Schroders intends to scrap its two-tier share structure in a move that will loosen the founding family’s grip on the business, make share buybacks easier and improve its governance reputation.
The Schroder family’s 47.9% voting power would be reduced to 43.1%. The biggest family shareholder is thought to be Leonie Schroder, daughter of the late Bruno Schroder.
The FTSE 100 company is one of the biggest active fund management groups in the City, with £732bn under management as well as a private banking arm. It was founded in 1818 by Johann Heinrich Schröder, a banker from Hamburg.
The reform will require 75% approval by all shareholders. It is supported by the family and by more than 40% of the non-voting shareholders consulted, Schroders said.
