Baillie Gifford US Growth Trust Shareholders Reject Saba Resolutions as 99.2% Back Board

Baillie Gifford US Growth Trust plc shareholders rejected all three resolutions put forward by Saba at the trust's annual general meeting on October 23, 2026, while approving all nine ordinary resolutions proposed by the company. The result was announced by TradingView.

How the Baillie Gifford AGM Vote Broke Down

The Saba Resolutions, numbered 1 to 3, were rejected. The Board noted that votes in favour of them were almost entirely attributable to Saba and Sessa Capital IM, L.P. Excluding the votes of Saba and Sessa, 99.2% of the votes cast were in line with the Board's recommendations.

Ordinary resolutions 4 to 7, covering the re-election of the existing Directors, passed. Excluding the votes of Saba and Sessa, which were cast against the resolutions, 99.5% of the votes cast were in favour of the re-election of the existing Directors.

Special resolutions 13 and 14, regarding the disapplication of pre-emption rights and the market purchase of the company's own shares, did not pass. The votes against these resolutions were almost entirely attributable to Saba and Sessa Capital. Resolutions 9 and 12 passed but received a significant number of votes against, which the Board said were almost entirely attributable to Saba and Sessa Capital.

Tom Burnet, Chair of the Company, said: "On behalf of the Board, I would like to pass our gratitude to our independent shareholders for their continued support." He added that the Board will engage with Saba and Sessa Capital to seek a long-term solution in the interests of shareholders as a whole.

Baillie Gifford's Scale and Recent Moves

Baillie Gifford is an Edinburgh-based independent unlimited-liability investment partnership founded in 1908, according to akta.pro company records. The firm manages £237 billion in specialist equity, fixed income and multi-asset portfolios as of March 31, 2026, with over 60 per cent of assets under management managed for clients outside the UK and clients in 46 countries as of 2025.

Earlier Baillie Gifford Trust Events

On October 22, 2026, City of London Investment Management Company Limited notified the UK regulator of a 17.93% stake in Baillie Gifford UK Growth Trust PLC, crossing the notifiable threshold on October 20, 2026, TradingView reported. On October 16, 2026, City of London Investment Management crossed the notifiable threshold in Baillie Gifford UK Growth Trust, holding 18.0004% of voting rights, with the notification filed on October 16, 2026, and the threshold crossed on October 14, 2026, TradingView reported. On September 29, 2026, Baillie Gifford US Growth Trust's board urged investors to vote against hedge fund Saba's takeover proposals at the upcoming AGM, with Saba holding a 29% stake, This is Money reported.

What Comes Next for Baillie Gifford US Growth Trust

In line with Provision 4 of section 5.2 of the AIC Corporate Governance Code 2024, the company will engage in a consultation process with all major shareholders. The Board will report on next steps as soon as is practicable and within the six-month timeframe set out in the AIC Code.