Thursday, April 26, 2018
Results of the Annual General Meeting of GAM Holding AG
- Dividend of CHF 0.65 per share out of capital contribution reserve approved
- Hugh Scott-Barrett (as chairman), Diego du Monceau, Nancy Mistretta, Ezra S. Field, Benjamin Meuli and David Jacob re-elected to the Board of Directors
- Monica Maechler elected as new member of the Board of Directors
At the Annual General Meeting (AGM) held on 26 April 2018, the shareholders of GAM Holding AG approved all of the Board of Directors’ proposals. The management report, the parent company’s financial statements and the consolidated financial statements for 2017 were approved at the AGM, and shareholders discharged the members of the Board of Directors and the Group Management Board for the 2017 financial year.
Shareholders approved a dividend of CHF 0.65 per share for 2017, unchanged from the previous year. The dividend will be distributed from capital contribution reserves, making it exempt from Swiss federal withholding tax for all shareholders. For shareholders resident in Switzerland who hold the shares as part of their private assets, the dividend will also be exempt from Swiss income tax. In total, the dividend distribution will amount to about CHF 102 million.
Monica Maechler was elected as new member of the Board of Directors. Shareholders also re-elected all Board members standing for re-election – Hugh Scott-Barrett (as chairman), Diego du Monceau, Nancy Mistretta, Ezra S. Field, Benjamin Meuli and David Jacob. The proposed members of the compensation committee (Nancy Mistretta, David Jacob and the new election of Ezra S. Field) were also confirmed.
In a non-binding consultative vote, the shareholders approved the compensation report for 2017. The shareholders also approved the proposed maximum aggregate compensation amounts for the Board of Directors’ forthcoming one-year term of office and the fixed compensation for the Group Management Board for 2018.
Shareholders approved variable compensation of the Group Management Board for the 2017 financial year, as well as the change in the Articles of Incorporation to allow for retrospective approvals of variable compensation.
Chairman Hugh Scott-Barrett said: “We are committed to ensuring the alignment of remuneration with the long-term performance of our business and shareholder interests, while focusing on transparency and sound risk management. We introduced extensive changes to the Group’s compensation policies and structures in 2017 following a comprehensive review in consultation with shareholders. Since the publication of the compensation report last month, we have received a number of suggestions with regard to further potential improvements, which the compensation committee will consider carefully.”
Shareholders also approved the renewal of authorised capital equal to 10% of GAM Holding AG’s share capital for another two years. The Board of Directors was given the authorisation to increase the share capital at any time until 26 April 2020 by issuing a maximum of 15,968,240 fully paid registered shares with a par value of CHF 0.05 each. Of these 15,968,240 registered shares, the Board is authorised to restrict or withdraw the pre-emptive rights of the existing shareholders with respect to a maximum of 7,984,120 registered shares and allocate such rights to third parties in certain cases.
Further information relating to the AGM of GAM Holding AG, including the voting results on all agenda items, can be found at www.gam.com/agm2018.
|30 April 2018||Ex-dividend date|
|2 May 2018||Dividend record date|
|3 May 2018||Dividend payment date|
|31 July 2018||Half-year results 2018|
|23 October 2018||Interim management statement Q3 2018|
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GAM is one of the world’s leading independent, pure-play asset managers. The company provides active investment solutions and products for institutions, financial intermediaries and private investors. The core investment business is complemented by private labelling services, which include management company and other support services to third-party asset managers. GAM employs over 900 people in 13 countries with investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan and Lugano. The investment managers are supported by an extensive global distribution network.
Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange and is a component of the Swiss Market Index Mid (SMIM) with the symbol ‘GAM’. The Group has assets under management of CHF 162.3 billion (USD 169.4 billion) as at 31 March 2018.
This press release by GAM Holding AG (‘the Company’) includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the Company’s future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industry in which it operates. Forward-looking statements involve all matters that are not historical facts. The Company has tried to identify those forward-looking statements by using words such as ‘may’, ‘will’, ‘would’, ‘should’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘project’, ‘believe’, ‘seek’, ‘plan’, ‘predict’, ‘continue’ and similar expressions. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.
These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause the Company’s actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance or achievements to differ materially. The Company expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this press release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.