Schroders – AGM 30 April 2020
Important - Coronavirus (COVID-19) pandemic
The Company intends to hold the AGM as scheduled at 1 London Wall Place, London, EC2Y 5AU. Only a quorum of three employee shareholders will be in attendance in person. In light of the Government's stay at home measures, no other shareholders will be admitted to the AGM and shareholders should not travel to the AGM. The Company has made arrangements for shareholders to join the AGM by telephone from 11.15 a.m using the freephone number 0800 358 9473 and PIN: 78719734#. International dial-in numbers can be found on the following link: international dial-in numbers.
ITEM 3 - REMUNERATION REPORT
The remuneration structure is not satisfactory and too short-term which does not create sufficient shareholder alignment. Shareholders have raised concerns with Schroders'current uncapped remuneration approach resulting into excessive pay. Furthermore, the remuneration of each executive Director should be subject to an individual maximum. In addition, as the weightings are not disclosed, it is impossible for shareholders to understand the link between executive pay and performance. The maximum LTI is capped at 400% base salary under the remuneration policy, which exceeds our 150% limit. The total variable remuneration was 1256% of the base salary which significantly exceeds our 300% limit. Total remuneration substantially exceeds the median of the total remunerations in the Financial Services sector in the MSCI, as well as in British Companies. Accordingly, we recommend shareholders to OPPOSE.
It should be noted that in an Article published on 16 April 2020 in the Financial Times, The CEO mentioned he will donate his performance-related bonus for 2020 and some of his salary to the coronavirus relief effort: "Schroders' boss donates bonus to fight coronavirus"
Schroders is a global asset and wealth manager. Co. manages assets on behalf of institutional and retail investors, financial institutions and individuals. Co. has three business segments: Asset Management, which comprises investment management including advisory services, equity products, fixed income securities, multi-asset investments, real estate and alternative asset classes; Wealth Management, which comprises investment management, wealth planning and banking services provided to individuals and charities; and Group, which comprises Co.'s investment capital and treasury management activities. As of Dec 31 2016, Co. had a total of £386.00 billion of assets under management.
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