28 April 2022
Results of the Annual General Meeting of GAM Holding AG
- All proposals put forward by the Board of Directors approved
- Chairman and all Directors of the Board re-elected
- Frank Kuhnke elected as new Board member
- Compensation report 2021 approved in a non-binding, consultative vote
- Fixed compensation for the financial year 2022 for the Group Management Board and compensation for the Board of Directors for the upcoming year term approved
At the Annual General Meeting (AGM) held on 28 April 2022, the shareholders of GAM Holding AG approved all the proposals put forward by the Board of Directors. In line with COVID-19 Ordinance 3 of the Swiss Federal Council, the AGM was held without the physical presence of the shareholders. As was the case at the two previous AGMs, GAM Holding AG asked its shareholders to vote through the independent voting representative; 51% of the total 159,682,531 shares were represented in comparison with 57% in 2021. The management report, the parent company’s financial statements and the consolidated financial statements for 2021 were all approved and shareholders discharged the members of the Board of Directors and the Group Management Board for the financial year 2021.
Elections to the Board of Directors – Frank Kuhnke elected as new Board member
David Jacob was re-elected as Chairman of the Board of Directors and Katia Coudray, Jacqui Irvine, Monika Machon, Nancy Mistretta and Thomas Schneider who stood for re-election were confirmed each for a term until the next Annual General Meeting in 2023. Frank Kuhnke was elected as a new Board member until the next Annual General Meeting in 2023. Benjamin Meuli agreed to be re-elected for a term of office until the end of the calendar year 2022.
Compensation decisions
In a non-binding consultative vote, shareholders approved the compensation report for 2021. Shareholders also approved the proposed maximum aggregate compensation amount for the Board of Directors for the upcoming one-year term of office and the maximum aggregate amount of fixed compensation for the Group Management Board for the financial year 2022. The Board of Directors did not propose any variable compensation to be paid to the Group Management Board for the financial year 2021.
Extension of authorised capital
Shareholders authorised the Board of Directors to increase the share capital by a maximum amount of CHF 798,412 at any time up until 28 April 2023, by issuing a maximum of 15,968,240 fully paid registered shares with a par value of CHF 0.05 each.
David Jacob, Chairman of the Board of Directors, said: “On behalf of the Board of Directors, I would like to thank our shareholders for their continued trust and support. We are pleased that all our proposals have been approved at today’s AGM. I am delighted that my colleagues on the Board of Directors have all been re-elected and I am pleased that Frank Kuhnke will join us. We have an experienced and diverse Board with skills which are well suited to provide a global asset manager with appropriate oversight. I look forward to another year of collaboration between my fellow Directors, as we guide GAM and successfully deliver our strategy, which we believe will bring long-term value for our shareholders.”
Further information relating to the Annual General Meeting of GAM Holding AG can be found at https://www.gam.com/en/our-company/investor-relations/annual-general-meeting.
Mr Frank Kuhnke
Frank Kuhnke has over 30 years of experience in financial services. He joined Deutsche Bank in 1986 where his roles included Chief Risk Officer at Deutsche Bank Asset & Wealth Management and, until April 2021, Group Chief Operating Officer, Head of Capital Release Unit and member of the Management Board at Deutsche Bank. Frank has a wealth of experience in areas of risk management, IT, digitalisation and platforms, vendor management and procurement, as well as strategy and regulation. He was born in 1967 and is a German citizen.
Upcoming events:
| 3 August 2022 | Half-year results 2022 |
| 20 October 2022 | Q3 2022 Interim management statement |
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About GAM
GAM is a leading independent, pure-play asset manager. The company provides active investment solutions and products for institutions, financial intermediaries, and private investors through three businesses: Investment Management, Fund Management Services and Wealth Management. GAM employed 605 FTEs in 14 countries with investment centres in London, Cambridge, Zurich, Hong Kong, New York, Milan, and Lugano as at 31 December 2021. The investment managers are supported by an extensive global distribution network. Headquartered in Zurich, GAM is listed on the SIX Swiss Exchange with the symbol ‘GAM’. The Group has AuM of CHF 94.8 billion (USD 103 billion) as at 31 March 2022.
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.