Three leading proxy advisory firms have recommended that shareholders of BlackRock ESG Allocation Term Trust (NYSE: ECAT) support the incumbent board nominees ahead of the fund's annual meeting on June 9, 2026.

Institutional Shareholder Services (ISS) recommended shareholders vote for seven of nine incumbent board nominees, while Egan-Jones and Glass Lewis recommended all nine nominees. All three firms rejected a dissident's full slate of nominees.

ISS noted that ECAT has made improvements, stating that total shareholder return since inception is now better than peers and the net asset value discount has narrowed considerably. The firm said the dissident "has not provided enough information to establish a case for limited change."

Egan-Jones highlighted that since January 2023, ECAT generated cumulative total shareholder return on market price of 92.7%, ahead of the peer median of 58.8%. The firm cited board actions including a 233% increase in distribution rate since inception, over $100 million in share repurchases, and a quarterly tender offer program.

BlackRock reported that ECAT has outperformed its peer group by 36% since 2023 and has averaged the lowest discount to net asset value among competitor funds. The fund has implemented discount management and share repurchase programs while increasing distribution rates.

Egan-Jones expressed concern that a dissident-controlled board could create transition risk for retail shareholders, potentially jeopardizing ECAT's term structure, managed distribution plan, and ESG mandate.

Shareholders can vote using the white proxy card through the website, toll-free number, or by mail. The information is based on a press release statement from BlackRock Advisors.