DEF: Lazard Global Total Return and Income Fund, Inc. Announces Annual Meeting of Stockholders

Lazard Global Total Return and Income Fund, Inc. will hold its annual meeting on April 24, 2025, to elect three Class II Directors and consider other business.

Summary

• Lazard Global Total Return and Income Fund, Inc. is holding its Annual Meeting of Stockholders on April 24, 2025.
• The meeting will take place at 30 Rockefeller Plaza, New York.
• Stockholders will vote to elect three Class II Directors for a three-year term expiring at the 2028 Annual Meeting.
• The nominees are Kenneth S. Davidson, Trevor W. Morrison, and Nancy A. Eckl.
• Stockholders of record as of March 5, 2025, are entitled to vote.
• The proxy statement and related materials were sent to stockholders around March 21, 2025.
• As of the record date, there were 13,012,942 shares of common stock outstanding.
• The Board of Directors recommends voting for each nominee.
• Deloitte & Touche LLP has been selected as the independent auditor for the fiscal year ending December 31, 2025.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The information is factual and procedural, with a slight positive leaning due to the Board's recommendation to vote for the director nominees.

Positives

• The Board is actively engaged in overseeing the Fund's management and risk management processes.
• The Fund has a lead Independent Director to facilitate communication and leadership among the Independent Directors.
• The Audit Committee is comprised entirely of Independent Directors.
• The Fund provides stockholders with multiple methods to vote, including internet, telephone, and mail.
• The Fund is providing clear information to stockholders regarding the annual meeting and voting procedures.

Negatives

• Directors did not attend last year's annual meeting of stockholders of the Fund.
• As of the Record Date, Cede & Co. held approximately 99.9% of the outstanding shares of the Common Stock of the Fund, which may indicate a lack of diverse ownership.

Risks

• Potential conflicts of interest may arise from the relationships between the Fund and LAM and its affiliates.
• The Board's oversight role does not guarantee the Fund's investments or activities.
• The Fund is subject to various risks, including investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk, and operational risk.

Future Outlook

The document outlines the upcoming Annual Meeting and the election of directors, indicating a continuation of the Fund's operations under the guidance of the elected board.

Management Comments

• Nathan A. Paul, President, cordially invited stockholders to attend the Annual Meeting.
• The Board of Directors recommends that the stockholders vote for each nominee for Director.

Industry Context

This is a standard proxy statement for a closed-end investment company, outlining the election of directors and other routine matters. It reflects typical corporate governance practices within the investment management industry.

Comparison to Industry Standards

• The structure of the board, with a majority of independent directors and an audit committee, aligns with industry best practices and regulatory requirements for investment companies.
• The compensation levels for independent directors are within the typical range for closed-end funds of similar size and complexity.
• The selection of Deloitte & Touche LLP as the independent auditor is a common practice among investment companies.
• First Trust Portfolios L.P. ownership is not unusual for closed-end funds, where institutional investors often hold significant positions.

Stakeholder Impact

• The election of directors will impact the governance and oversight of the Fund, which affects shareholders.
• The selection of an independent auditor ensures the integrity of the Fund's financial reporting, which is important for investors.
• The proxy voting process allows shareholders to participate in the decision-making process of the Fund.

Next Steps

• Stockholders are encouraged to vote by internet, telephone, or mail.
• The Annual Meeting will be held on April 24, 2025, where the election of directors and other business will be conducted.
• The Fund will advise its stockholders of the voting results of the matters voted upon at the Annual Meeting in its next Semi-Annual Report to stockholders.

Key Dates