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Firsthand Technology asks shareholders to vote against adviser change proposal

Firsthand Technology Value Fund has asked its shareholders to vote against a shareholder proposal to replace the company's current investment adviser, Firsthand Capital Management Inc.

The proposal was submitted by a company stockholder, Jeffrey Jakubiak, who argues that the company is paying excessive fees despite the adviser's "unacceptable" performance.

The board, however, believes the proposal is not in the best interests of the company and its stockholders. Firsthand Capital Management's interests are best aligned with the company and its stockholders and it would be unwise to change the investment manager, the company said.

Shareholders will consider the proposal at their May 23 annual meeting.