PHILADELPHIA, Sept. 21, 2015 /PRNewswire/ -- Aberdeen
Greater China Fund, Inc. (NYSE:GCH) (the "Fund"), a closed-end
equity fund, announced today that the Fund's Board of Directors
(the "Board") approved enhancements to its corporate governance to
align with best practices for Board election and ongoing
service. Specifically, the Board approved an amendment to the
Fund's By-Laws, to become effective on September 30, 2015, to provide for the election
of the directors by a majority of the votes cast at a meeting of
shareholders at which a quorum is present, except in contested
elections, where a director shall be elected by a plurality vote.
The Fund's By-laws previously provided that directors be elected by
a plurality vote in all director elections.
At the same time, the Fund's Board of Directors approved
amendments to certain corporate governance guidelines for the Fund
to become effective on September 30,
2015. The corporate governance guidelines include (i) a
resignation policy, which generally provides that a director who
does not receive a majority of votes "For" his or her election at a
meeting of shareholders shall be deemed to have tendered his or her
resignation, subject to the Board's acceptance or rejection of such
resignation, which Board determination will be disclosed publicly
to Fund shareholders; and (ii) a policy requiring that after an
Independent Director has served on the Board for three full terms
of three years following the later of the appointment of the Fund's
then-current investment manager of the Fund or the initial election
of the director by the Fund's stockholders to the Board, the
Director will be put forth for consideration by shareholders
annually. The failure to obtain a majority of votes cast will
trigger the resignation policy described above.
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. There is no assurance that the Fund will achieve
its investment objective. Past performance does not guarantee
future results.
If you wish to receive this information
electronically, please contact
InvestorRelations@aberdeen-asset.com
aberdeengch.com
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SOURCE Aberdeen Greater China Fund, Inc.