GAM shareholders force group to act on exec pay
Disgruntled GAM shareholders dealt a blow to the board of directors at the firm's annual meeting, rejecting the proposed management pay.
During a consultative vote on the compensation report, a majority of 54.2% of GAM’s shareholders voted against the proposal, with only 17.6% in favour and 28% abstaining.
However, the candidates proposed for GAM's board by activist RBR were also rejected at the meeting.
Following the meeting, GAM launched a three-year share buyback scheme to repurchase the equivalent of 10% of all its shares in response.