Directorate Change

RNS Number : 1093T

Schroders PLC

30 December 2016

 

Schroders plc

Directors' Role Changes

Schroders plc confirms that, as previously announced, Massimo Tosato, Executive Vice Chairman, will retire from the Board and leave the firm on 31 December 2016.

Section 430(2B) Companies Act 2006 Statement

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. All payments are in line with the Company's Directors' remuneration policy approved by shareholders at the Annual General Meeting in 2014. 

Payments

There will be no payment in lieu of notice. Reflecting his contribution in 2016, including the smooth transition of his executive responsibilities, the Remuneration Committee of Schroders plc has determined that Mr Tosato will receive a cash payment in February 2017 of £1.3 million. At the same time he will receive a payment of £3.0 million in settlement of his rights under his employment contract dated 27 July 2001. Clawback terms will apply to both these payments. His contractual rights are disclosed on page 76 of the 2015 Annual Report and Accounts and form part of the Directors' remuneration policy approved by shareholders at the 2014 Annual General Meeting.

Equity Compensation Plan and Long Term Incentive Plan awards

Having considered Mr Tosato's twenty-one years of service, his contribution to the Company and the significant value created for shareholders, the Remuneration Committee exercised its discretion under the rules of the Equity Compensation Plan ("ECP") and Long Term Incentive Plan ("LTIP") to allow him to retain his unvested awards when he leaves the firm. These awards were included in the 2015 Remuneration report disclosures and will be released in accordance with the original vesting schedules.

Once vested, each ECP award will be exercisable within the 12 month period following the end of that award's vesting period. These awards result from the deferral of past bonuses relating to strong corporate and individual performance in prior years and remain subject to malus and clawback terms.

The vesting of Mr Tosato's LTIP awards remains subject to satisfaction of the associated performance conditions and will be time apportioned for the proportion of the performance period that he remained an employee of Schroders. These awards remain subject to malus and clawback terms, except the award granted in 2013, which is subject to malus terms but pre-dates the introduction of clawback terms in respect of LTIP awards.

For further information, please contact:

Beth Saint

Head of Communications

[phone]

[e-mail]

 

END

 

 

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