, at Eleven Madison Avenue, New York.
• The primary purpose of the meeting is to elect two trustees, Laura A. DeFelice and Steven N. Rappaport, each for a three-year term expiring at the 2027 Annual Meeting.
• The record date for determining shareholders eligible to vote is March 14, 2024.
• Proxy materials were first mailed to shareholders on or about March 20, 2024.
• The fund has retained AST Fund Solutions, LLC for proxy solicitation services, with fees not to exceed $1,500 plus expenses.
• As of the record date, there were 103,513,735 shares outstanding, each entitled to one vote.
• The Board of Trustees recommends voting FOR the election of the nominated trustees.
• Shareholders can submit proposals for the 2025 annual meeting by November 29, 2024, adhering to specific requirements outlined in Rule 14a-8 under the 1934 Act and the Fund's By-laws.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, presenting factual information in a neutral tone. The outlook is stable, with routine governance matters being addressed.

Positives

• The Board of Trustees is actively engaged in overseeing the Fund's operations and risk management.
• The Audit Committee is composed of independent members and actively reviews financial statements and accounting practices.
• The Nominating Committee considers diversity when selecting trustee candidates.
• Shareholders have the opportunity to submit proposals for consideration at future meetings.
• The Fund provides clear guidelines for shareholder communication and proposal submissions.

Negatives

• The document highlights that PwC will likely no longer be deemed an independent registered public accounting firm with respect to the Fund after April 30, 2024, necessitating the selection of a new firm.
• A Form 3 submission relating to Brandi Sinkovichs appointment as Chief Compliance Officer was inadvertently not filed in a timely manner.

Risks

• The Fund is subject to investment, compliance, operational, and valuation risks.
• The document mentions the merger of Credit Suisse Group AG with UBS Group AG, which could introduce uncertainties.
• The document notes that it is not possible to identify all risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects.

Future Outlook

The document outlines the process for shareholders to submit proposals for the 2025 annual meeting, indicating ongoing engagement with shareholders.

Management Comments

• The Board of Trustees has determined that it is in the best interest of shareholders and the Fund to vote FOR the proposal to elect the nominated trustees.
• The Board believes that each Trustees and nominees experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that each Trustee and nominee should serve as a Trustee.

Industry Context

This announcement is typical for registered investment companies, providing shareholders with the opportunity to participate in the governance of the fund through the election of trustees and submission of proposals.

Comparison to Industry Standards

• The structure of the Board of Trustees, with a majority of independent members, aligns with industry best practices and regulatory requirements for investment companies.
• The use of a proxy solicitation firm is a common practice to ensure sufficient shareholder participation in the voting process.
• The fees paid to independent trustees are within the range of compensation typically provided by similar-sized investment companies.
• The detailed disclosure of potential conflicts of interest and related-party transactions is consistent with regulatory requirements and promotes transparency.

Management Changes

Stakeholder Impact

• Shareholders have the opportunity to vote on the election of trustees, influencing the governance of the Fund.
• The election of qualified trustees aims to ensure the Fund is managed in the best interests of shareholders.
• The selection of an independent auditor is intended to provide assurance regarding the accuracy of the Fund's financial statements.

Next Steps

• Shareholders are requested to vote on the proposal to elect the nominated trustees.
• The Fund will proceed with the Annual Meeting on April 25, 2024.
• The Audit Committee will approve the selection of a new independent registered public accounting firm for the 2024 fiscal year.

Key Dates

Keywords

Annual Meeting, Shareholders, Trustees, Proxy Statement, Credit Suisse, High Yield Bond Fund, Election, Board of Trustees, Audit Committee, Nominating Committee