GAM shareholders reject executive pay report at AGM

Spotlight on charges 700x450.jpg

GAM shareholders have voted against the firm’s compensation report for 2016.

The proposed maximum variable compensation for the group management board for 2017 was also rejected, while the fixed compensation amounts for the board of directors and for the group management board were approved.

Hugh Scott-Barrett, who has been elected as chairman following the retirement of Johannes de Gier, says he will oversee a review of the group’s compensation structures and policies, including a greater alignment of remuneration with the long-term success of the business.

It will review will be led by Nancy Mistretta, assisted by David Jacob, and will be conducted in consultation with shareholders.

Any variable compensation to members of the group management board for 2017 will be subject to approval by shareholders at a future general meeting,” Scott-Barrett says.