The China Fund announces withdrawal of proposal by City of London
The China Fund announced that the proposal previously filed by City of London Investment Management Limited to terminate the Fund's investment advisory and management agreements with Allianz Global Investors U.S. has been withdrawn. This follows the Fund's announcement of July 30 that the Board of Directors has retained Mercer Investments to undertake a comprehensive search for an investment manager. The proposal was to have been considered at the Annual Meeting of the Fund's shareholders which was scheduled to be reconvened on August 29, 2018. Since the Termination Proposal was the only item of business slated to be conducted at that meeting it will no longer be held. The Fund also announced that its Board of Directors continues to work on development of other outstanding matters including, but not limited to, the ultimate size and structure of the Fund and its board, a shareholder event such as a significant tender, and the adoption of enhanced Corporate Governance standards. The Board is scheduled to further consider such items at its next meeting, scheduled for August 24, 2018 in New York.