Japan Smaller Capitalization Fund reports special committee finds no better manager than current adviser
The fund's special committee, formed under a charter adopted September 9, 2022, evaluated alternatives to the current investment manager and concluded none is as suitable as Nomura Asset Management U.S.A. Inc. and Nomura Asset Management Co., Ltd. The report was provided to the board on February 28, 2023, and publicly disclosed to shareholders. The outcome keeps the existing management arrangement in place, following a shareholder proposal to replace the manager that did not pass at the 2022 annual meeting.
- Committee reviewed a list of 12 possible alternative managers and eliminated several for reasons including non-US domicile and lack of closed-end fund expertise
- Committee concluded no alternative is as suitable and capable as NAM-USA and NAM-Tokyo
- Report dated February 28, 2023, filed as Exhibit 99(i); shareholder proposal to replace the manager did not receive enough votes at the 2022 Annual Meeting