8-K: Nuveen Preferred and Income Term Fund Amends By-Laws, Eliminating Control Share Provisions
Corporate Governance Update
Nuveen Preferred and Income Term Fund's Board of Trustees has adopted amended by-laws to remove control share provisions, effective February 28, 2024.
Summary
- The Nuveen Preferred and Income Term Fund has amended its by-laws to eliminate control share provisions.
- These provisions were previously suspended on February 24, 2022.
- The amended by-laws were adopted by the Board of Trustees on February 28, 2024.
- Apart from the removal of the control share provisions, the amended by-laws are identical to the previous version.
Sentiment
Score: 7
Explanation: The document reflects a positive governance change, which is generally viewed favorably by investors, but it is not a major event.
Positives
- The removal of control share provisions may be seen as a positive step towards more shareholder-friendly governance.
Industry Context
The removal of control share provisions is a governance change that aligns with trends towards more shareholder-friendly practices in the investment management industry.
Comparison to Industry Standards
- Many closed-end funds have moved away from control share provisions to reduce potential barriers to shareholder influence.
- This change brings Nuveen Preferred and Income Term Fund in line with industry best practices for corporate governance.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| By-Law Amendment | Elimination of control share provisions. | February 28, 2024 | May increase shareholder influence and reduce potential barriers to corporate action. |
Stakeholder Impact
- Shareholders may benefit from the removal of control share provisions, potentially increasing their influence on corporate matters.
Key Dates
| Date | Description |
|---|---|
| February 24, 2022 | Date the control share provisions were suspended. |
| February 28, 2024 | Date the amended by-laws were adopted, eliminating control share provisions. |
| March 6, 2024 | Date of the 8-K report filing. |
Keywords
By-Laws, Control Share Provisions, Corporate Governance, Nuveen Preferred and Income Term Fund, Amendment
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