GAM fights off pressure over remuneration policy at AGM

Board discharge fails to pass

Mike Sheen
clock • 1 min read

Investors approved all resolutions at GAM's annual general meeting (AGM) yesterday (8 May) with 72.1% of shareholders backing the firm's compensation report despite opposition from proxy adviser Institutional Shareholder Services (ISS).

ISS had encouraged members to vote against the non-binding consultative vote in a report which raised a number of concerns, such as the variable compensation model applied to GAM's executives other than the CEO and CFO, which is not capped in absolute terms. However, the vote passed with just 27.3% voting against and 0.7% abstaining. It follows a tumultuous 2018 for the group, amid the fallout of Tim Haywood's suspension, in which the five main GAM shareholders were hit with losses of nearly $840m due to the depreciation of the share price. The absolute return ABRF fund range is still...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Managed funds

RSMR launches Passive Plus MPS range with five portfolios to market

RSMR launches Passive Plus MPS range with five portfolios to market

'Simplicity' of passives

Hope Coumbe
clock 29 February 2024 • 1 min read
Quilter WealthSelect exits impact EM fund following exclusion breach investigation

Quilter WealthSelect exits impact EM fund following exclusion breach investigation

Part of the portfolio’s sustainable range

Valeria Martinez
clock 04 October 2023 • 3 min read
Partner Insight: Is volatility an advantage for active managers?

Partner Insight: Is volatility an advantage for active managers?

Given their mandate to pick the winners, market volatility is often said to be favourable for actively managed funds. But is this actually the case?

Stephen Lawrence, Head of Indexing Research, Investment Strategy Group, Vanguard
clock 14 August 2023 • 10 min read
Trustpilot