Saba Capital's Maryann Bruce Elected to ASA Gold and Precious Metals Board

Saba Capital, the largest shareholder of ASA Gold and Precious Metals Limited, announced that shareholders voted to expand the board to five members and elect independent candidate Maryann Bruce. The new board will consist of Bruce, Ketu Desai, William Donovan, Mary Joan Hoene, and Paul Kazarian. Saba's Boaz Weinstein expressed gratitude for shareholder support and looks forward to building momentum at the Annual Meeting to create long-term value.

In a significant move for ASA Gold and Precious Metals Limited (NYSE: ASA), shareholders have voted to expand the board to five members and elect independent candidate Maryann Bruce. The new board composition includes Bruce, Ketu Desai, William Donovan, Mary Joan Hoene, and Paul Kazarian.

Saba Capital Management, L.P., the largest shareholder of ASA with 17.2% ownership, led the push for these changes. The expansion and election of Bruce were recommended by both leading proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. [1].

Glass Lewis highlighted "material governance concerns" at ASA, criticizing the repeated adoption of poison pills by legacy directors Mary Joan Hoene and William Donovan. The firm emphasized the need for independent oversight and board rebalancing, endorsing Maryann Bruce for her extensive qualifications and commitment to strong governance principles [2].

Maryann Bruce, a seasoned governance expert, brings a mix of fund governance expertise, fiduciary experience, and independence to the board. She has publicly committed to serving only through the next annual meeting and will not alter the Fund's investment strategy or terminate the current investment adviser during that period.

Boaz Weinstein, Founder and Chief Investment Officer of Saba Capital, expressed gratitude for shareholder support and looks forward to building momentum at the Annual Meeting to create long-term value for ASA.

References:
[1] https://www.businesswire.com/news/home/20250611494531/en/Second-Independent-Proxy-Advisor-Glass-Lewis-Recommends-ASA-Gold-and-Precious-Metals-Shareholders-Vote-FOR-Saba-Capitals-Proposals-to-Expand-the-Board
[2] https://finance.yahoo.com/news/second-independent-proxy-advisor-glass-125000722.html