8-K: Nuveen Variable Rate Preferred & Income Fund Annual Meeting Adjourned Due to Lack of Quorum

Nuveen Variable Rate Preferred & Income Fund's annual meeting was adjourned due to a lack of quorum, resulting in no election of Class III Trustees and no vote on the ratification of the accounting firm.

Summary

• The Nuveen Variable Rate Preferred & Income Fund held its 2024 annual meeting of shareholders on May 15, 2024.
• At the meeting, holders of preferred shares elected Albin F. Moschner and Maragret L. Wolff as Trustees.
• The meeting was adjourned to May 31, 2024, for other business items, including the election of Class III Trustees.
• On May 31, 2024, the meeting was reconvened, but a quorum of shareholders was not present.
• As a result, no Class III Trustees were elected, and current Class III Trustees will continue to serve until the 2025 annual meeting.
• Additionally, no vote was taken on the ratification of the Fund's independent registered public accounting firm due to the lack of a quorum.

Sentiment

Score: 4

Explanation: The document indicates a negative outcome due to the failure to achieve a quorum and elect new trustees, suggesting potential governance issues.

Positives

• Albin F. Moschner and Maragret L. Wolff were successfully elected as Trustees by the preferred shareholders.

Negatives

• The annual meeting was adjourned due to a lack of quorum.
• No Class III Trustees were elected at the annual meeting.
• The ratification of the Fund's independent registered public accounting firm was not voted on.

Risks

• The inability to achieve a quorum at the annual meeting raises concerns about shareholder engagement.
• The delay in electing Class III Trustees could potentially impact the Fund's governance.
• The failure to ratify the accounting firm could lead to future complications.

Future Outlook

The current Class III Trustees will continue to serve until the 2025 annual meeting, when new elections will be held.

Industry Context

This event highlights the importance of shareholder participation in corporate governance and the challenges of achieving quorum requirements for fund meetings.

Comparison to Industry Standards

• The inability to achieve a quorum is not uncommon in fund annual meetings, but it does highlight the need for better shareholder engagement strategies.
• Other funds may face similar challenges in ensuring sufficient shareholder representation at annual meetings.
• The continuation of existing trustees is a common practice when a quorum is not met, ensuring continuity of governance.

Management Changes

Stakeholder Impact

• Shareholders may be concerned about the lack of quorum and the delay in electing new trustees.
• The Fund's governance structure may be impacted by the continuation of existing trustees.
• The inability to ratify the accounting firm could raise concerns among stakeholders.

Next Steps

• The current Class III Trustees will continue to serve until the 2025 annual meeting.
• The Fund will need to ensure a quorum is present at the 2025 annual meeting to elect new Class III Trustees and ratify the accounting firm.

Key Dates

Keywords

Annual Meeting, Trustees, Quorum, Preferred Shares, Shareholders, Governance, Accounting Firm