With 49,43 per cent, the approval rate was just below the required threshold of 50 percent. The vote has no direct legal consequences. However, you can now submit all of the shareholders, a so-called liability lawsuit.
such A vote of no confidence is rare. Last week, had spoken to UBS shareholders against the discharge of the Executive Board and the Supervisory Board.
GAM looks back due to massive cash outflows on a turbulent year. Trigger the suspension of a Fund Manager, was at the end of July. The company accuses him of violations of internal guidelines. After the incident, LIQUI, the company chaired by the man-managed bond Fund.
Also from other investment vehicles, investors withdrew funds. The stock price collapsed and the company’s head, Alexander Friedman, was replaced.
Contrasting Fund Manager wanted to was fired at GV
The Fund Manager, in the meantime. Nevertheless, he bought according to the information provided in March or April, shares of the Fund house. To vote against the approval of the annual report, he wanted to participate in the shareholders ‘ meeting. Because it contained, in his opinion, false accusations against him, he said to journalists.
GAM had informed him, however, a procedural error at the time of registration of the shares meant that he could not attend the annual General meeting. GAM could not be reached for comment so far.