Company: VMO
Filing Date: 2025-05-02
Form Type: N-CSR
Source: 0001193125-25-111525
Chunk: 70

Company: Invesco Municipal Opportunity Trust
Filing Date: 2025-05-02
Form: N-CSR
Chunk 70
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 timely manner or significant issues are identified regarding their integrity(e.g., the external auditor’s opinion is absent or qualified), we will generally review the matter on a case-by-case basis. External auditor ratification and audit fees: ● We will generally not support the ratification of the independent auditor and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or if there are significant auditing controversies or questions regarding the independence of the external auditor. We will consider an auditor’s length of service as a company’s independent auditor in applying this policy. ● We will generally vote against the incumbent audit committee chair, or nearest equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in internal controls over financial reporting. Other business: Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity to review and understand what issues may be raised. Related-party transactions: Invesco will vote all related party transactions on a case-by-case basis. The vote analysis will consider the following factors, among others: ● disclosure of the transaction details must be full and transparent (such as details of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and other terms and conditions); ● the transaction must be fair and appropriate, with a sound strategic rationale; ● the company should provide an independent opinion either from the supervisory board or an external financial adviser; ● minority shareholders’ interests should be protected; and ● the transactions should be on an arm’s length basis. Routine business items and formalities: Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer’s management and board of directors. Routine business items and formalities generally include proposals to: ● accept or approve a variety of routine reports; and ● approve provisionary financial budgets and strategy for the current year. B. Accountability Robust shareholder rights and strong board oversight help ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver value creation for stakeholders over the long term. We encourage companies to adopt governance

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features that ensure board and management accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors: One share one vote: Voting rights are an important tool for investors to hold boards and management teams accountable. Unequal voting rights may