DMB stockholders back incumbent board, reject Saba's nominee

Stockholders of BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) voted to re-elect three incumbent board nominees and rejected a proposal to declassify the fund's board, according to preliminary results from the fund's annual stockholder meeting held on August 27, 2026.

Saba Capital Management, L.P., a dissident stockholder, had put forward its own nominee for election and had previously submitted a non-binding proposal to amend the fund's charter to declassify its board of directors. Both efforts were unsuccessful based on the preliminary results.

Proxy advisory firms Glass Lewis and Egan-Jones had recommended that stockholders vote in favor of the fund's three incumbent nominees, rejecting Saba's candidate. The firms noted that a review of the fund's performance had not produced a compelling case for change.

Stockholders also voted against the board declassification proposal, which appeared on the fund's proxy statement as a result of Saba's earlier non-binding submission.

BNY Mellon Investment Adviser, Inc. serves as the investment adviser for DMB. It is part of BNY Investments, which reported $2.2 trillion in assets under management as of June 30, 2026. BNY Investments is a division of The Bank of New York Mellon Corporation (NYSE: BNY), which reported $62.6 trillion in assets under custody and/or administration as of the same date. This article is based on a press release statement from BNY Mellon Investment Adviser, Inc.

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