Schroders is preparing to refresh its board with two new non-executives this year as part of an olive branch to investors concerned about the unorthodox decision to appoint the wealth firm’s long-standing chief executive Michael Dobson as chairman.
The Daily Telegraph reports that the FTSE 100 company, which is 47% owned by the Schroder family, is replacing non-executive director Ashley Almanza at next week’s annual meeting, as his job as the boss of G4S make greater demands on his time.
The company will also recruit another non-executive this year, to bolster the board’s independence.
Mr Dobson is staying with the firm despite handing over the role of chief executive to Peter Harrison, who rejoined Schroders in 2013 after several years at a hedge fund.
Corporate governance rules frown on a chief executive stepping into a non-executive directorship at the same firm.
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