GAM shareholders have delivered a fresh blow to the Swiss investment firm by failing to back decisions made by its management during a rocky 12 months in which its share price fell almost 80%.

Fewer than half (49.4%) of investors who voted at GAM’s annual general meeting on May 8 opted to “discharge” the board of directors — including chief executive David Jacob — and senior management of legal liability for their actions during the year. A further 9.1% abstained.