RiskMetrics Recommends Western Investment Nominees

Leading Proxy Advisory Firm, RiskMetrics Group Recommends That DWS Dreman Value Income Edge Fund, Inc. (NYSE: DHG) Shareholders Vote the Gold Proxy and Support Western Investment Nominees and Its Proposal to Declassify the Board

NEW YORK--(BUSINESS WIRE)-- Western Investment LLC today announced that RiskMetrics Group/ISS, a leading proxy advisory service that provides analyses and vote recommendations to major institutional investors worldwide, has recommended that DHG shareholders vote on the GOLD proxy for three Western Investment board candidates and for Western Investment’s proposal to declassify the Board so that all directors face election annually instead of every three years.

In supporting Western Investment’s candidates, RiskMetrics noted DHG’s poor long-term performance and its average 14.3% discount to net asset value, or NAV, since inception, and stated that it believes “it is warranted to replace three incumbent directors with [Western Investment’s] nominees” and “bring a fresh perspective to Board deliberations”. It continued, stating that if elected, Western Investment’s nominees could focus on “adding value to the Fund through the authorization of a program of share repurchases when the Fund’s discount to NAV rises above a set value.” ISS concluded that it “believes the Fund’s wide discount to NAV, NAV performance relative to its peers, and the disadvantages of maintaining a classified board structure justifies supporting Western Investment’s nominees and proposal to declassify the Fund’s board.”

Art Lipson, Managing Member of Western Investment, stated “We welcome RiskMetrics’ support and the fact that they realize the importance of accountability to shareholders in both of their recommendations. The inactive Board that permits DHG to trade at an excessive and punitive discount to NAV is not showing any accountability to its shareholders. Electing directors who will demand accountability and action is an important and shareholder-empowering step. Elimination of the classified board structure will further foster an increased sense of accountability on the Board.”

Mr. Lipson concluded, “It is a shame that Deutsche and its crony board have chosen to make the shareholder vote practically meaningless with their requirement that directors be elected by a majority of the shares outstanding, rather than shares voting at the meeting. In a contest like this, it almost guarantees that no one will receive the necessary vote, the result being a failed election and the incumbents trying to retain their seats – not until the next meeting, but for the next three years! It is an egregious misuse of their power. DHG shareholders deserve better.”

Western Investment sincerely appreciates the support is has seen so far, and urges ALL DHG shareholders to vote these self-interested incompetents out. Support the Western Investment nominees on the GOLD proxy today. Shareholders needing assistance in voting their shares should contact Western Investment’s proxy solicitor, Innisfree M&A Incorporated at (877) 687-1873.

Western Investment LLC
Arthur D. Lipson – [email protected]
or
Innisfree M&A
Mike Brinn, 212-750-8253

Source: Western Investment LLC