SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
The New Ireland Fund, Inc
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(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
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2) Aggregate number of securities to which transaction applies:
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3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11(set forth the amount on which the
filing fee is calculated and state how it was determined):
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4) Proposed maximum aggregate value of transaction:
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5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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2) Form, Schedule or Registration Statement No.:
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3) Filing Party:
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4) Date Filed:
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Dear Stockholder,
The New Ireland Fund, Inc. (the "Fund") will hold its 2003 Annual Meeting
of Stockholders (the "Meeting") on Tuesday, June 10, 2003 at 9 a.m. at the
Harvard Club, 27 West 44th Street, New York, NY 10036. At the Meeting,
stockholders will elect one Director, for a three-year term, and vote on such
other matters as may properly come before the Meeting.
On behalf of the Board of Directors, I cordially invite all stockholders
to attend the Meeting. Whether or not you plan to attend the Meeting in person,
please take the time to vote by mailing in your proxy. As explained in the
attached Proxy Statement, you may withdraw your proxy at any time before it is
actually voted at the Meeting.
We look forward to your continued support.
Sincerely,
/s/ Peter J. Hooper
Peter J. Hooper
Chairman
THE NEW IRELAND FUND, INC.
c/o PFPC Inc.
101 Federal Street, 6th Floor
Boston, Massachusetts 02110
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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
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To our Stockholders:
Notice is hereby given that the Annual Meeting of Stockholders (the
"Meeting") of The New Ireland Fund, Inc. (formerly, The Irish Investment Fund,
Inc.) (the "Fund"), a Maryland corporation, will be held on Tuesday, June 10,
2003 at 9:00 a.m. at the Harvard Club, 27 West 44th Street, New York, NY 10036,
for the following purposes:
1. To elect one (1) Director of the Fund (Proposal 1).
2. To consider and act upon any other business as may properly come before
the Meeting or any adjournment thereof.
These items are discussed in greater detail in the attached Proxy
Statement.
Only stockholders of record at the close of business on Wednesday, April
9, 2003 are entitled to notice of, and to vote at, this Meeting or at any
adjournments thereof.
Linda J. Hoard
Secretary
Dated: April 25, 2003
WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE
COMPLETE, SIGN AND PROMPTLY RETURN THE ENCLOSED PROXY CARD IN THE ENCLOSED
SELF-ADDRESSED ENVELOPE. IN ORDER TO AVOID THE ADDITIONAL EXPENSE TO THE FUND OF
FURTHER SOLICITATION, WE ASK YOUR COOPERATION IN MAILING IN YOUR PROXY CARD
PROMPTLY. INSTRUCTIONS FOR THE PROPER EXECUTION OF PROXIES ARE SET FORTH ON THE
INSIDE COVER.
INSTRUCTIONS FOR SIGNING PROXY CARDS
The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Fund involved in validating your
vote if you fail to sign your proxy card properly.
1. Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.
2. Joint Accounts: Either party may sign, but the name of the party
signing should conform exactly to the name shown in the registration.
3. All Other Accounts: The capacity of the individuals signing the proxy
card should be indicated unless it is reflected in the form of registration. For
example:
Registration Valid Signature
- ------------ ---------------
Corporate Accounts
(1) ABC Corp....................................... ABC Corp.
(2) ABC Corp. ..................................... John Doe, Treasurer
(3) ABC Corp.
c/o John Doe, Treasurer................... John Doe
(4) ABC Corp. Profit Sharing Plan ................. John Doe, Trustee
Trust Accounts
(1) ABC Trust ..................................... Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee
u/t/d 12/28/78............................ Jane B. Doe
Custodian or Estate Accounts
(1) John B. Smith, Cust.
f/b/o John B. Smith, Jr. UGMA ............ John B. Smith
(2) Estate of John B. Smith ....................... John B. Smith, Jr., Executor
THE NEW IRELAND FUND, INC.
c/o PFPC Inc.
101 Federal Street, 6th Floor
Boston, Massachusetts 02110
ANNUAL MEETING OF STOCKHOLDERS
June 10, 2003
PROXY STATEMENT
This Proxy Statement is furnished by the Board of Directors of The New
Ireland Fund, Inc. (the "Fund") in connection with its solicitation of proxies
for use at the Annual Meeting of Stockholders (the "Meeting") to be held on
Tuesday, June 10, 2003 at 9:00 a.m. at the Harvard Club, 27 West 44th Street,
New York, NY 10036 and at any adjournments thereof. The purpose of the Meeting
and the matters to be acted upon are set forth in the accompanying Notice of
Annual Meeting of Stockholders.
If the accompanying form of proxy is executed properly and returned,
shares represented by it will be voted at the Meeting in accordance with the
instructions on the proxy. If, however, no instructions are specified, shares
will be voted for the election of Directors and for other matters listed in the
accompanying Notice of Annual Meeting of Stockholders. A proxy may be revoked at
any time prior to the time it is voted by written notice to the Secretary of the
Fund or by attendance at the Meeting.
A quorum of the Fund's shareholders is required to properly conduct the
business of the Meeting. Under the By-Laws of the Fund, a quorum is constituted
by the presence in person or by proxy of stockholders entitled to cast a
majority of the votes entitled to be cast at the meeting. In the event a quorum
is not present at the Meeting, the holders of a majority of the stock present in
person or by proxy will have the power to adjourn the Meeting, without notice
other than an announcement at the Meeting, until the requisite amount of stock
entitled to vote at such Meeting is present. In the event a quorum is present at
the Meeting but sufficient votes to approve any of the proposed items are not
received, the persons named as proxies may propose one or more adjournments of
such Meeting to permit further solicitation of proxies. A stockholder vote may
be taken on one or more of the proposals in this proxy statement prior to such
adjournment if sufficient votes have been received and it is otherwise
appropriate. Any such adjournment will require the affirmative vote of a
majority of those shares present at the Meeting in person or by proxy and the
persons named as proxies will vote those proxies which they are entitled to vote
FOR or AGAINST any such proposal in their discretion. Absent the establishment
of a subsequent record date and the giving of notice to the holders of record
thereon, the adjourned Meeting will take place not more than 120 days after the
original record date. At such adjourned Meeting, any business may be transacted
which might have been transacted at the original Meeting.
The close of business on April 9, 2003 has been fixed as the record date
for the determination of stockholders entitled to notice of, and to vote at, the
Meeting. On that date, the Fund had 4,893,228 shares of common stock outstanding
and entitled to vote. Each share will be entitled to one vote at the Meeting. It
is expected that the Notice of Annual Meeting, proxy statement, and form of
proxy will be mailed to stockholders on or about April 25, 2003.
The expense of solicitation will be borne by the Fund and will include
reimbursement to brokerage firms and others for expenses in forwarding proxy
solicitation material to beneficial owners. The solicitation of proxies will be
largely by mail, but may include, without cost to the Fund, telephonic,
telegraphic, or oral communications by regular employees of the Fund's
Investment Adviser. If necessary, the solicitation of proxies may include
communications by employees of a proxy solicitation firm to be engaged by the
Fund.
The Annual Report of the Fund, including audited financial statements for
the fiscal year ended October 31, 2002, is available upon request, without
charge, by writing to The New Ireland Fund, Inc., C/O PFPC, Inc. 101 Federal
Street, 6th Floor, Boston, Massachusetts 02110 or by calling 1-800-468-6475.
The date of this Proxy Statement is April 25, 2003.
1
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL/RECORD OWNERS
To the knowledge of management of the Fund and its Board, the following
shareholder(s) or "group", as the term is defined in Section 13(d) of the
Securities Exchange Act of 1934 (the "1934 Act"), beneficially owned, or were
owners of record of, more than 5% of the Fund's outstanding shares as of April
9, 2003.
Shareholder Name and Address Amount and Nature of Ownership Percent of Shares
---------------------------- ------------------------------ -----------------
Charles Schwab & Company, Inc. 446,916 (beneficial) 9.13%
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Northern Trust Company 407,300 (beneficial) 8.32%
50 South LaSalle Street
Chicago, IL 60675
National Financial Services Corporation 338,302 (beneficial) 6.91%
200 Liberty Street
New York, NY 10281
Pershing LLC 315,915 (beneficial) 6.46%
One Pershing Plaza
Jersey City, NJ 07399
The Bank of New York 272,969 (beneficial) 5.58%
One Wall Street
New York, NY 10286
Salomon Smith Barney Inc. 256,493 (beneficial) 5.24%
333 W. 34th Street
New York, NY 10001
Cede & Company 4,726,316 (record) 96.59%
55 Water Street, 25th Floor
New York, NY 10041
ELECTION OF DIRECTORS
(Proposal No. 1)
At the Meeting, one Director will be elected. Pursuant to the Fund's
By-laws, the terms of office of the Directors are staggered. The Board of
Directors is divided into three classes, designated: Class I, Class II, and
Class III. Class I consists of Peter J. Hooper, Class II consists of Denis P.
Kelleher and James M. Walton, and Class III consists of James J. Boyle and Denis
Curran. The one Director in Class I is being considered for election at this
Meeting. If elected, Mr. Hooper will hold office for a term of three years and
until his successor is elected and qualified. It is the intention of the persons
named in the accompanying form of proxy to vote, on behalf of the stockholders,
for the election of Peter J. Hooper.
The nominee has consented to be named in this Proxy Statement and to serve
as a Director if elected. The Board of Directors has no reason to believe that
the nominee will become unavailable for election as a Director, but if that
should occur before the Meeting, proxies will be voted for such other person as
the Board of Directors may recommend.
2
The Directors and officers of the Fund are listed below, together with their
respective positions, and a brief statement of their principal occupations
during the past five years and, in the case of Directors, their positions with
certain international organizations and publicly-held companies.
Term of Number of
Office and Portfolios in
Position(s) Length of Fund Complex
Held with the Time Principal Occupation(s) and Other Overseen by
Name Address, and Age Fund Served* Directorships During Past Five Years Director
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NON-INTERESTED
DIRECTORS:
Peter J. Hooper, 63 Director and Since 1990 President of Hooper 1
Westchester Financial Chairman of the Associates-Consultants; Director, The
Center, Suite 1000 Board Ireland United States Council for
50 Main Street Commerce and Industry; Director, Flax
White Plains, NY 10606 Trust - America; Director, Children's
Medical Research Foundation.
James J. Boyle, 63 Director Since 2000 Chairman and President of Cardinal 1
50 Main Street Resources, Inc. (oil and gas
White Plains, NY 10606 production); Director, Standard
Microsystems Corporation; Trustee,
Alvernia College.
Denis P. Kelleher, 64 Director Since 1991 Chief Executive Officer, Wall Street 1
17 Battery Place Access-Financial Services; Director,
New York, NY 10004 SI Bank & Trust; Director; The Muralo
Company Inc- Paint Company; Chairman
and Member of the Board of Trustees
St. John's
University; General
Partner CKS Capital;
Director, The
American Ireland
Fund.
James M. Walton, 72 Director Since 1990 Chairman, ITRA Heinz Endowment; 1
Room 3902 Formerly, Director and Vice Chairman,
525 William Penn Place MMC Group, Inc. (management company).
Pittsburgh, PA 15219
INTERESTED
DIRECTOR:
Denis Curran, 55** Director and Since 2000 Director and President - 1
75 Holly Hill Lane President*** International, Bank of Ireland Asset
Greenwich, CT 06830 Management Limited; Director, Iridian
Asset Management.
OFFICERS:***
Denis Curran see description above
Lelia Long Treasurer Since 2002 Senior Vice President, Bank
75 Holly Hill Lane of Ireland Asset Management
Greenwich, CT 06830 Limited; Vice President,
Iridian Asset Management.
Linda J. Hoard, 55 Secretary Since 1998 Vice President and Senior
101 Federal Street Counsel, PFPC Inc.;
Boston, MA 02110 Previously, Attorney
Consultant for Fidelity
Investments, Investors Bank
& Trust Company and PFPC Inc.
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* Each Director shall serve until the expiration of his current term and
until his successor is elected and qualified.
** Mr. Curran is deemed to be an "interested" Director because of his
affiliation with the Investment Adviser.
*** Each officer of the Fund will hold office until a successor has been
elected by the Board of Directors.
3
Beneficial Ownership of Equity Securities in Fund for each Director and Nominee
for Election as Director:
Aggregate Dollar Range of Equity Securities in All Registered
Dollar Range of Equity Investment Companies Overseen by Director in Family of
Name of Director Securities Held in the Fund* Investment Companies**
- ---------------- ---------------------------- ---------------------------------------------------------------
James J. Boyle E E
Denis Curran A A
Peter J. Hooper C C
Denis P. Kelleher E E
James M. Walton C C
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* Key to Dollar Ranges
A. None
B. $1-$10,000
C. $10,001-$50,000
D. $50,001-$100,000
E. Over $100,000
** As of April 1, 2003 the Fund's Family of Investment Companies consisted
only of the Fund.
As of April 9, 2003, none of the directors or their immediate family
members owns beneficially or of record securities in the Fund's investment
advisor or entity directly or indirectly controlling, controlled by, or under
common control with the Fund's Investment Advisor.
There were four regular meetings of the Board of Directors held during the
fiscal year ended October 31, 2002. Each Director attended at least 75% of the
aggregate number of meetings of the Board and of meetings of Board Committees on
which that Director served. Aggregate fees and expenses paid to the Board of
Directors for the fiscal year ended October 31, 2002 were $109,000, including
$17,500 paid to William P. Clark, a former Director of the Fund.
The Board of Directors has an Audit Committee, which consists of Messrs.
Boyle, Hooper, and Walton, all of whom are "independent" Directors of the Fund
as defined in the listing standards of the New York Stock Exchange. The Audit
Committee makes recommendations to the full Board of Directors with respect to
the engagement of independent accountants and reviews with the independent
accountants the plan and results of the audit engagement and matters having a
material effect on the Fund's financial operations. The Audit Committee met
twice during the fiscal year ended October 31, 2002.
Audit Committee Report
The role of the Audit Committee is to assist the Board of Directors in its
oversight of the Fund's financial reporting process. The Audit Committee
operates pursuant to a Charter that was most recently approved by the Board on
March 12, 2003. A copy of the Audit Committee Charter was incorporated in the
proxy statement filed for the shareholder meeting held June 12, 2001. As set
forth in the Charter, management of the Fund is responsible for the preparation,
presentation and integrity of the Fund's financial statements, and for the
procedures designed to assure compliance with accounting standards and
applicable laws and regulations. The independent auditors are responsible for
auditing the Fund's financial statements and expressing an opinion as to their
conformity with generally accepted accounting principles.
In performing its oversight function, the Audit Committee has reviewed and
discussed the audited financial statements with management and the independent
auditors. The Audit Committee has discussed with the independent auditors the
matters required to be discussed by Statement on Auditing Standards No. 61,
Communication with Audit Committees, as modified or supplemented. The Audit
Committee has also received the written disclosures from the independent
auditors required by Independence Standards Board Standard No. 1, Independent
Discussions with Audit Committees, as currently in effect. Finally, the
Committee has considered whether the provision by the independent auditors to
the Fund of information technology services relating to financial information
design and implementation, internal audit and other nonaudit services to the
Fund, or of professional services to the Fund's investment adviser and those
affiliates thereof that provide services to the Fund, is compatible with
maintaining the auditors' independence and has discussed with the auditors the
auditors' independence.
The members of the Audit Committee are not professionally engaged in
the practice of auditing or accounting and are not experts in the fields of
accounting or auditing, including in respect of auditor independence. Members of
the Audit Committee rely without independent verification on the information
provided to them and on the representations made by management and the
independent auditors. Accordingly, the Audit Committee's oversight does not
provide an independent basis to determine that management has maintained
appropriate accounting and financial reporting principles or appropriate
internal controls and procedures designed to assure compliance with accounting
standards and applicable laws and regulations. Furthermore, the Audit
Committee's considerations and discussions referred to above do not assure that
the audit of the Fund's financial statements has been carried out in accordance
with generally accepted auditing standards, that the financial statements are
presented in accordance with generally accepted accounting principles or that
the Fund's auditors are in fact "independent".
4
Based upon the reports and discussion described in this report, and
subject to the limitations on the role and responsibilities of the Audit
Committee referred to above and in the Charter, the Audit Committee recommended
to the Board that the audited financial statements be included in the Fund's
Annual Report for the year ended October 31, 2002.
At a meeting held on December 10, 2002, upon the recommendation of the
Audit Committee, a majority of the Directors who are not "interested persons" of
the Company (as defined in the 1940 Act) selected PricewaterhouseCoopers LLP
("PWC") as independent auditors for the Company for the fiscal year ending
October 31, 2003. PWC was the independent auditor for the Company for the fiscal
year ended October 31, 2002. PWC has advised the Company that, to the best of
its knowledge and belief, as of the record date, no PWC professional had any
direct or material indirect ownership interest in the Company inconsistent with
independent professional standards pertaining to accountants. It is expected
that representatives of PWC will not be present at the Meeting, but will be
available by telephone to answer any questions that may arise. In reliance on
Rule 32a-4 under the 1940 Act, the Company is not seeking shareholder
ratification of the selection of PWC as independent auditors.
Submitted by the Audit Committee of the Fund's Board of Directors
James J. Boyle
Peter J. Hooper
James M. Walton
Set forth in the table below are audit fees billed to the Fund by PWC for
professional services rendered to the Fund for the fiscal years ended October
31, 2001 and October 31, 2002. There were no other fees billed by PWC to the
Fund. Also set out below under "All Other Fees" are non-audit related fees that
were billed by PWC to the Fund's Investment Adviser or its affiliates.
Audit Fees Audit Related Fees Tax Fees All Other Fees
2001 $29,900 - $5,000 $8,400,000
2002 $31,500 - $5,000 $12,600,000
Other Committees
The Board of Directors of the Fund has a Compensation Committee, which is
responsible for ensuring that the Directors' compensation is competitive as
compared to its peers, so that the Fund may continue to retain and attract high
caliber directors. The members of the Compensation Committee are Messrs. Boyle,
Hooper, Kelleher, and Walton. The Compensation Committee did not meet during the
Fund's fiscal year ended October 31, 2002.
The Board of Directors has a Nominating Committee consisting of Messrs.
Hooper, Kelleher and Walton, which is responsible for recommending qualified
candidates for election to the Board of Directors of the Fund in the event a
position is vacated or created. The Nominating Committee would consider
recommendations by shareholders if a vacancy were to exist. Such recommendations
should be forwarded to the Secretary of the Fund. The Nominating Committee of
the Fund did not meet during the Fund's fiscal year ended October 31, 2002.
The Board of Directors has a Valuation Committee consisting of Messrs.
Boyle, Curran, Kelleher and Walton, which is responsible for monitoring the
valuation of unlisted securities by the Fund's Investment Adviser and for making
such determination as necessary should changes in an approved valuation be
recommended during the period between Board meetings. The Valuation Committee of
the Fund met three times during the Fund's fiscal year ended October 31, 2002.
Compensation
The following table sets forth certain information regarding the
compensation of the Fund's Directors and officers. The Fund currently pays each
of its Directors who is not a managing director, officer, or employee of the
Fund's Investment Adviser or any affiliate thereof an annual fee of $11,500 plus
$1,000 for each meeting of the Board of Directors or a Committee of the Board
attended in person or via telephone and any stockholder meeting attended in
person not held on the same day as a meeting of the Board. The Fund pays the
Chairman of the Board of Directors an additional $13,500 annually. In addition,
each Director is also reimbursed for travel and certain out-of-pocket expenses.
Officers of the Fund who are employed by PFPC Inc. ("PFPC"), the Fund's
administrator, receive reimbursement from the Fund for travel to and from Board
meetings. No Director received compensation from the Fund in excess of $60,000
for the fiscal year ended October 31, 2002.
5
Compensation Schedule
for the
Fiscal Year Ended October 31, 2002
----------------------------------
Pension or Estimated
Retirement Annual
Aggregate Benefits Accrued Benefits Total Compensation
Compensation as Part of Fund upon From the Fund
Name of Person and Position From the Fund Expenses Retirement Paid to Directors
- --------------------------- ------------- ---------------- ---------- -----------------
Peter J. Hooper............. $31,000 0 N/A $31,000
Chairman of the Board
James J. Boyle.............. $21,500 0 N/A $21,500
Director
Denis Curran*............... N/A N/A N/A N/A
Director
Denis P. Kelleher........... $18,500 0 N/A $18,500
Director
James M. Walton............. $20,500 0 N/A $20,500
Director
- ----------
* Mr. Curran is deemed to be an "interested" Director because of his
affiliation with the Investment Adviser.
Required Vote
In the election of the Director of the Fund, the candidate in order to be
elected requires a plurality of the votes cast by the holders of shares of the
Fund represented at the Meeting, if a quorum is present.
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE
"FOR" PROPOSAL NO. 1.
ADDITIONAL INFORMATION
Investment Adviser and Administrator
The Fund's advisory structure provides a multinational arrangement for
furnishing management skills and investment advice to pursue the Fund's
investment objective of investing primarily in equity securities of Irish
corporations. Bank of Ireland Asset Management (U.S.), Limited ("BIAM"), an
Irish company registered as an investment adviser under the U.S. Investment
Advisers Act of 1940, acts as the Fund's Investment Adviser. BIAM's office in
the United States is located at: 75 Holly Hill Lane, Greenwich, Connecticut
06830.
PFPC Inc., the Fund's Administrator, located at 101 Federal Street,
Boston, Massachusetts 02110, provides administration services to the Fund.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934, as amended, and
Section 30(h) of the 1940 Act, and the rules thereunder, require that the Fund's
Directors and officers, certain persons affiliated with the Investment Adviser,
and persons who own more than 10% of a registered class of the Fund's
securities, file reports of ownership and changes of ownership with the SEC and,
in some cases, the New York Stock Exchange. Directors, officers, and greater
than 10% shareholders are required by SEC regulations to furnish the Fund with
copies of all Section 16(a) forms they file.
Based solely upon the Fund's review of the copies of such forms it
receives and written representations from certain of such persons, the Fund
believes that during the Fund's fiscal year ended October 31, 2002 these persons
complied with all such applicable filing requirements.
6
Broker Non-votes and Abstentions
A proxy on shares held by brokers or nominees which (a) is properly
executed and returned accompanied by instructions to withhold authority to vote,
or (b) as to which (i) instructions have not been received from the beneficial
owners or the persons entitled to vote and (ii) the broker or nominee does not
have discretionary voting power on a particular matter, represents a broker
"non-vote". Proxies that reflect abstentions or broker non-votes (collectively,
"abstentions") will be counted as shares that are present and entitled to vote
on the matter for purposes of determining the presence of a quorum. Under
Maryland law, abstentions do not constitute a vote "for" or "against" a matter
and will be disregarded in determining the "votes cast" on a proposal.
The election of a Director (Proposal 1) requires that the successful
candidate receive a plurality of the votes cast at the Meeting; therefore,
abstentions will be disregarded.
Stockholders of the Fund will be informed of the voting results of the
Meeting in the Fund's Annual Report for the year ending October 31, 2003.
OTHER MATTERS
No business other than as set forth herein is expected to come before the
Meeting, but should any other matter requiring a vote of stockholders arise,
including any question as to an adjournment of the Meeting, the persons named in
the enclosed proxy will vote thereon according to their best judgment in the
interests of the Fund.
STOCKHOLDER PROPOSALS
A stockholder's proposal intended to be presented at the Fund's Annual
Meeting of Stockholders to be held in 2004 must be received by the Fund on or
before December 19, 2003 in order to be included in the Fund's proxy statement
and proxy relating to that meeting.
Linda J. Hoard
Secretary
Dated: April 25, 2003
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. STOCKHOLDERS WHO DO NOT
EXPECT TO BE PRESENT AT THE MEETING AND WHO WISH TO HAVE THEIR SHARES VOTED ARE
REQUESTED TO COMPLETE, SIGN, DATE AND PROMPTLY RETURN THE ENCLOSED PROXY CARD IN
THE ENCLOSED SELF-ADDRESSED ENVELOPE. NO POSTAGE IS REQUIRED IF MAILED IN THE
UNITED STATES.
7
THE NEW IRELAND FUND, INC.
PROXY SOLICITED BY THE BOARD OF DIRECTORS
Annual Meeting of Stockholders --- June 10, 2003
The undersigned hereby appoints Peter J. Hooper, Lelia Long and Linda
Hoard, and each of them, attorneys and proxies of the undersigned, with full
powers of substitution and revocation, to represent the undersigned and to vote
on behalf of the undersigned as designated on the reverse side of this proxy
card, all stock of The New Ireland Fund, Inc. held of record by the undersigned
on April 9, 2003 at the Annual Meeting of Stockholders (the "Meeting") to be
held on June 10, 2003, and at any adjournments thereof. The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby
instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as
may properly come before the Meeting.
A majority of the proxies present and acting at the Meeting in person or
by substitute (or, if only one shall be so present, then that one) shall have
and exercise all of the power and authority of said proxies hereunder. The
undersigned hereby revokes any proxy previously given.
(Continued on the reverse side)
FOR WITHHELD
ELECTION OF [ ] [ ] Nominee: Peter J. Hooper
DIRECTOR (Class I Director)
To consider and vote upon such other matters as they may come before said
Meeting or any adjournment thereof.
Check Here For Change
of Address and Note hereon. [ ]
This Proxy, when properly executed, will be voted in the manner directed
herein by the undersigned stockholder. If no direction is made, this proxy will
be voted FOR the election of the nominees and Proposal 2, as such matters may
arise. Please refer to the proxy statement for a discussion of all the
proposals. Please sign exactly as name appears hereon.
Signature:_____________________________________________________________________
Date:______________________________________________
(Important): Please sign this Proxy exactly as the name(s) appear hereon. If
joint owners, EITHER may sign this proxy. When signing as attorney-in-fact,
executor, administrator, trustee or guardian, please add your title as such.
Proxies executed in the name of a corporation should be signed on behalf of the
corporation by a duly authorized officer.