The Taiwan Fund, Inc. Announces the Results of the Annual Stockholders Meeting

Rhea-AI Summary

The Taiwan Fund, Inc. (NYSE:TWN) reported results of its Annual Stockholders Meeting held April 7, 2026. Stockholders re-elected four directors—William C. Kirby, Shelley E. Rigger, Anthony S. Clark, and Warren J. Olsen—for one-year terms expiring 2027.

Shareholders also approved changing the Fund's classification from diversified to non-diversified and removed the fundamental diversified policy, with votes recorded in the release.

Positive

• Four directors re-elected for one-year terms expiring in 2027
• Change approved to reclassify the Fund as non-diversified
• Reclassification vote passed with 4,341,272 votes for

Negative

• 401,593 non-votes recorded on the reclassification proposal
• Notable withheld/against votes for Shelley E. Rigger: 1,231,888

News Market Reaction – TWN

+4.43%

+4.43% Session close to close

In the Apr 9 session, TWN gained 4.43%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms stockholder approval of four incumbent directors and a shift from a diver...

Analysis

This announcement confirms stockholder approval of four incumbent directors and a shift from a diversified to a non-diversified structure, allowing more concentrated positions in Taiwanese equities. It follows recent developments such as a conditional tender offer policy and strong NAV performance versus the TAIEX benchmark. Investors may track how the new classification affects portfolio concentration, monitor future NAV updates, and consider the role of large institutional holders and recent insider purchases at $64.90 in the fund’s governance landscape.

Key Figures

Votes for Kirby: 4,619,222 Votes for non-diversified: 4,341,272 Votes against non-diversified: 332,833 +5 more

8 metrics

Votes for Kirby 4,619,222 Votes cast for director William C. Kirby

Votes for non-diversified 4,341,272 Stockholder votes supporting change to non-diversified classification

Votes against non-diversified 332,833 Stockholder votes against change to non-diversified classification

Abstain on classification 18,888 Abstentions on non-diversified classification proposal

Shares entitled to vote 5,792,289 Common shares entitled to vote as of Feb 17, 2026 (DEF 14A)

Director purchase 50,686.9 shares at $64.90 Open-market purchase by director William C. Kirby (Form 4, Feb 27, 2026)

City of London stake 2,252,935 shares (38.0%) Beneficial ownership as of Dec 31, 2025 (Schedule 13G/A)

Allspring stake 511,375 shares (8.6%) Beneficial ownership reported in Schedule 13G/A dated Jan 8, 2026

Historical Context

4 past events · Latest: Feb 11 (Neutral)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 11	NAV calculation notice	Neutral	+0.2%	Clarified NAV calculation schedule during Taiwan exchange Lunar New Year closure.
Jan 14	Quarterly earnings/NAV	Positive	+0.1%	Reported NAV per share increase and 14.19% total return beating benchmark.
Dec 15	Distribution announcement	Positive	+2.1%	Declared total distributions of $6.2002 per share across gains and income.
Oct 20	Tender offer policy	Positive	+2.5%	Introduced conditional tender offer up to 25% of shares at 98% of NAV.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent TWN announcements, including earnings, distribution, and policy changes, have generally seen modest positive price reactions, suggesting the market often responds constructively to fund updates.

Recent Company History

Over the past six months, TWN updates have focused on portfolio performance, capital returns, and shareholder-friendly policies. On Oct 20, 2025, the fund adopted a conditional tender offer policy tied to long-term benchmark outperformance. A Dec 15, 2025 release detailed total distributions of $6.2002 per share. First-quarter results on Jan 14, 2026 highlighted a 14.19% NAV total return beating the TAIEX index’s 11.29%. Today’s vote outcomes on board elections and the non-diversified classification build on this governance and capital-allocation narrative.

Key Terms

non-diversified, diversified, closed-end investment company

3 terms

non-diversified regulatory

"voted to approve a change to the Fund's classification from a "diversified" fund to a "non-diversified" fund"

Non-diversified describes an investment vehicle or portfolio that concentrates its holdings in a relatively small number of stocks, bonds or similar assets rather than spreading money across many different holdings. It matters to investors because concentration can amplify both gains and losses — like carrying most of your groceries in a few bags instead of many — so these investments can be riskier and more volatile but may offer higher reward if the chosen assets perform well.

diversified regulatory

"voted to approve a change to the Fund's classification from a "diversified" fund to a "non-diversified" fund"

Diversified describes a portfolio or business strategy that spreads exposure across different asset types, industries, and geographic regions so the poor performance of a single holding has less effect on the whole. Like not putting all your eggs in one basket, diversification matters to investors because it reduces the chance of large losses, smooths returns over time, and makes outcomes more predictable without guaranteeing gains.

closed-end investment company financial

"The Fund is a non-diversified closed-end investment company, which seeks long term capital"

A closed-end investment company is a pooled investment fund that issues a fixed number of shares in a one-time offering and then has those shares bought and sold on an exchange like a stock; a professional manager runs the portfolio of assets. It matters to investors because the market price can move above or below the value of the underlying holdings, affecting returns and income, and shares may be less flexible to issue or redeem compared with open-ended funds—think of buying a slice of a privately baked pie whose market price can differ from the pie’s actual ingredients value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOSTON, April 9, 2026 /PRNewswire/ -- The Taiwan Fund, Inc. (TWN) (the "Fund") announced today the results of its Annual Stockholders Meeting held on April 07, 2026. The Fund's stockholders re-elected four individuals to the Board of Directors: William C. Kirby, Shelley E. Rigger, Anthony S. Clark, and Warren J. Olsen for one-year terms, expiring in 2027.

Director	Votes Cast for	Votes Against/Withheld
William C. Kirby	4,619,222	475,364
Shelley E. Rigger	3,862,698	1,231,888
Anthony S. Clark	4,704,396	390,190
Warren J. Olsen	4,704,135	390,451

The stockholders of the Fund also voted to approve a change to the Fund's classification from a "diversified" fund to a "non-diversified" fund and to remove the Fund's fundamental policy to operate as a diversified fund.

For	Against	Abstain	Non-votes
4,341,272	332,833	18,888	401,593

The Fund is a non-diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol "TWN."

For additional information on the Fund, including information on the Fund's holdings, visit the Fund's website at www.thetaiwanfund.com or call 1-800-426-5523.

CONTACT:

Brian F. Link, Secretary
1-800-426-5523
www.thetaiwanfund.com

View original content:https://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-the-results-of-the-annual-stockholders-meeting-302738684.html

SOURCE The Taiwan Fund, Inc.

FAQ

What did TWN announce on April 9, 2026 about its annual stockholders meeting?

The Fund said it re-elected four directors and approved a reclassification to non-diversified. According to the company, the April 7, 2026 vote re-elected William C. Kirby, Shelley E. Rigger, Anthony S. Clark and Warren J. Olsen for one-year terms.

How many votes approved TWN's change from diversified to non-diversified on April 7, 2026?

The reclassification received 4,341,272 votes in favor. According to the company, the board recorded 4,341,272 for, 332,833 against, 18,888 abstain and 401,593 non-votes on the proposal.

Who were the directors re-elected at TWN's April 7, 2026 meeting and what were vote totals?

Stockholders re-elected William C. Kirby, Shelley E. Rigger, Anthony S. Clark and Warren J. Olsen. According to the company, vote totals ranged from 3,862,698 for Rigger to 4,704,396 for Clark, with corresponding against/withheld counts listed.

What does TWN's reclassification to non-diversified mean for the fund's stated policy?

The Fund removed its fundamental policy to operate as a diversified fund and is now classified non-diversified. According to the company, this changes the Fund's formal classification though other investment objectives remain described in its filings.

Where can investors find more information about TWN after the April 7, 2026 meeting?

Investors can visit the Fund's website or call the listed number for details on holdings and governance. According to the company, additional information is available at www.thetaiwanfund.com or by calling 1-800-426-5523.