27 September 2023
Final results of the Extraordinary General Meeting of GAM Holding AG
- All Rock Investment SAS proposed candidates elected to the Board of Directors
- Creation of conditional capital and increase of capital range narrowly rejected
- As announced on 26 September, Rock Investment SAS intends to provide GAM with funding of up to an increased total of CHF 100 million to invest in growth and to give stakeholders confidence in the future of the firm
At the Extraordinary General Meeting (“EGM”) held on 27 September 2023, the shareholders of GAM Holding AG (“GAM”) approved some of the proposals put forward by Rock Investment SAS (“Rock”). Shareholders who were unable to attend the EGM could give their voting instructions to an independent proxy; 52.6% of the total 159,682,531 shares were represented.
Elections to the Board of Directors and the Compensation Committee
As proposed by Rock the following members were elected to the Board of Directors of GAM: Mr. Antoine Spillmann as a member and Chairperson of the Board of Directors (in one single vote), Mr. Carlos Esteve, Mr. Anthony Maarek, Mr. Fabien Pictet and Mr. Jeremy Smouha as members of the Board of Directors, each for a term of office until the end of the Annual General Meeting 2024. Mr. Anthony Maarek, Mr. Fabien Pictet and Mr. Jeremy Smouha were elected as members of the Compensation Committee, each for a term of office until the end of the Annual General Meeting 2024.
Proposed creation of a conditional capital for financing purpose and increase of capital range narrowly rejected
Both agenda items proposed by Rock to add conditional capital in the articles of incorporation of GAM and to increase the capital range were narrowly rejected. However, as announced on 26 September 2023, NewGAMe is committed to securing the necessary financial resources to fund GAM’s operations and ensure stability for clients, employees and other stakeholders. Rock Investment SAS, a member of the NewGAMe investor group, has already provided short-term financing of up to CHF 20 million to cover GAM’s immediate liquidity needs and is now prepared to provide GAM with a mix of short- and long-term funding up to an increased total of CHF 100 million.
The final results can be found in the attached pdf.
Further information relating to the Extraordinary General Meeting of GAM Holding AG can be found at https://www.gam.com/en/our-company/investor-relations/annual-general-meeting#egm2023.
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GAM
GAM is an independent investment manager that is listed in Switzerland. Total assets under management were CHF 68 billion as at 30 June 2023, with Investment Management at CHF 21.9 billion and Fund Management Services at CHF 46.1 billion. GAM has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. It has 3,500 clients globally, of which c. 2,700 are based in Europe. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland.
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