DEF 14A: Western Asset Intermediate Muni Fund Inc. Announces Annual Meeting of Stockholders to Elect Directors and Ratify Accountants

Western Asset Intermediate Muni Fund Inc. will hold its annual meeting on April 12, 2024, to elect directors and ratify the selection of PricewaterhouseCoopers LLP as independent registered public accountants.

Summary

• Western Asset Intermediate Muni Fund Inc. (NYSE: SBI) has announced its Annual Meeting of Stockholders to be held on April 12, 2024, in New York.
• The meeting will address the election of one Class I Director by common and preferred stockholders and one Class I Director by preferred stockholders, as well as the ratification of PricewaterhouseCoopers LLP (PwC) as the independent registered public accountants for the fiscal year ending November 30, 2024.
• The record date for determining stockholders entitled to vote at the meeting was February 7, 2024.
• As of the record date, the Fund had 14,082,315 shares of Common Stock and 1,896 shares of VRDPS (Preferred Shares) outstanding.
• The Board of Directors recommends voting FOR the election of each nominee and FOR the ratification of PwC.
• Stockholder proposals for the 2025 Annual Meeting must be received by November 6, 2024.
• The estimated cost of the proxy solicitation is $18,249, to be borne by the Fund.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. It provides necessary information for stockholders to make informed decisions regarding voting matters. The Board's recommendations are positive, but the overall sentiment is balanced and informative.

Positives

• The Board of Directors is actively engaged in overseeing the management and operations of the Fund.
• The Fund has a Lead Independent Director who chairs executive sessions of the Independent Directors and serves as a liaison between the Independent Directors and the Funds management.
• The Fund has established an Audit Committee, Nominating Committee, Compensation Committee, and Pricing and Valuation Committee, each composed of Independent Directors.
• The Audit Committee has reviewed the Funds audited financial statements with management and PwC.
• The Board recommends stockholders vote FOR the election of directors and the ratification of the selection of PwC as the independent registered public accountants.

Risks

• The staggered terms of the Board of Directors could limit the ability of other entities or persons to acquire control of the Fund.
• The MCSAA may restrict the voting rights of holders of control shares.
• The Board's risk management oversight is subject to substantial limitations.

Future Outlook

The document outlines the upcoming Annual Meeting and provides deadlines for stockholder proposals for the following year, but does not offer specific financial guidance or projections.

Management Comments

• The Board of Directors believes that Ms. Trust's experience, familiarity with the Funds day-to-day operations and access to individuals with responsibility for the Funds management and operations provides the Board with insight into the Funds business and activities and, with her access to appropriate administrative support, facilitates the efficient development of meeting agendas that address the Funds business, legal and other needs and the orderly conduct of board meetings.

Industry Context

This document is a standard proxy statement for a registered investment company, outlining routine governance matters such as the election of directors and ratification of auditors, which are common practices in the investment management industry.

Comparison to Industry Standards

• The director compensation disclosed is within the typical range for closed-end funds of similar size and complexity.
• The audit and tax fees paid to PwC are consistent with industry standards for funds of this type.
• The structure of the Board of Directors, with a majority of independent directors and various committees, aligns with best practices in corporate governance for investment companies.
• The proxy voting process and disclosure requirements adhere to SEC regulations and industry norms.

Stakeholder Impact

• Stockholders are directly impacted by the proposals being voted on, as they relate to the governance and oversight of the Fund.
• The selection of independent auditors impacts the reliability of the Funds financial reporting.
• The election of directors influences the strategic direction and management of the Fund.

Next Steps

• Stockholders should review the proxy materials and vote on the proposals.
• The Fund will hold its Annual Meeting on April 12, 2024.
• The Board will consider the results of the votes and take appropriate action.
• Stockholders intending to submit proposals for the 2025 Annual Meeting should adhere to the specified deadlines.

Key Dates

Keywords

proxy statement, annual meeting, directors, PricewaterhouseCoopers, stockholders, election, ratification, fund