Gartmore CEO’s Golden Parachute Raises Ire

May 20 2010 | 11:01am ET

A sizeable number of Gartmore Group shareholders expressed their outrage at the golden parachute guaranteed its CEO by voting against its pay report.

Jeffrey Meyer is guaranteed £5 million payout if he is terminated without cause, equivalent to twice his current annual salary and twice his target bonus, HedgeFund.net reports. That didn’t sit well with a fair number of Gartmore shareholders.

Some 17% of them either abstained or voted against the director’s pay report at the firm’s annual meeting, Gartmore said.

It is the latest sign of dissension at the firm, which took a public relations hit when it suspended star hedge fund manager Guillaume Rambourg in March for violating firm policy. Rambourg was reinstated last month, even though Gartmore found that he had improperly directed trades to favored brokers, but not before Rambourg’s partner and top Gartmore manager Roger Guy blasted the rules that led to Rambourg’s suspension.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.