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Schroders PLC (SDRC)

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monabri
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Schroders PLC (SDRC)

#216204

Postby monabri » April 19th, 2019, 1:40 pm

Note: I refer to Schroders using the EPIC code "SDRC" recognising that this is the non-voting (NV) version of the share. The share that confers voting rights uses the EPIC "SDR", however, the voting rights come at a cost (or, reduced yield).

" Shareholders in Schroders have been urged to block the reappointment of Michael Dobson as chairman of the FTSE 100 listed fund manager, as well as the election to the board of the latest member of the controlling Schroder family, by an influential proxy adviser."

" Glass Lewis has recommended votes against Mr Dobson and Leonie Schroder at the group’s annual general meeting on May 2 due to her inexperience."

"Glass Lewis said it did not believe Ms Schroder had the skills or experience necessary to hold a board position and that Mr Dobson had failed in his role as head of the board’s nomination committee, which identifies future directors."


https://www.ft.com/content/b1b18f4c-61f ... cd5d43599e

dspp
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Re: Schroders PLC (SDRC)

#216323

Postby dspp » April 20th, 2019, 11:31 am

monabri wrote:Note: I refer to Schroders using the EPIC code "SDRC" recognising that this is the non-voting (NV) version of the share. The share that confers voting rights uses the EPIC "SDR", however, the voting rights come at a cost (or, reduced yield).

" Shareholders in Schroders have been urged to block the reappointment of Michael Dobson as chairman of the FTSE 100 listed fund manager, as well as the election to the board of the latest member of the controlling Schroder family, by an influential proxy adviser."

" Glass Lewis has recommended votes against Mr Dobson and Leonie Schroder at the group’s annual general meeting on May 2 due to her inexperience."

"Glass Lewis said it did not believe Ms Schroder had the skills or experience necessary to hold a board position and that Mr Dobson had failed in his role as head of the board’s nomination committee, which identifies future directors."


https://www.ft.com/content/b1b18f4c-61f ... cd5d43599e


"The 44-year-old has not previously worked in financial services but is director of the Schroder Family Trust"

mmmmm ....... difficult call

REJECT

- dspp

Dod101
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Re: Schroders PLC (SDRC)

#216330

Postby Dod101 » April 20th, 2019, 11:52 am

Personally I do not think that Michael Dobson is to blame here. He has presumably had a request from the 48% shareholder nominating (or asking for or whatever the right expression is) their man or in this case woman. What is he supposed to do?

I doubt from all that I have read, that the lady is much qualified for her role and in normal circumstances she would not be considered but in this case? I appreciate that Schroders is a PLC and as such must abide by the listing rules but is this actually in breach of them? I would have thought not because surely they would have checked that. A major shareholder must have the ability to nominate a director of their choice.

Anyone buying Schroder shares knows that they must go along with the controlling shareholder in the same that when they buy Caledonia IT they are going along with the wishes of the Cayzers. For many of course that is the point of buying.

Dod

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Re: Schroders PLC (SDRC)

#216395

Postby scrumpyjack » April 20th, 2019, 6:27 pm

There is a lot to be said having a family director. They tend to have a much longer term perspective than a professional 'city' director who may only be with the company for a few years and may be more motivated by their share incentive scheme than by the long term well being of a company hundreds of years old.

monabri
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Schroders (SDRC)

#243762

Postby monabri » August 12th, 2019, 2:15 pm

Half year report issued Aug 1st 2019.

https://www.londonstockexchange.com/exc ... 71572.html


Net income before exceptional items down 5% to £1,032.6 million (H1 2018: £1,086.1 million)

Profit before tax and exceptional items down 14% to £340.4 million (H1 2018: £397.1 million)

Profit before tax down 14% to £319.3 million (H1 2018: £371.1 million)

Assets under management up 9% to £444.4 billion (31 December 2018: £407.2 billion)

Net outflows of £1.2 billion (H1 2018: net inflows of £1.2 billion)

Around £45 billion of assets from the Lloyds Banking Group mandate due to fund in the second half of the year

Interim dividend unchanged at 35 pence per share (H1 2018: 35 pence per share)

The Board has declared an interim dividend of 35.0 pence per share, which is unchanged from the interim dividend in 2018. The dividend will be payable on 26 September 2019 to shareholders on the register at 23 August 2019

(XD 22 August )

Like SLA, asset managers seems to be having a tough time but holding the dividend for the time being.

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Re: Schroders (SDRC)

#243765

Postby Dod101 » August 12th, 2019, 2:28 pm

monabri wrote:Like SLA, asset managers seems to be having a tough time but holding the dividend for the time being.


Why do you say 'holding the dividend for the time being'? Is there any indication of a cut? Unlike SLA, they have a new mandate for £45 billion which is not exactly insignificant, SLA's loss, Schroder's gain.

Dod

monabri
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Re: Schroders PLC (SDRC)

#243779

Postby monabri » August 12th, 2019, 3:23 pm

Dod,
"Holding" as opposed to "increasing" .

I' m looking at the numbers which indicate income/profit down and the slowing growth rate in the divi in recent years compared to the figures over the last 5,10 and 15 years.

https://www.dividenddata.co.uk/dividend ... y?epic=SDR

Whilst there is no explicit indication of a cut , I was hoping for some increase in dividend. The "asset managers" (I have interests in PHNX, SLA and, to a lesser extent Jupiter) all seem to be freezing rather than growing their divi.


(I did make a point of highlighting the c.10% increase in assets under management !).

Dod101
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Re: Schroders PLC (SDRC)

#243803

Postby Dod101 » August 12th, 2019, 4:22 pm

monabri wrote:Dod,
"Holding" as opposed to "increasing" .

I' m looking at the numbers which indicate income/profit down and the slowing growth rate in the divi in recent years compared to the figures over the last 5,10 and 15 years.

https://www.dividenddata.co.uk/dividend ... y?epic=SDR

Whilst there is no explicit indication of a cut , I was hoping for some increase in dividend. The "asset managers" (I have interests in PHNX, SLA and, to a lesser extent Jupiter) all seem to be freezing rather than growing their divi.


(I did make a point of highlighting the c.10% increase in assets under management !).


I read your comment as holding rather than cutting. Good. Schroders were pretty gloomy about their dividend at the stage of the Finals for 2018 so I am not really surprised at them holding the dividend at the interim stage and the new AUM will presumably in time increase their profit, but asset managers in general are under pressure to reduce fees and the ongoing loss of actively managed funds to passive funds. Schroders I think area much better outfit than SLA.

Dod


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