Results of the Annual General Meeting of GAM Holding AG
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GAM Holding AG /
Results of the Annual General Meeting of GAM Holding AG
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The issuer is solely responsible for the content of this announcement.
* Dividend of CHF 0.65 per share approved
* Hugh Scott-Barrett elected as chairman of the Board of Directors
* Diego du Monceau, Nancy Mistretta, Ezra S. Field and Benjamin Meuli re-
elected
* David J. Jacob elected as new member of the Board of Directors
* Board of Directors candidates proposed by RBR Strategic Value Ltd not
elected
At the Annual General Meeting (AGM) held on 27 April 2017, the shareholders of
GAM Holding AG approved the management report, the parent company's financial
statements and the consolidated financial statements for 2016. Shareholders
discharged the members of the Board of Directors and the Group Management Board
for the 2016 financial year.
Dividend of CHF 0.65 per share
Shareholders approved a dividend of CHF 0.65 per share for 2016, 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 approximately CHF 102
million.
Elections to the Board of Directors
Hugh Scott-Barrett, Diego du Monceau, Nancy Mistretta, Ezra S. Field and
Benjamin Meuli were re-elected to the Board of Directors, with Hugh Scott-
Barrett elected as chairman following the retirement of Johannes A. de Gier. The
Board of Directors thanked Johannes A. de Gier for his long years of service and
his enormous contribution to the Group over the past years.
Shareholders also elected David J. Jacob as new member of the Board of
Directors. Nancy Mistretta and Benjamin Meuli were further re-elected as members
of the compensation committee, while Diego du Monceau was not re-elected to the
committee.
The candidates proposed for election to the Board of Directors by RBR Strategic
Value Ltd, Cayman Islands, acting in its own name and on behalf of two RBR
funds, were all not elected by shareholders.
Hugh Scott-Barrett, the new chairman of the Board of Directors, said: "It is a
privilege to lead this company as chairman and I am looking forward to ensuring
we reach the ambitious targets we have set for GAM. As a Board of Directors we
will all work hard to keep an unrelenting focus on the disciplined execution of
the strategic plan that was developed together with the management team. The
Board and I firmly believe we have the right plan and the right team in place to
further accelerate GAM's turnaround with a focus on creating sustainable long-
term value in the interests of all shareholders."
Compensation Report 2016 and maximum compensation amounts for 2017
In a voluntary consultative vote, the shareholders did not approve the
compensation report for 2016. Shareholders also did not approve the proposed
maximum variable compensation of the Group Management Board for 2017. The fixed
compensation amounts for the Board of Directors (for the forthcoming one-year
term of office) and for the Group Management Board (for the financial year
2017) were approved.
Hugh Scott-Barrett, said: "We acknowledge the concerns of our shareholders with
regard to the Group's compensation policies. As announced last week, I will
oversee a comprehensive review of the Group's compensation structures and
policies, with a focus on Group Management Board individual and total
compensation, and on a greater alignment of remuneration with the long-term
success of the business. This 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."
Reduction in share capital and cancellation of conditional capital
Shareholders approved the cancellation of the 612,200 shares bought back during
2016 and the corresponding reduction in share capital.
Shareholders also approved the cancellation of the conditional share capital and
the deletion of article 3.4 of the Articles of Incorporation.
The full voting results on all agenda items will be published on
www.gam.com/agm2017.
Forthcoming events:
2 May 2017 Ex-dividend date
3 May 2017 Dividend record date
4 May 2017 Dividend payment date
3 August 2017 Half-year results 2017
19 October 2017 Interim management statement Q3 2017
For further information please contact:
Media Relations: Investor Relations:
Elena Logutenkova Patrick Zuppiger
T +41 (0) 58 426 63 41 T +41 (0) 58 426 31 36
Visit us at: www.gam.com
Follow us on: Twitter, LinkedIn and Xing
About GAM
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 under two brands: GAM and Julius
Baer Funds. 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 about 1,000 people in 12 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 126.9 billion (USD 126.8 billion) as at 31
March 2017.
Disclaimer regarding forward-looking statements
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.
English Press Release:
http://hugin.info/142256/R/2099468/795558.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: GAM Holding AG via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 538811
Anzahl Zeichen: 9391
contact information:
Town:
Zürich
Kategorie:
Business News
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