Simona Rubino from GAM's Responsible Investment team reviews GAM's approach to proxy voting during 2025 and shares her early views on key themes emerging in the 2026 Proxy Season.
11 June 2026
Why Proxy Voting Matters for Clients
Proxy voting is a core stewardship tool through which GAM aims to protect and enhance the value of our clients’ investments.
How We Vote
At GAM, proxy voting is fully integrated into our investment process. It is strategic, research-driven and investment-team-led. Every decision reflects in-depth analysis, ongoing company engagement and our Corporate Governance and Voting Principles, which combine global best practice with pragmatic, region-and company-specific guidance.
Proxy Voting: Our Stewardship Approach in Practice
Our voting trends underline GAM’s continued focus on holding boards of directors accountable where governance, oversight or shareholder alignment has fallen short of expectations. Variations versus 2024 mainly reflect changes in the geographic mix of holdings and differences in local market practices, including disclosure standards and routine resolutions, rather than any change in our stewardship approach.
Board-related resolutions accounted for 32% of opposition votes in 2025, reflecting concerns around board independence, refreshment and strategic oversight.
2025 Proxy Season
Votes Against Management 2025 vs 2024
Source: GAM.
Further information on our 2025 stewardship activities can be found in the GAM Stewardship Report 2025.
2026 Proxy Season – First Outlook
The peak of the 2026 proxy season has now passed, marking another active cycle of shareholder proposals, board elections and governance debates across global markets. While a full assessment will require further analysis as final disclosures emerge, early voting outcomes point to a continued shift towards more targeted, materiality-driven stewardship, with greater focus on board accountability, strategic resilience and financially relevant risk oversight.
GAM Stewardship Priorities Ahead
The 2025 and early 2026 proxy seasons reinforced the importance of selective, engagement-led stewardship. At GAM, our focus remains on governance quality, accountability and financially material risks that influence long-term shareholder value.
Read the full article here.
For more information, please visit GAM.com
Important disclosures and information
The information contained herein is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained herein may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information contained herein. Past performance is no indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice or an invitation to invest in any GAM product or strategy. Reference to a security is not a recommendation to buy or sell that security.
The information contained herein is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained herein may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information contained herein. Past performance is no indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice or an invitation to invest in any GAM product or strategy. Reference to a security is not a recommendation to buy or sell that security.