The board of Edinburgh Worldwide Investment Trust (EWI) has received another significant endorsement in its battle to fend off activist investor Saba Capital. Glass Lewis, the independent proxy advisory firm, has recommended shareholders vote against all of Saba’s proposals at the upcoming requisitioned general meeting scheduled for 20 January 2026. We have also written an article in which we have taken a detailed look at Saba’s proposals (spoiler alert: we don’t think they’re in other shareholders interests), which you can find here.

Glass Lewis’s recommendation follows a similar recommendation from ISS (Institutional Shareholder Services), another leading proxy adviser, which also recommends voting against Saba’s resolutions. The board’s position has now been publicly supported by two of the most influential independent voices in corporate governance.

Alongside Glass Lewis’s and ISS’s recommendations, Legal & General, one of EWI’s major shareholders, has also come out in favour of the board, stating its intention to vote against all of Saba’s proposals.

To recap, Saba is seeking to remove EWI’s current board and replace it with directors of its choosing, in a move widely seen as an attempt to gain control of the trust’s strategy and management. EWI’s board has firmly opposed the move, arguing it is not in the best interests of long-term shareholders.

EWI’s chair, Jonathan Simpson-Dent, has welcomed the recommendations and shareholder support saying: “We are pleased to note the conclusions of Glass Lewis and ISS, who both recommend that shareholders vote against all of Saba’s resolutions. We are also pleased to see Legal & General plc come out to publicly support the Board.”

Live Q&A at 2pm today

To address shareholder concerns directly, EWIT will host a live Q&A session at 2pm GMT today (9 January 2026), via the Investor Meet Company platform. Shareholders and other stakeholders can register to attend and submit questions at investormeetcompany.com.

Voting deadlines rapidly approaching

The board is urging shareholders to act swiftly, with proxy voting deadlines varying by platform – some as early as 12 January, and the final deadline for proxy votes set for 12 noon on 17 January 2026. A circular explaining the board’s position, voting instructions and FAQs is available at trustewit.com.

Matthew Read, senior analyst at QuotedData, said: “EWI’s board now has the recommendations of two key independent Proxy advisers in its favour as well as the support from major shareholder, Legal & General. Our message to EWI shareholders is unchanged: please make sure you are informed about Saba’s proposals for your company and vote against Saba to protect your investment. Saba has added to its position since last time, so it is even more important that everyone makes their views heard by voting.”