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Strategic Report Annual Report and Accounts 2020 Strategic report Our purpose 1 Business at a glance 2 Chairman’s statement 8 Group Chief Executive’s statement 10 Business model 14 Strategy 16 Market proposition 18 Market review 20 Key performance indicators 22 Business and financial review 24 A responsible business 30 Our key stakeholders 32 Section 172 statement 33 Our people 34 Society and communities 38 The environment 42 Climate-related financial disclosures 44 Key risks and mitigations 50 Governance Board of Directors and Company Secretary 58 Corporate Governance report 60 Nominations Committee report 67 Audit and Risk Committee report 69 Remuneration report 75 Directors’ report 103 Statement of Directors’ responsibilities 106 Financial statements Consolidated financial statements 107 Schroders plc financial statements 164 Independent auditor’s report 180 Shareholder information Shareholder information 187 Five-year consolidated financial summary 188 Glossary 189 Our Annual General Meeting (AGM) will be held at 11.30am on 29 April 2021 at 1 London Wall Place, London, EC2Y 5AU. A glossary of terms used throughout the Annual Report and Accounts, including details of Alternative Performance Measures, can be found from page 189. Strategic report ACCELERATING POSITIVE CHANGE Our purpose is to provide excellent investment performance to our clients through active management. By serving clients, we serve wider society. Channelling capital into sustainable and durable businesses accelerates positive change in the world. Funding the future is a privilege; we use it wisely and responsibly. Schroders Annual Report and Accounts 2020 1 THE POWER OF ACTIVE DECISION-MAKING The events of 2020 were exceptional. Our response mirrored our response to crises before: we held firm and took decisions that best served the interests of our clients, our people, our shareholders and other stakeholders. Our core belief that investments should be actively managed was rewarded. Fund managers who were free to take deliberate decisions in the interest of clients, performed well during last year’s periods of market volatility. More broadly, we nurture a long-term culture that cares about people and outcomes. It creates the right environment for our strategy to flourish. Performance Over three years Over five years Sustainalytics 72% 81% ESG Risk Rating of The conscious and considered decisions of our of client assets of client assets 18.8 fund managers have driven positive outcomes outperformed outperformed low risk and in the for clients while a focus on sustainability their respective their respective top 15% for diversified underpins our corporate performance. benchmarks benchmarks financials sector People 98% 94% Reached of employees proud retention of highly- 33% The responses in our employee surveys to be associated with rated employees target of female reflect the positive culture on which we Schroders representation build our business. in senior management Progress MSCI ESG Rating of 73% £4.3m AAA reduction in CO2e raised through At every level of our organisation, we putting us in the top emissions per #CollectiveAction, understand our role in supporting wider 3% of our sector with employee globally including director and society through an unprecedented crisis. a consistent score for employee donations more than five years and corporate matching For more information about how we calculate client investment performance refer to the Glossary on page 189. 2 Schroders Annual Report and Accounts 2020 Strategic report Strong investment outperformance underpins strong financial performance By building a strong and caring culture, we can achieve the outcomes our clients want. It is this, and a commitment to bold and conscious decision-making, that underpin our financial strength and powers our growth. The numbers highlight a solid performance during the challenges of 2020. The key performance indicators (KPIs) used by the Board to track strategic progress can be found on pages 22-23. Financial highlights Key awards in 2020 Net income Basic earnings Assets under per share before management exceptional items Outstanding ‘Advanced’ recognition £2,179.2m 200.8p £574.4bn Investment House in Morningstar – Fund Manager of the ESG Commitment (2019: £2,124.8m) (2019: 201.6p) (2019: £500.2bn) Year Awards Level Assessment Profit before tax and Basic earnings Net new business exceptional items per share £702.3m 172.4p £42.5bn Best Investor SustainExTM first place for (2019: £701.2m) (2019: 178.9p) (2019: £43.4bn) Engagement Award Impact Reporting in the at IR Society’s Best Environmental Finance Practice Awards 2020 IMPACT Awards 2020 Profit before tax Total dividend Total equity per share £610.5m 114p £4.1bn Group CIO Cazenove Capital (2019: £624.6m) (2019: 114p) (2019: £3.8bn) Johanna Kyrklund: wins gold at the one of the top 100 most ESG Investing influential women in Olympics European finance Schroders Annual Report and Accounts 2020 3 RESILIENCE THROUGH DIVERSIFICATION Our robust business model enabled us to deliver positive results for our stakeholders despite the challenging environment. Business resilience was critical in 2020. Faced with changes that affected almost every aspect of life, our diverse business model and strategy met the challenge. Growth was notable in Solutions and Wealth Management. By diversifying and focusing on active investment, our business grew stronger. Assets under management £574.4bn By asset class By region By business area Equities 33% UK 48% Private Assets & Alternatives 8% Multi-asset 29% Asia Pacific 18% Solutions 33% Fixed Income 17% Europe, Middle East and Africa 19% Mutual Funds 18% Private Assets & Alternatives 8% Americas 15% Institutional 28% Wealth Management 13% Wealth Management 13% For more information on our strategy see pages 16-17 4 Schroders Annual Report and Accounts 2020 Strategic report Our robust business model proved resilient in challenging times Our assets under management break down across five business areas that align to our strategic priorities. Private Assets & Alternatives Mutual Funds Comprises opportunities available in private markets, such as real Offered through intermediary networks providing retail clients with estate, private equity and infrastructure, as well as alternatives access to our investment capabilities Solutions Institutional Provides complete solutions and partnerships, including Investment components made available directly to institutions and liability offsets and risk mitigation through sub-advisory mandates Wealth Management Wealth Management and financial planning for ultra high-net-worth, high-net-worth and affluent individuals and charity clients as well as family offices and advisers A by bie area, n 2018 135 95 44 38 96 2019 144 102 67 44 143 2020 160 104 72 46 192 Private Assets & Alternatives Solutions 54% of AUM (2019: 51%) Mutual Funds Institutional within our key strategic growth areas of Wealth Management, Wealth Management Private Assets & Alternatives and Solutions. Schroders Annual Report and Accounts 2020 5 FOCUSED ON RESPONSIBILITY A year as challenging as 2020 offered a test of corporate character and a test of purpose. We met the challenge, as a corporate and as a steward of our clients’ capital. We honoured our pledge to integrate sustainability measures within our investment processes. We went further, building tools to assess the impact, both positive and negative, of the companies we invest in. Our corporate initiatives on a range of environmental and social issues accelerated, improving the sustainability of our business. Our people, who in the face of adversity responded very well, made us proud. Their professionalism maintained standards and services, ensuring business stability. January February March April May June For society For society For our people For our people For shareholders For our people Signed the UN Global Started a three-year Published our fourth Committed to not Paid our final dividend Our LGBTQ+ group Compact, the world’s charity partnership consecutive Gender making any Covid-19 for 2019 organised virtual Pride largest corporate with Samaritans in the Pay Gap report, related redundancies celebrations around sustainability initiative UK as part of our demonstrating or using government For society the world, raising commitment to continued support schemes money for Albert Raised £4.3 million in improving mental commitment to Kennedy Trust and support of more than health and wellbeing equality and inclusion True Colors United 90 charities in the workplace For more details on our gender diversity see page 37 For more information on our key stakeholders and how we engage with them see pages 32-33 6 Schroders Annual Report and Accounts 2020 Strategic report We act as a responsible steward for all our stakeholders Our stakeholders Clients Our people Shareholders Society July August September October November December For society For clients For shareholders For our people For society For shareholders Joined forces with Cazenove Capital won Received an ‘Excellent’ Celebrated ‘Inclusion Ranked in the Social Calculated our own Jamie Murray to gold in the ESG investment Month’ with a series of Mobility Index for the SustainExTM score to be sponsor the ‘Battle of Investing Olympics management quality virtual activities and an first time, highlighting +3.1% (compared to the Brits’ tennis rating from Fitch inclusion survey of us as an employer industry average of tournament and raise Ratings for the 16th employees worldwide doing the most to -0.3%) money
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