May 8, 2019 / 8:23 AM / a year ago

GAM shareholders reject backing for leadership at AGM

ZURICH, May 8 (Reuters) - Shareholders in Swiss asset manager GAM Holding failed to grant formal approval for the performance of the board of directors and senior management in 2018 at the group's annual meeting on Wednesday.

A motion to discharge the leadership from liability won only 49.4 percent support, short of the majority needed for it to pass. The step has no immediate repercussions for the leadership, but makes it easier for shareholders to take legal action should they decide to do so.

Reporting by Tom Bergin, Writing by Michael Shields

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