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Overwhelming Majority of Shareholders, excluding shares voted by the Activist, Rejected the Activist’s Unqualified Nominees and Termination Proposal
NEW YORK, August 20, 2024--(BUSINESS WIRE)--Nuveen announced today that, based on the voting results of the 2024 Annual Meeting of Shareholders of Nuveen New York AMT-Free Quality Municipal Income Fund (NYSE: NRK), shareholders, excluding shares voted by the activist, voted overwhelmingly in favor of the Board’s nominees, Joanne T. Medero, Loren M. Starr and Matthew Thornton III, and against the activist’s proposal to terminate Nuveen as investment advisor to the Fund.
The certified results of the Annual Meeting confirm that the Board’s incumbent nominees will remain in place, and that Nuveen will continue as investment advisor to NRK. Through their votes, shareholders, excluding shares voted by the activist, have rejected every nominee submitted by the activist investor and the proposal to terminate the investment advisory agreement between Nuveen and NRK.
"Shareholders have made their choice clear that they do not support the activist’s proposals. The results of this unnecessary proxy contest send a clear mandate from shareholders to retain Nuveen and the Fund’s qualified Trustees in their roles overseeing NRK. We will continue to ensure that NRK is managed for the benefit of all shareholders and to meet its investment objectives. Without the activist’s own support, only a small minority of shareholders voted for the opposition’s unqualified nominees or to terminate Nuveen as the investment manager," said Dave Lamb, Head of Nuveen Closed-End Funds.
The results of the voting with respect to each item on the meeting agenda were as follows:
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With respect to the election of Class III Trustees, by holders of common shares and preferred shares, voting together as a single class, no nominees received the required vote of a majority of the shares outstanding and entitled to vote on the matter.
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With respect to the election of trustees by the holders of preferred shares, voting separately as a single class, the Board’s nominees, Albin F. Moschner and Margaret L. Wolff, were elected.
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With respect to the ratification of the selection of the Fund’s independent registered public accounting firm, the proposal was approved.
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With respect to the activist’s proposal to terminate the investment advisory agreement between Nuveen and NRK, the proposal was not approved.
The final voting results have been certified by First Coast Results, Inc., the independent Inspector of Election, and the vote tabulation will be included in the next shareholder report.