Urbana shareholders get the shaft from Caldwell againAs a reward for - Caldwell being found guilty by the OSC to have been ripping off Urbana shareholders and thereby tarnishing the Urbana name for years to come, generating returns below benchmarks and presiding over the largest and prolonged discount in investment fund history proving that the investment model is fundamentally flawed - Caldwell has been granted, by himself, an increase in the investment management fee of 33%, from 1.5% to 2.0%, at a time when the entire industry has been lowering fees.
This is yet further proof (not that any was needed) that Urbana is improperly governed, that so-called independent directors are nothing but confederates of Caldwell, that the board acts primarily in the interests of Caldwell in disregard for the minority shareholders and, for the sake of minority shareholders, we need an entirely new board and governance structure.