DEF 14A: Virtus Funds Announce Joint Annual Meeting of Shareholders to Elect Trustees and Directors
Proxy Statement
Virtus Funds will hold a virtual Joint Annual Meeting of Shareholders on June 3, 2024, to elect trustees and directors for various funds.
Summary
- Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund, Virtus Equity & Convertible Income Fund, Virtus Global Multi-Sector Income Fund, Virtus Stone Harbor Emerging Markets Income Fund, and Virtus Total Return Fund Inc. will hold a Joint Annual Meeting of Shareholders on June 3, 2024.
- The meeting will be held virtually at 3:30 p.m. Eastern Time.
- Shareholders will vote to elect trustees or directors for each fund.
- The record date for determining shareholders entitled to vote is April 3, 2024.
- The Board of Trustees recommends voting for the election of each trustee nominee.
- Shareholders can attend the meeting virtually, vote electronically, and submit questions online.
- The proxy statement and annual reports are available online.
Sentiment
Score: 7
Explanation: The document is a standard proxy statement, which is generally neutral in tone. The recommendation to vote for the nominees suggests a positive outlook from the board.
Positives
- The Board of Trustees unanimously recommends voting for all trustee nominees.
- The meeting is being held virtually, allowing for broader shareholder participation.
- Shareholders have multiple options for voting: online, by phone, or by mail.
- The proxy statement and annual reports are readily available online.
Future Outlook
The document outlines the process for electing trustees and directors, ensuring the funds have governance in place for future operations.
Management Comments
- The Board of Trustees of each fund recommends that you vote for electing each trustee nominee.
Industry Context
This announcement is a standard part of corporate governance for investment funds, ensuring shareholders have a voice in electing the board members who oversee the funds' operations.
Comparison to Industry Standards
- The structure of the board, with a mix of independent and interested trustees, is common in the investment management industry.
- The virtual meeting format aligns with current trends towards increased accessibility and cost-effectiveness.
- The detailed disclosure of trustee qualifications and compensation is consistent with regulatory requirements and industry best practices.
- The process for shareholder proposals and nominations follows standard corporate governance guidelines.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Committee Restructuring | Prior to May 1, 2023, the Board of each of AIO, CBH, NCV, NCZ, ACV, NFJ and NIE had five committees: the Audit Committee, the Compliance and Risk Oversight Committee, the Contracts Committee, the Governance and Nominating Committee, and the Performance Committee. Effective May 1, 2023, the Contracts Committee and Performance Committee were dissolved, the Executive Committee was established and the Compliance and Risk Oversight Committee was renamed the Compliance Committee. Between May 1, 2023 to November 15, 2023, the Board of each of AIO, CBH, NCV, NCZ, ACV, NFJ and NIE had four committees: the Audit Committee, the Compliance Committee, the Governance and Nominating Committee and the Executive Committee. Prior to November 15, 2023, the Board of each of VGI, EDF and ZTR had four committees: the Audit Committee, the Compliance Committee, the Governance and Nominating Committee and the Executive Committee. Effective November 15, 2023, a new Contracts Committee was established for each Fund. | May 1, 2023 | The restructuring of committees is intended to improve the efficiency and effectiveness of board oversight. |
Stakeholder Impact
- Shareholders have the opportunity to elect trustees and directors who will oversee the funds' management.
- The outcome of the vote will determine the composition of the boards, which impacts the governance and strategic direction of the funds.
Next Steps
- Shareholders are encouraged to vote on the proposals.
- Shareholders can attend the virtual annual meeting on June 3, 2024.
- The newly elected trustees and directors will assume their roles.
Key Dates
| Date | Description |
|---|---|
| April 3, 2024 | Record date for determining shareholders entitled to notice of and to vote at the Annual Meeting. |
| April 9, 2024 | Date of Notice of Joint Annual Meeting of Shareholders |
| April 12, 2024 | Approximate date of mailing the Proxy Statement, Notice of Annual Meeting, and proxy card to shareholders. |
| May 29, 2024 | Deadline (5:00 p.m. Eastern Time) for shareholders holding shares through an intermediary to register to attend the Annual Meeting virtually. |
| June 3, 2024 | Date of the Joint Annual Meeting of Shareholders at 3:30 p.m. Eastern Time. |
Keywords
annual meeting, trustees, directors, shareholders, proxy statement, Virtus Funds, election
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.