The chief executive of Schroders will donate 25 per cent of his salary to charities fighting the coronavirus outbreak, the firm said this morning as it reported a drop in assets under management (AUM).
Group chief executive Peter Harrison said today that executive directors will donate their 2020 long-term incentive plan awards and 25 per cent of their salaries.
The chairman and non-executive directors will donate 25 per cent of their fees, the asset management firm announced this morning.
Schroders’ AUM fell from £500.2bn at the end of last year, to £470.5bn at the end of March.
The firm reported net new business of £30.4bn, due to an influx of assets from the Scottish Widows investment mandate.
Harrison said the firm was “resilient” in the face of “this period of extreme market volatility”.
Schroders has not sought any government support in any country, and has not furloughed employees or made any coronavirus-related redundancies.
Harrison said: “We will also materially increase our support for charities, assisting those most impacted by Covid-19.
“This comprises a range of actions including direct grants; the establishment of a company-wide ‘collective action’ scheme to enable all employees to voluntarily donate up to 25 per cent of three months’ salary; the donation by the executive directors of their entitlement to their 2020 LTIP awards as well as 25 per cent of their salaries for three months; the chairman and non-executive directors will also donate 25 per cent of their fees for three months; and contributions from an extended Schroders match-giving programme.”