GAM has suffered a shareholder rebellion at its annual meeting, after it attempted to raise executive pay despite making a loss last year.
According to the Financial Times, shareholders rejected GAM's non-binding report on pay, with 54.24% voting against and just 17.57% in favour. The shareholder rebellion came after CEO Alexander Friedman's pay package increased by more than 20% in 2016, despite profits for the year falling by a third to £120.1m from £197.8m in 2015. GAM hires Henderson global equities head for senior role Furthermore, shareholders also voted against the re-appointment of Diego du Monceau to the compensation committee after advisers highlighted a lack of transparency in the firm's executive pay prac...
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