PHILADELPHIA, March 4, 2020 /PRNewswire/ -- Aberdeen Emerging Markets Equity Income Fund, Inc. (the "Fund") (NYSE American: AEF) held its Annual Meeting of Shareholders (the "Meeting") on March 4, 2020. At the Meeting, shareholders of the Fund voted to re-elect one Class III Director to the Board of Directors.
As of the record date, December 31, 2019, there were 50,751,778 outstanding shares of the Fund. 86.09% of the outstanding shares were voted at the Meeting representing a quorum.
The description of the proposal and number of shares voted at the Meeting are as follows:
To re-elect one Class III Director to the Board of Directors:
Steven N. Rappaport
Under the Fund's retirement policy, the retirement of Mr. James Cattano and Mr. Lawrence Fox was effective at the conclusion of the 2020 Annual Meeting. The Board would like to extend its sincere gratitude to Mr. Cattano and Mr. Fox and acknowledge the invaluable contributions they have made to the Fund during their tenure and wish them the best of success in all their future endeavours.
In light of the foregoing, the Board has approved a reduction in the size of the Board from six to four directors. Directors whose term of office continued beyond the Meeting are as follows: Nancy Yao Maasbach, C. William Maher and Rahn Porter. Effective upon the retirement of Mr. Cattano, the Board appointed Mr. Maher, an Independent Director, to serve in the role of Audit and Valuation Committee Chair.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective.
If you wish to receive this information electronically, please contact: Investor.Relations@aberdeenstandard.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/aberdeen-emerging-markets-equity-income-fund-inc-announces-results-of-annual-meeting-of-shareholders-retirement-of-directors-of-the-fund-and-reduction-in-the-size-of-the-board-301016755.html
SOURCE Aberdeen Emerging Markets Equity Income Fund, Inc.