# Baillie Gifford trust chair to raise activist campaign complaints with City minister

- URL: https://talkfuse.com/story/baillie-gifford-trust-chair-to-raise-activist-campaign-complaints-with-city-minister/
- Published: 2026-11-04T10:36:21+00:00
- Updated: 2026-11-04T17:37:27+00:00
- Original publisher: City AM (publisher lean: Right)
- Original article: https://www.cityam.com/city-minister-to-hear-baillie-gifford-trust-chair-complaints-over-saba-campaign/
- Topics: Americas, Business, Elections, Government, Markets, Politics, World

## Key points

- The government has offered to hear safeguards proposed by US Growth’s chair.
- More than 99 per cent of non-Saba shareholders opposed Saba’s resolutions.
- The FCA is expected to announce proposed changes early next year.

## Summary

City minister Lucy Rigby has offered to meet Baillie Gifford’s US Growth chair, Tom Burnet, to discuss safeguards against activist campaigns targeting investment trusts. The proposed meeting follows US hedge fund Saba Capital’s failed attempt to change the trust’s governance and install three directors, and comes amid wider concern about the effect of such campaigns on London’s closed-end funds.

More than 99 per cent of shareholders unaffiliated with Saba voted against its resolutions, though the result was narrow because Saba and ally Sessa Capital held significant voting influence and retail turnout was a concern. Burnet has called for closer scrutiny of activist communications, fewer barriers to shareholder voting and support for an FCA consultation; the regulator is expected to announce proposed changes by early next year. Saba has secured changes at other trusts, including Edinburgh Worldwide, Herald and Impax Environmental Markets.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.