PHILADELPHIA, Sept. 15, 2015 /PRNewswire/ -- Aberdeen Chile
Fund, Inc. (NYSE MKT: CH), Aberdeen Emerging Markets Smaller
Company Opportunities Fund, Inc. (NYSE MKT: ABE), Aberdeen Israel
Fund, Inc. (NYSE MKT: ISL), Aberdeen Indonesia Fund, Inc. (NYSE
MKT: IF) and Aberdeen Latin America Equity Fund, Inc. (NYSE MKT:
LAQ) (each, a "Fund" and collectively, the "Funds"), each a
closed-end fund, today announced that each Fund's Board of
Directors has approved enhancements to its corporate governance to
align with best practices for Board election and ongoing
service. Specifically, the Boards each approved an amendment
to the Funds' 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 Funds' By-laws previously provided that directors be elected by
a plurality vote in all director elections.
At the same time, each Fund's Board of Directors also adopted
certain corporate governance guidelines for the Fund to become
effective on September 30,
2015. The 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 a 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 (x) engagement of the
existing investment manager of the Fund or (y) the director's
election 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
aberdeen-asset.us/cef
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SOURCE Aberdeen Chile Fund, Inc.; Aberdeen Emerging Markets
Smaller Company Opportunities Fund, Inc.; Aberdeen Israel Fund,
Inc.; Aberdeen Indonesia Fund, Inc.; Aberdeen Latin America Equity
Fund, Inc.