Schroders
Annual Report 2024

Creating prosperity
together
For over two centuries, we have navigated 
social and economic change, delivering 
excellent long-term investment outcomes. 
Our clients’ needs shape our search for 
innovative and relevant solutions in a 
complex world. 
We work with institutions, intermediaries 
and individuals around the world to create 
prosperity for them and their clients. 
The success of these partnerships depends 
on clients’ trust in our investment, advisory 
and wealth management capabilities. 
Clients rely on our leadership in long-term 
active management across public and private 
markets, and we are committed to acting 
in their best interests. 
We believe that when we succeed for clients, 
our shareholders and wider society 
benefit as well.

Our purpose
Creating prosperity together.
Our vision
We partner with our clients 
to provide trusted advice 
and invest in the assets 
and markets that matter 
to them, building their 
future prosperity through 
delivering excellent 
investment outcomes.
Our 2024 reporting suite
Visit our 2024 online reporting site to 
watch and read more: 
www.schroders.com/investors
 
Strategic report
Key performance indicators
2
Our strengths
4
Chair’s statement
6
Group Chief Executive’s statement
8
Our business model
10
Strategy
12
People and community
16
Non-financial and sustainability information 
statement
17
Business and financial review
18
Leadership in active management
22
Climate change strategy 
24
Risk management
26
Stakeholder engagement
32
Viability and going concern statement
34
Governance
Board of Directors and Company Secretary
36
Corporate governance report
40
Nomination and Governance Committee report
50
Audit and Risk Committee report
54
Remuneration report
62
Directors’ report
84
Statement of Directors’ responsibilities
88
Financial statements
Consolidated financial statements
90
Schroders plc financial statements
144
Independent auditor’s report
167
Shareholder and sustainability 
information
Shareholder information
175
Five-year consolidated financial summary
176
Climate-related financial disclosures
177
Governing our non-financial information
184
Glossary
185
Our Annual General Meeting (AGM) will 
be held at 1 London Wall Place, London, 
EC2Y 5AU and electronically via a live 
broadcast on 1 May 2025 at 11:30am.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
1
Schroders Annual Report and Accounts 2024

The outcomes
we measured
Throughout the year, the Board tracked and reviewed the 
following key performance indicators (KPIs). These KPIs provide 
year-on-year transparency for all stakeholders and are an 
important source of consistent insight into the strategic, financial 
and operational progress of the business.
Net operating income (£m)
Our objective
Net operating income comprises net operating revenue earned 
from the assets we manage, net gains on co-investments, 
share of profit of joint ventures and associates, and other 
income. We aim to grow net operating income over time.
Basic operating earnings per share (p)
Our objective
We recognise the potential impact of market volatility on results 
in the short term; however, we aim to target growth in earnings 
per share. 
How we performed
£2,426.8m 
Net operating income increased £7.8 million from 2023 to 
£2,426.8 million. Increases resulting from investment 
performance and market gains were partly offset by FX 
movements and net outflows.
How we performed
30.1p
In 2024, basic operating earnings per share was 30.1 pence, a 
decrease of 7% on 2023.
2,426.8
2,419.0
2,475.5
2,520.0
2,135.8
2024
2023
2022
2021
2020
30.1
32.5
37.4
43.0
34.9
2024
2023
2022
2021
2020
Assets under management (£bn)
Our objective
We aim to grow our assets under management (AUM) over 
time in excess of market growth, through positive investment 
outperformance and net new business. As a sterling-
denominated reporter, currency movements also impact    
asset levels. 
Net new business (£bn)
Our objective
We seek to generate positive net new business across             
the Group.
How we performed
£778.7bn
At the end of 2024, AUM stood at £778.7 billion, an increase of 
4% on 2023. Investment performance increased AUM by 
£38.3 billion, offset by in-year currency movements of £(7.9) 
billion. Net new business decreased total AUM by £4.7 billion. 
How we performed
£(4.7)bn
Net new business, excluding our joint ventures and associates, 
was £(10.8) billion in 2024. Net new business, including joint 
ventures and associates, was £(4.7) billion.
778.7
750.6
737.5
766.7
694.4
2024
2023
2022
2021
2020
-4.7
1.0
-7.6
37.3
62.7
2024
2023
2022
2021
2020
Key performance indicators
2
Schroders Annual Report and Accounts 2024

Client investment performance (%)
Our objective
We target at least 60% of our AUM outperforming their stated 
comparator over a rolling three-year period.
Portfolio temperature score (°C)
Our objective
We aim to achieve a portfolio temperature score of 2.2°C for our 
in-scope assets by 2030. This score is based on the targets set 
by investee companies across their Scope 1 and 2 emissions.
How we performed
58%
In 2024, 58% of assets outperformed their relevant comparator 
over three years. Over one and five years, performance was 
strong, with 70% and 76% of assets outperforming, 
respectively. In 2022 and 2023, some strategies with interest 
rate or cash benchmarks faced higher hurdles as rates rose. 
This is reflected in the three-year performance figure. 
More details on our performance reporting can be found on 
page 186.
How we performed
2.4°C 
The portfolio temperature score of in-scope assets fell to 2.4°C 
at the end of 2024. This is ahead of the linear pace of reduction 
required to meet our target.
58
60
73
79
72
2024
2023
2022
2021
2020
2.4
2.5
2.6
2.8
2.9
2024
2023
2022
2021
2020
Retention of highly rated employees (%)
Our objective
Developing and retaining talented people is key to our ongoing 
success. We actively monitor retention, focusing on those who 
have received a strong performance rating. 
Dividend per share (p)
Our objective
Our policy is to provide shareholders with a progressive and 
sustainable dividend, targeting a payout ratio of around 50%.
How we performed
94%
Our highly rated employees retention rate remained high at 
94%. This represents a committed and engaged workforce, 
aligned with our values.
How we performed
21.5p
The Board has recommended a final dividend of 15.0 pence per 
share, bringing the total dividend for the year to 21.5 pence per 
share. This represents a payout ratio of 71%.
94
96
94
94
94
2024
2023
2022
2021
2020
21.5
21.5
21.5
21.4
20.0
2024
2023
2022
2021
2020
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
3
Schroders Annual Report and Accounts 2024

What makes us 
different
Creating prosperity together with our clients depends on core 
strengths and capabilities that we have built over many years. 
Active investment management is at the heart of this because it 
enables us to respond to changing dynamics and capture 
opportunities in an increasingly complex world. Trust in our brand, 
our ability to innovate and the quality of our people are all key to 
fulfilling our purpose.
1
Active investment 
expertise 
2
Trust in our 
brand
We see resilient and healthy demand for active 
management. This expertise allows us to seek out 
opportunities for our clients where markets are inefficient 
and where risk and complexity are on the rise.
Clients entrust us with the task of creating future prosperity 
together through active investment decisions. Our 
respected brand gives us a distinct edge in the market.
Outperformance across 
key active strategies
Our market-leading global equities strategies reached 
£56.6 billion. Client investment performance over five years 
showed 86% of assets outperforming their relevant 
comparator, with 74% and 65% outperforming over one and 
three years respectively (excludes holdings allocated from 
multi-asset portfolios).
Top 5 global asset 
management brand 
Fifth overall out of 2,600 asset managers in an independent 
global asset management brand study by NMG Consulting. 
The top four are US firms. We have ranked fifth since 2018.
Managing complexity
Key mandates, such as the £3.8 billion equity protection 
strategy we implemented for a UK local government 
pension fund, and our ability to access specialist areas of 
private markets, are examples of how we deliver large-scale 
specialist solutions for our clients’ unique needs.
MSCI ESG rating, AAA
The highest rating possible for our resilience to long-term, 
financially relevant environmental, social and governance 
(ESG) risks. This puts us in the top 11% of our sector.
16 SDR fund labels
Adoption of the UK regulator’s Sustainable Disclosure 
Requirements (SDR) labels reflects client demand for active 
investment management targeting sustainability outcomes.
A+ Fitch rating 
Long-term issuer default rating. We have maintained an   
A+/Stable rating since September 2000.
Our strengths 
4
Schroders Annual Report and Accounts 2024

3
Client-focused 
innovation
4
Our people and 
culture
We aim to uphold the trust of our clients by developing 
products that are relevant and delivering excellent service. 
We focus on technology-led innovation and client outcomes.
The performance of our people is key to active 
management, client trust and successful innovation. A 
culture of excellence and inclusion enables us to attract and 
retain outstanding talent.
Launched Future 
Growth Capital
We have formed a new private markets investment 
manager, in partnership with Phoenix Group, allowing 
pension savers to access the diversification and return 
opportunities in private markets.
94%
Our retention of highly rated employees. By nurturing a 
high-performing and engaged workforce we aim to deliver 
stability and long-term value for clients.
Innovative client 
solutions
We worked collaboratively with the trustees of a UK 
supermarket's pension scheme for an £11.9 billion 
Outsourced Chief Investment Officer (OCIO) mandate to 
implement a bespoke portfolio design aligned to the 
scheme’s investment return needs and their responsible 
investment goals.
Proud to work for 
Schroders
In our pulse survey, 87% of employees said they are proud 
to work here. We have seen strong engagement since we 
began reporting this metric in 2015.
AI for active investment
We used AI to accelerate alpha search for clients, providing 
around 300 investment professionals with access to 
Enterprise ChatGPT and a proprietary sustainability research 
tool that completes tasks in under 30 minutes instead of    
8+ hours.
68% of employees are 
shareholders
A significant proportion of our people have a direct financial 
stake in the performance of the business through a number 
of share plans, creating strong alignment for stakeholders.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
5
Schroders Annual Report and Accounts 2024

Working 
together with 
focus and 
clarity of 
purpose
Dame Elizabeth Corley
Chair
With optimism and a renewed 
sense of purpose, we will 
pursue a simplified strategy 
and operational plan.
2024 has been a particularly notable 
year in our 220-year history. In the 
spring, we announced that after eight 
years at the helm, Peter Harrison, our 
Group Chief Executive, would be 
retiring. This marked the end of one 
chapter but the start of another for 
our organisation, culminating in the 
appointment of Peter’s successor in 
early autumn, followed by the 
appointments of our Group Chief 
Investment Officer and our new 
Chief Financial Officer to the Board 
in January. 
Following an extensive search process and 
from a pool of exceptionally qualified 
candidates, we were delighted to 
announce in September the appointment 
of Richard Oldfield as our new Group Chief 
Executive, taking over from Peter on 
8 November 2024. Shortly after, we 
announced that Meagen Burnett would 
replace Richard as Chief Financial Officer 
(CFO). Alongside Meagen, Johanna 
Kyrklund was elevated to the Board as 
Group Chief Investment Officer (CIO). The 
new leadership team has already begun to 
make a significant impact, bringing fresh 
insights and innovative ideas.
Richard joined Schroders in 2023 as CFO, 
and in that role I witnessed first-hand his 
natural ability to lead client-focused and 
people-centric businesses. Prior to that he 
served as Network Vice Chairman and 
Global Markets Leader at PwC, where he 
was responsible for building teams to grow 
their client-facing businesses profitably, 
while advising global clients on their most 
complex and challenging issues. He 
possesses a global perspective, a strategic 
mindset, and a respected track record, with 
personal values closely aligned with the 
culture at Schroders. He is authentic, 
wholeheartedly dedicated to his work, and 
passionate about both the delivery of 
excellent client outcomes and the 
development of talent.
Meagen joined Schroders in January 2023 
as Group Chief Operating Officer, with 
more than 25 years’ experience in financial 
services, including 15 years in asset 
management. As Chief Financial Officer, 
she takes direct responsibility for financial 
management, capital and treasury, with 
oversight of operations and technology. 
She has shown incredible rigour in her role 
as Group Chief Operating Officer, and I 
know she will do the same as CFO in 
shaping our commercial decision-making, 
driving change and transformation delivery 
in our business processes, and leveraging 
our investment in technology.
Johanna joined Schroders in 2007 as Head 
of Multi-Asset Investments. Over the 
course of nearly two decades, she has 
grown our Multi-Asset business into a 
global franchise from £22 billion of assets 
under management when she joined to 
£192.8 billion at 31 December 2024. Since 
2019 she has served as Group CIO. 
Johanna’s elevation to the Board 
underscores the importance of active  
investment expertise and performance to 
the business and our clients.
Meagen and Johanna both bring significant 
experience, international mindsets and 
leadership across a wide range of 
disciplines, including operations, finance, 
technology, investment and client relations. 
Their skill sets will complement the 
capabilities we have in Richard, providing 
us with strong leadership to drive the 
Group forward.
Chair’s statement
6
Schroders Annual Report and Accounts 2024

The Board and I were particularly pleased 
with the calibre of our internal candidates 
for Board positions, all of whom were 
assessed against world-class external 
alternatives.
Detailed information about the succession 
planning and appointments process can be 
found in the Nomination and Governance 
Committee report, on page 50. 
I extend my gratitude to both Peter and 
Richard for their collaboration during the 
leadership transition, as well as to our 
colleagues across the business, who have 
demonstrated professionalism and 
adaptability throughout this time of change. 
On behalf of the Board, I would also like to 
thank Peter for his leadership and dedicated 
service. He has led the business through a 
transformative period over the past eight 
years. His strategic vision to diversify our 
capabilities in both Private and Public 
Markets, and to achieve sustained growth in 
Wealth Management have created a strong 
business platform for the future. 
In addition to leadership changes, we have 
continued to strengthen our Board with 
relevant skills and experience for the future. 
We welcomed two non-executive Directors, 
Iain Mackay and Frederic Wakeman. Their 
global experience across sectors, including 
pharmaceuticals, banking and private equity 
investing, provides fresh perspectives to 
complement our current non-executives. 
Iain succeeded Rhian Davies as Chair of the 
Audit and Risk Committee. Rhian, having 
served almost nine years, decided not to 
seek re-election. We are deeply indebted to 
her for the contribution she made 
throughout her tenure.
Sadly, our next AGM will see the departure 
of Deborah Waterhouse, who, having 
served as a non-executive Director for six 
years, has decided to stand down from the 
Board in order to concentrate on the 
demands of her role at GSK plc. Deborah’s 
insights and challenge have been of huge 
benefit to the Board and I would like to 
thank her for the contribution she has 
made to the Board, and also as a member 
of both the Audit and Risk, and 
Remuneration Committees.
I would also like to extend my thanks to Ian 
King for his unwavering support for me in 
his role as Senior Independent Director. 
Whilst Ian is remaining on the Board, as he 
enters his ninth year of service, Ian has 
decided that now is the right time to 
transition the role of Senior Independent 
Director. Ian will be succeeded as Senior 
Independent Director by Iain Mackay at the 
conclusion of the 2025 AGM. 
While this year has seen notable successes, 
particularly in the growth of our global 
equity and fixed income strategies, and our 
Schroders Capital and Wealth Management 
businesses, we have also encountered a 
challenging operating environment, which 
has affected our financial performance and 
our private market flows.
Notwithstanding these challenges, our 
assets under management grew to a 
record £778.7 billion. Positive new business 
in the higher margin areas of Wealth 
Management, Schroders Capital and 
Mutual Funds is a source of optimism, even 
though this was offset by redemptions 
from Solutions and Institutional mandates. 
We were encouraged that client 
investment performance over one year 
showed 70% of assets outperforming their 
benchmark, although, with a strong 2021 
rolling out of the three-year performance 
for 2024, client outperformance reduced to 
58% for that period. Five-year performance 
remained very strong with 76% of assets 
outperforming.
This year, the Board is recommending a 
final dividend of 15.0 pence per share 
(2023: 15.0 pence per share). This brings 
the full-year dividend to 21.5 pence per 
share (2023: 21.5 pence per share), flat on 
last year, as we seek to bring the dividend 
back in line with the 50% payout policy 
target. 
Subject to shareholder approval at the 
Annual General Meeting, the final dividend 
will be paid on 8 May 2025 to shareholders 
on the register on 28 March 2025.
The strengths of the business are deep 
rooted, but the Board and I acknowledge 
that there are clear opportunities and 
areas of further improvement we must 
capture with pace. We will continue to 
encourage and support the new leadership 
team as they set out their strategic focus. 
The fresh perspectives of new leadership 
have prompted us to re-evaluate our 
statement of purpose, as Richard Oldfield 
explains in his section of the report. Our 
clients remain central to our mission, but it 
is clear that the business must evolve to 
scale effectively and profitably. A key focus 
will be on simplification of the business 
with cost efficiencies contributing to a 
targeted reduction in the adjusted 
cost:income ratio to below 70% by 2027. 
This will not be at the expense of client 
focus. Our commitment is to serving 
clients, simplifying and scaling the business 
and returning Schroders to operating 
profit growth.
With optimism and a renewed sense of 
purpose, we remain committed to 
addressing our clients’ needs in a 
rapidly changing world. We will do so with 
a focus on creating prosperity for all 
our stakeholders and sustainable 
shareholder value. 
In what has been a year of change, I would 
like to extend my sincere thanks to all our 
colleagues for their dedication and hard 
work. They are the driving force behind our 
successes. Colleagues play critically 
important roles, and their contributions are 
deeply appreciated. Together, we can 
continue to build a successful, long-term 
future for Schroders.
Dame Elizabeth Corley
Chair
5 March 2025
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
7
Schroders Annual Report and Accounts 2024

To make the 
most of our 
capabilities 
we need to 
simplify
Richard Oldfield
Group Chief Executive
We must capitalise on our 
areas of excellence and 
continue to work with 
clients to understand 
and solve their problems.
I took on the role of Group Chief 
Executive in the final months of what 
has proved to be a year of change.
From the start I made it a priority to meet 
clients to understand what they wanted 
from Schroders – and in my first 100 days I 
saw more than that number of clients.
There was a recurrent theme in those 
conversations which I find encouraging: in a 
world of constant change and uncertainty, 
our clients want sound advice from a 
source they can trust. What we are in the 
business of providing is still, at its core, very 
much in demand.
That said, the product mix that clients seek 
is changing. This is part of the structural 
shift across our industry, which has seen a 
surge in the use of passives and rapid 
growth in private markets and wealth 
management, among other trends.
These changes, which Schroders has been 
preparing for, account for increased margin 
pressure in parts of our business, leading 
to a divergence between assets under 
management (AUM) and operating income 
that is apparent in our results for 2024. This 
divergence reflects the fact that we are 
responding to client demand and providing 
more of the services they want.
Our AUM has grown significantly in the past 
decade, but profit has not kept pace. This 
reflects our investment over recent years to 
reposition the firm. However, we have also 
added cost and complexity. How we are 
addressing this is explained in “Further 
transformation” on page 9.
The strategy built over the last decade puts 
us in a sound position today from which to 
expand earnings. There is more to be done 
to build operational efficiency, but we have 
developed complementary capabilities 
across our Public Markets, Schroders Capital 
and Wealth Management businesses. 
Together they make Schroders a world-class 
specialist in active management – an 
attribute that both differentiates us and 
offers unique value to clients.
These building blocks form our opportunity 
to win in the years ahead, but to capture 
the opportunity we need to evolve rapidly. 
That change is a necessity, as well as 
something that comes naturally to a 
firm with the resilience and longevity 
of Schroders.
Better together: strengthening 
client relationships
Markets are volatile, and macro external 
factors – fragmenting global trade alliances, 
a new wave of AI technology disruption, the 
decarbonisation of our energy systems and 
more – mean clients face great uncertainty.
The policy and regulatory environments in 
which they operate add further complexity. 
So, while the investment marketplace is 
changing, one thing remains absolutely 
unchanged: our clients’ need for advice and 
investment solutions. It is our role to 
respond to shifting external factors and to 
decode them in order to continue 
delivering what clients want.
We have tasked the entire business to bring 
ever greater focus on understanding and 
serving clients. One outcome of this is a 
restructured Client Group, better able to 
assess clients’ needs, respond at speed and 
measure delivery; it is also manifest in a 
specific requirement that sales 
professionals spend more time with clients. 
I see on average one client every day, and 
value that contact for the insights it 
provides: better knowledge of clients is how 
we will capitalise on the complementary 
nature of our cross-market services.
Group Chief Executive’s statement
8
Schroders Annual Report and Accounts 2024

This is why we have evolved our statement 
of purpose, simplifying it into just three 
words that sum up the alignment of our 
own interests with those of our clients: 
creating prosperity together. This is a 
small but important step, giving clarity 
about what we stand for to our clients 
and our people. 
In Public Markets: delivering the 
benefits of active management 
for clients
Active management of equities and 
bonds traded on the world’s public 
markets remains a point of excellence 
within Schroders.
As our Group CIO Johanna Kyrklund 
has pointed out to clients and in the 
press, we see risk in the increased 
index concentration that became such 
a feature of markets in 2023 and 2024. 
Many clients agree. They believe that an 
active approach, perhaps used alongside 
passive holdings, is the best way to capture 
the opportunities of the mega-trends of 
our age, such as decarbonisation. They 
also see the downsides of passive: that 
there is no challenge and no room for a 
contrarian view.
As the global economy becomes more 
disrupted by factors such as geopolitical 
change or new technologies, the risk posed 
by passive strategies, which have limited 
ability to flex, may become even clearer. 
In our Global Investor Insights Survey 
2024, which samples investor attitudes far 
beyond our own client base, while 52% of 
investors recognised the advantages of 
passive in large and efficient markets, 74% 
cited active management as “better for 
specialist approaches”. 
We remain resolutely committed to active 
management, and our Public Markets 
business will evolve, with a simplification 
of products and continued focus on 
clients’ needs.
In Schroders Capital: growing 
where we can offer clients 
best-in-class
Schroders Capital has scale and 
prominence in specialist areas where we 
choose to compete. Our aim is to be the 
stand-out provider in these sectors.
In private equity, our specialism is small- 
and mid-cap buy-outs and early stage 
venture capital, where we are harnessing 
opportunities for high-growth businesses 
arising from AI and other technology 
trends. In infrastructure our specialism is 
energy transition, via Schroders Greencoat, 
with capabilities spanning a wide range of 
technologies and return opportunities. In 
real estate we are leaders where we 
specialise: in the hospitality, industrial and 
logistics sectors. In private debt and credit 
alternatives our strength is in income 
solutions derived from a broad range of 
underlying assets straddling public and 
private markets.
These capabilities enable us to offer new 
products through vehicles such as 
European Long-Term Investment Funds 
and the UK equivalent, Long-Term Asset 
Funds: vehicles which provide access to the 
benefits of private asset ownership for 
more pension savers and private investors.
In 2024 we announced the formation of 
Future Growth Capital with partner 
Phoenix Group, a major UK long-term 
savings business. This partnership seeks to 
deploy in excess of £10 billion between 
now and 2034 into UK and global private 
market assets. 
To drive growth and capitalise fully on our 
areas of strength, we are establishing a 
specialist sales force in Schroders Capital 
with new sector-specific hires. Clients have 
developed their own in-house expertise 
around private asset classes and we wish 
to enable specialist-to-specialist 
conversations. 
In Wealth Management: building 
on client satisfaction
Our Wealth Management division has 
grown to become a significant part of 
the overall Group.
Organic growth is especially strong in 
our UK charity and high-net-worth 
business, Cazenove Capital, where we 
have established long-term relationships 
of trust with clients, often spanning 
multiple generations. This has resulted in 
continued additions to their portfolios as 
well as introductions from them and their 
advisors to new clients. This trust rests 
on the quality and experience of our 
people and their deep understanding of 
our clients’ needs, coupled with superb 
investment expertise and a deep 
technical knowledge in financial planning, 
philanthropy and values-based investing, 
among other fields.
One of the major attractions to these 
clients is the stability provided by our 
ownership structure, with the important 
ongoing role of the founding family. 
This, combined with the risk discipline 
and investment intelligence of a major 
global asset manager, are important 
differentiators that have allowed Cazenove 
Capital to gain significant market share at 
the top-end of the UK wealth bracket, as 
well as with charities, where we are the 
largest UK manager.  
This compatibility between Cazenove 
Capital and our wider investment business 
also applies to our international 
subsidiaries, as it does to our UK affluent 
businesses, Benchmark and Schroders 
Personal Wealth – our joint venture with 
Lloyds Banking Group. In the latter two 
cases, our investment team provides its 
core investment solutions.
Strategic partnerships: winning 
access to new client groups
We have a long record of operating 
successfully with partners around the 
world, helping them serve their clients.
Long-standing partnerships include those 
with Hartford Funds in the US, Axis in India, 
Bank of Communications (BOCOM) in 
China, Nippon Life in Japan and Lloyds 
Banking Group in the UK.
These partnerships are precious. 
In my former role at PwC, working with 
complex, global financial services firms, I 
saw again and again the benefits of 
partnerships in bringing profitable growth. 
It’s not about the one company asking 
“how can I create value?”, it’s about both 
taking a collective view of “how can we 
create value together?” 
Further transformation to 
support growth
We will apply rigorous discipline to 
deploying capital and to cost management. 
We have set a three-year savings target to 
deliver £150 million of net cost run-rate 
savings, with a view to reducing our 
adjusted cost:income ratio to below 70% 
from its current level of 75%. This sits 
alongside our clear plan to drive revenue 
growth while maintaining client service.
In April we announced that we had 
successfully priced £250 million of Tier 2 
debt. The issuance was positively received 
in the market. The proceeds will give us 
additional flexibility to support the ongoing 
strategic transformation of the business, 
further strengthening our capital and 
liquidity positions.
We are driving efficiencies in a range of 
ways. In our management structure, a 
smaller Executive Committee will enable 
quicker decision-making. Across the firm, a 
new benchmarking process will assign 
clear accountability to colleagues and 
better measure their progress. However, 
we will not lose sight of our greatest 
attributes and advantages: our standards 
of client service, our people and our 
reputation. In 2024, we retained our 
position as one of the top five global asset 
management brands, in the NMG survey.
Schroders’ people – not just today’s 
colleagues but the generations before 
them – have built this wealth of reputation 
with their talent and commitment. It is a 
privilege to be asked to safeguard it for
my period in this office, and to be charged 
with helping drive the business to even 
greater success. 
Richard Oldfield
Group Chief Executive
5 March 2025
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
9
Schroders Annual Report and Accounts 2024

Capabilities for 
client partnership
We have two segments: Asset Management and Wealth 
Management. Three distinct businesses – Public Markets, 
Schroders Capital and Wealth Management – provide diverse 
capabilities and a global reach enabling us to remain relevant to 
our clients and serve their needs in an increasingly complex world.
Asset Management
Active investment management across public and private 
markets through funds and institutional mandates.
£535.0bn AUM
Wealth Management
Investment, advisory and platform 
services across the wealth spectrum.
£126.8bn AUM
Public Markets 
We help meet clients’ investment 
needs throughout various phases of 
the economic and market cycle in 
public markets. Retail clients can 
access our mutual funds through 
intermediaries and investment 
platforms. Model portfolio services 
allow wealth managers to benefit from 
our investment expertise while 
retaining control of their clients' 
assets. Our solutions business helps 
institutional clients address their most 
complex investment challenges at 
scale. We have also developed 
innovative new services for 
institutional clients, such as a Managed 
Indices service that tracks the general 
movements of an index while allowing 
us to modify their portfolios and seek 
enhanced returns or risk reduction 
through active management. 
Schroders Capital
Schroders Capital offer investors the 
opportunity for diversification and the 
potential for additional sources of 
returns in assets that are not available 
through public markets. Private equity, 
private debt and credit alternatives, 
real estate and infrastructure 
investments – the four pillars of our 
private markets business – have 
historically only been available to 
institutional investors and ultra-high-
net-worth clients. We have a 
differentiated private markets offering, 
such as in private equity where we 
specialise in buyouts of small and 
medium sized enterprises and in real 
estate where we are recognised for 
operation of hotels across Europe. 
Through new strategic partnerships 
and collective investment vehicles we 
are making investment opportunities 
in private markets available to a wider 
range of clients.
Wealth Management
Four wealth management 
businesses – Cazenove Capital, 
Schroders Wealth Management, 
Benchmark and Schroders Personal 
Wealth (see Associates and joint 
ventures) – position us to meet the 
needs of a wide spectrum of clients. 
Cazenove Capital serves high- and 
ultra-high-net-worth clients, family 
offices and charities in the UK. 
Schroders Wealth Management serves 
these client segments in the Channel 
Islands, Switzerland and Singapore. 
Benchmark Capital offers financial 
planning and advice to a broad range 
of clients and provides an investment 
platform used by financial advisers 
across the UK to help them meet the 
needs of their clients. Wealth clients 
benefit from the core investment 
expertise in public and private markets 
from our Asset Management segment. 
Associates and joint ventures
£101.2bn AUM
We partner with other leading firms, including BOCOM in China, Nippon Life in Japan, 
Axis in India and Phoenix Group in the UK, with whom we recently launched Future 
Growth Capital. These partnerships provide access or greater reach in markets with 
high potential.
Associates and joint ventures
£15.7bn AUM
Our joint venture with Lloyds Banking 
Group, Schroders Personal Wealth, 
offers financial advice and discretionary 
management for clients.
Corporate functions
Delivery of our services across Asset Management and Wealth Management is made possible by our robust and scalable operating 
platform, which includes key corporate teams, such as Global Technology, Operations, Finance, Risk and Compliance, People and 
Culture, Legal and Governance, Internal Audit and Tax.
Our investment strategies include:
– Equities
– Fixed income
– Infrastructure
– Multi-asset
– Private debt and credit 
alternatives
– Private equity
– Real estate
– Risk mitigation
Our business model
10
Schroders Annual Report and Accounts 2024

How our 
business 
works
We aim to achieve our purpose by combining investment expertise with extensive 
market knowledge and data to actively manage clients’ investment capital, with the 
goal of creating prosperity together. To do this, we need to attract and develop 
talented employees and maintain a robust, scalable operating platform. 
By serving clients’ needs, we aim to deliver positive outcomes for all stakeholders.
Understand our
clients’ needs
We develop a clear view of clients’ 
evolving needs by focusing our resources 
around key client segments. This supports 
our goal to build deeper, longer-lasting 
relationships. In Asset Management, we 
offer investment opportunities across 
public and private markets that respond 
to clients’ needs. In Wealth Management, 
our differentiated brands offer services 
that are designed for a range of clients, 
according to their specific needs 
and circumstances.
Create innovative
products and solutions
We recognise that clients have a wide 
variety of needs and goals. By combining 
client insights with market knowledge, 
data and our strong investment 
capabilities, we can design distinctive 
products and solutions. 
These are designed to fit our clients’ risk 
and return profiles, and any sustainability 
preferences. They are rigorously tested to 
ensure that they are fit for purpose.
Actively manage investments 
Asset Management 
Our asset class specialists actively manage clients’ investments. 
Using insights based on our proprietary research and technology, 
they seek opportunities aligned with clients’ long-term objectives.
Wealth Management 
We manage the investments of individuals, families, charities and 
foundations based on careful consideration of their circumstances 
and priorities. We also focus on the needs of current and future 
generations through our wealth planning and platform services.
How we earn money
Our services are designed to deliver our clients' investment goals. 
We charge them fees as a percentage of the assets we manage, as 
well as for the use of our platform or advisory services. We may 
also earn performance-based revenues and transaction fees.
How we create value over the long term
Growing people’s savings 
and pensions
We strive to create a brighter future for 
our clients, investors and society as a 
whole.
It is imperative that we never lose sight 
of the individuals who entrust us with 
their savings, which is why clients are at 
the heart of everything we do.
Shareholder returns
Creating shareholder value goes hand in 
hand with our core aim of providing 
excellent performance to clients. Being 
able to service clients’ needs, while 
thoughtfully allocating capital to higher 
growth areas, allows us to generate 
shareholder value and returns over the 
long term.
Active stewards of assets
We are responsible stewards of 
£778.7 billion of assets. We believe our active 
approach to investment will be increasingly 
important to meet our clients’ expectations. 
Active stewardship and management 
generates opportunities while helping 
businesses in their transition to a more 
sustainable model.
Client investment performance (5-year)
76%
Dividend per share
21.5p
Meetings with companies across a range of 
topics
>9,000
Strategic report
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Financial statements
Shareholder and
sustainability information
11
Schroders Annual Report and Accounts 2024

We focus on 
opportunity...
Our long-term strategic goal has been to unlock future growth by 
recognising the changing needs of clients and wider 
macroeconomic and industry trends. We have deliberately built 
capabilities to capture these opportunities.
Our purpose: creating prosperity together 
Our vision: we partner with our clients to provide trusted advice and invest in the assets and markets that matter to them, 
building their future prosperity through excellent investment outcomes. 
Addressing clients’ needs through active management
Our active management approach, our expertise as a provider of tailored solutions and our experience through market cycles 
allow us to focus on addressing clients’ goals in a complex world. Our scalable operating platform is designed to address their 
needs efficiently. 
Delivering for clients across...
Public Markets
Schroders Capital
Wealth 
Management
Identifying listed assets with potential 
for excess returns remains a key client 
need. Our core range of actively 
managed global products helps 
investors seek risk-adjusted returns, in 
a changing world. Strategic 
partnerships provide opportunities for 
profitable growth and access to some 
of the world’s largest markets, 
including the US, China and India.
We have developed a differentiated 
offering across the four pillars of our 
Schroders Capital business, allowing us 
to serve clients who want access to the 
growth, income and diversification 
opportunities they present. Expansion 
of private markets, their importance to 
wealth and institutional clients and 
innovations in how they can be 
accessed by individual investors make 
this an important growth opportunity.
Getting closer to investors and building 
longer-lasting relationships allows us to 
deliver more relevant and tailored 
investment, advisory and platform 
services for a range of investors. 
Expanding our Wealth Management 
business creates opportunities to 
deepen client relationships and offer 
differentiated services that add value.
A business diversified across capabilities, regions and products (AUM)
Strategy
12
Schroders Annual Report and Accounts 2024
Businesses
l Public Markets
 60% 
l Schroders Capital
 9% 
l Wealth Management
 16% 
l JVs and associates
 15% 
Regions
l UK
 48% 
l EMEA
 15% 
l Asia Pacific
 25% 
l Americas
 12% 
Products
l Equities
 28% 
l Multi-asset
 26% 
l Fixed Income
 19% 
l Wealth Management
 18% 
l Private Assets & 
Alternatives
 9% 

...in a changing
world
Global themes
Democracy
In 2024, more than 4 billion people, 
representing over half of the global population, 
had the opportunity to vote in elections held 
across more than 50 countries.
1 The changing 
policies of governments globally will have a 
significant impact on the economies and 
markets in which we operate.
Disruptive technologies
The pace of development in generative AI 
highlights how unpredictable the impact will be 
on industries and economies. Significant and 
rapid technological progress and efficiency gains 
are possible, but there are also potential 
challenges for regulation, intellectual property, 
data management, and public trust in sources 
of information.
Debt
Growing public debt around the world continues 
to shape the market backdrop and government 
fiscal policies. Governments are adopting more 
proactive fiscal policies and higher interest rates 
than in the last decade and seeking to balance 
between stimulating growth through spending 
and maintaining debt sustainability.
Decarbonisation
We believe the need for investment to transform 
global energy systems will remain a long-term 
theme, despite changing political priorities. To 
reach net zero by 2050, annual clean energy 
investment worldwide will more than need to 
triple by 2030 to around $4 trillion.
2 China’s 
substantial investments in clean energy mean its 
market will play a key role in global efforts to 
meet emissions targets. 
Demographics
Ageing populations and migration are driving 
increasing need for healthcare and pension 
spending in wealthier countries. At the same 
time, debt and low growth continue to constrain 
economies.
Deglobalisation
Conflict and geopolitical tensions continued in 
2024, motivating governments and industries to 
rethink supply chains and allocation of capital. 
Despite this, and despite the risk of tariffs 
between the US and other trading blocs, we 
anticipate global growth in 2025.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
13
Schroders Annual Report and Accounts 2024
Search for income, returns and 
resilience
Recent investment flows have concentrated money in fewer 
large companies and markets. In today’s environment of 
fiscal, geopolitical and environmental complexities, investors 
seeking income, returns and portfolio resilience may have to 
look beyond benchmarks and recent winners. This presents 
an opportunity for us to demonstrate the role of active 
management in offering differentiation and diversification.
Growth and change in pensions      
and savings
Personal financial assets in the Asia-Pacific region are 
expected to grow by an average of 8% annually over the next 
five years, surpassing the global average of 5%.
3 Globally, the 
changing economic outlook is prompting investors to 
consider saving more, spending less and adjusting their 
investment strategies. In the UK, government pension policy 
aims to create larger pools of investable capital.
Expansion of private markets
The share of global asset management revenues derived 
from private markets is expected to reach 55% by 2027.
4 
More individual investors are seeing private assets as a new 
potential source of performance, risk mitigation and 
sustainability. At the same time, technological 
developments and new types of fund are widening the 
opportunities for private investors to access different 
private market asset classes.
Climate and sustainability
Builders of global energy infrastructure and renewable 
energy generators require capital investment to drive the 
transformation of global energy systems, and some 
investors continue to look for the opportunities that this 
provides for returns and to decarbonise their own 
portfolios. While the political focus on climate change may 
vary over time, we remain focused on investment 
opportunity and outcomes for clients. 
Technology and data
Developments in technology and generative AI are creating 
opportunities to personalise investments and improve 
customer experience. We also see potential to improve the 
efficiency of the delivery of investment products and 
increase access to a greater range of assets and markets.
Opportunities and trends
1.
Why 2024 is a record year for elections | World Economic Forum.
2.
Net Zero by 2050 - Analysis | International Energy Agency.
3.
Fortunes Rising Fast in Asia-Pacific | BCG.
4.
BCG Global Asset Management | BCG.

Strategic journey
in 2024
We continued to deliver against our long-term strategic priorities, 
while improving operational efficiency. We continued to focus       
on clients during a year of leadership transition and the 
implementation of our Client Group structure and strategic      
client framework.
Delivering for clients across...
Progress in 2024
Public Markets
– Our mutual funds business returned to positive flows for the first calendar year since 
2021.
– There were four main considerations for clients’ portfolios in public markets: global 
equity diversification; income in an era of higher interest rates and inflation; 
decarbonisation; and outsourcing investment management services to address 
clients’ needs to navigate complexity.
– We developed a multi-billion Euro fundamental global equity solution with a 
sustainability lens for a European pension fund who moved to an active strategy 
from their existing passive approach. 
– In the UK, we announced plans to adopt the Financial Conduct Authority’s (FCA) 
Sustainability Disclosure Requirements (SDR) labels across ten funds in 2024, and for 
a further six by the time of publication of this report.
Schroders Capital
– Our revenue from new business in Schroders Capital almost doubled.
– We launched our Private Markets for Private Clients campaign focused on individual 
investors who are looking to grow their exposure to private assets through 
evergreen and semi-liquid solutions.
– We launched a new UK investment manager, Future Growth Capital (FGC) in 
partnership with Phoenix Group, which will enable pension savers to access 
alternative sources of returns and diversification in private markets. 
– We strengthened Client Group teams in Schroders Capital, notably focusing on 
private markets for wealth clients.
Wealth 
Management
– Strong financial performance in Wealth Management was a key driver of our stable 
underlying revenues.
– We strengthened key teams in Wealth Management to meet the growing demand 
for wealth planning among charities and family offices in the UK. We are the largest 
manager of charitable assets in the UK.
– In June, the charity-focused Sustainable Multi-Asset Fund reached £2 billion in client 
investments, making it the fastest growing charity fund in the UK over the past five 
years.
– We announced the acquisition of Whitley Asset Management, extending our family 
office capability and signalling our continued commitment to Cazenove Capital’s 
leading franchise with UK ultra-high-net worth clients, and recognising the 
importance of trusted relationships in this business.
Our strategy has been shaped by our strategic risks. Please see pages 29 – 31 for more details about those risks.
Strategy continued
14
Schroders Annual Report and Accounts 2024

Future focus
Addressing clients’ needs
Focus and invest in areas where we excel in Public Markets
Understand our clients’ 
needs
Investment research plus the tools and 
operations that support alpha 
generation and our experience through 
market cycles enable us to understand 
complex client needs.
Create innovative 
products and solutions
We invest in AI and technology, apply 
public policy expertise and engage with 
regulators to develop client-focused 
products and services for the future.
Actively manage 
investments
We have more than 49 investment 
teams globally. They collaborate with 
clients across our three businesses and 
use our engagement framework to 
manage our clients’ investments actively.
– We will focus on, and invest in, core strategies where we have differentiated capabilities 
and a strong, long-term track record of alpha generation.
– By realising synergy in our best-in-class research and portfolio construction, we will 
drive efficiency and enhance our operational capabilities.
– Through our global network we will match our areas of strength with client demand.
– We are committed to being the active manager of choice, recognised for the 
sophisticated investment solutions we offer and our holistic approach to client service.
Drive flows into differentiated, specialist capabilities in Schroders 
Capital
– We will build a specialist sales team and accelerate gross flows into our differentiated 
private market products.
– We will look to build further strategic partnerships and high-potential investment 
propositions to enable growth.
– Building on the strengths of the Group, we aim to capitalise on trends such as the 
expansion of private assets into wealth management and growing demand from 
insurance and pension funds.
Sustain and build our successful track record in Wealth Management
– In Cazenove Capital, we will maintain our focus on exceptional client service and strong 
investment outcomes. We will target further growth by expanding our team of senior 
wealth managers and through culturally-aligned, bolt-on acquisitions in the UK – and 
internationally, through Schroders Wealth Management.
– In Schroders Personal Wealth, we will continue to drive scale and profitability 
improvements.
– In Benchmark, we will focus on driving continued organic growth, particularly in our 
award-winning model portfolio solutions offering.
Accelerate transformation and deploy capital effectively
– We will implement transformation initiatives, focusing on simplification of the business 
to remove duplication and overlap of processes.
– We aim to deliver earnings growth through cost efficiency and targeted investment, 
while maintaining our focus on clients and leveraging previous investment in 
technology.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
15
Schroders Annual Report and Accounts 2024

Our people: 
committed           
to purpose        
and impact
Our strengths lie in active management, trust in our brand, client-
focused innovation, and our commitment to our people and 
communities. We nurture these strengths because they allow us to 
deliver investment solutions that address the evolving needs of 
our clients.
Our values
Excellence
Our commitment to excellence fuels our drive to create value for all stakeholders and a thriving long-term future for our business.
Innovation and teamwork
We disrupt the status quo, anticipate future opportunities, and embrace the transformative power of teamwork. We aim to deliver 
value by appreciating individual contributions and by harnessing the power of collaboration and technology.
Passion and integrity
We are determined in our ambition and pragmatic in delivery. We carry out our responsibilities with great care, energy and 
determination. This is complemented by a culture of transparency and accountability.
Our people
The commitment, drive and innovation of 
our people enable us to deliver our vision 
successfully.
We aim to attract people with the skills and 
passion to help us achieve our purpose.
This means creating a high-performing 
culture that is inclusive and provides 
employees with opportunities to grow.
To maintain our position as an employer 
of choice, we aspire to offer:
– pride and purpose
– fair pay for performance
– an empowering, supportive and
inclusive environment
– quality work and skills development
Pride and purpose
At Schroders, our employees are essential 
to our purpose of partnering with clients to 
provide trusted advice and invest in assets 
that build future prosperity. 87% of 
employees express pride in our workplace, 
exceeding external benchmarks. This 
reflects our ongoing commitment to 
fostering a purpose-driven and inclusive 
culture. We strengthen engagement 
through transparent communication 
methods, such as personalised vlogs 
and “Inside Schroders Lite” sessions, 
connecting leadership with staff and 
reinforcing our shared sense of purpose.
Our Global Employee Forum (GEF) plays a 
crucial role in amplifying employee voices 
to our Group Executive Committee (Group 
ExCo) and Board. It fosters collaborative 
dialogue that supports our staff, strengthens 
our business operations, and enhances the 
client experience through informed and 
representative decision-making.
Fair pay for performance
We aim to recognise and reward 
employees through a combination 
of compensation and benefits.
Salary and bonus decisions are governed 
by our Fair Pay for Performance 
framework, meaning each decision takes 
into account:
– annual performance: Group-wide, team 
and individual performance, including 
behaviours and conduct
– market context: reviewing pay levels and 
outlook among relevant comparators, as 
well as wider economic conditions
– relativities: validation and challenge of 
compensation proposals to ensure 
fairness versus peers and markets
– individual context: considering the 
skills, experience and potential of 
each employee 
Carefully balancing all these factors allows 
annual pay outcomes to be fair and drive 
high performance. 
We aim to provide competitive benefits and 
support to our employees in line with local 
market norms. Our flexible offering 
empowers people to choose options that 
suit them. 
An empowering, supportive and 
inclusive environment
We empower our people with autonomy 
and flexibility in a supportive environment. 
At the heart of our inclusive culture is our 
global Flexible Working Charter, which 
helps us attract and retain talent.
We have voluntarily published our gender 
pay gap since 2017 and our UK ethnicity 
pay gap since 2023. For further details on 
our workforce diversity aspirations and 
representation, see page 86.
In keeping with our Equal Opportunities 
Policy, we give full and fair consideration 
to all employment applications, including 
those from disabled people, considering 
their aptitudes, skills, behaviours and 
abilities. If employees experience a 
disability, we continue to employ them 
wherever possible, with retraining if 
necessary to enable continued career 
development.
Our Wellbeing framework is dedicated 
to fostering a healthy culture and our 
Wellbeing Community is among the 
largest voluntary groups within the firm. 
The way employees feel about our efforts 
is reflected in our 83% favourable 
employee engagement score to the 
statement “Schroders cares about my 
health and wellbeing”.
Our comprehensive approach to wellbeing 
is delivered through educational events 
and initiatives from the People and Culture 
team, addressing both mental and physical 
health risks with equal emphasis. 
By utilising data-driven insights and 
employee feedback, we customise our 
benefits and support systems to effectively 
meet the diverse needs of our employees 
and promote healthy behaviours. 
Furthermore, our global Employee 
Assistance Programme (EAP) offers 
confidential support. Complementing this, 
our progressive wellbeing policies, 
including those related to mental health 
People and community
16
Schroders Annual Report and Accounts 2024

and menopause, ensure necessary 
workplace adaptations. Through vigilant 
monitoring of absences and benefits 
utilisation, we continuously refine our 
strategies, ensuring a supportive and 
thriving work environment for all.
Quality work and skills development
We support employee development and 
career aspirations through training and 
opportunities aligned with business 
growth. By investing in our employees’ 
development, we strengthen our capability 
to meet client needs and uphold service 
standards. 
Regular feedback allows us to prioritise 
initiatives for attracting and retaining 
top talent. 
In 2024 we rolled out the AI Academy on 
our learning and development platform for 
all employees. The content includes the “AI 
Fundamentals Pathway” for beginners 
through to an engineering pathway to 
support more advanced development. By 
adopting AI tools throughout the business, 
we aim to enhance productivity. These 
tools enable employees to automate 
routine tasks, streamline their workflows, 
and develop a future-fit workforce.
Retention of highly rated 
employees
94%
This highlights our commitment to 
fostering a supportive and engaging 
work environment. This reflects the 
strength of our initiatives in 
maintaining employee satisfaction and 
nurturing top talent.
Our commitment to inclusion
89%
Employees who agree that we are 
committed to fostering an inclusive and 
diverse culture in the workplace. An 
increase from 87% in 2023 to 89% in 
2024 underscores that our people feel 
valued and respected.
People at Schroders trust and 
respect each other
87%
The percentage of employees affirming 
a culture of trust and respect. An 
increase from 85% in 2023 to 87% in 
2024 highlights our commitment to 
fostering healthy relationships and a 
collaborative environment, aligning 
with our values of integrity and 
teamwork.
Community
Investing in our communities and supporting 
charitable causes demonstrates how we act 
with purpose. This fosters a sense of pride 
and belonging among our people and 
creates a positive impact on society.
Our approach is overseen by our Global 
Charity Committee, which reports to our 
Group Sustainability and Impact 
Committee. Regional committees, 
champions and employee resource groups 
help to co-ordinate and mobilise local 
activities for collective action.
Corporate giving
In 2024, we committed £5.9 million
1 to 
charitable causes around the world (2023: 
£5.4 million), £1.2 million of which was 
outside the UK (2023: £1.4 million).
Charity partnerships
Our charity partnerships focus on 
improving equality and protecting the 
planet. They provide our employees with 
opportunities to make a difference by 
supporting mental health, promoting 
equity and social mobility, promoting 
entrepreneurship, innovation and 
leadership in young people, supporting 
financial education for disadvantaged 
children, and protecting the environment.
Employee giving
We encourage employees to contribute 
their time and develop their skills by 
providing 16 hours of paid volunteer time 
each year. We promote a variety of 
opportunities to suit different skills and 
time commitments. Our employees 
registered more than 6,600 hours of 
volunteering during office hours in 2024, 
representing a 24% increase from 2023. 
This equates to a monetary value of nearly 
£600,000
2.
We also offer matching schemes that 
support fundraising both inside and 
outside the office, as well as personal 
payroll giving, to amplify our people’s 
efforts in fundraising and donating to 
causes that matter to them.
Donations committed to charitable 
causes
1
£5.9 million
2023: £5.4 million
1.
We have included charitable donations,  
memberships, sponsorships and research as per 
the Business for Societal Impact (B4SI) 
methodology. 
2.
Calculated using the B4SI methodology.
Non-financial and 
sustainability information 
statement
In accordance with sections 414CA 
and 414CB of the Companies Act 2006, 
which outline requirements for non-
financial reporting, the table below is 
intended to indicate where in the 
Annual Report our stakeholders can 
find the content they need to 
understand our development, 
performance and position regarding 
non-financial and sustainability 
matters, including environmental 
issues, our employees, social matters, 
respect for human rights, and anti-
corruption and anti-bribery efforts. 
Non-financial key performance 
indicators can be found throughout 
the below referenced sections and on 
pages 2 to 3. 
Description of 
business model
Pages 10 to 11
Description of 
principal risks, 
impacts on the 
business and risk 
mitigation 
Pages 26 to 31
Leadership in active 
management
Pages 22 to 23
Governing our 
non-financial 
information 
Page 184
Climate and 
environment: 
Climate-related 
financial disclosures, 
prepared in 
accordance with the 
Companies (Strategic 
Report) (Climate-
related Financial 
Disclosures) 
Regulations 2022
Pages 24 to 25 
and 177 to 183
Employees
Pages 16 to 17, 
53, 62 to 72 
Social matters
Pages 16 to 17 
and 32 to 33
Human rights
Pages 32 to 33
Anti-bribery and 
anti-corruption
Pages 28 to 29 
and 54 to 61
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
17
Schroders Annual Report and Accounts 2024

Opportunities 
to drive 
profitable 
growth
Meagen Burnett
Chief Financial Officer
We are simplifying and 
scaling our operating platform 
to focus on where we excel 
for clients and, in turn, drive 
profitable growth and 
enhance shareholder value.
Understanding the drivers of our 
financial results
Client demand for Schroders' investment 
expertise remained strong in increasingly 
complex market conditions, with gross client 
inflows in 2024 (excluding joint ventures 
and associates) totalling £129.7 billion 
(2023: £126.1 billion). We saw demand from 
clients across a broad range of investment 
styles and mandates, particularly global 
equities, corporate bonds, solutions such as 
fiduciary management, liability driven 
investment and risk-controlled growth, and 
securitised credit within Schroders Capital. 
Wealth Management flow momentum 
remained strong.  
Overall, however, we saw a total net 
outflow excluding joint ventures and 
associates of £10.8 billion. The main driver 
of this, beyond typical levels of client 
redemptions, was the result of two Scottish 
Widows mandate changes. We maintain a 
strong and broad strategic relationship 
with Lloyds Banking Group. 
We continue to invest in our operating 
platform to innovate, scale and improve 
delivery for clients. In 2024, we started to 
realise the benefits of the migration of our 
Wealth Management operations from 
Zurich to Horsham, UK. We launched 
innovative products through our tokenised 
insurance linked securities (ILS) capability 
and we are actively integrating AI into the 
way we do business. 
Public Markets: supporting 
clients with active management
Our Public Markets business has 
addressed four key themes in clients’ 
portfolios over the last couple of years:  
– Global: while clients want to share in the 
growth seen in the US, they increasingly 
want to manage the concentration risk 
associated with very narrow markets. 
This has led to strong inflows into our 
global equity strategies. 
– Income: in an era of higher interest rates 
and inflation, clients’ capital needs to 
work harder. We launched a new multi-
asset income fund with HSBC Global 
Private Banking to address this need.
– Decarbonisation: over two thirds of our 
strategic clients have net zero 
commitments. We see strong demand 
for our active portfolio decarbonisation 
solutions across client segments.
– Insurance and outsourced CIO: these 
represent large and growing 
addressable markets, with higher asset 
longevity. Our operating platform, 
investment breadth across asset classes 
and advisory expertise enable us to build 
scale in these channels. 
Only by taking an active approach can we 
provide solutions that address these 
themes. In 2024, for example, we 
developed a multi-billion fundamental 
global equity solution with a sustainability 
lens for a European pension fund who 
moved to an active strategy from their 
existing passive approach.
Business and financial review
18
Schroders Annual Report and Accounts 2024

By business area, Mutual Funds finished the 
year with £1.3 billion of net inflows despite 
the headwinds to active flows around the 
time of the US election. In the Institutional 
business area, net outflows were £6.3 
billion, impacted by a net rotation out of 
regional equity strategies. In the Solutions 
business area, we saw net outflows of £16.6 
billion, largely driven by outflows from 
Scottish Widows. This masked pension fund 
inflows, including a substantial cash flow 
matching mandate.
At an asset class level across Public 
Markets, fixed income strategies drew £1.4 
billion of net inflows, while equities saw 
£18.2 billion of net outflows. 
Schroders Capital: delivering for 
clients in our chosen specialisms
Our specialised private markets business, 
Schroders Capital, continues to benefit 
from our focused approach. We are 
competing in specialisms where we have 
deep knowledge of the markets, together 
with the networks needed to access 
restricted opportunities.
Gross fundraising increased to £10.8 billion 
and we delivered positive NNB of £4.5 
billion. We recorded positive NNB across all 
regions and in each of our pillars: private 
equity, private debt and credit alternatives, 
infrastructure, and real estate. 
Wealth Management: strength of 
our client proposition
The strength of our Wealth Management 
business has been a key driver of our 
resilient results for 2024. Amidst 
macroeconomic uncertainties including 
electoral change and the Autumn Budget 
in the UK, our teams partnered with 
clients through the provision of advice 
and/or investment management. As a 
result of our regional strategy to extend 
our Cazenove Capital offering to business 
owners and high-net-worth individuals, 
we are supporting new clients across the 
UK market, for example as we partner 
with entrepreneurs as they complete 
liquidity events.
We generated NNB of £6.3 billion in the 
Wealth Management business last year, 
with Cazenove Capital contributing £4.0 
billion. In October, we announced the 
acquisition of Whitley Asset Management, 
signalling our continued commitment to 
extending Cazenove Capital’s leading 
franchise with UK ultra-high-net-worth 
families, successful business owners and 
charities.   
Joint ventures and associates: 
accessing global markets through 
collaboration
We leverage global partnerships to deliver 
our world-class investment capabilities and 
broaden our client reach. These businesses 
are typically more cyclical, and we achieved 
NNB of £6.1 billion from joint ventures and 
associates in 2024. We saw positive, albeit 
volatile, flows into our China ventures 
where we operate with our long-standing 
partner, Bank of Communications China. 
The reduced profitability from these 
ventures impacted our total share of profit 
from joint ventures and associates. 
Pleasingly, our associate in India, Axis Asset 
Management, and our joint venture in the 
UK, Schroders Personal Wealth, both saw 
good momentum, with our share of profits 
after tax rising to £15.1 million and £9.9 
million, respectively.
Cost: disciplined management of 
our controllable cost base
In 2024, we saw a modest 2% year-on-year 
increase in operating expenses. This was 
achieved by limiting non-compensation 
cost growth to 3% and keeping 
compensation cost growth to 1%. A portion 
of our non-compensation costs are related 
to services where fees are charged as a 
percentage of the AUM we manage. Our 
considerable effort to limit cost inflation on 
our controllable cost base, in part due to 
the cost measures we undertook in 2023, 
enabled us to keep cost growth lower than 
AUM growth in 2024. 
Balance sheet: optimising and 
strengthening our capital 
position
Last year, we successfully issued our 
inaugural £250 million Tier 2 debt. This 
strategic move enhanced the efficiency of 
our capital stack, reduced our weighted 
average cost of capital, and further 
strengthened the Group’s overall capital 
and liquidity positions.
Meagan Burnett
Chief Financial Officer 
5 March 2025
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
19
Schroders Annual Report and Accounts 2024
Enhancing outcomes for 
shareholders
Q. What did you learn in your 
previous role as Chief Operating 
Officer (COO) that will influence your 
priorities as CFO?
In my role as COO, I had accountability 
for operations, technology, change and 
transformation across the Group. My 
teams developed and implemented an 
operating strategy designed to 
maximise our investments in technology 
and data. This approach aimed to create 
an efficient, effective and resilient 
platform, underpinning the performance 
outcomes our investors deliver for our 
clients. Understanding how the business 
fits together from front to back enabled 
me to recognise the drivers of value and 
return on equity. I learned the 
importance of finding balance. In my 
new role, this will by a key factor in 
decision making, such as how to achieve 
scale while delivering bespoke client 
outcomes, and balancing investing for 
growth and maintaining cost-efficiency.  
Q. How do clients’ needs shape the 
strategic decisions Schroders makes? 
Clients’ needs are paramount. We work 
closely with our clients to build their 
future prosperity, and only by providing 
excellent solutions to their investment 
challenges can we continue to remain 
relevant. 
Innovation is crucial: as our clients’ desired 
outcomes evolve, so must our offering. 
This may be evolving the solutions we can 
offer clients, or the way they are 
structured. We are looking to harness 
innovation to improve client access to our 
capabilities, such as launching active ETFs 
in Europe. 
Q. What are the key drivers to improve 
shareholder returns at Schroders?
For me, improving shareholder outcomes 
starts with a disciplined and focused 
approach to capital investment and 
resource management. You can read more 
about this and our future focus on page 9. 
We are focusing our investment in areas 
where we can excel for clients, and in turn, 
drive profitable growth and enhance 
shareholder value. By streamlining 
operations, we boost efficiency and can 
reinvest in high-potential growth areas. 
Reviewing how we publicly report our 
financial performance is another priority 
that aims to improve shareholder 
outcomes. In 2025, we will redefine the 
structure of our income statement and 
associated performance measures, 
enhancing the transparency of our 
reporting.

Public Markets
£ billion
Schroders 
Capital
Solutions
Mutual 
Funds Institutional
Asset 
Management
Wealth 
Management
Total (excl 
JVs and 
associates)
Joint 
ventures and 
associates
Group Total
Opening AUM 
 
66.2  
228.3  
103.5  
134.2  
532.2  
110.2  
642.4  
108.2  
750.6 
Transfers
 
(0.2)  
0.2  
–  
–  
–  
–  
–  
–  
– 
Gross inflows
 
10.5  
34.6  
35.3  
28.5  
108.9  
20.8  
129.7  
448.8  
578.5 
Gross outflows
 
(6.0)  
(51.2)  
(34.0)  
(34.8)  
(126.0)  
(14.5)  
(140.5)  
(442.7)  
(583.2) 
Net new business
 
4.5  
(16.6)  
1.3  
(6.3)  
(17.1)  
6.3  
(10.8)  
6.1  
(4.7) 
Acquisitions
 
–  
–  
–  
–  
–  
2.4  
2.4  
–  
2.4 
Investment returns
1
 
(0.4)  
1.6  
6.0  
12.7  
19.9  
7.9  
27.8  
2.6  
30.4 
Closing AUM
 
70.1  
213.5  
110.8  
140.6  
535.0  
126.8  
661.8  
116.9  
778.7 
1.
Includes markets, foreign exchange and investment performance. Foreign exchange decreased AUM including joint ventures and associates by around £7.9 billion 
(2023: decrease of £25.8 billion) and decreased AUM excluding joint ventures and associates by £6.9 billion (2023: decrease of £18.6 billion).
Financial performance
AUM including joint ventures and associates 
reached £778.7 billion, buoyed by positive 
markets and investment performance. 
Markets generally performed strongly, most 
notably in the US, supported by positive 
economic data and lower interest rates. 
Markets and investment returns 
contributed £38.3 billion including joint 
ventures and associates, while the 
appreciation of sterling reduced AUM by 
£7.9 billion. Net outflows of £4.7 billion 
were driven by withdrawals from a small 
number of clients, most significantly 
Scottish Widows.
Average AUM excluding joint ventures and 
associates increased 5% year-on-year, 
driven by positive investment returns, net of 
foreign exchange movements. The benefit 
of this was, however, dampened due to the 
composition of our NNB, with inflows 
continuing to be weighted towards lower-
margin products, which resulted in lower 
average fee margins in our Public Markets 
business. This, coupled with lower 
performance fees and net carried interest of 
£63.4 million (2023: £84.2 million), resulted 
in net operating revenue of £2,357.7 million, 
up 1% year-on-year (2023: £2,334.4 million).
Our share of profits from joint ventures and 
associates reduced to £47.6 million (2023: 
£51.1 million), mainly due to lower profits 
from our long-standing venture with Bank 
of Communications in China. This was partly 
the result of market-wide fee caps that were 
introduced in China in July 2023, as well as 
continuing market volatility in the region. 
Net operating income for the year was 
£2,426.8 million (2023: £2,419.0 million). 
Total operating expenses of £1,786.3 
million (2023: £1,758.0 million) were up 2% 
year-on-year. Within this, operating 
compensation costs were £1,123.3 million 
(2023: £1,112.4 million), representing a 
stable compensation ratio of 46% (2023: 
46%). Non-compensation costs were 
£663.0 million (2023: £645.6 million), 
principally due to higher platform costs as 
a result of the increase in average AUM, 
with favourable foreign exchange 
movements largely mitigating other 
inflationary pressures. 
Following the impact of both lower 
performance fees and reduced returns 
from our joint ventures and associates, 
operating profit was £640.5 million (2023: 
£661.0 million). Statutory profit before tax 
ended the period at £558.1 million (2023: 
£487.6 million), supported by the non-
recurrence of restructuring charges. 
The Board has proposed a final dividend of 
15.0 pence per share (2023: 15.0 pence 
per share).
Asset Management segment
Asset Management net operating income 
for the year was £1,929.1 million (2023: 
£1,982.2 million). The benefit on income of 
higher average AUM was partially offset by 
a softening in the average fee margin as a 
result of the shift in our asset class 
composition, as well as lower performance 
fees and reduced returns from joint 
ventures and associates. 
Operating expenses in Asset Management 
decreased 1% to £1,461.2 million (2023: 
£1,471.7 million), reflecting our continued 
focus on cost control.  
Overall, these movements resulted in 
operating profit of £467.9 million 
(2023: £510.5 million) for the Asset 
Management segment.
Public Markets
Mutual Funds saw positive net flows over 
the period, with total NNB amounting to 
£1.3 billion (2023: net outflows of £4.2 
billion). AUM in Mutual Funds finished the 
period at £110.8 billion (2023: £103.5 
billion), with net operating revenue of 
£710.5 million (2023: £720.5 million). The 
net operating revenue margin excluding 
performance fees reduced by 3 basis 
points to 66 basis points (2023: 69 basis 
points), principally due to NNB mix, 
reflecting a shift in demand in equities 
from regional to global as well as a rotation 
into fixed income.
Our Institutional business area saw net 
outflows of £6.3 billion (2023: £9.2 billion), 
as a result of withdrawals from a small 
number of clients. This was more than 
offset by positive markets and investment 
performance, resulting in Institutional AUM 
increasing to £140.6 billion (2023: £134.2 
billion). Institutional net operating revenue 
was £489.1 million (2023: £499.4 million), 
while the net operating revenue margin 
excluding performance fees reduced by 1 
basis point to 34 basis points (2023: 35 
basis points).
Solutions saw net outflows of £16.6 billion 
(2023: net inflows of £12.0 billion), 
predominantly driven by withdrawals from 
Scottish Widows, which accounted for 
£13.5 billion. A further £4.9 billion was the 
result of successful buyout activity for 
pension fund clients looking to derisk. AUM 
closed at £213.5 billion (2023: £228.3 
billion). Solutions net operating revenue 
was £252.7 million (2023: £268.5 million). 
The net operating revenue margin 
excluding performance fees reduced to 
11 basis points (2023: 12 basis points).
Schroders Capital
Our private markets business, Schroders 
Capital, generated gross fundraising of 
£10.8 billion (2023: £9.3 billion). Just over 
half of this was generated by the private 
debt and credit alternatives pillar, with 
strong fundraising in our Junior 
Infrastructure Debt Europe III fund. The 
remainder was diversified across the other 
three asset class pillars. Non-fee-earning 
dry powder stood at £4.2 billion at the end 
of the year (2023: £4.0 billion). 
Schroders Capital NNB was £4.5 billion 
(2023: £4.5 billion), helping increase AUM 
to £70.1 billion (2023: £66.2 billion). Net 
operating revenue including performance 
fees and carried interest grew to £426.7 
million (2023: £422.8 million). The net 
operating revenue margin excluding 
performance fees and carried interest 
remained at 57 basis points (2023: 57 
basis points). 
Business and financial review continued
20
Schroders Annual Report and Accounts 2024

Asset Management joint ventures
and associates
Our total share of profits from Asset 
Management joint ventures and associates 
was £37.1 million (2023: £48.7 million), 
reflecting volatility from our interests in 
China. Asset Management joint ventures 
and associates gathered NNB of £5.7 
billion, helping increase AUM by 8%,
 which finished the period at £101.2 billion 
(2023: £93.9 billion). 
Wealth Management segment
Our Wealth Management business 
continued to perform strongly in 2024. 
Total NNB was £6.3 billion (2023: £6.6 
billion), including £0.4 billion from 
Schroders Personal Wealth (SPW), our joint 
venture with Lloyds Banking Group. Total 
NNB for the segment equates to an 
annualised growth rate of 5.4% of opening 
AUM, in line with our target of 5–7% NNB 
per annum. 
Wealth Management AUM excluding joint 
ventures and associates ended the period 
at £126.8 billion (2023: £110.2 billion), while 
AUM including joint ventures and 
associates ended the period at £142.5 
billion (2023: £124.5 billion), up 14%. Net 
operating revenue increased by 13% to 
£478.7 million (2023: £423.2 million).
Our share of profits from Wealth 
Management joint ventures and associates 
contributed £10.5 million (2023: £2.4 
million), with the increase principally driven 
by SPW. Wealth Management net 
operating income increased 14% to £497.7 
million (2023: £436.8 million), driven by 
continued strong NNB and higher 
transaction fees. The net operating 
revenue margin excluding performance 
fees reduced to 40 basis points (2023: 41 
basis points), mainly because of lower 
interest rates and flows into gilts.
Operating expenses increased to £325.1 
million (2023: £286.3 million). The increase 
in the year principally reflects our 
continued investment in the business, both 
through strategic hires and enhancements 
to our IT. Despite increased expenses, 
operating profit for the segment increased 
by 15% to £172.6 million (2023: £150.5 
million). In light of the overall market 
environment, this represents very strong 
performance.
Financial strength and liquidity 
Our year-end capital position remains 
strong, with a regulatory capital surplus of 
£919 million (2023: £630 million). During 
the year we took advantage of favourable 
market conditions and issued £250 million 
Tier 2 notes, to strengthen and diversify 
the Group’s sources of capital and liquidity 
further. The Group’s net assets were £4.5 
billion (2023: £4.5 billion). 
The different forms of business that we 
conduct affect our total assets and liquidity. 
Generally, assets that are managed by the 
Group on behalf of clients are not included 
in the consolidated statement of financial 
position. There are, however, certain 
exceptions to this.
Within Asset Management, certain clients 
invest through life insurance policies that 
are managed by our Life Company, 
Schroder Pensions Management Limited. 
The assets backing these policies are held 
by the Life Company and are therefore 
included in the consolidated statement of 
financial position along with a matching 
policyholder liability. Additionally, 
we consolidate certain pooled funds 
which we are deemed to control under 
accounting standards.
Within Wealth Management, the 
subsidiaries that provide banking services 
are legally responsible for the banking 
assets and liabilities. They are therefore 
included in the consolidated statement of 
financial position. The assets are managed 
to earn a net interest margin while having 
regard for the liquidity demands that may 
arise from clients.
After adjusting for these structures, the 
Group’s total assets comprised cash and 
other financial assets of £2.0 billion (2023: 
£1.7 billion) and other assets of £4.2 billion 
(2023: £4.1 billion). 
Financial assets include seed investments 
and co-investments. During 2024, 
seed investments decreased to £297 
million (2023: £314 million) and co-
investments increased to £155 million 
(2023: £148 million). 
Other assets include goodwill and 
intangible assets, which are inadmissible 
for regulatory capital purposes, and assets 
that support our ongoing operating 
activities in the form of working capital.
Other liabilities principally comprise trade 
and other payables, lease liabilities and the 
Group’s Tier 2 notes. In 2024, the Group’s 
provisions increased to reflect required 
building repairs. Given the associated 
insurance recoverable, this did not have a 
material impact on the Group’s net assets.  
The Group has a committed revolving 
credit facility of £850.0 million provided by 
ten banks that matures in November 2029 
and which was unutilised at year end 
(2023: unutilised).
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
21
Schroders Annual Report and Accounts 2024

Investing for clients 
in a changing world
Our active management approach is focused on 
addressing clients’ long-term goals in a world of 
complexity and change. The research, tools and 
operations we have developed are all directed 
towards positive investment outcomes for them.
In a world of concentrated and volatile 
public markets, clients need an investment 
approach that balances risk and reward, 
that is agile, and that is future-focused. 
They rely on us more than ever to guide 
them through the complexities of 
protecting and growing their capital. 
This is the role of active management. 
Trust in our investment, advisory and 
wealth management capabilities is 
essential as clients increasingly turn to us 
for our leadership in long-term, active 
management across both public and 
private markets. 
As social and environmental challenges 
become more acute, fundamental insights 
in those areas are increasingly important 
for investors.
Our active approach
The structural forces shaping economies, 
industries and investment portfolios are 
becoming more diverse, complex, intense 
and fast-moving. Financial markets reflect 
the economic and business activity that 
drives the underlying economy. Issues that 
dominate media headlines – including 
artificial intelligence (AI), climate change, 
societal trends or geopolitical tensions – 
are intrinsically tied to the value of the 
assets we invest in. Understanding the 
connection and the implications for the 
returns we deliver to our clients is critical 
to delivering the outcomes they expect. 
For example, AI adoption in the US is 
running at about twice the pace of 
internet penetration in its early years, or 
five times the rate of PC use. The physical 
damage caused by climate change was 
over 50% higher in the last decade than 
the previous ten years, and the global cost 
of carbon penalties has grown more than 
three times faster than inflation over the 
last decade. That kaleidoscope of changes 
is reshaping profit pools and value, and 
will continue to do so. As a result, the 
status quo in many industries is being 
disrupted more frequently and the 
leadership of historically successful 
companies undermined. 
The winning companies, regions and asset 
classes of tomorrow will look different from 
the leaders of yesterday. The answers to 
successful investment cannot be found 
by applying simple formulae. Active 
management is the application of the 
insights, analysis and forward-looking 
judgement that are critical in allowing us 
to capitalise on underlying opportunities. 
In practice, this means:
– using new sources of information to 
inform investment decisions, including 
leveraging alternative data sets and AI to 
harness new sources of insight;
– understanding and harnessing changing 
performance drivers, including the 
growing impact of social and 
environmental trends on many 
industries, and the importance of the 
influence we can bring to unlock value 
through active ownership; and
– reconsidering the investment outcomes 
we seek to achieve where our clients’ 
objectives change, including a focus for 
some clients on sustainability outcomes 
as a goal alongside investment returns.
The strength of our investment capabilities 
across the firm are as important to our 
success as the scale or breadth of our 
exposure to different asset classes or 
strategies. Evolving and enhancing our 
investment processes to deliver the 
outcomes our clients expect is therefore 
critical to the investment success we have 
delivered and are committed to delivering 
in the future.
The questions we ask and the analysis we 
apply in investment decisions are 
changing. Passive strategies may provide 
low cost exposure to companies that have 
been successful in the past, but active 
management is vital to identifying the 
winners of the future.
Key components of our active 
approach
Research into companies
>10,000
Reports written by 900 analysts and 
portfolio managers globally.
Active management expertise
49
Number of investment teams globally
>9,000 
meetings with company’s across a 
range of topics 
Leadership in active management
22
Schroders Annual Report and Accounts 2024

Understanding our clients’ 
investment needs
The proprietary research insights and 
tools we have built are integrated into 
investment decisions across the 
investments we manage for clients. 
We continue to invest in these tools 
with a keen eye towards emerging 
trends and their implications.
New data and information sources are 
becoming more important to investment 
decisions. The proliferation of online data 
sources – such as review sites, news 
analysis or government databases – are 
opening up new sources of information. 
AI is proving to be a step change, creating 
new ways to examine huge volumes of 
information quickly, allowing us to focus 
on interpretation and assessment of      
that information.
In 2024:
– We integrated AI into proprietary 
analysis and tools to support analysts 
and portfolio managers in gathering 
information on companies’ sustainability 
practices.
– 49 investment teams reported their 
approaches to examining and 
integrating sustainability factors into 
investment decisions through our 
annual firm-wide assessment of 
sustainability integration.
– 90% of the strategies we manage and 
which we are able to assess using 
SustainEX
TM (our proprietary model 
which estimates the potential effect of 
externalities on companies and issuers), 
achieved stronger scores than their 
benchmarks.
Creating innovative products        
and solutions
The outcomes our clients expect are also 
changing. Investment returns are 
foremost, but many of our clients seek to 
deliver those returns alongside social or 
environmental objectives. For example, 
adoption of the UK regulator’s Sustainable 
Requirements (SDR) labels reflects client 
demand for active management targeting 
sustainability outcomes. We were the first 
asset manager to announce our intention 
to adopt all four of the SDR labels.
In 2024:
– We launched 8 sustainable or thematic 
funds and now manage £38.6 billion in 
funds we classify as sustainable or 
thematic. The assets we manage in those 
funds have grown at 30% annually over 
the last five years, with many more 
strategies managed for individual clients 
with specific criteria or objectives.
– We announced our intention to adopt 
SDR sustainability labels for 10 
strategies.
Actively managing investments
We expect the influence we can bring to 
management teams to encourage them to 
adapt and change will become more 
important as external pressures intensify. 
The value we can bring as active managers 
extends beyond the companies and assets 
we select, and includes the value we can 
add to those investments through our 
ownership and the influence and support 
we can bring to encourage them to 
transition towards healthier, more 
sustainable business models. 
Deep understanding and relationships with 
companies have long been an important 
part of our active management approach. 
We have over two decades of recorded 
engagement experience, the scale of which 
has grown significantly since the first 
engagement was logged in our database in 
2002. 
As a global leader in asset management, 
we have lent our voice and experience to 
industry groups and policy makers. We 
have been vocal about the need for 
markets and the financial services industry 
to reform to remain competitive.
In 2024:
– We had over 9,000 meetings in 2024 
with management teams across a wide 
range of topics
– We engaged with over 3,500 companies 
on sustainability-focused topics.
– We published research into the 
effectiveness of our sustainability-
focused engagement in driving change 
and shareholder returns, leveraging our 
long experience to strengthen our 
approach.
– We participated in the UK’s Capital 
Markets Industry Taskforce, a body 
seeking to maximise the impact of 
capital market reforms, and globally 
responded to 24 policy consultations 
directly while working with relevant trade 
associations on other consultations.
Active investing for clients’ 
with sustainability goals
Disruption from AI and technology, 
emerging economic or social trends 
and corporate leadership can all 
have an impact on investment 
performance. The political focus on 
environmental, social and 
governance issues may vary over 
time, but businesses that are 
managed sustainably are finding 
rewards. They may also avoid costs 
from the financial penalties that are 
today attached to one-quarter of 
global carbon emissions. Forward-
looking active management is also 
key to understanding and managing 
the way that technological 
disruption may impact the future 
value of investments. The World 
Economic Forum estimates that AI 
has the potential to unlock over 
$4 trillion of value across the      
global economy.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
23
Schroders Annual Report and Accounts 2024

Meeting climate 
commitments
We consider climate change to present significant risks to global 
economies, industries and investment portfolios, but it also 
offers opportunities. Countries representing nearly 90% of global 
economic output have set targets to meet the Paris Agreement 
goals of limiting global temperature rise to well below 2°C and 
to achieving net zero. Transition may slow in coming years as a 
result of the changing political context, however we expect that 
growing evidence of the physical and economic costs of inaction 
will ultimately drive change. Our understanding of how the 
impacts of climate change will affect assets and investments 
helps us create resilient investment strategies and deliver the 
investment outcomes our clients expect.
Our climate strategy
Our climate strategy covers both the investments we manage for our 
clients and our own operations, leveraging four key capabilities: our 
insights, our influence, our innovation and our ability to inspire others. 
It builds on years of research, risk analysis, proprietary tool 
development, and action to understand and manage the risks 
and opportunities posed by climate change. We focus on creating 
an objective assessment of future risks. Our analysis evaluates 
investment exposures to these risks and opportunities. We actively 
manage these risks and opportunities through engagement and 
stewardship while developing strategies that provide specific climate 
exposures to meet client demands.
We have established climate-related targets to reflect and support our 
climate change strategy. This includes our targets, validated by the 
Science Based Targets initiative (SBTi), confirming that our Scope 1 
and 2 targets
1 align with a 1.5°C trajectory and that our relevant AUM
1 
are targeted to be fully aligned with a 1.5°C pathway by 2040.
Reporting on climate matters
Our climate-related financial disclosures, prepared in accordance 
with the Companies (Strategic Report) (Climate-related Financial 
Disclosures) Regulations 2022, can be found on pages 24 to 25 
and on pages 177 to 183 in “Shareholder and sustainability 
information”. We have also produced a supplemental detailed 
Climate Report to provide a more comprehensive view for our 
stakeholders in accordance with the FCA UK Listing Rule 6.6.6R(8).
Our Climate Report (which can be found on our website
2) is our 
response to, and is consistent with, all the recommendations and 
relevant recommended disclosures of the Task Force on Climate-
related Financial Disclosures (TCFD). These disclosures describe 
how we incorporate climate-related risks and opportunities into 
governance, strategy, risk management, metrics and targets, and 
how we are responding to the expectations of our stakeholders.
1.
Includes all in-scope asset classes covered by our SBTi targets: directly 
managed listed equity, corporate bonds, real estate investment trusts, and 
exchange-traded funds.
2.
www.schroders.com/tcfd
2024 key metrics
The investments we manage
18.5 MtCO2e
Financed emissions (Scope 1 and 2)1
(2023: 22.4 MtCO2e)
43.4 tCO2e/$m 
invested
Carbon footprint (Scope 1 and 2)1
(2023: 53.9 tCO2e/$m)
2.4°C
Portfolio temperature score (Scope 1 and 2)1
(2023: 2.5°C)
Our own operations
4,162 tCO2e
Scope 1 and 2 location-based GHG emissions
(2023: 4,409 tCO2e)
100%
Percentage of global renewable 
electricity consumption
(2023: 98%)
13,386 tCO2e
Scope 3 business travel GHG emissions 
(2023: 13,265 tCO2e)
33%
Percentage of suppliers (by GHG emissions) with 
a science-based target
(2023: 23%)
Climate change strategy
24
Schroders Annual Report and Accounts 2024

Strategy
Key pillars of 
action
Near-term targets 
and 2024 progress (for
science-based targets)
Long-term targets and 
2024 progress (for 
science-based target)
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
25
Schroders Annual Report and Accounts 2024
2.8°C
    Align in-scope
2 
portfolios to a 1.5°C 
pathway by 2040
2.4°C
    Align in-scope
1 portfolios to 
a 2.2°C pathway by 2030
39%
    Reduce Scope 1 and 2 
emissions by 46% by 2030
5
100%
    Achieve 100% renewable 
electricity by 2025
39%
    Reduce business travel 
emissions by 50% by 2030
5
33%
    Encourage our suppliers to 
set science-based targets so 
that 67%
7 have done so by 
2026
Transitioning 
the investments 
we manage to 
deliver value 
over the longer 
term
Transitioning 
our operations 
to lead the way 
and have 
impact
1
Insights
Measure and 
manage exposure 
in our clients’ 
investment 
portfolios
2
Influence
Encourage and 
support 
companies to act 
sustainably
3
Innovate
Develop 
investment 
products and 
innovative 
solutions to meet 
clients’ needs
4
Inspire
Lead by example in 
our own corporate 
actions
All listed equity and credit 
funds in Wealth Management 
to have stated a net zero 
ambition by 2030
6
Reduce carbon intensity of 
Scope 1, 2 and 3 (tenant 
energy consumption) in 
Schroders Capital Real Estate 
by 16% by 2025 and 36% by 
2030
4,5
Reduce Scope 1 and 2 
emissions intensity of 
Schroders Greencoat assets 
by 50% by 2030
3
All funds in Wealth 
Management to have 
achieved net zero or be 
on a net zero aligned 
pathway by 2040
6
1.5oC
science-based pathway
Net zero
by 2050 or sooner
     Validated science-based targets.
1.
Includes Scope 1 and 2 financed 
emissions for Schroders direct listed 
equity, corporate bonds, real estate 
investment trusts (REITs) and exchange-
traded funds (ETFs).
2.
Includes Scope 1, 2 and 3 financed 
emissions for Schroders direct listed 
equity, corporate bonds, REITs and ETFs.
3.
From a 2022 base year.
4.
A proportion of Schroders Capital Real 
Estate directly invested in UK and 
European discretionary mandates.
5.
From a 2019 base year.
6.
Refers to third-party funds and 
Schroders funds on our approved buy 
list, which Wealth Management selects 
within its discretionary business.
7.
By greenhouse gas emissions.
Target end dates are 31 December in all 
target years. 

Our Risk 
Management 
framework
We are exposed to a variety of risks as a result of our global 
business activities and are committed to operating within a 
strong system of internal control. Our Risk Management 
framework enables management to identify, manage and 
escalate risks so that we can pursue our business strategy 
and deliver strong investment performance without exposing 
the Group to significant regulatory breaches, losses or 
reputational damage.
Managing risks
The Board is accountable for the maintenance of a prudent and 
effective system of internal control and risk management. It 
assesses the most significant risks facing the business, and also 
uses quantitative exposure measures, such as stress tests, where 
appropriate, to understand the potential impact on the business.
Non-executive oversight of the Risk Management framework 
process with respect to standards of integrity, risk management 
and internal control is exercised through the Audit and Risk 
Committee. 
The Group Chief Executive is responsible for the firm’s Risk and 
Control framework. Independent monitoring and reporting of 
risks and controls is undertaken by the second line of defence.
Risk management is embedded in all areas of the Group. The 
Group Chief Executive, the Chief Risk Officer and the Group 
Executive Committee (Group ExCo), as the principal advisory 
committee to the Group Chief Executive, regularly review the key 
risks we face. Members of the Group ExCo have risk management 
responsibility for their respective business areas. Legal entity 
boards fulfil their obligations for managing risks in line with 
regulatory and legal requirements.
The Chief Risk Officer chairs the Group Risk Committee (GRC), 
which meets five times per year and is attended by senior 
management across the firm. The GRC reviews and monitors the 
adequacy and effectiveness of the Group’s Risk Management 
framework, including relevant policies and limits. It also reviews 
emerging risks and changes to existing risks. 
The GRC is supported by a number of sub-committees, including 
the Group Conflicts Committee, the Financial Crime Committee 
and the Information Security Risk Oversight Committee. These 
sub-committees review and challenge risks and report significant 
risk matters to the GRC.
Lines of defence
The first line of defence in managing and mitigating risk consists 
of the business functions and line managers across the Group. 
Heads of each function take the lead role in identifying potential 
risks and implementing and maintaining appropriate controls to 
manage these risks. They do this by applying our Risk and Control 
Assessment (RCA) process.
Line management is supplemented by oversight functions, 
including Risk and Compliance, Legal and Governance, Finance, 
Tax, and People and Culture. These constitute the second line of 
defence. The compliance assurance programme reviews the 
effective operation of relevant key processes against regulatory 
requirements.
Internal Audit provides retrospective, independent assurance 
over the operation of controls, and forms the third line of defence. 
The internal audit programme includes reviews of risk 
management processes and recommendations to improve 
the control environment. The team also carries out thematic 
compliance monitoring work.
We maintain comprehensive insurance cover with a broad 
range of policies covering a number of insurable events.
Risk appetite
Our risk appetite statements articulate the levels of risk the 
Board is willing to take in pursuit of the Group’s strategy. 
They are reviewed and approved annually. They cover all our 
key risks (excluding strategic risks, as these occur due to the 
environment we operate in, and the Board adjusts our business 
strategy to respond to these risks).  We have a Group level risk 
appetite statement and a number of entity level statements. Each 
risk appetite statement is supported by a number of metrics and 
tolerances to enable us to provide an assessment of risk position 
versus appetite. We monitor these metrics on a quarterly basis 
and review and update our risk appetite statements at least 
annually, or following periods of organisational change.
Organisational change
We are committed to maintaining stability in the organisation 
and for our clients during periods of transition by effectively 
managing the risks associated with organisational change. We 
have completed the transition to the new Group Chief 
Executive and Group ExCo and their plans are being 
implemented. As we make efficiency savings by implementing 
changes to our workforce, we focus on prioritising control 
activities to prevent and detect fraud, and reducing the 
reliance on individual expertise through cross-training and 
documentation of key procedures. Supporting our clients 
while retaining regulatory compliance is a key priority.
We are mindful of the impact organisational change can have 
on employee morale. We manage this through regular check-
ins between employees and line managers, by prioritising 
workload carefully, and by supporting employees who are 
taking on new or expanded roles.
Clients and other stakeholders are at the heart of our strategy 
and drive any decisions we make to change what we do. We 
focus on maintaining strong client communications, 
addressing client questions and fully understanding their 
requirements. By managing our risks in this way, we aim to 
minimise any disruption to our business activities. Going 
forward we anticipate increased use of technology, efficiency 
gains and improved workflows will reduce operational risk.
Risk management
26
Schroders Annual Report and Accounts 2024

Areas of focus for 
risk management 
Supporting our three businesses: Public Markets, 
Schroders Capital and Wealth Management 
Our Risk and Compliance function continues to provide 
effective oversight of our three businesses.
Within Schroders Capital, a new Asset Class Risk and Performance 
Committee has been established and is dedicated to the oversight 
of private debt and credit alternatives. Within Wealth Management, 
a new internal tool has been developed to enhance our liquidity 
oversight. In Solutions, which is part of Public Markets, our risk 
oversight has been enhanced with automated risk reporting via 
the creation of new risk dashboards. We also enhanced the data 
and configuration within our core investment management system 
to enable a broader set of risk measures to be monitored for 
liability driven investments.  
Investment and credit risk
Despite strong performance during previous periods of stress, we 
have continued to enhance our readiness for future potential 
disruption. Initiatives included upgrading our fund liquidity crisis 
management plans, rehearsing steps to be taken in the event of 
a counterparty default, and creating a playbook to guide decisions 
for an event of client non-payment for fund subscriptions.
Increased automation of processes has continued to enable the 
replacement of certain manual tasks, allowing risk managers to 
focus on other value-add initiatives, and reducing operational risk. 
As an example, we have further enhanced our robotic tools which 
check that controls and limits across a wide range of portfolios are 
implemented and documented accurately. 
To support the growing importance of technology in our 
investment and operational processes, we have continued to 
invest in our governance and controls. We rolled out a new 
internal system to monitor user-built tools and control the risks 
presented by these. Our Model Governance team, which reports 
to the Chief Risk Officer and is independent of the business, 
continues to undertake validations of models used in the 
investment process to verify their robustness.  
Cyber risk
The Board receives regular information from management on key 
technology projects and cyber security trends. The Information 
Security Risk Oversight Committee oversees the management of 
cyber risk. We have continued to make good progress in delivering 
the Group-wide multi-year programme to enhance our cyber 
defences. In parallel we run an ongoing programme of cyber 
testing, with each test simulating a cyber attack. These tests 
enable us to assess our progress continually and identify areas 
to prioritise. 
Attacks by organised crime groups (for example targeted 
ransomware) remain a risk for all financial services organisations. 
In 2024 we ran a crisis management team simulation to assess the 
impacts of a ransomware attack on the organisation and test our 
responses to it.
Operational resilience
We continue to progress our operational resilience initiative and 
are on track to comply with the UK regulations. Our resilience 
capabilities are being further enhanced by a programme to 
comply with the European equivalent, the Digital Operational 
Resilience Act (DORA). Our work is focused on how we would 
respond and recover in the event of a severe disruption to a 
critical third party and how we would recover from a severe cyber 
attack (as described in the “Cyber risk” section). For the former, we 
have undertaken joint scenario tests with critical third parties. 
These tests involved table-top exercises where both parties were 
presented with a severely disruptive scenario, and together we 
worked through how we would respond and recover.
Sustainability
Under the UK FCA’s Sustainability Disclosure Requirements (SDR), 
certain types of funds can adopt a sustainability label based on 
their investment objectives and characteristics. All of Schroders’ 
in-scope funds seeking a sustainability label have received FCA 
approval for related prospectus updates (where relevant), and 
will have applied those labels ahead of the 2 April 2025 deadline. 
Adopting these labels will help to differentiate our sustainable 
product range, making it easier for clients who are seeking 
sustainable outcomes to identify opportunities to invest.
                           
Governance of AI
We are embracing generative AI (GenAI) to enhance 
productivity and decision-making. Our internal AI assistant, 
Genie, is now used by over 3,000 employees each week and 
we are already achieving benefits through a number of 
targeted use cases across different parts of our business. 
Recognising both the opportunities and the inherent risks, 
Schroders has prioritised governance and responsible use 
since the beginning of its GenAI efforts. Our Responsible AI 
Working Group brings together senior representatives from 
Legal, Risk and Compliance, Information Security, Data 
Governance, People and Culture, and Policy teams to provide 
guidance and oversight of our use of the technology. We have 
expanded our model governance framework to cover GenAI 
models influencing business decisions, to help mitigate the 
model risk of these solutions. Our Model Governance team is 
developing tools to test and assess the outputs of GenAI 
tools. 
Globally, regulatory bodies are starting to address the impact 
of AI, with regulations such as the EU AI Act, in force from 
August 2024, which has a phased implementation over the 
following three years. We expect further legislative 
developments in other jurisdictions. We are actively 
participating in taskforces and consultations where 
appropriate. 
The Board has received regular updates on our AI strategy as 
it has been progressing. 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
27
Schroders Annual Report and Accounts 2024

Risk assessment
Market conditions over the last few years have demonstrated 
the importance of having robust emerging risk processes.
Emerging risks and changes to existing risks are identified 
throughout the year by the first line of defence or through the 
horizon scanning and monitoring activities performed by the 
second line. They are reviewed and discussed at relevant risk 
committees (for example, the GRC and its sub-committees or at 
the Asset Class Risk and Performance committees). Those relevant 
to specific entities are discussed at entity Boards and those 
affecting the Schroder Group are considered by the Audit and Risk 
Committee and Board. 
Periodically, we also complete a formal assessment of the risks 
faced by our business using a top–down and bottom–up 
approach.
The top–down approach uses analysis from the Risk team and 
discussions with senior management and subject-matter experts 
around the Group. Existing risks and emerging risk trends are 
reviewed against the current internal and external environment, 
geopolitical factors, market conditions, changing client demand 
and regulatory sentiment. Each risk is then analysed to assess how 
it can be managed and mitigated.
The bottom–up approach uses the results from our RCAs, trends 
in risk events and high-impact issues logged in our operational 
risk database.
The results of these assessments are used to inform our key risks, 
which are presented to the GRC prior to the Audit and Risk 
Committee and Board.
We have reviewed the list of key risks and identified a sub-set that 
represent the Group’s principal risks. This is not an exhaustive list, 
but these are the principal risks most likely to impact our strategy, 
business model, external reputation and future performance. The 
numeric icons are for presentational purposes only and do not 
indicate a rank. The risks represent our exposure after mitigating 
controls are applied. 
Trend arrows are included below to show our assessment of how 
our risk profile has changed since last year. Commentary to 
explain the changes can be found on pages 29-31.
We confirm that the Group has an effective risk and controls 
process, supported by an appropriate governance framework.
The strategic risks we have identified have helped 
to shape our strategy 
Principal risks
2024
2023
Business model disruption
Changing investor requirements
Conduct and regulatory risk
Fee attrition
Financial crime risk
Financial instrument risk
Information security and technology
Investment performance risk
Market returns*
Operational process risk
People and employment practices*
Product strategy and management
Reputational risk
Sustainability including climate change
Transformation risk* 
n/a
*In 2024 these risks remained at the same level as the prior year. Since 
31 December 2024, these risks have increased, which is reflected in the trend 
arrows above. Explanations for the increases can be found on pages 29 to 31.
Movement versus prior-year 
position
Categories of risk
Increased
l Strategic risk
Remained the same
l Business risk
Decreased
l Operational risk
Risk management continued
28
Schroders Annual Report and Accounts 2024

Business model disruption
We continue to invest in our technology platform to 
support our business and embrace new technologies 
such as AI with an appropriate governance framework, 
including a dedicated AI Steering Committee, training 
and awareness.
We regularly monitor developments in countries subject 
to geopolitical risk and take steps to protect our people 
and assets where necessary. This includes monitoring 
and reviewing portfolio exposures, potential single 
name and/or sector vulnerability, and possible 
outcomes under different scenarios. Dedicated financial 
crime and compliance teams are in place to deal with 
potential executive orders or sanctions.
Our business model could be disrupted by a range of external factors, 
including technology advancements such as AI, product evolution and 
market participants as well as protectionism and deglobalisation.
Geopolitical turmoil, including sanctions and conflict, could impact our 
domestic business activities. For example, heightened tension between 
China and the West could affect the value of Chinese assets in which 
we invest on behalf of our clients. The opportunities and potential risks 
from AI are also recognised. 
This risk has stabilised at the higher level reported last year.
Changing investor requirements
We have established a clear structure with Public 
Markets, Schroders Capital and Wealth Management 
to serve different types of investor demands 
efficiently.
We continue to focus on developing our investment 
capabilities, expanding into new investment types and 
specific areas of expertise, and commit seed capital to 
support product innovation for future growth.
Client requirements are evolving rapidly. Failing to adapt or evolve our 
business model and product range to reflect these changes could lead 
to a decrease in AUM. Sustainability is a significant part of many of our 
clients’ considerations and we expect climate risks to continue to 
feature in future investment requirements and offerings.
Demand for many wealth management products continues to persist. 
There is a risk we do not grow and evolve to respond to this demand 
and retain and attract the right people to serve our wealth 
management clients.
Conduct and regulatory risk
We promote a strong compliance culture and seek to 
maintain good relationships with our regulators, 
engaging with them openly and regularly to keep them 
abreast of our thinking and plans. We also encourage 
appropriate conduct and regulatory compliance via our 
conduct risk framework, supported by training and 
compliance assurance programmes. To reinforce our 
commitment to integrity further, we have a robust 
whistleblowing process that empowers employees and 
external parties to anonymously report concerns without 
fear of retaliation, ensuring that all voices are heard and 
issues are investigated and addressed promptly.
Client detriment may arise from inappropriate conduct of our staff or 
those of counterparties, suppliers and other third parties we engage, 
including failure to meet regulatory requirements (for example with 
respect to conflicts), poor behaviour, or failing to meet appropriately 
our clients’ expectations. In 2024, we saw more clarity from certain 
regulators on their sustainability expectations, but there continue to be 
varying approaches, and scrutiny of greenwashing risk remains high.
Fee attrition
We have increased client access to private markets, 
for example through Future Growth Capital. We 
continue to focus on wealth management which 
provides diversified fee income, and this year 
extended our family office capability by acquiring 
Whitley Asset Management.
Fee attrition may be caused by increased price competition in active 
management resulting from operational efficiency improvements 
implemented by peers; reduction in the costs of passive products 
(which puts downward pressure on the cost of active management); 
clients allocating more of their assets to passive products and 
increased cyclical demand for lower-margin strategies such as fixed 
income. This has resulted in downward pressure on traditional active 
management fees and therefore this risk remains at the elevated level 
reported in prior years. We are also exposed to the risk of 
intermediaries taking a greater share of revenue streams.
Financial crime risk
We are fully committed to mitigating financial crime 
risks to protect our clients, working relationships, our 
business and the wider global economy. Risk-based 
client take-on and review processes are among our 
key controls to address the risks of money laundering 
and other financial crimes. Trading is subject to clear 
policies and to transaction surveillance processes. 
Financial crime oversight is provided by dedicated 
financial crime compliance officers and anti-money-
laundering reporting officers, and is overseen by the 
Group Financial Crime Committee.
Financial crime risks include bribery, corruption, fraud (including cyber 
crime), money laundering, sanctions evasion, tax evasion, as well as 
proliferation and terrorist financing. Financial crime can lead to 
significant financial losses, reputational damage, and legal penalties for 
both individuals and the organisation. Financial crime can also impact 
our clients, and undermine market integrity and consumer confidence. 
In addition, the fraudulent impersonation of Schroders can indirectly 
impact our reputation if members of the public are affected. Financial 
crime takes many forms and includes both external and internal 
threats. 
In 2024 there has been an increase in the number of fraudulent 
attempts potentially impacting either our clients, members of the 
public, our employees, or our business. These are increasingly 
sophisticated, including the use of impersonation and AI. The top 
fraudulent attempts include brand (email hacks and investment 
product frauds) and staff impersonation. The residual risk and impact 
for Schroders remains low, hence the trend remains stable.
Financial instrument risk
We manage capital, liquidity and the Group’s own 
investments through Board-set limits and through the 
Group Capital Committee. Equity market and credit 
spread risks in seed capital are hedged where it is 
economic and practicable to do so, and foreign 
currency Group investments are hedged back to 
sterling. We monitor our credit and counterparty 
exposure in the Group balance sheet, bank lending 
portfolios and in our client assets.
We face market, credit, liquidity and capital risks from movements in 
the financial markets in which we operate, arising from holding 
investments as principal. Heightened geopolitical uncertainty is the 
primary risk to forward-looking volatility. Of particular note are tensions 
in the Middle East and uncertainty around global government policies. 
On the positive side, falling inflation in major economies is facilitating 
reductions in central bank base rates.
Failure to manage market, credit and liquidity risks arising from 
managing AUM on behalf of clients would be considered an 
operational process risk.
Description
How we manage this
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
29
Schroders Annual Report and Accounts 2024

Information security and technology
We have a dedicated Information Security function 
responsible for the design and operation of our 
Information Security Risk framework, which includes 
oversight of critical third parties’ cyber capabilities. 
Information security risk is overseen by specialists 
within both the second and third lines of defence and 
is monitored by the Information Security Risk 
Oversight Committee. We operate a Global 
Technology Risk Committee to oversee operational 
risk associated with IT services across the 
organisation.
A Responsible AI Working Group has been established 
to provide guidance and oversight of our use of the 
technology.
Our data loss prevention controls seek to prevent the 
loss of sensitive information and intellectual property. 
We monitor staff closely and act decisively in closing 
down system access when roles change, or when staff 
are at risk of redundancy or leave the firm. 
Information security risk relates to the confidentiality, integrity or 
availability of services being negatively impacted by the activities of a 
malicious insider or external party. Technology risk relates to the failure 
to deliver scalability, privacy, security, integrity and availability of 
systems that leads to a negative impact on the Schroders business and 
our client experience. Advances in AI and deep-fake technology create 
opportunities for more advanced social engineering techniques to be 
used in cyber attacks. These advances and other information identified 
through our threat intelligence and active cyber testing progress 
continue to provide insight into the areas we should focus on to 
enhance our cyber defence capabilities.
The overall transition to cloud-based services has yielded substantial 
benefits to our organisation but has also meant we are reliant on the 
cloud service provider, which brings its own risks. The move of the 
service centre from Zurich to Horsham has improved the integration of 
the Wealth Management technology into Group technology. Cyber 
threats, stemming from highly capable criminal organisations and 
state-sponsored entities, persist and continue to grow, but we 
continually adapt and advance in response to these threats. There is a 
risk of data loss as we make changes to our workforce. Overall the 
trend remains stable.
Investment performance risk
We have clearly defined investment processes 
designed to meet investment targets within stated 
parameters, which are subject to independent review 
and challenge.
Oversight of both risk and performance is embedded 
in our business processes and governance. In 2024, 
58% of client assets outperformed benchmarks over 
three years and 76% outperformed benchmarks over 
five years.
There is a risk that portfolios may not meet their investment objectives 
or that there is a failure to deliver consistent and above-average 
performance. There is a risk that clients will move their assets 
elsewhere if we are unable to outperform competitors or unable to 
deliver the investment objectives. The higher interest rate environment 
can impact clients’ performance expectations and our ability to meet 
them and may require adjustments within strategies. Strong 
investment performance is critical to the success of Schroders. In 2024, 
while our three-year investment outperformance fell below our target 
of 60%, our one- and five-year investment outperformance was strong, 
hence this risk is at the same level as reported last year. Additionally, in 
the latter part of 2024, private markets continued to revert to pre-
pandemic levels in terms of fundraising, and recovered in terms of 
investment activity and valuations, creating a favourable capital 
demand/supply balance for new investments.
Market returns
We have diversified income streams across a range of 
markets to mitigate a considerable fall in any one area. 
Excluding associates and joint ventures, AUM from 
Private Markets and Wealth Management was 
£197 billion in 2024.
Our focus on growing our Schroders Capital product 
range and investment capabilities, as well as the 
continued success of our Wealth Management 
business, allows us to have a broader range of income 
streams which are less directly linked to markets.
Our income is mainly derived from the value of the assets we manage. 
Falling markets reduce our AUM and therefore impact revenues. They 
also impact our ability to deploy cash within private market funds and 
to raise new money for these funds. Global economic uncertainty and 
geopolitical risks, for example in response to the situations in Ukraine 
and the Middle East, make markets unpredictable for active 
management. Foreign exchange rates are a key factor in our financial 
performance as we are sterling denominated with earnings in other 
currencies. 
This risk has increased in 2025 due to uncertainty over future changes 
to global government policies, and rapid reactions, by other countries, 
to these potential changes.
Operational process risk
Our key business processes are reviewed regularly 
and the risks assessed through the RCA process. 
Operational risk events are reviewed to identify root 
causes and implement control improvements. When 
we undertake change, such as acquisitions, we assess 
new processes that may arise. We work with acquired 
firms to move them onto our platforms (where 
appropriate) and to align our policies. We have a well-
established process to assess the risks within our 
supply chain. We review suppliers throughout the 
supplier life cycle to identify potential risks which may 
impact the quality or continuity of service.
The risk of failure of significant business processes, such as compliance 
with fund or mandate restrictions, fund pricing, trade execution for 
investment portfolios, whether these occur within Schroders or 
appointed third parties. It includes operational integration of 
acquisitions as there may be some risks while newly acquired firms are 
operating on different platforms, and before they are fully aligned to 
Schroders’ policies. It also includes the ineffective management of joint 
ventures and associates.
People and employment practices
We regularly review our employee value proposition. 
Deferred compensation arrangements targeted at key 
employees support retention, and succession and 
development plans are in place for key roles. We 
monitor employee engagement and morale through 
regular pulse surveys and look at these scores when 
assessing performance of each business area. We 
have policies and procedures to manage employee 
issues appropriately, handling them fairly and in 
compliance with local legislation. 
For more details of how we are mitigating risks relating 
to organisational change see ‘Transformation risk’ on 
page 31 and ‘Organisational Change’ on page 26.
People and employment practices risk may arise from an inability to 
attract or retain key employees to support business activities or 
strategic initiatives; non-compliance with legislation; failure to manage 
employee performance and morale; and risk of disputes with 
employees. 
As at 31 December 2024, the morale of the workforce generally 
remained strong, as evidenced by our pulse survey results. However, 
we are mindful of the impact organisational change and a tighter cost 
environment can have on morale and employee productivity, as well as 
increasing the likelihood of employee disputes. Continued retention of 
key talent remains a focus. 
Description
How we manage this
Risk management continued
30
Schroders Annual Report and Accounts 2024

Product strategy and management
Risks are managed within our product frameworks, 
which include our Commerical Assessment Forum, 
regional Product Development Committees and 
Product Governance Committee. Ongoing 
performance is overseen by the Asset Class Risk and 
Performance Committees. 
We have a Liquidity Risk Management framework and 
monitor the liquidity of our products on an ongoing 
basis. There is a process to raise awareness of funds 
identified as having more challenging liquidity profiles 
so that any changes to client sentiment (or potential 
redemptions) would be notified to relevant teams 
rapidly, to reduce potential liquidity risk issues. 
Where we make changes to our product range these 
changes will be fully explained to clients and their 
advisers and we will work with them to identify 
suitable alternatives.
There is a risk that our product or service offering does not provide 
access to strategies that will help investors to meet their objectives. 
There is also the risk that products are not accurately described, do not 
perform in alignment with their investment objectives for a sustained 
period, or that product liquidity is not consistent with the product 
description or the redemption requirements of investors. The growing 
offering of Schroder products investing in private markets that offer 
elements of liquidity under different terms highlights the importance of 
having a good Liquidity Risk Management framework.
In 2024 we continued to identify products which fell below their 
minimum viable size from a complexity and sales perspective. 
Continuing to offer these products would impact the efficiency and 
scalability of our business. As a result, in 2025 we plan to simplify our 
product range.
Reputational risk
We consider reputational risk when initiating changes 
to our strategy or operating model and focus on 
maintaining high standards of conduct. We have a 
number of controls and frameworks to address other 
risks that could affect our reputation, including: 
financial crime, investment risk, client take-on, client 
communications, conduct risk, whistleblowing and 
product development. Our Schroders appointed 
Board members oversee the activities of joint 
ventures and associates, supported where necessary 
by oversight committees.
We have established a greater awareness of 
reputational risk across the Group, and at the Group 
ExCo, enabling us to be better equipped to respond to 
reputational risk issues as and when they occur. 
Potential reputational risk arising from our use of AI is 
being managed through our AI framework.
This may arise from poor conduct, judgement or risk events due to 
weaknesses in systems and controls and may lead to loss of assets or 
inability to win new business. In recent years we have extended our 
business through a number of acquisitions. Reputational issues in joint 
ventures and associates where we have limited control of the outcome 
could adversely impact the Group.
The rise of AI provides opportunities for efficiency but also gives rise to 
potential reputational risk. Social media exacerbates reputational risk 
due to the pace at which information or disinformation can be spread, 
and how the information may be perceived by different stakeholders. It 
has also increased the complexity of Schroders brand impersonations, 
making them more onerous for us to take down.
Sustainability risk including climate change
We have developed a range of proprietary tools to 
understand better the potential effects of 
sustainability risks, including climate change, on the 
portfolios we manage. We use ESG risk toolkits to 
support day-to-day risk oversight and formal review 
and challenge of investment risk at Asset Class Risk 
and Performance Committees. We have an 
Integration Accreditation framework which we use to 
assess the integration of ESG factors into our 
investment desks’ processes and re-accredit them on 
an annual basis. Regarding climate specifically, we 
have developed a Net Zero Dashboard, which enables 
our investment teams and central risk function to 
monitor the temperature alignment of portfolios and 
track our progress against our business-wide net zero 
commitment.
All of Schroders’ in-scope funds seeking a 
sustainability label have received FCA approval for 
related prospectus updates (where relevant).
Failure to understand, accurately assess and manage investment risk 
associated with sustainability factors within assets and portfolios, and 
to appropriately articulate the risks, and our commitments in relation 
to them, to clients and stakeholders. This may lead to poor investment 
decisions, and a failure to offer appropriate sustainable products or to 
meet our clients’ expectations, impacting our performance, brand and 
reputation. A failure to meet corporate climate change targets may 
have a similar impact. 
In 2024, as political and social attitudes towards sustainable and 
climate investment have diverged, with critical voices becoming louder, 
our action and conviction in their importance presents regulatory and 
demand risks to our business in some markets. There is a risk that 
clients that are critical of sustainability may choose to invest elsewhere 
if they perceive our position on sustainability as being different from 
theirs. This could lead to a reduction in AUM. Conversely, in the UK the 
opportunity to apply for a sustainability label under SDR will enable us 
to differentiate our product range, which will be attractive for some 
clients. Therefore this risk remains as the same level as reported 
previously. 
The regulatory aspects of this risk are captured within “Conduct and 
regulatory risk” above. The impact of climate on each of our principal 
risks is set out in our Climate Report.
Transformation risk
Our focus is on identifying areas where we can be 
more efficient while enabling the business to continue 
to grow. Our transformation plans are being carefully 
designed with a long-term outlook and clients at the 
centre of our decisions. 
We have established a Group Transformation 
Planning Office to ensure that all initiatives are 
effectively coordinated across the business. This office 
sequences activities in a manner that mitigates 
inherent risks and is closely managed. Communication 
is handled with care, and there is oversight from 
senior individuals who maintain strong connections 
with the Group ExCo. 
Failure to manage and/or deliver transformation effectively across the 
firm could impact our ability to achieve our strategic objectives.
Description
How we manage this
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
31
Schroders Annual Report and Accounts 2024

Our stakeholders
This section highlights our proactive approach to stakeholder 
engagement and outlines how their interests have shaped our 
decisions throughout the year.
Clients
Shareholders
Our people
Building our clients’ future 
prosperity
Our purpose is to create prosperity 
together. Our vision is to partner with our 
clients, providing trusted advice and to 
invest in the assets and markets that 
matter to them, building their future 
prosperity through excellent investment 
outcomes.
Delivering long-term sustainable 
value for our shareholders
The engagement and support of our 
shareholders is vital to achieving our 
strategic objectives and driving business 
growth. The support of our shareholder 
base plays a crucial role in endorsing the 
long-term approach we take in managing 
our business.
Fostering a purpose-led, inclusive 
and high-performing culture 
Our people are vital for delivering strong 
investment performance and driving 
positive change. We attract and develop 
talented individuals while fostering an 
inclusive, purpose-driven and high-
performing culture. Schroders values 
diverse perspectives and provides growth 
opportunities for all employees.
This commitment enhances our clients’ 
experience by offering diverse insights and 
innovative solutions.
How do we engage with them 
and consider their interests?
In 2024, our commitment to engaging with 
clients and understanding their interests 
has continued to evolve through our focus 
on four global client segments. This 
strategic approach enables us to gain 
deeper insights into the specific needs and 
challenges our clients face, allowing us to 
combine complementary capabilities 
across the firm to deliver tailored solutions.
Our Client Group remains central to our 
efforts, with client service teams playing a 
crucial role in delivering exceptional 
experiences. Global segment specialists 
collaborate with regional client teams to 
ensure that our services are locally relevant 
while harnessing segment expertise to 
resonate with clients.
Our Client Insights Unit is a cornerstone of 
our data-driven approach, facilitating the 
analysis of internal and external data. 
Segment knowledge and regional insights 
ensure our messages are relevant and 
impactful. We foster ongoing dialogue 
through our thought leadership initiatives, 
global events, and targeted client feedback 
initiatives.
How do we engage with them 
and consider their interests? 
The Board actively engages with 
shareholders, using various channels to 
facilitate communication, and receives 
regular updates on these interactions. 
Our AGM serves as a key platform for 
engagement, offering both in-person and 
virtual participation. We also arrange 
roadshows that follow our results 
announcements to update shareholders. 
Throughout the year, we keep our 
shareholders informed of progress 
through meetings hosted by either the 
Investor Relations team or senior 
management. In the last quarter of 2024, 
both Richard Oldfield and Meagen Burnett 
met with our largest shareholders to 
continue these key relationships.
How do we engage with them 
and consider their interests?
We engage with our people through in-
person events and digital channels, 
including videos, an internal magazine, and 
the annual People and Culture calendar. 
Our Group Chief Executive and Group 
Executive Committee (Group ExCo) 
members share insights through 
personalised video blogs and respond 
directly to colleague questions in global 
town hall meetings. Additionally, we 
organise “Pulse Points”, which feature 
discussions with the Group ExCo.
The Group Chief Executive meets with 
smaller groups for updates and questions 
during “Inside Schroders Lite” sessions 
held in London and globally throughout 
the year. 
Our Global Employee Forum offers an 
open platform for employees to share 
concerns and ensures regular feedback to 
the Board.
To understand employee needs, we 
conduct pulse surveys, host Q&A events, 
and collaborate with Employee Resource 
Groups (ERG) for insights.
Outcomes
An independent global study on asset 
management found that Schroders ranked 
5th in brand awareness across more than 
2,600 managers. Our strategic client review 
results show positive sentiment regarding 
assurance and trust in Schroders, along 
with the empathy of client teams. We 
continued to embed our Client Group 
structure, extending our insights into 
clients and their needs. This has influenced 
the expansion of our product range and 
offerings in public and private markets.
Outcomes
The interests of our shareholders closely 
align with those of our clients. Meeting 
client needs allows us to deliver value to 
those who have invested in our business. 
Engaging with shareholders helps us 
understand their needs and has been a key 
consideration in the development of the 
Group’s strategy. We tailored our Q3 2024 
results announcement in response to 
feedback from shareholders and the wider 
market. 
Outcomes
In our pulse survey, 87% of employees 
expressed pride in working for Schroders, 
exceeding external benchmarks and 
indicating strong engagement. We are 
committed to transparency and consulting 
with ERGs, employee-led networks, to 
achieve our 2030 inclusion aspirations 
(taking into account requirements in the 
local markets in which we operate).
Stakeholder engagement
32
Schroders Annual Report and Accounts 2024

Section 172 statement
This section forms our Section 172 disclosure, describing how the directors 
considered the matters set out in section 172(1)(a) to (f) of the Companies Act 
2006. The Board is committed to promoting the Company’s success while 
considering the interests of other stakeholders. Examples of how the Board has 
considered the interests of the Group’s stakeholders appear throughout this 
report. Specific examples of how the Board considered their interests in relation 
to its principal decisions made during the year are set out on page 47. 
For further information please refer to our KPIs 
on pages 2 to 3, People and community on 
pages 16 to 17, Leadership in active 
management on pages 22 to 23, and our 
Climate-related disclosures on pages 24 to 25 
and 177 to 183.
Wider society
External suppliers
Regulators
Supporting our communities and 
the environment 
As a responsible steward of assets, we 
have developed strategies which aim to 
deliver positive financial returns to our 
investors while making a measurable 
positive contribution to society and the 
environment. These strategies are in 
keeping with client mandates. 
Working with trusted partners
Our global network of external service 
partners and suppliers are essential to 
delivering our corporate strategy. We are 
committed to the principles of the Prompt 
Payment Code and aim to treat suppliers 
fairly and consistently. They supplement 
our infrastructure, provide expertise and 
specialised skills which helps us operate 
our business effectively. 
Building respectful relationships
As a global business, we are committed 
to collaborating and engaging with key 
regulatory stakeholders, including local 
and regional regulators, exchanges, non-
governmental organisations, and trade 
associations. Through our participation, 
we share insights, support policy 
development, share best practices, and 
advocate for better-functioning markets.
How do we engage with them 
and consider their interests?
Our Investment teams engage investee 
companies in their transition to sustainable 
business practices. Our Engagement 
Blueprint outlines our principles for 
engaging with these companies, where we 
consider issues important or potentially 
important to their long-term performance, 
including establishing targets, focusing on 
material sustainable risks and 
opportunities, monitoring progress and 
voting in accordance with our active 
ownership principles. 
We benefit communities worldwide 
through fundraising and volunteering. 
Our Schroders Giving partnerships 
amplify our societal impact, and our 
employees help select the causes we 
support.
Respecting human rights and preventing 
violations, such as modern slavery, remains 
a priority. 
How do we engage with them 
and consider their interests?
Our Procurement Policy governs the 
sourcing, selection, onboarding, 
management, oversight, and reporting of 
suppliers. It outlines the roles and 
responsibilities required to effectively 
manage our supplier relationships. 
Our Supplier Code of Conduct establishes 
clear standards for ourselves and our 
suppliers regarding human rights, ethical 
sourcing, financial crime, health and safety, 
and the environment.
Day to day oversight and engagement is 
conducted by our Procurement team and 
relevant business units. Material issues are 
escalated where necessary. 
Throughout 2024 we have been actively 
reviewing our global supply chain to 
rationalise supplier numbers and enable a 
more focused and targeted engagement. 
How do we engage with them 
and consider their interests?
In addition to our compliance and risk 
teams who directly liaise with regulators, 
we have a dedicated public policy presence 
in the UK and in Brussels for the EU. This 
team works closely with colleagues 
globally, leveraging their knowledge and 
market expertise.
Our Public Policy team engages regularly 
with officials, and our responses to formal 
consultations are available on our website
1. 
Senior management maintains regular 
meetings with regulators, fostering strong 
relationships. The Audit and Risk 
Committee receives reports on regulatory 
engagement and the potential impact of 
regulatory changes on our business.
Through our engagements, we aim to 
comply with current requirements, shape 
future ones, and ultimately provide better 
service to our clients, while contributing to 
a competitive and resilient financial system.
Outcomes
In 2024, we met with over 9,000 
management teams on a wide range of 
topics, and engaged with over 3,500 
companies on sustainability-focused topics. 
A solar farm installation was unveiled at the 
Horsham campus, marking a significant 
milestone in the Group’s sustainability 
journey. We committed £5.9 million to 
charitable causes, and continued our 
Global Volunteer Recognition Scheme. 
Modern slavery training was provided to all 
employees, detailing the scale and 
complexity of these issues.
Outcomes
We are dedicated to ensuring fair 
treatment of suppliers, recognising them 
as essential stakeholders. We ensure fair 
payment practices by making timely 
payments to our suppliers in accordance 
with agreed terms. Our annual Modern 
Slavery Statement will be approved by the 
Board and published later in 2025. This 
details our risk assessment and due 
diligence processes for suppliers regarding 
modern slavery. 
Outcomes
In 2024, our Public Policy team addressed 
key topics, including UK primary markets, 
pensions reforms, and European 
developments related to sustainability 
disclosures and naming requirements. 
Ongoing engagement with supervisory 
teams covered topics such as operational 
resilience, Consumer Duty, sustainability, 
and liquidity risk. We also participated in 
the Bank of England’s system-wide 
exploratory scenario (SWES) to enhance 
understanding of firm behaviour in 
stressed financial market conditions.
1.
www.schroders.com/policymakers/
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
33
Schroders Annual Report and Accounts 2024

Viability and going concern 
statement
In accordance with the UK Corporate Governance Code, the 
Directors have carried out a robust assessment of the key 
risks facing the Group and expect that Schroders plc will 
continue to be viable for at least the next five years.
Assessment of prospects
The five-year period to December 2029 is consistent with the 
Group’s strategic business planning and forecasting period. 
The Group’s strategic and financial planning process includes 
a detailed review of the business model and key assumptions. 
It is led by the Group Chief Executive and Chief Financial Officer 
in conjunction with management teams. The outlook was most 
recently updated in February 2025. The business planning 
process considers the risks that may materially impact the 
Group, and assesses the need for business model changes. 
The business plan reflects the Group’s strategy and diversified 
business model, which are summarised on pages 12 to 15 and 
10 to 11 respectively.
Key assumptions underpinning the financial planning process 
include: AUM growth from both markets and net new business; 
changes to net operating revenue margins owing to changes in 
business mix, planned business activity and industry-wide margin 
pressures; and additional costs including those arising from 
continued investment in the development of the business.
Progress against financial budgets and key objectives are 
reviewed throughout the year by both the Board and the Group 
Executive Committee (Group ExCo), along with periodic reviews 
of the capital and dividend policies.
Assessment of viability
The assessment of the Group’s viability requires the Directors to 
consider the principal risks that could affect the Group, which are 
outlined on pages 28 to 31. The Directors review the key risks 
regularly and consider the options available to the Group to 
mitigate these risks so as to ensure the ongoing viability of 
the Group. 
Stress testing is performed on the Group’s business plan 
and considers the impact of a number of the Group’s key 
risks crystallising over the assessment period. This includes 
consideration of new and emerging risks, identified through 
the business planning process, that could have a material 
impact over the five-year planning period.
The severe but plausible stress scenarios applied to the business 
plan include consideration of the following factors:
– A deterioration in the value of our AUM, for example as a result 
of a severe period of market stress, the return of significant 
inflationary pressures combined with a marked slowdown in 
global growth, or the early crystallisation of certain climate 
change risks
– A significant decline in net operating revenue margins 
reducing projected revenues
– The impact of a material operational risk event or poor 
performance which could lead to reputational damage and 
significant outflows of our AUM
– An increase in the ratio of total operating expenses to net 
operating income
The Group also assesses the impact of regulatory stress 
scenarios published by the Prudential Regulation Authority. 
The stress scenarios are consistent with those used in the 
Group’s consolidated Internal Capital Adequacy Assessment 
Process and Internal Liquidity Adequacy Assessment Process. 
Having reviewed the results of the stress tests, including a 
scenario that combines a number of the factors set out above, the 
Directors have concluded that the Group would have sufficient 
capital and liquid resources and that the Group’s ongoing viability 
would be sustained. In drawing this conclusion, the Directors 
assessed the management actions that are available to the Group 
and were comfortable that they are sufficient in order to maintain 
adequate capital and liquidity surpluses. The Directors also have 
regard to business model changes that may be required given 
the new environment in which the Group would be operating. 
It is possible that a stress event could be more severe and have 
a greater impact than we have determined is plausible. In this 
context, we conduct reverse stress tests, which demonstrate the 
unlikely and very extreme conditions required to make our 
business model non-viable.
The Directors’ current, reasonable expectation is that Schroders 
plc will be able to continue in operation, meeting its liabilities as 
they fall due, over a viability horizon of at least five years. The 
Board’s five-year viability and longer-term assessment is based 
on information known today.
Going concern
The going concern disclosure below provides an 
assessment of the Group's ability to continue operating for 
at least the next 12 months.
The Group’s business activities, together with the factors 
likely to affect its future development, performance and 
position, are set out in this Strategic report. In addition, the 
financial statements include: information on the Group’s 
approach to managing its capital and financial risk; details 
of its financial instruments and hedging activities; and its 
exposures to credit and liquidity risk.
The Group has considerable financial resources, a broad 
range of products and a geographically diversified 
business. As a consequence, the Directors believe that the 
Group is well placed to manage its business risks in the 
context of the current economic outlook.
Accordingly, the Directors have a reasonable expectation 
that the Company and the Group have adequate resources 
to continue in operational existence for a period of at least 
12 months from the date the Annual Report and Accounts 
is approved. They therefore continue to adopt the going 
concern basis in preparing the Annual Report and 
Accounts.
Pages 1 to 34 constitute the Strategic report, which was approved 
by the Board on 5 March 2025 and signed on its behalf by:
Richard Oldfield
Group Chief Executive
5 March 2025
Viability and going concern statement
34
Schroders Annual Report and Accounts 2024

Governance
Board of Directors and Company Secretary
36
Corporate governance report
40
Nomination and Governance Committee report
50
Audit and Risk Committee report
54
Remuneration report
62
Directors’ report
84
Statement of Directors’ responsibilities
88
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
35
Schroders Annual Report and Accounts 2024

Leading a world-
class business
Collectively responsible for the management, direction and 
performance of the Company
Nomination and Governance  
Committee
Audit and Risk Committee 
Remuneration Committee
Chair
Skills, experience and contribution
Principal current external 
appointments
Elizabeth was appointed as an independent non-executive Director in 
September 2021 and became Chair at the conclusion of the 2022 Annual 
General Meeting.
Elizabeth is a non-executive Director of BAE Systems plc, Chair Emerita 
of the Impact Investing Institute and a Trustee of the British Museum 
Trust. She was previously the CEO of Allianz Global Investors and a non-
executive Director of Morgan Stanley Inc. and Pearson plc.
Elizabeth is a leading figure in financial services with over 45 years’ 
experience. Elizabeth is active in representing the investment industry 
and developing standards. Elizabeth has significant expertise in asset 
management, impact investing and sustainability, and brings a wealth of 
investor, governance and boardroom experience to the Board.
– Non-executive Director of 
BAE Systems plc
– Chair Emerita of the Impact 
Investing Institute
– Trustee of the British 
Museum Trust
Dame Elizabeth Corley
Chair
Richard was appointed as Group Chief Executive on 8 November 2024, 
having joined Schroders in October 2023 as a Director and Chief 
Financial Officer.
Richard is a chartered accountant and was Network Vice Chairman and 
Global Markets Leader at PricewaterhouseCoopers (PwC) until October 
2023, where he led market-facing activities, initiatives and strategy. Prior 
to this, he held several senior management positions at PwC UK, 
including Head of Clients and Markets, Head of Strategy and 
Communications, and UK Banking and Capital Markets Assurance 
Leader. His experience includes time spent working across Africa, Asia, 
Europe and North America.
Richard brings a deep capability in leading an international business, 
combined with technical and strategic capabilities. His global perspective 
and his experience in advising large multinational financial services 
organisations will help us to continue to deliver our strategy. 
– Trustee and Finance and 
Property Committee Chair 
of The Duke of Edinburgh’s 
International Award 
Foundation
– Member of the FCA 
Practitioner Panel
Richard Oldfield
Group Chief Executive
Meagen joined Schroders in January 2023 as Chief Operating Officer. On 
1 January 2025, she became Chief Financial Officer, overseeing the 
Group’s finance function including tax and treasury, as well as 
operations, technology, commercial transformation and corporate 
services. 
Prior to joining Schroders, Meagen spent 11 years at M&G plc, leading a 
comprehensive transformational change programme, and held various 
transformation, operational, audit, risk and IT control roles at J.P. 
Morgan, Goldman Sachs and KPMG. 
With more than 25 years spent in financial services, Meagen is an 
experienced leader in delivering organisational change. She brings 
commerciality to resource and capital allocation and drives innovation 
and efficiencies in our business processes.
– None
Meagen Burnett
Chief Financial Officer
Johanna joined Schroders in 2007 and was appointed Group Chief 
Investment Officer in September 2019 and as an executive Director on 
1 January 2025. She is responsible for overseeing the investment 
performance, philosophy, and process across all asset classes at the firm 
as well as leading the Public Markets business.
Prior to joining Schroders, Johanna was a fund manager at Insight 
Investment from 2005 to 2007 and Head of Asset Allocation at Deutsche 
Asset Management from 1997 to 2005.
Johanna’s extensive investment experience will help to ensure that the 
client outcome remains at the heart of how we invest. Her elevated role 
underlines the strategic importance of investment at Schroders. 
– Member of Christ Church 
Investment Committee
Johanna Kyrklund
Group Chief Investment 
Officer
Board of Directors and Company Secretary
36
Schroders Annual Report and Accounts 2024

Skills, experience and contribution
Principal current external 
appointments
Ian was appointed to the Board as an independent non-executive 
Director in January 2017, and was appointed as Senior Independent 
Director in April 2018.
Ian was Chief Executive of BAE Systems plc from 2008 to 2017, having 
been originally appointed to the BAE board as Chief Operating Officer, 
UK and Rest of the World. Prior to this, he was Chief Executive of Alenia 
Marconi Systems. Ian also served as a non-executive Director and Senior 
Independent Director of Rotork plc until June 2014.
Having held a number of leadership positions in major multinational 
companies, and having capital markets experience both as an executive 
and non-executive Director, Ian brings strong global leadership 
experience, which is of great value to the Group as we continue to grow 
our business internationally.
1.
Ian will step down from the role of Senior Independent Director with effect from the 
conclusion of the AGM on 1 May 2025, remaining on the Board as an independent 
non-executive Director.
– Senior Adviser to the board 
of Gleacher Shacklock LLP
– Chairman of Senior plc
– Director of High Speed Two 
(HS2) Limited and lead non-
executive Director for the 
Department for Transport
Ian King
Senior Independent 
Director
1
 
Claire was appointed as a non-executive Director in April 2020.
Claire is a non-executive Director of Caledonia Investments plc, Director 
and Trustee of the Schroder Charity Trust and a Trustee of a number of 
charitable foundations. She was previously a non-executive Director of 
Gauntlet Insurance Services.
Claire brings experience of family-owned businesses in financial services 
and from her non-executive roles. Claire is a descendant of John Henry 
Schroder, co-founder of the Schroders business in 1804. Claire’s 
appointment reflects the commitment to Schroders of the Principal 
Shareholder Group, which has been an important part of Schroders’ 
success over the long term.
– Non-executive Director of 
Caledonia Investments plc
– Director and Trustee of the 
Schroder Charity Trust
– Trustee of a number of 
charitable foundations
Claire Fitzalan Howard
Non-executive Director
Rakhi was appointed as an independent non-executive Director in 
January 2017.
Rakhi is an experienced executive in digital retailing, having spent 12 
years at Amazon, where she was Director of UK Media. Prior to joining 
Amazon, she held roles at TomTom and in management consultancy in 
the US. She was previously a non-executive Director of Intu plc and 
Rightmove plc.
Rakhi’s experience in the digital world through her work at Amazon, and 
more recently through her experience as a non-executive Director on 
other boards, is highly valuable to the Group as digital has an 
increasingly important impact on the asset management industry.
– Non-executive Director of 
Trainline plc and Chair of 
the Remuneration 
Committee
– Non-executive Director of 
Kingfisher plc and Chair of 
the Remuneration 
Committee
Rakhi Goss-Custard
Independent non-
executive Director
 
Iain was appointed as an independent non-executive Director on 
1 January 2024.
Iain is a chartered accountant and was Chief Financial Officer at GSK plc 
until 2023. He was a member of the GSK leadership team and was 
responsible for Global Finance and several of GSK’s key global functions, 
including Investor Relations, Digital and Tech, and Global Procurement. 
Prior to joining GSK, Iain was Group Finance Director at HSBC Holdings 
plc, a position he held for eight years. Iain has lived and worked in Asia, 
the US and Europe and, before HSBC, was at General Electric, 
Schlumberger Dowell and Price Waterhouse.
In addition to his experience as Chief Financial Officer of FTSE 100 
companies, Iain brings considerable knowledge of global organisations 
operating in many of the international markets where we operate.
2.  Iain will succeed Ian King as Senior Independent Director with effect from the  
conclusion of the AGM on 1 May 2025.
– Non-executive Director and 
Chair of the Audit and Risk 
Committee of National Grid 
plc
– Non-executive Director of 
UK Government 
Investments
Iain Mackay
Independent non-
executive Director
2
 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
37
Schroders Annual Report and Accounts 2024

Skills, experience and contribution
Current external appointments
Leonie was appointed as a non-executive Director in March 2019.
Leonie is currently a Director and Trustee of the Schroder Charity Trust 
and has held a number of roles in the charity sector.
Leonie is a descendant of John Henry Schroder, co-founder of the 
Schroders business in 1804. Leonie’s appointment reflects the 
commitment to Schroders of the Principal Shareholder Group, which has 
been an important part of Schroders’ success over the long term.
– Director and Trustee of the 
Schroder Charity Trust
– Director of a number of 
private limited companies
Leonie Schroder
Non-executive Director
Annette was appointed as an independent non-executive Director in 
September 2023.
Annette has 25 years’ experience in leading global publishing and data 
analytics businesses, across academic, educational and consumer media 
verticals. Most recently, she served as CEO of Guardian Media Group, a 
position she held until June 2021. Prior to this, Annette was CEO of the 
Web of Science Group at Clarivate plc, a data, analytics and software 
business focused on research and higher education. She has also served 
as CEO of Macmillan Publishers and led the digital and global 
transformation of Nature Publishing Group.
Annette brings her experience in leading global publishing and data 
analytics businesses with her digital, data and analytics expertise, which 
is of great benefit to the Group as we continue to invest in these 
important areas.
– Non-executive Director of 
Pearson plc
– Non-executive Director of 
EcoVadis
– Non-executive Director of 
OpenClassrooms
– Senior Adviser to General 
Atlantic
Annette Thomas
Independent non-
executive Director
 
Fred was appointed as an independent non-executive Director on 
1 January 2024.
Fred was Managing Partner and Head of TMT at Advent International, a 
leading global private equity investor. During his 23-year career, Fred 
managed Advent’s London and New York offices and served on both 
their European and North American Investment Advisory Committees.
Fred brings insights into the sustainability and conservation sectors. He 
also brings experience of private equity and private markets more 
generally, which is of great benefit as we continue to build Schroders 
Capital. 
– Founder of Blue Endeavor 
Ventures
– Co-founder of Scale-Up 
Fund
Frederic Wakeman
Independent non-
executive Director
 
 
Deborah was appointed as an independent non-executive Director in 
March 2019.
Deborah is the CEO of ViiV Healthcare, a leading global company, 
majority owned by GSK and focused on advancing science into HIV 
treatment, prevention and care. Deborah is also a member of the GSK 
Corporate Executive Team.
Deborah brings her experience as chief executive of a major 
international business operating in many of the markets we are active in, 
which is of great benefit as we continue to grow our business 
internationally.
3.  Deborah will be stepping down from the Board with effect from the conclusion of the 
Annual General Meeting on 1 May 2025. 
– CEO of ViiV Healthcare
– Member of the GSK 
Corporate Executive Team
Deborah Waterhouse
Independent non-
executive Director
3
 
Board of Directors and Company Secretary continued
38
Schroders Annual Report and Accounts 2024

Skills, experience and contribution
Current external appointments
Matthew was appointed as an independent non-executive Director in 
March 2020 and was appointed as Chair of the Remuneration 
Committee in April 2022.
Matthew started his career in 1986 at Credit Suisse First Boston. He 
subsequently worked at Rothschild & Co, where he became Managing 
Director and Joint Chief Executive of ABN AMRO Rothschild. He joined 
Goldman Sachs in 2000 and became a partner in 2002.
During his tenure, he led substantial businesses within the Investment 
Banking Division. He left Goldman Sachs in 2016 to become Co-Head of 
Global Banking at HSBC.
Matthew brings significant experience of global financial markets after a 
distinguished career in investment banking.
– Director of MW&L Capital 
Partners
– Foundation Fellow of Balliol 
College, Oxford
– Trustee of the UK Holocaust 
Memorial Foundation
Matthew Westerman
Independent non-
executive Director
 
 
Kate was appointed as Group Company Secretary on 1 May 2024. 
Kate was previously Deputy Group Secretary at Aviva, leading the global 
Governance team, and Partner at PwC, where she led the Listed and 
Financial Services Governance practice.
Kate is responsible for the Group’s Governance framework and is the 
principal adviser on all governance matters.
Kate brings great experience in operating commercial and effective 
governance frameworks for multinational and regulated groups. 
– Member of the Governance 
Committee of the Institute 
of Chartered Accountants in 
England and Wales
Kate Graham
Group Company 
Secretary
Composition of the Board at 5 March 2025
Board composition
Non-executive
Directors’ tenure
Board gender diversity
Board ethnic diversity
n Executive Directors
 23% 
n
Non-independent 
non-executive 
Directors
 15% 
n Independent non-
executive Directors
 62% 
n 0–3 years
 30% 
n 3–6 years
 50% 
n 6–9 years
 20% 
n Male
 38% 
n Female
 62% 
n White
 85% 
n Ethnically diverse
 15% 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
39
Schroders Annual Report and Accounts 2024

Clarity and 
leadership in  
a year of 
transition
Dame Elizabeth Corley
Chair
I am pleased to present our governance report for 2024. 
The following pages discuss the operation of the Board 
and its Committees during the year, how we discharged 
our responsibilities, and the governance arrangements 
supporting the Board and the business. 
Succession planning and leadership transition 
In my last report, I said the Board was focusing on developing 
strategy for the long term and that strategy would remain one 
of our major priorities in 2024. This proved to be the case, and 
strategic leadership was a key consideration throughout our 
executive Director succession planning process during the year.  
As shareholders will be aware, in April 2024, Peter Harrison 
informed the Board of his intention to retire after 11 years with 
Schroders and 8 years as Group Chief Executive. Following Peter’s 
decision, the Nomination and Governance Committee spent time 
considering the future skill set, experience and aptitudes required 
of the senior leadership team that would deliver the Group’s 
priorities going forward and led the process that resulted in the 
appointment of Richard Oldfield as Group Chief Executive. With 
Richard Oldfield in position since 8 November 2024, and the 
appointment of Meagen Burnett and Johanna Kyrklund to the 
Board on 1 January 2025, as Chief Financial Officer and Group 
Chief Investment Officer, respectively, we have exceptional 
international mindsets, experience and leadership across a wide 
range of disciplines. The appointments are a great reflection of 
the talent we have within the Group.  Since the announcement of 
these appointments, I have met shareholders, at their request, to 
describe our process, and Richard, Meagen and Johanna have 
held introductory meetings with major shareholders.
Full details of our succession planning and the search, selection 
and appointment process can be found in the Nomination and 
Governance Committee report on pages 50 to 53.
In May 2024, the Board appointed a new Group Company 
Secretary, Kate Graham, succeeding Graham Staples. I would like 
to thank Graham for his enormous contribution to the Board over 
his 20 years in the role. I would also like to thank Rhian Davies, 
who stood down as an independent non-executive Director at the 
AGM in 2024, for her dedication, especially during her tenure as 
Chair of the Audit and Risk Committee.
Strategy, performance and clients
As a Board we continue to oversee and test the Company’s 
strategy. The development and delivery of that strategy falls to 
the executive leadership team, and in November 2024, our 
new Group ExCo was established, and now consists of of the 
Chief Executives of our three businesses – Public Markets, 
Schroders Capital and Wealth Management – the Group Head of 
Strategy and Investor Engagement, the Head of Client Group, our 
Chief People Officer, and our Group General Counsel, alongside 
the Group Chief Executive and our Chief Financial Officer. This 
focused team is responsible for delivering operational and 
financial performance.
In addition, clients and our people remained key areas of focus 
for the Board throughout the year. In May 2024 the Board 
travelled to Paris to spend time with colleagues and clients. 
We consider these international visits as important opportunities 
to understand how well the culture we see clearly in London has 
travelled in our global business.
Our people
The Board focused on ensuring clear communication during the 
leadership transition to maintain stability for our people and our 
clients. Our people are critical to the success of our business. 
During the year consideration was given to the culture of the 
Group and the strength of the employee value proposition. You 
can read more about how we maintain our high-performing 
culture in the “People and community” section on page 16. 
Looking ahead
The Board will continue to maintain high standards in the way it 
works. As part of our process for self-evaluation and improvement, 
we conducted our annual review of the effectiveness of the Board. 
The review was undertaken internally this year and the findings 
can be found on page 49. My focus now is on embedding the new 
executive Directors within our Board while maintaining an effective 
and productive Board dynamic. As our industry will continue to 
change rapidly, we will keep the composition of our Board under 
active review to ensure that we evolve and adapt appropriately. 
I am confident we have the right senior leadership team to 
execute the delivery of our strategy and that the Board will 
continue to oversee the performance of our strategy for the 
long-term benefit of clients, shareholders and other stakeholders.
Dame Elizabeth Corley
Chair
5 March 2025
Corporate governance report
40
Schroders Annual Report and Accounts 2024

2024 Board and Committee attendance
Directors are expected to attend all meetings of the Board and Committees on which they serve. Details of Board and Committee 
attendance are included in the table below. Meagen Burnett and Johanna Kyrklund were appointed to the Board on 1 January 2025, and 
therefore do not feature in the table.
Where a Director is unable to attend a meeting, their views are sought in advance and shared with the Board.
Board
1
Nomination and 
Governance 
Committee
Audit and Risk 
Committee
Remuneration 
Committee
2
Chair
Dame Elizabeth Corley
11/11
6/6
Executive Directors
Peter Harrison
3
8/8
Richard Oldfield
4
9/9
Non-executive Directors
Ian King
5
11/11
6/6
6/7
Rhian Davies 
6
2/2
1/1
1/1
2/2
Claire Fitzalan Howard
11/11
6/6
Rakhi Goss-Custard
7
10/11
5/6
5/5
Iain Mackay
7
9/11
6/6
5/5
Leonie Schroder
11/11
6/6
Annette Thomas
7
10/11
5/6
7/7
Deborah Waterhouse
7, 8
9/11
5/6
5/5
3/3
Frederic Wakeman
9
11/11
6/6
5/5
4/4
Matthew Westerman
7
10/11
5/6
5/5
7/7
1.  There were six scheduled Board meetings held during the year and five ad hoc meetings to consider Board appointments, strategy updates and the Q3 results.
2.  There were five scheduled Remuneration Committee meetings held during the year and two ad hoc meetings to consider the remuneration arrangements for the  
new Group Chief Executive and other executive Director appointments.
3.  Peter Harrison stepped down from the Board on 8 November 2024 and was succeeded as Group Chief Executive by Richard Oldfield from that date. Peter was 
recused from two meetings of the Board that discussed the Group Chief Executive’s succession.
4.  Richard Oldfield was recused from two meetings of the Board that discussed the Group Chief Executive’s succession.
5.  Ian King was unable to attend one meeting of the Remuneration Committee due to prior commitments overseas.
6.  Rhian Davies retired from the Board on 25 April 2024.
7. The meetings not attended by  Rakhi Goss-Custard, Iain Mackay, Annette Thomas, Deborah Waterhouse and Matthew Westerman identified above, were all ad hoc 
meetings called at short notice. All meetings were quorate at all times.
8. Deborah Waterhouse stepped down as a member of the Remuneration Committee on 31 May 2024. 
9. Frederic Wakeman was appointed as a member of the Remuneration Committee on 1 August 2024.
The Board and its Committees
The Board has collective responsibility for the management, 
direction and performance of the Company. It is accountable to 
shareholders for the creation and delivery of strong, sustainable 
financial performance and long-term shareholder value. 
In discharging its responsibilities, the Board takes appropriate 
account of the interests of our wider stakeholders, including 
clients, employees, external service providers, regulators and 
wider society. Certain decisions can only be taken by the Board, 
including on the Group’s overall strategy, significant new business 
activities, and the strategy for management of the Group’s capital. 
These are contained in the Schedule of Matters Reserved to the 
Board, which can be found on the Company’s website
1 and are 
summarised on page 42.
The Board has delegated specific responsibilities to Board 
Committees, notably the Nomination and Governance Committee, 
the Audit and Risk Committee and the Remuneration Committee.
The papers for and minutes of committee meetings are made 
available to all Directors. At each scheduled Board meeting, the 
Chair of each Committee provides the Board with an update of 
the work currently being carried out by the Committee they chair. 
Membership of the Committees is detailed in each Committee’s 
report. The Committees’ terms of reference can be found on the 
Company’s website
2.
The Chair also has regular meetings with the non-executive 
Directors without the executive Directors being present. These 
meetings are informal discussions and do not have fixed agendas. 
At least once a year the Chair also meets with just the independent 
non-executive Directors.
Board calls are used as an additional avenue for communication to 
supplement the formal Board meeting programme; these are held 
between the scheduled meetings.
1. www.schroders.com/board-matters 
2. www.schroders.com/board-committees 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
41
Schroders Annual Report and Accounts 2024

Governance framework
Board
The Board is collectively responsible for the management, direction and performance of the Company.
Matters reserved to the Board
The Group’s overall strategy
The Company’s capital strategy 
and changes to the capital or 
corporate structure 
Significant new 
business activities 
Dividend policy
Annual Report and 
financial and regulatory 
announcements
Annual budgets and financial 
commitments and material 
or strategic acquisitions
Risk management framework, 
risk appetite and tolerance 
limits 
Board and Committee 
composition, succession 
planning and Committee 
terms of reference
Corporate governance 
arrangements, including 
Board conflicts of interest
Maintenance of an effective 
system of internal controls and 
risk management
Remuneration strategy
The full Schedule of Matters Reserved to the Board can be found on the Company’s website, www.schroders.com/board-matters
Chair
The Chair is responsible for the 
leadership of the Board, ensuring 
its effectiveness and setting its agenda. 
She is responsible for creating an 
environment for open, robust 
and effective debate and challenge. 
The Chair is also responsible for 
ensuring effective communication 
with shareholders and other 
stakeholders.
Group Chief Executive
The Group Chief Executive is 
responsible for the executive 
management of the Company and 
its subsidiaries. He is responsible 
for proposing the strategy for the 
Group and for its execution. He is 
assisted by members of the Group 
ExCo, GSI and the GRC.
Chief Financial Officer
The Chief Financial Officer has 
direct responsibility for financial 
management, capital and treasury, 
with oversight of operations and 
technology. She is assisted by 
members of the Group Capital 
Committee.
Group Chief Investment Officer
The Group Chief Investment Officer
is responsible for the oversight of 
investment performance across all 
business lines.
Senior Independent Director (SID)
The SID acts as a sounding board for 
the Chair, oversees the Chair’s 
evaluation, and serves as an 
intermediary for other Directors if 
needed. He is also available as an 
alternative point of contact for 
shareholders and stakeholders if 
needed. The current SID, Ian King, is 
the designated non-executive Director 
responsible for engagement with the 
workforce.
Non-executive Directors
Non-executive Directors are expected 
to provide independent oversight and 
constructive challenge and help 
develop proposals on strategy, 
performance and resources, including 
key appointments and standards 
of conduct.
Nomination and 
Governance 
Committee
Responsible for reviewing 
the composition of the 
Board, its Committees, 
executive succession and the 
Group’s governance 
arrangements.
Audit and Risk 
Committee
Responsible for overseeing 
financial and non-financial 
reporting, risk management 
and internal controls, 
internal and external audit.
Remuneration 
Committee
Responsible for reviewing 
the remuneration strategy of 
the Group, the remuneration 
policy for Directors and 
overseeing remuneration 
business-wide.
Chair: Dame Elizabeth 
Corley
Chair: Iain Mackay
Chair: Matthew 
Westerman
Group Executive
Committee (Group ExCo)
The Group ExCo comprises senior 
management who have primary responsibility 
for the delivery and execution of the Group’s 
strategy, and for operational performance. It 
is an advisory committee to the Group Chief 
Executive.
Group Sustainability and 
Impact Committee (GSI)
The GSI Committee comprises senior 
management across the Group and provides 
advice to the Group Chief Executive to assist 
him in discharging his responsibilities 
regarding sustainability and impact.
Group Capital Committee
The Group Capital Committee assists the 
Chief Financial Officer in managing the 
Group’s capital, liquidity, seed investments, 
co-investments and other investments.
Group Risk Committee (GRC)
The GRC assists the Group Chief Executive in 
discharging his responsibilities in respect of 
risk and controls. The GRC is chaired by the 
Chief Risk Officer and has a number of sub-
committees, which look at specific areas of risk.
Corporate governance report continued
42
Schroders Annual Report and Accounts 2024

Independence
The Board remains committed to its stated policy regarding the 
benefits of an absolute majority of independent Directors. All the 
non-executive Directors are independent in terms of character 
and judgement.
Claire Fitzalan Howard and Leonie Schroder are not considered 
independent under the UK Corporate Governance Code as they 
are both members of the Principal Shareholder Group. The 
Nomination and Governance Committee believes the judgement 
and experience of Claire Fitzalan Howard and Leonie Schroder 
continues to add value to the Board and the Group. The Board 
has therefore recommended their re-election at the 2025 
Annual General Meeting (AGM).
Director appointments and time commitment
The rules providing for the appointment, election, re-election 
and removal of Directors are contained in the Company’s Articles 
of Association. The Company may only amend its Articles of 
Association by special resolution of the shareholders.
In accordance with the Articles of Association, Meagen Burnett 
and Johanna Kyrklund will offer themselves for election at the AGM 
on 1 May 2025. All other Directors are required to seek re-election 
on an annual basis unless they are retiring from the Board. 
Deborah Waterhouse will not be seeking re-election as a Director 
and will stand down at the conclusion of the 2025 AGM. Details of 
the Directors’ length of tenure are set out on page 39.
Non-executive Directors’ letters of appointment stipulate that they 
are expected to commit sufficient time to discharge their duties.
The Board has adopted a policy that allows executive Directors to 
take up one external non-executive directorship. Non-executive 
Directors are required to consult the Chair before taking on any 
additional appointments. The Board is satisfied that all Directors 
continue to be effective and demonstrate commitment to their 
respective roles.
For details of executive Directors’ service contracts, termination 
arrangements and non-executive Directors’ letters of 
appointment, please refer to the Remuneration report from 
page 62.
Board training
The Board believes that the ongoing development and briefing of 
Directors is an important part of the Board’s agenda. The Board 
receives regular briefings throughout the year to provide them 
with a deeper understanding of the Group. The Chair and Group 
Company Secretary discuss briefing topics annually and agree 
what these should cover.
During 2024, a briefing was provided on the geopolitical outlook 
and how it affects Schroders. Our Global Head of Sustainable 
Investment also held a briefing session on our sustainability 
approach and our strategy and priorities in light of the external 
environment and industry trends.
Members of the Board Committees also receive regular updates 
on technical developments at scheduled committee meetings. 
Board induction
The Group Company Secretary supports the Chair and Group 
Chief Executive in providing a personalised induction programme 
for all new Directors. This helps familiarise newly appointed 
Directors with their duties and the Group’s culture and values, 
strategy, business model, businesses, operations, risks and 
governance arrangements.
The induction process is reviewed regularly and is updated and 
tailored to ensure that it remains appropriate. Induction and 
briefing meetings are generally open to any Director to attend
if they wish to.
Committee-specific inductions are also arranged when 
membership changes, and these induction processes are tailored 
to the skills and knowledge of the individual and the forthcoming 
committee agenda items.
Following the appointments of Iain Mackay and Frederic Wakeman 
in January 2024, and Meagen Burnett and Johanna Kyrklund in 
January 2025, comprehensive and tailored induction programmes 
were provided and are ongoing, further information on which can 
be found on page 52. 
The induction processes involve:
– meeting all members of the Group ExCo and their teams to gain 
an insight into, and an understanding of, the opportunities and 
challenges facing their area of responsibility
– one-to-one meetings with other senior management across 
the Group, including first, second and third lines of defence, to 
understand the Group’s Risk Management framework and 
internal controls and our technology platforms
– an overview of the Group’s ownership structure and 
significant shareholders. 
Role of Group ExCo
Upon his appointment as Group Chief Executive in 
November, Richard Oldfield launched a new Group ExCo 
focused on executing the Group’s business strategy and 
driving growth. Demonstrating the strength and depth of 
our talent, eight of the nine Group ExCo roles were filled by 
existing internal executives.
The Group ExCo’s primary role will be to advise the Group 
Chief Executive on matters of strategy, operational 
performance, finance and capital, risk and internal controls, 
and people. Day-to-day management of the various 
businesses and functions within the Group will be the 
individual responsibility of the relevant Committee 
members.
You can read the biographies of each of our Group ExCo 
members on our website at www.schroders.com/exco
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
43
Schroders Annual Report and Accounts 2024

Compliance with the 2018 UK Corporate Governance Code (2018 Code)
1
During 2024, the Board complied with the 2018 Code and applied all its principles and provisions.
The following table sets out examples of how the Board has applied each principle, assisting our shareholders to evaluate our 2018 
Code compliance.
In preparation for compliance with the 2024 UK Corporate Governance Code (2024 Code), during the year we undertook a detailed 
review to evaluate the impact that the 2024 Code will have on our governance and risk management arrangements. We will report 
on our compliance with the 2024 Code in our next Annual Report. 
Code principle
Board leadership and company purpose
A
Role of the Board
The Company is led by an effective Board that is collectively responsible for the long-term sustainable 
success of the Company. The Board ensures that due regard is paid to the interests of our stakeholders, 
who include our clients, shareholders, employees, external service providers, regulators and wider 
society.
     See “Key areas of focus during the year” on page 46.
B
Our purpose, values 
and strategy
The Board has collective responsibility for the management, direction and performance of the Company. 
Certain decisions can only be taken by the Board, including decisions on the Group’s overall strategy, 
significant new business activities and the strategy for management of the Group’s capital.
     See “Stakeholder interests and engagement” on page 47.
C
Resources 
and controls
The Board reviews the financial performance of the Group at each scheduled meeting and is ultimately 
responsible for the Group’s control framework. The Audit and Risk Committee carries out an annual 
assessment of the effectiveness of the system of internal control on behalf of the Board.
     See the Audit and Risk Committee report on pages 54 to 61.
D
Engagement 
The Board recognises that engaging with and taking account of the views of the Group’s stakeholders is 
key to delivering the Group’s strategy and long-term objectives.
     See page 47.
E
Workforce 
engagement
Each year, the Board receives an update on Schroders’ people and culture. Ian King is our designated 
non-executive Director responsible for gathering workforce feedback and he chairs the Global Employee 
Forum.
     See page 46.
Division of responsibilities
F
The role of the Chair
The roles of the Chair and Chief Executive are separate. The Chair has overall responsibility for the 
leadership of the Board and for its effectiveness in all aspects of its operation. Elizabeth Corley became 
Chair at the conclusion of the 2022 AGM and was considered independent on appointment.
     Job descriptions for the Chair and Chief Executive can be found at www.schroders.com/board-matters.
G
Board composition
The Board is committed to its stated policy of having an absolute majority of independent Directors. The 
Board believes that it operates most effectively with an appropriate balance of executive Directors, 
independent non-executive Directors and Directors who have a connection with the Company’s Principal 
Shareholder Group.
No individual or group of individuals is in a position to dominate the Board’s decision-making.
Towards the end of 2024, we launched a succession planning project focused on reviewing the 
composition of the Board over the short, medium and long term.
     See page 39.
H
Role of the non-
executive Directors
Non-executive Directors are expected to provide independent oversight and constructive challenge. 
They also help develop proposals on strategy, performance and resources, including key appointments 
and standards of conduct.
I
Group Company 
Secretary
All Directors have access to the advice and support of the Group Company Secretary and her team. 
Through them, Directors can arrange to receive additional briefings on the business, external 
development and professional advice, independent of the Company, at the Company’s expense.
Corporate governance report continued
44
Schroders Annual Report and Accounts 2024

Composition, succession and evaluation
J
Appointments to the 
Board
The process for Board appointments is led by the Nomination and Governance Committee, which makes 
recommendations to the Board.
     See the Nomination and Governance Committee report on pages 50 to 53.
K 
Skills, experience and 
knowledge of the 
Board
In 2021, the Nomination and Governance Committee carried out a full analysis of the Board to identify 
the skills and experience required by future appointments. This analysis has been updated, and the 
results informed the role profiles used in the appointment process for the Group Chief Executive and 
Chief Financial Officer. At the end of 2024, the Committee initiated a longer-term succession planning 
process for the Board, to ensure the composition, skill set and experience on the Board remains 
appropriate for the medium term. 
     See the Nomination and Governance Committee report on pages 50 to 53. 
L
Board evaluation
The 2024 Board evaluation was conducted internally. As part of this process, interviews were held by the 
Group Company Secretary with each Director. Independent Board Evaluation (IBE) facilitated an external 
Board evaluation in 2022 in accordance with the Code requirement. An external Board performance 
review will be conducted in 2025. 
     See page 49.
Audit, risk and internal control
M Internal and 
external audit
The Audit and Risk Committee oversees the relationship with the external auditor, Ernst & Young. The 
Group Head of Internal Audit reports directly to the Chair of the Audit and Risk Committee.
     See the Audit and Risk Committee report on pages 54 to 61.
N
Fair, balanced and 
understandable 
assessment
The Audit and Risk Committee reviews the Company’s financial reporting in detail and recommends to 
the Board that the Annual Report and Accounts, when taken as a whole, is fair, balanced and 
understandable.
      See the Audit and Risk Committee report on pages 54 to 61.
O
Risk management 
and internal control 
framework
The Audit and Risk Committee carries out an annual assessment of the effectiveness of the system of 
internal controls and considers the adequacy of risk management arrangements in the context of the 
business and strategy. The Committee also considers the principal risks, alongside emerging and 
thematic risks, that may have an impact on the Group.
      See the Audit and Risk Committee report on pages 54 to 61.
Remuneration
P
Policies and practices
Executive remuneration is designed to align with our purpose. Our Remuneration policy was approved 
at the 2023 AGM, following engagement with shareholders, and is expected to apply for three years.
     See the Remuneration report on pages 62 to 83.
     A summary of our Remuneration policy can be found at www.schroders.com/rp.
Q
Remuneration policy
The Remuneration Committee provides independent oversight of the Group’s Remuneration Policy and 
determines the remuneration of the Chair and the executive Directors within the policy approved by 
shareholders. No Director is involved in discussions relating to their own remuneration.
     See the Remuneration report on pages 62 to 83.
     A summary of our Remuneration policy can be found at www.schroders.com/rp.
R
Exercising 
independent 
judgement 
and discretion
We pay for performance in a simple and transparent way, clearly aligned to shareholder and client 
interests, to the financial performance of the Group, and the progress made towards our strategic goals.
     See the Remuneration report on pages 62 to 83.
1. The 2018 Code is available at www.frc.org.uk
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
45
Schroders Annual Report and Accounts 2024

Key areas of focus during the year
At each scheduled Board meeting, the Board discusses reports from: the Group Chief Executive on the performance of the 
business; the Chief Financial Officer on financial performance; the Group Company Secretary on governance developments; and, 
where relevant, a report from each of the Board Committees.
Set out below are the key topics considered by the Board during 2024, taking into account the views of key stakeholders while 
continuing to promote the Group’s long-term success. Throughout the year, the Board considered workforce welfare, external 
markets, our clients, the Group’s capital position, business performance and operations, and the need to keep the market 
updated on key developments.
Strategy
– The Board continued to focus on the development and 
delivery of our overall strategy. In the first half of the year, 
the Board reviewed the Group’s overall strategy and future 
strategic direction. Following the appointment of our new 
Group Chief Executive, the Board held a strategy off-site. A 
review of the Group’s five-year forecast was also 
considered.
– At each scheduled meeting, the Board received strategic 
updates from the business. During 2024, these included 
Wealth Management, Schroders Capital, Public Markets and 
Client Group, as well as post-acquisition reviews, and 
updates on our strategic partnerships and alliances, our AI 
strategy and corporate development.
– The Board considered and approved key strategic projects, 
including our partnership with Phoenix Group, the issuance 
of Tier 2 debt and the acquisition of Whitley Asset 
Management, all of which are discussed in more detail on 
the next page.
– A number of additional Board calls were arranged 
throughout the year to supplement the discussions on 
strategy and to consider the appointments of the new 
Group Chief Executive, Chief Financial Officer and the 
appointment of the Group Chief Investment Officer to the 
Board. 
Financial performance and risk management
– The Board reviews the Group’s financial performance at 
each scheduled Board meeting. In February, the Board 
reviewed the 2023 Annual Report and Accounts and final 
dividend proposal. In July, the Board reviewed the 2024 half-
year results and approved an interim dividend of 6.5 pence 
per share.
– The five-year forecast was discussed by the Board in 
November to support the Board’s strategic considerations.
– During the year, the Board approved the Group’s 
operational resilience self-assessment, ICAAP, ILAAP, 
recovery plan, resolution process and wind-down plan 
following their review by the Audit and Risk Committee 
(including risk appetite statements).
– The Board also approved the Group’s Climate Report 2023 
to provide our shareholders, clients and other stakeholders 
with a better understanding of our exposure to climate-
related risks.
People and culture
– The Board considers our people to be central to delivering the 
Group’s strategic priorities and considers our culture to be one 
of our assets. 
– The Board engaged with employees throughout the year 
through regular pulse surveys. In addition, Ian King, our 
designated non-executive Director responsible for workforce 
engagement, chairs the Global Employee Forum to hear 
directly from employees on issues that concern them. Ian 
provided feedback to the Board on the key issues raised at 
forum meetings. In July, the Board and senior leaders hosted a 
summer reception with key representatives from our employee 
resource groups from around the business. 
– In September, the Board received a people and culture update. 
This provided a timely opportunity to reflect on the aspects of 
our employee value proposition that we need to retain and 
amplify, as well as those elements we are seeking to change.
– The Board welcomes the opportunity to engage with our 
people and will continue to do so in 2025 and beyond.
Shareholder engagement 
– The Board engaged with shareholders throughout the year. 
The primary means of communicating with shareholders is 
through the AGM, the Annual Report and Accounts, full-year 
and half-year results and related presentations. 
– The Investor Relations programme has continued our 
engagement with our major shareholders. During the year, we 
engaged with shareholders via investor calls and roadshows 
that follow our results announcements. Outside of the UK, we 
hosted an East Coast Roadshow in New York, Boston and 
Toronto, as well as investor meetings in Frankfurt. In April, a 
three-day roadshow was held with potential debt investors, 
culminating in a successful issuance of Tier 2 Notes. 
– Since the announcement of our new Board appointments, the 
Chair has met investors on request to describe the 
appointment process and the executive Directors have held 
introductory meetings with major shareholders.
Corporate governance report continued
46
Schroders Annual Report and Accounts 2024
Key stakeholders
Clients
Our people
External suppliers
Shareholders
Society and 
environment
Regulators
For more detail on our stakeholders, see pages 32 to 33.

Stakeholder interests and engagement
In discharging their section 172 duties, the Directors have regard to the factors set out on pages 32 to 33 and any other factors 
considered relevant to the decision being made, such as the interests of employees and the views of regulators. The Directors 
acknowledge that not every decision made will necessarily result in a positive outcome for all stakeholders. By considering the 
Company’s purpose, vision and values together with its strategic priorities, and having a process for decision-making, the Board 
does, however, aim to make sure that its approach to decision-making is aligned with stakeholder interests.
The appointments of Richard Oldfield as our new Group Chief Executive, and of Meagen Burnett and Johanna Kyrklund to the Board, 
are discussed in the Nomination and Governance Committee report on pages 50 to 53. 
The examples provided below show how the Board considered the matters set out in section 172 in respect of some of the key 
decisions made during 2024.
Partnership with Phoenix Group 
A key Board consideration during the year 
was the launch of Future Growth Capital 
(FGC), our partnership with Phoenix Group. 
FGC is a private market investment 
manager established to promote the 
objectives of the Mansion House Compact. 
FGC aims to enhance outcomes for long-
term pension savers in the UK by providing 
efficient access to private market 
investments. Private markets offer pension 
and other long-term savers diversification 
and the potential for increased investment 
returns to boost their retirement incomes. 
Longer lifetimes and low savings rates 
mean that not all UK defined contribution 
savers are currently on track to meet the 
Pensions and Lifetime Savings Association’s 
minimum retirement living standard
1. 
The Board began discussions regarding 
the partnership in 2023 and approved 
Schroders’ participation in early 2024. 
During these discussions, the Board 
considered the interests of several 
stakeholders. The interests of customers 
was a key consideration, with a primary 
objective of FGC being the provision of 
access to private asset investment and 
diversification opportunities to millions of 
new pension savers.
Other stakeholders considered by the 
Board were wider society and the 
government, which aims to boost pensions 
and investment in British business, and 
Phoenix as our partners, who aim to 
provide pension savers with higher 
investment returns and fulfil their 
commitments under the Mansion House 
Compact. The business will be regulated by 
the Financial Conduct Authority (FCA) and 
we will continue to engage with the 
regulator as the business is being 
established.
Tier 2 debt issuance 
In 2024, the Board approved the issuance 
of £250 million Subordinated Tier 2 Notes 
(Notes) to help support the Group’s 
strategic growth agenda by providing 
financial flexibility. 
Prior to the issuance, Schroders had no 
existing listed debt; therefore, the Board 
considered the interests of its stakeholders 
among several factors. The Prudential 
Regulation Authority (PRA) and FCA were 
notified in advance of the issuance and 
were engaged in the review of the 
prospectus. 
A crucial factor was the appetite of 
investors for the debt issuance. To assess 
market conditions, the Board worked with 
the joint lead managers to determine if the 
public bond markets were favourable and if 
there would be adequate demand from 
investors. 
Additionally, the executive Directors hosted 
a three-day roadshow, engaging with 
prospective debt investors. This proactive 
approach led to the successful issuance of 
the Notes. The Notes are classed as Tier 2 
regulatory capital; therefore, they have 
strengthened Schroders’ capital and 
liquidity positions. 
Acquisition of Whitley Asset 
Management Limited  
The Board believes that investing for 
growth benefits all stakeholders; therefore, 
it continues to explore suitable acquisitions 
in pursuit of this goal. The Board evaluated 
the acquisition of Whitley Asset 
Management, a London-based UK wealth 
management business with £1.5 billion of 
assets under management, as part of its 
strategy to grow the Group’s Wealth 
Management business.  
The Board considered the interests of 
key stakeholders when it reviewed the 
acquisition. Senior management from 
the Wealth Management business 
held engagement meetings with these 
stakeholders. The Board reviewed the 
outcome of this engagement and 
determined that there was a strong 
cultural fit for employees and that 
the acquisition would support the 
Group’s strategy. 
The impact of the transaction on Whitley 
Asset Management’s clients was 
considered, including the Group’s capacity 
to offer a wider range of investment 
options, custody, lending and financial 
planning services.  
The acquisition was subject to approval 
by the FCA; therefore, engagement with 
the regulator was paramount. In addition, 
there was engagement with Lloyds 
Banking Group, which holds a minority 
stake in our UK Wealth Management 
business. The Board concluded that the 
acquisition would support Schroders’ 
strategic priority of growing the Wealth 
Management business. It will open the 
Cazenove Capital brand to a new network 
of wealth creators and supplement the 
organic growth delivered by Cazenove 
Capital over the past three years.
1.
www.retirementlivingstandards.org.uk
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47
Schroders Annual Report and Accounts 2024

2024 Board objectives
The 2023 Board evaluation was undertaken internally and, in light of the findings of that evaluation, the Board set the following 
high-level objectives for 2024.
Objective
Progress made during 2024
Strategy
– Strategic alliances and 
partnerships
– Client relationships and 
competitive positioning
– AI and blockchain: the 
implications for our business 
model
Strategy remained a key focus during 2024 and during the year the Board considered the launch of 
Future Growth Capital, our partnership with Phoenix Group, and approved the acquisition of Whitley 
Asset Management, contributing to the strategic aim of expanding our Wealth Management 
business. Over the summer of 2024, the Board conducted a review of the strategy, with a focus on 
the creation of long-term value for shareholders and operational efficiencies, ensuring that the 
Company remained well positioned to meet its clients’ needs in an evolving global industry. These 
discussions culminated, as in recent years, at the Board’s strategy off-site in November, at which, the 
role of the Client Group in bringing together key client-facing functions across the firm to help us 
enhance and build closer, longer-lasting client relationships was considered. 
In September 2024, the Board received an update on the Company’s cyber and AI strategy, including 
the controls in place to not only protect against the threat of cyber attack, but also to govern the 
responsible use of AI with the Group. The Board discussed the impact AI was likely to have for our 
business model, both in terms of our ambition to have an AI-enabled workforce, across sales, 
investment and operating processes; and the threats and opportunities presented by AI from an 
industry perspective. 
People
– Senior leadership 
development and succession 
plans
– Employee value proposition
The Board, via the Nomination and Governance Committee, dedicated considerable time to senior 
leadership development and succession plans throughout 2024. As outlined in the Nomination and 
Governance Committee report, this process led to the successful appointment of internal candidates 
to the roles of Group Chief Executive, Chief Financial Officer and Group Chief Investment Officer, 
testament to the strength and development of our talent.  
Following those appointments, the previous Group Strategy Committee and Group Management 
Committee transitioned to what is now the Group ExCo. In September 2024, the Board considered 
the succession plans and personal development plans for members of the Group ExCo, and this will 
remain a focus in 2025. 
In September 2024, the Board received a People and Culture update from the Chief People Officer, a 
key focus of which was the way in which the Company’s people-related activities were aligned with 
Group strategy. The Board considered the strengths of the Company’s culture, discussing the 
elements that must be retained, as well as those that would need to evolve.
Board effectiveness
– Integrate new Directors and 
build cross-Board 
relationships
– Increased Board exposure to 
high-potential talent
The Board evaluation concluded that Annette Thomas, Frederic Wakeman and Iain Mackay had all 
fully integrated into the Board. Each provided a unique perspective, bringing fresh insights into areas 
such as strategic transformation, commercial value creation, data and digital, and private markets. It 
was also felt that Iain Mackay had successfully transitioned into the role of Chair of the Audit and Risk 
Committee. During the year, the Board continued with its practice of holding informal dinners before 
scheduled Board meetings, which, together with the Board’s international visit in May and strategy 
offsite in November, helped strengthen cross-Board relationships. In addition, time was allotted at 
the end of each Board meeting for reflection on the day’s discussions.
Feedback from the Global Employee Forum, led by Ian King, provided valuable insight for the Board 
into wider employee sentiment and engagement. Other Board exposure included a visit to the Paris 
and Horsham offices, during which Board members participated in employee town halls, and spent 
time over breakfast with high-potential talent. Smaller, more focused Board engagement was also 
held with the Chairs of the employee resource groups (ERGs). In January 2025, a formal ERG Forum 
(comprising ERG Chairs) was established. The forum will have a non-executive sponsor, with Annette 
Thomas fulfilling this role.
Corporate governance report continued
48
Schroders Annual Report and Accounts 2024

2024 Board evaluation
The 2024 Board evaluation was undertaken internally. As part of this process, interviews were held by the Group Company 
Secretary with each Director, and the discussions focused on:
– the extent to which the Board had delivered on its priorities in 2024
– how the Board and the management team had performed throughout the year, including how effective the Board had been at 
overseeing the implementation of strategy
– whether the Committees had discharged their responsibilities effectively, and the quality of the reporting to the Board
– how effective the Board had been at understanding the views and requirements of stakeholders
– the process for selecting the new Group Chief Executive, Chief Financial Officer and for appointing the Group Chief Investment 
Officer to the Board
– the Board’s oversight of risk
– the business areas that the Board should focus on in 2025.
The overall conclusion was that the Board has delivered on its 2024 objectives, and in doing so has maintained focus on the right 
areas, including operational performance. The CEO succession process was felt to have been well run, and there was 
acknowledgement that there would now need to be a focus on Group ExCo succession planning and pipeline development during 
the course of 2025. 
Consideration of the interests of stakeholders has been well balanced, with the interests of clients and employees, in particular, 
forming a regular part of Board discussions. The Board's diversity of thought, approach and experience was noted as a strength, 
and the more informal time together has proven valuable for fostering openness and strengthening relationships among 
members, enhancing the overall quality of Board discussions. 
Interview feedback noted that throughout the year the Board has maintained good standards of governance and oversight. While 
it was felt the right issues had been escalated, the planned greater transparency over local and subsidiary governance was 
welcomed by the Board. The feedback on key Committees continued to be positive. As a result of the review of the Committee 
terms of reference, there is an opportunity, as we head into 2025, to review the allocation of topics between the Remuneration 
Committee, Nomination and Governance Committee, and the Board. 
2025 Board objectives
As an outcome of the internal evaluation process, the Board agreed a number of objectives under the major themes of strategy, 
clients, people and governance, while continuing to focus on operational priorities.
Strategy
Clients
People
Governance
– Execution of transformation, 
supported by clear KPIs
– Maintaining an appropriate 
balance between immediate 
actions and longer-term 
strategy
– A sustained focus on 
investment performance, 
client satisfaction and sales 
effectiveness
– Executive management 
pipeline, succession and 
personal development plans
– Monitoring the impact of 
organisational change on 
our people and culture
– A long term approach to 
Board evolution
– Active oversight by the 
Board of reputation
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49
Schroders Annual Report and Accounts 2024

Building 
strength and 
depth
Dame Elizabeth Corley
Chair of the Nomination 
and Governance 
Committee
Committee membership
Dame Elizabeth Corley (Chair)
Rhian Davies (until 25 April 2024)
Claire Fitzalan Howard
Rakhi Goss-Custard
Ian King
Iain Mackay
Leonie Schroder
Annette Thomas 
Frederic Wakeman
Deborah Waterhouse 
Matthew Westerman
See page 41 for meeting attendance.
Key areas of focus during 2024
– Led the process for the search and appointment of the new 
Group Chief Executive and Chief Financial Officer and 
considered the appointment of the Group Chief Investment 
Officer to the Board. 
– Considered Board and executive succession planning, in 
particular the Board composition and skill set required in 
the short, medium and longer-term.
– Considered Director re-appointments and changes to the 
composition of the Board’s Committees.
– Extended the Committee’s responsibilities to include 
oversight of the Group’s governance arrangements. 
– Initiated a non-executive Director search process as part of 
the ongoing evolution of the Board.
I am pleased to present my report as Chair of the Nomination and 
Governance Committee (previously the Nominations Committee). 
During the year, the remit of the Committee was extended to 
formalise the oversight of the effectiveness of corporate 
governance arrangements for the Company and its subsidiaries. 
In my report last year, I set out a number of priorities for the 
Committee in 2024. One of these was a focus on executive 
succession and, following Peter Harrison’s announcement in April 
2024 of his intention to retire, succession for the role of Group 
Chief Executive became a key area of focus for the Committee. 
The Board was delighted to appoint Richard Oldfield as Group 
Chief Executive with effect from 8 November 2024 and, in 
testament to the strength of the talent within the senior 
leadership team at Schroders, Meagen Burnett, previously 
Chief Operating Officer, was appointed as Chief Financial Officer, 
and Johanna Kyrklund, in her role as Group Chief Investment 
Officer, was appointed to the Board, both with effect from 
1 January 2025.
Looking ahead, the Committee will be focusing on Board 
composition and an effective, dynamic, executive succession 
planning, and ensuring a strong pipeline of internal talent for 
executive roles.
Responsibilities of the Nomination 
and Governance Committee
The Committee is responsible for keeping under review the 
composition of the Board and its Committees and for 
ensuring appropriate Director and executive management 
succession plans are in place. During the year, the 
Committee’s role was expanded to include matters of 
corporate governance for the Company and its 
subsidiaries. 
The Committee’s terms of reference are available on the 
Company’s website at www.schroders.com/board-
committees.
Biographical details and experience of the Committee 
members are set out on pages 36 to 39.
Nomination and Governance Committee report
50
Schroders Annual Report and Accounts 2024

Appointment of our new Group Chief Executive
Upon recommendation from the Committee, the Board appointed Richard Oldfield as Group Chief Executive with effect from 
8 November 2024. Richard’s appointment followed a comprehensive, global selection process, which I led as Chair of the Committee, 
supported by a sub-committee that included our Senior Independent Director, Ian King, Deborah Waterhouse and Iain Mackay. 
The search process was supported by Russell Reynolds Associates, who, other than supporting this search process, have no other 
relationship with the Company or its Directors. Russell Reynolds is a signatory to the Voluntary Code of Conduct for Executive Search 
Firms. A summary of the process is outlined below.
Appointment of Richard Oldfield as Group Chief Executive
Talent 
management
Nomination and Governance Committee – Succession planning and talent management
The Committee regularly reviews and assesses the executive talent to ensure there is a strong pipeline of credible 
and capable successors for executive management, including the role of Group Chief Executive. Throughout 2022 
and 2023, this involved a review of individual development plans for senior leaders, and the appointment of 
external hires to add strength and depth to the senior leadership team. 
Appointment 
process
1. Sub-committee established to manage and oversee the process
Following the announcement of Peter Harrison’s intended retirement, a sub-committee of the Committee, led by 
the Chair, was established to direct and oversee the Group Chief Executive succession process. 
2. External executive search engagement
Russell Reynolds Associates was engaged to support the search process. Russell Reynolds was chosen for the 
strength of its international reach, a focus on diversity and the depth of experience in the financial services sector, 
in particular in asset management. The sub-committee reviewed and discussed a forward-looking role profile, 
setting out the desired attributes for the Group Chief Executive. Modern leadership, enterprise-wide 
transformation experience, an international mindset and cultural fit were all identified as important factors. 
3. Candidate longlist 
A diverse longlist of candidates was produced by the search firm and reviewed, discussed and refined by the 
sub-committee. The long list included internal and external candidates, from a variety of geographies and a 
wide range of financial services specialisms. When refining the long list, the sub-committee considered experience 
and the desired attributes. 
4. Candidate shortlist and interviews 
The Chair met with all candidates on the longlist, following which the sub-committee members met with a refined 
longlist. A shortlist of candidates was produced. All shortlisted candidates were assessed against the role profile, 
underwent psychometric testing and were interviewed by the full Committee (which comprises all non-executive 
Directors). References were also taken. 
At the end of August, the final shortlisted candidates provided a presentation on their vision for the business to 
the Committee. 
5. Selection
Following the final-stage interviews and presentations, the Committee met and discussed each candidate in detail, 
considering all elements of the selection process. The Committee unanimously agreed that Richard Oldfield was 
the outstanding candidate. 
6. Candidate appointment 
The Committee recommended to the Board the appointment of Richard Oldfield as the next Group Chief 
Executive, succeeding Peter Harrison, with the appointment being duly approved by the Board. The Remuneration 
Committee proposed an appropriate remuneration package, as described in the Remuneration Committee report 
on page 62.
Appointment 
of CFO and 
Group CIO
Following his appointment, Richard Oldfield turned his attention to his senior leadership team, supported by the 
Committee and the Chair. Recognising the strength of internal senior leaders, the Committee considered and 
recommended for the Board’s approval the appointment of Meagen Burnett, previously Chief Operating Officer, 
as Chief Financial Officer, and the elevation of Johanna Kyrklund to the Board in her role as Group Chief 
Investment Officer and CEO of Public Markets. Following the CFO search that was undertaken in 2023, a refreshed 
external candidate list was reviewed by the Committee and it was determined that Meagen’s significant experience 
of transformation and commercial decision-making made her a stand-out candidate. Johanna’s appointment will 
ensure that client outcomes remain at the heart of how we invest across Wealth Management, Schroders Capital 
and Public Markets. 
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51
Schroders Annual Report and Accounts 2024

Executive appointments
Appointment of Chief Financial Officer: 
Meagen Burnett 
– Meagen joined Schroders in January 2023 as Group 
Chief Operating Officer, with firm-wide responsibility 
for operations, technology and change. As CFO, she has 
direct responsibility for financial management, capital 
and treasury, with oversight of operations, technology
and commercial transformation. 
– Meagen has more than 25 years’ experience in financial 
services, including 15 years in asset management, and has 
held a variety of operational, audit, risk and IT control roles 
within M&G, J.P. Morgan, Goldman Sachs and KPMG. 
Appointment of Group Chief Investment Officer: 
Johanna Kyrklund
– Johanna joined Schroders in 2007 as an investor to lead 
the UK multi-asset business.
– Since that time she has grown our multi-asset business
 into a global franchise, from £22 billion of assets under 
management when she joined to £778.7 billion at 
31 December 2024.
– In 2019, she became Group CIO, and in her new role on the 
Board, she is responsible for the oversight of investment 
performance across all business lines.
Independent non-executive Directors
In addition to its work on the executive Director changes, 
the Committee oversaw several changes to independent 
non-executive Director responsibilities during the year. 
Frederic Wakeman and Iain Mackay joined the Board on 
1 January 2024, and on 25 April 2024, Iain Mackay became 
Chair of the Audit and Risk Committee, replacing Rhian Davies, 
who stood down at the 2024 AGM. 
After two years serving on the Remuneration Committee, 
Deborah Waterhouse stood down from the Remuneration 
Committee on 31 May 2024. The Committee considered the 
remaining balance of skills and experience of Remuneration 
Committee members as well as the existing time commitments 
of Board directors and recommended that Frederic Wakeman 
join the Committee. Following Board approval, Frederic joined 
the Committee on 1 August 2024, bringing extensive experience 
and insights, with a particular knowledge of private markets. 
In March 2025, having served as a non-executive Director for six 
years, Deborah Waterhouse informed the Board that, in order to 
concentrate on the demands of her role at GSK plc, she would not 
put herself forward for re-election at the upcoming AGM, and 
would stand down at the conclusion of that meeting. 
Induction 
All Directors receive a comprehensive and tailored induction plan, 
including internal appointments. As set out in our 2023 Annual 
Report and Accounts, Iain Mackay and Frederic Wakeman 
received a full induction following their appointments to the 
Board on 1 January 2024. Ahead of assuming the role of Audit 
and Risk Committee Chair in April 2024, Iain also undertook a 
comprehensive handover with the previous Chair, Rhian Davies. 
Frederic Wakeman also received an induction ahead of joining 
the Remuneration Committee.
Following their appointments, Meagen Burnett and Johanna 
Kyrklund received tailored inductions which took into account 
their existing tenure within the Group and their membership 
of the Group Strategy Committee, through which they had 
both already been attending Board meetings.  
For Meagen this involved meeting key stakeholders, including our 
major shareholders, and building relationships with our corporate 
brokers. For Johanna the focus was on establishing the role of 
Group Chief Investment Officer as a Board-level position. 
Succession planning
The Committee undertakes a thorough annual review of the 
Board’s composition to support discussions on succession 
planning. Following the Board strategy off-site in November 2024, 
the Committee conducted an in-depth capability assessment of 
Board members’ knowledge, skills and experience in the context 
of the Group’s short-, medium- and long-term strategic priorities. 
This included a self-assessment undertaken by each Director, 
which informed an overall Board skills matrix, the tenure of the 
Board as a whole, independence and diversity.
A particular consideration was maintaining an appropriate balance 
of independence on the Board following the appointment of a 
third executive Director. The Board composition review also 
highlighted that there was an opportunity to bolster the Board 
with skills including transformation, entrepreneurial asset 
management, technology, including AI, blockchain and 
digital transformation. As part of a long-term approach to 
Board evolution, a search for an additional independent 
non-executive Director was launched in February 2025. 
Consideration was also given to succession planning for the 
Senior Independent Director, in anticipation of Ian King and 
Rakhi Goss-Custard, both of whom will reach their nine-year 
tenure in April 2026. As a result, it has been agreed that Ian King 
will stand down as Senior Independent Director with effect from 
the Company's AGM on 1 May 2025. Ian will be succeeded as 
Senior Independent Director by Iain Mackay, and will remain on 
the Board as an Independent Non-Executive Director and as the 
designated non-executive Director responsible for engagement 
with the workforce. 
The Committee also continues to focus on executive management 
succession planning. During the year, an external mapping 
exercise was completed for the role of Group Company Secretary 
following Graham Staples’ retirement, and as a result Kate Graham 
was appointed as Group Company Secretary on 1 May 2024.  
During the year the Committee also reviewed the succession 
plans for the newly formed Group ExCo, to consider the pipeline 
of senior executives in place and identify any development-related 
action required. 
Directors standing for election and re-election
At our March meeting, the Committee agreed that all Directors 
standing for election and re-election make a valuable contribution 
to the Board’s deliberations and recommended their election and 
re-election. This recommendation includes Ian King, Rakhi Goss-
Custard, and Leonie Schroder, all of whom will have served on the 
Board for more than six years. In making this recommendation, 
the Committee considered feedback from the Board evaluation 
interviews conducted by our Group Company Secretary, and the 
outcome of the Board composition review referred to above.
As required by the UK Listing Rules, the appointment of 
independent Directors must be approved by a simple majority 
of all shareholders and by a simple majority of the independent 
shareholders. Further details are set out in the 2025 Notice of AGM.
Nomination and Governance Committee report continued
52
Schroders Annual Report and Accounts 2024

Assessing Board and Committee performance
A key role of the Committee is to oversee the annual Board 
and Committee evaluation. In line with best practice, a formal 
and rigorous review of Board and Committee performance is 
conducted annually, with an externally facilitated review conducted 
every three years. Our last external review was conducted in 2022. 
This year, given the change to Board composition, the review was 
led internally by the Group Company Secretary, with the Senior 
Independent Director leading the evaluation of the Chair. 
The process involved interviews with all Board Directors and 
key stakeholders within senior management. The findings and 
resulting recommendations from the 2024 effectiveness 
review, as well as a summary of the progress made against 
the previous year’s recommendations, can be found on pages 
48 to 49.
Committee performance in 2024
The internal evaluation process for 2024 is set out on page 49. 
Feedback on the Committee highlighted that we had delivered well 
on the Group CEO succession process, as well as the subsequent 
CFO and Group CIO appointments. The review of governance 
arrangements undertaken during the year has identified an 
opportunity for the Committee to have greater focus on Group 
ExCo succession planning, including talent development and 
ensuring a strong pipeline for senior management.
Subsidiary governance
The responsibilities of the Committee have been expanded to 
include reviewing and recommending to the Board the approval 
of the corporate governance arrangements of the Company 
and its subsidiaries and assessing the ongoing operation and 
effectiveness of those arrangements. The Committee will also 
ensure that these arrangements adhere to best practice in 
corporate governance, recommending changes to the framework 
to the Board as necessary. 
Priorities for 2025
The Committee has supported significant change during 2024, 
with three executive Director appointments. As we move into 
2025, the Committee will focus on embedding those Directors 
and building on the effectiveness of the relationships between
the non-executive and executive Directors.    
Our focus will also remain on the Board composition required to 
oversee the performance of the business, including organisational 
change, and of our strategic priorities and related succession 
planning activity over the medium term.
The Committee will also be reviewing executive succession plans, 
considering the strength of the leadership team in place to 
support the newly appointed executive Directors. 
By order of the Board.
Dame Elizabeth Corley
Chair of the Nomination and Governance Committee 
5 March 2025
Policy on Board diversity
The Board recognises the importance of diversity and that it is a wider issue than gender and ethnicity.
We look for diversity of skills, thought, experience and background, which is important for the effectiveness of our Board, its 
Committees and the management team. Diversity across our workforce is discussed by the full Board. The specific diversity 
aspirations for the Group are set by the Board, on recommendation from management, as part of our annual People and Culture 
update.  All appointments are made on merit.
The Board understands the value of gender and ethnic diversity and is committed to having a minimum of 40% of Board positions 
held by women and to meet the Parker Review’s recommendations of at least one Director from an ethnic minority on the Board. 
Currently we meet both the gender and ethnicity recommendations as, following the AGM, women will comprise 58% of the 
Board, and we have two ethnic minority Directors. We intend only to use the services of executive search firms which have signed 
up to the Voluntary Code of Conduct on Gender Diversity. 
Our gender diversity statistics for both the Board and senior management can be found on page 86.
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Schroders Annual Report and Accounts 2024

Refining our 
framework in 
anticipation    
of change
Iain Mackay
Chair of the Audit and Risk 
Committee
Committee membership
Iain Mackay (Chair)
Rhian Davies (until 25 April 2024)
Rakhi Goss-Custard
Frederic Wakeman
Deborah Waterhouse
Matthew Westerman
See page 41 for meeting attendance.
I am pleased to present the Committee’s report for the year 
ended 31 December 2024. The Committee has a substantive 
agenda and plays a key role in overseeing the integrity of the 
Company’s financial statements and the robustness of the 
Group’s system of internal controls and financial and risk 
management. We continue to work closely with both senior 
management and the external auditor to understand the 
changing landscape, both externally and across the business, 
and are grateful to Ernst & Young (EY), our external auditor, 
for their ongoing assurance and challenge.
The Committee recognises the importance of our system of 
internal controls and the role it plays in mitigating risk. During the 
year, we received an update on senior management’s approach to 
the new requirements for reporting and assurance of material 
controls in the revised UK Corporate Governance Code, which will 
apply from 2026. This approach will be refined, implemented and 
tested over the course of the year ahead.
In addition, operational resilience remained a key focus. The 
Group’s operational resilience self-assessment, which the 
Committee considered, identifies our important business services, 
provides information on oversight of critical third parties, sets out 
impact tolerances to avoid intolerable harm to our clients, and 
identifies areas where we should enhance our operational 
resilience. The Committee also considered various operational 
stress scenarios to support the Board’s conclusions on the viability 
statement and going concern set out on page 34.
Sustainability and climate-related risks, relating to both our 
business and the investments we manage, remain an important 
topic for the Committee and are considered in our quarterly 
reports. The Committee was updated on areas of key sustainability 
regulatory change, including the Corporate Sustainability 
Reporting Directive and the Sustainability Disclosure 
Requirements, and their impact on the business and our 
external reporting.
Audit and Risk Committee report
54
Schroders Annual Report and Accounts 2024

Role of the Audit and Risk Committee
– The principal role of the Committee is to assist the Board in fulfilling its oversight responsibilities in relation to financial 
reporting, financial controls, and audit, risk and internal controls. All members of the Committee are independent non-
executive Directors. Biographical details and the experience of Committee members are set out on pages 36 to 39.
– The Board has determined that members collectively possess the necessary competence for the sector in which the Group 
operates based on their previous experience in other organisations. Additionally, the Board considers that Iain Mackay, a 
chartered accountant, has the recent and relevant financial experience required to chair the Committee. Invitations to attend 
all committee meetings are extended to the Chair, Group Chief Executive and Chief Financial Officer, and Directors who are 
not members attend on an ad hoc basis. 
– The Committee also benefits from the advice of the Global Head of Finance, the Chief Risk Officer, the Head of Group Internal 
Audit and the Group General Counsel. The Committee also invited other senior management to attend as appropriate. The 
Chair of the Wealth Management Audit and Risk Committee (WMARC), who is an independent non-executive Director of 
Schroder & Co. Limited, attended one meeting of the Committee and a written update is provided to each meeting on matters 
related to core elements of the Wealth Management business. Representatives from EY, including James Beszant, Lead Audit 
Partner for the 2024 financial year, attended all of the Committee’s scheduled meetings.
– Private meetings are held with the external auditor in the absence of management. Additionally, private meetings were held 
with the Chief Financial Officer, Chief Risk Officer, and Head of Group Internal Audit. These meetings provide an opportunity 
for any matters to be raised confidentially.
The Group considers our culture to be a key strength, and the 
Committee continues to play an important role in reviewing 
conduct and culture risk in the Group. This includes oversight of 
the operation and evolution of our conduct risk framework, 
designed to identify emerging trends and heightened areas of 
risk. Conduct and culture risk is informed by a number of 
elements, including conduct risk appetite statements, employee 
opinion surveys and oversight by the second and third line of 
defence functions. This is enhanced by the addition of “deep dives” 
in business units, which indicate, through employee surveys and 
other metrics, variances to our expected behaviours and values. 
This has served to strengthen the information available and 
management’s response to it. 
In the face of escalating cyber attack threats, as in previous years, 
the Committee continued to prioritise cyber security and data 
privacy while considering metrics, challenging progress and 
evaluating the necessary technology and operational models to 
assess the Group’s readiness for evolving threats.
I would like to thank Rhian Davies for her significant contribution 
to the Committee over her nine years on the Board, and to 
welcome Meagen Burnett as our new Chief Financial Officer. I am 
grateful to management, the external auditor and all members of 
the Committee for their support in 2024 and look forward to our 
continuing work in 2025.
Iain Mackay
Chair of the Audit and Risk Committee
5 March 2025
The Committee’s primary responsibilities are the 
oversight of:
Financial reporting, financial controls and audit
– The content and integrity of financial and Pillar 3 reporting.
– The appropriateness of accounting estimates and judgements.
– The effectiveness of the financial control framework.
– The effectiveness and independence of the external auditor.
– The recommendation to the Board of the appointment of the 
external auditor.
Risk and internal controls
– The Group’s Risk and Control framework, whistleblowing 
procedures and the Financial Crime framework.
– The Group’s ICAAP, ILAAP, wind-down plan, risk appetite, 
recovery plan, resolution process and operational resilience 
self-assessment.
– The Group’s regulatory compliance and conduct processes 
and procedures, and its relationships with regulators and 
compliance monitoring.
– The Group’s Internal Audit function.
– The Group’s legal risk profile and disputes.
– Emerging and thematic risks that may have a material impact 
on the Group’s operations.
– Information and cyber security, technology risk and resilience, 
and the emerging risk of AI.
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Schroders Annual Report and Accounts 2024

Key areas of focus during 2024
The key areas that the Committee considered are set out below. In addition, at each quarterly meeting, the Committee received 
updates from Internal Audit, Compliance, Risk, Legal and the external auditor, covering ongoing projects and the key issues that had 
arisen since the last meeting. The Committee also reviews a quarterly dashboard of metrics to monitor key risks, as well as Internal 
Audit metrics and the status of relevant change projects and sustainability targets. 
Financial reporting and financial controls
– As part of the Group’s annual reporting cycle, the Committee 
considered the 2023 Annual Report and Accounts and 2024 
half-year results, including financial estimates and judgements 
and governance considerations. Ahead of preparing the 2024 
Annual Report and Accounts, updates were provided on the 
effectiveness of our internal controls, and on the Group 
accounting policies. The going concern and viability statements, 
Pillar 3 regulatory disclosures and climate-related disclosures 
were also considered.
– The Group Head of Tax updated the Committee on the Group’s 
tax strategy, our approach to tax risk, the key tax risks facing the 
Group, and how the Group’s effective tax rate is expected to 
evolve in the coming years.
External audit
– When considering the 2023 Annual Report and Accounts, 
the Committee assessed the oversight and independence 
of the external auditor and audit effectiveness.
– In relation to audit quality and effectiveness, the Committee 
discussed the results of the external auditor feedback 
questionnaire and noted the areas of improvement that 
had been identified. EY presented plans to respond to the 
feedback, and these were discussed by the Committee. The 
Committee reviewed EY’s audit plan for 2024, including key 
audit matters and focus areas. Fees for non-audit services 
were reviewed and approved by the Committee.
– The Committee reviewed and discussed the findings of the 
FRC’s audit quality inspection report for the 2022 audit, and 
considered any impact on the Company’s audit plan.
– Policies for safeguarding the independence of the external 
auditor were considered and re-approved.
Internal Audit
– As part of the governance considerations for the 2023 Annual 
Report and Accounts, the Committee considered the annual 
assessment of the Group’s governance and Risk and Control 
framework, conducted by Group Internal Audit.
– The Internal Audit Charter was reviewed and re-approved.
– Looking ahead to 2025, the Committee considered the 2025 
Internal Audit and Compliance Testing plan, which is based on 
an assessment of the risks the business faces.
Risk and internal controls
– When reviewing the 2023 Annual Report and Accounts and 
Pillar 3 disclosures and 2024 half-year results, the Committee 
considered the Group’s key risks and risk management 
framework. The Chair of the WMARC provided an update on the 
activities of the WMARC and its oversight of the financial 
reporting, risk management and internal controls of the core 
business entities within Wealth Management.
– The Committee considered the ICAAP, ILAAP, Group wind-down 
plan, Group recovery plan and operational resilience self-
assessment for recommendation to the Board. The approach 
taken for the Group’s resolution process was also considered. 
The Committee approved the stress scenarios for use in the 
Internal Capital and Risk Assessment required for Schroder 
Investment Management Limited under the Investment Firms 
Prudential Regime.
– The Group Head of Financial Crime Compliance provided a 
review of financial crime risk, including updates on the 
regulatory landscape and effectiveness of the Group Financial 
Crime framework, and on the Group’s financial crime control 
systems.
– Thematic issues were considered throughout the year, including 
operational resilience, whistleblowing, and our conduct and 
culture risk oversight.
– Our Chief Technology Officer and Chief Information Security 
Officer provided an update on information security and 
technology risk and resilience, including progress against our 
cyber strategy, the cyber threat landscape, and the evolution of 
AI and other emerging technology risks.
– The Committee reviewed climate-related disclosures in line with 
the Task Force on Climate-related Financial Disclosures (TCFD) 
framework and recommended the Group’s Climate Report 2023 
to the Board for approval. Sustainability risks were also 
considered as part of the Committee’s review of key risks. 
– The Chief Risk Officer provided an update on the proposed 
approach to the new requirements for reporting and assurance 
of material controls in the revised UK Corporate Governance 
Code.
Audit and Risk Committee report continued
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Schroders Annual Report and Accounts 2024

Significant accounting estimates and judgements
The preparation of the financial statements requires the application of certain estimates and judgements. The material areas of either 
estimation or judgement are set out in the note on the presentation of the financial statements on pages 142 and 143. Each of these 
areas is considered by the Committee based on reports prepared by management. EY presents to the Committee the audit procedures 
performed, challenges raised to management, and conclusions reached on areas of judgement and estimation. Further information on 
how EY challenged management is included within the independent auditor’s report on pages 167 to 173. The significant estimates and 
judgements considered in respect of the 2024 financial statements and the Committee’s agreed actions are summarised below.
Significant estimates and judgements 
Action and conclusion
Pension scheme
The Group’s principal defined benefit pension scheme 
(Scheme) is in respect of certain UK employees and former 
employees.
The Scheme was closed to future accrual on 30 April 2011 
and, as at 31 December 2024, had a funding surplus. The 
pension obligation, which was valued as £513.7 million at the 
year end, is estimated based on a number of assumptions, 
including mortality rates, future investment returns, interest 
rates and inflation. The Scheme’s assets are invested in a 
portfolio designed to generate returns that closely align with 
known cash flow requirements and to hedge the interest rate 
and inflation risks.
Group Finance provided the Committee with a report that included 
the key financial assumptions which had been applied by the 
independent qualified actuaries, Aon Solutions UK Limited, to 
determine the Scheme surplus. EY’s report to the Committee set out 
its audit procedures and conclusions on the pension assets and 
liabilities, including those procedures completed by EY’s specialists. 
The Committee considered and challenged the proposed 
assumptions and was satisfied that the estimates were appropriate.
Please refer to note 24 for more information on the estimates and judgements made in respect of the Scheme.
Carried interest
The Group recognises carried interest from its Schroders 
Capital business. This revenue stream is dependent on the 
future value of certain investments that may not crystallise 
until an uncertain date in the future. The Group is 
contractually committed to make payments based on a 
relevant proportion of carried interest received to various 
parties, including as part of deferred consideration 
arrangements.
For financial reporting purposes, the Group is required to 
estimate the value of carried interest receivable, which was 
£131.2 million as at 31 December 2024, in accordance with 
the requirements of IFRS 15 Revenue from contracts with 
customers, and the fair value of related amounts payable 
based on the requirements of IFRS 9 Financial instruments.
The key inputs used in determining carried interest 
comprised the fair value of the relevant assets on which 
carried interest may be earned, future growth rates, the 
expected realisation dates and the discount rates.
The Committee received a report from Group Finance, which 
reviewed the assumptions and inputs for estimating the amounts 
receivable and payable in respect of carried interest. The Committee 
challenged management and considered the judgement applied in 
determining the principal assumptions, and the sensitivity of the 
relevant balances to those assumptions.
The Committee discussed the accounting for carried interest with EY 
and considered the findings from its audit work. Once the 
Committee was satisfied with the estimates and judgements 
applied, the estimated carrying values were approved.
The Committee considered the disclosures presented in respect of 
2024 and concluded that they were appropriate.
Please refer to note 2 for the estimates and judgements made in respect of carried interest receivable and amounts payable in respect of carried 
interest.
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Schroders Annual Report and Accounts 2024

Financial reporting and financial controls
The Committee reviews whether suitable accounting policies have 
been adopted and whether management has made appropriate 
estimates and judgements, including those summarised on page 
143. The Committee is also required to report to shareholders on 
the process it followed in its review of significant estimates and 
judgements that it considered during the year, as set out on 
page 57.
Financial reporting is reliant on there being an appropriate 
financial control environment. The Committee receives reports 
on the existing control environment as well as plans to enhance 
controls in the future, along with progress made against previous 
planned changes. These reports provide a detailed summary of 
the controls that exist across the Finance function globally and 
support the Group’s risk and control assessments. For more 
details, see pages 26 to 31. 
The Committee received reports throughout the year on 
regulatory, legal and other matters which may have a potential 
impact on the Group’s financial reporting. The matters considered 
included the FCA’s review of the provision of ongoing services 
provided by financial advisers, required building repairs and the 
associated insurance coverage and the impact of future 
accounting and regulatory standards. These matters have 
not had a material impact on the Group’s operating profit for 
the year. The Committee will continue to monitor developments 
and awaits further industry guidance from the FCA regarding the 
review findings. As with all matters of this nature, the actual 
outcomes may vary dependent on any significant changes to 
the facts and circumstances that emerge.
The Committee considers other controls that might have an 
impact on financial reporting. During 2024, the Committee 
considered management’s assessment of the cyber risks posed 
to the Group. The Committee also reviews the Group’s tax 
strategy annually.
The financial control environment, including our information 
technology environment, is also subject to audit procedures by 
the Group’s internal and external auditors. After considering 
reports from Group Finance, Internal Audit and EY, the Committee 
considered that an effective system of internal controls had been 
in place during the course of 2024.
The Committee conducted an in-depth review of the Group’s 
financial projections and the application of appropriate stress 
scenarios. The Committee took into account the impact of risks, 
including climate change and prevailing macroeconomic factors, 
so that it can recommend that the Board can make the viability 
statement, as set out on page 34, and to support the going 
concern basis of preparation of the financial statements.
Legal
Legal reports provide the Committee with information about 
emerging legal risks and notable developments in new law and 
regulation. The reports also provide detail on any material 
ongoing disputes and litigation in which the Group is interested or 
may have exposure. During the year, notable topics on which the 
Committee was briefed included the impact of incoming legislative 
change in the UK concerning sustainable finance, the Employment 
Rights Bill and capital markets reforms, as well as the development 
of global AI regulation.
Risk and internal controls
The Board has overall responsibility for the Company’s system 
of internal controls, the ongoing monitoring of risk and internal 
control systems, and for reporting on any significant failings or 
weaknesses. The system of controls is designed to manage rather 
than eliminate the risk of failure to achieve the Group’s strategic 
objectives and can only provide reasonable assurance against 
material misstatement or loss. The Board has delegated to the 
Committee responsibility for monitoring and reviewing the 
effectiveness of the Risk and Internal Control framework.
The Committee carried out the annual assessment of the 
effectiveness of internal controls during 2024, including those 
related to the financial reporting process. The Committee also 
considered the adequacy of the Group’s risk management 
arrangements in the context of the Group’s business and strategy. 
In carrying out this assessment, the Committee reviews the results 
of the annual risk and control assessments, any significant risk 
events, and actions taken to remediate these. The Committee 
also considered reports from the Global Head of Finance, Group 
General Counsel, Chief Risk Officer, Head of Group Internal Audit 
and EY. This enabled an evaluation of the effectiveness of the 
Group’s Internal Controls framework. As part of the internal 
control process, each member of the Group ExCo has attested 
to the appropriateness and adequacy of risk management 
arrangements in their area, and has confirmed that appropriate 
controls are in place. 
The Group continually works to enhance systems to support and 
improve the control environment. 
Fair, balanced and understandable
A key focus for the Committee is its work in assisting the Board in confirming that the Annual Report and Accounts, when taken as 
a whole, is fair, balanced and understandable, and assessing whether it provides the information necessary for shareholders to 
assess the Group’s position and performance, business model and strategy. In assessing this, the Committee considered the key 
messages communicated in the 2024 Annual Report and Accounts, as well as the information provided to the Committee and the 
Board as a whole during the year.
The Committee, having completed its review, recommended to the Board that, when taken as a whole, the 2024 Annual Report 
and Accounts is fair, balanced and understandable, and provides the information necessary for shareholders to assess the 
Group’s position and performance, business model and strategy.
Audit and Risk Committee report continued
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Schroders Annual Report and Accounts 2024

UK Corporate Governance Code
During the year the Committee reviewed progress against the 
enhanced requirements in the 2024 UK Corporate Governance 
Code. A detailed evaluation of the impact of all changes on our 
governance and risk management arrangements concluded that, 
for the Group, the key change was the requirement for the Board 
to provide a declaration of the effectiveness of our material 
controls, as set out in Provision 29 of the Code. 
We initiated a review of our existing Risk and Control Assessment 
hierarchy and have developed a framework for meeting these 
requirements. This work is ongoing and will extend throughout 
2025, as we continue to refine our framework in anticipation of 
change.
Risk and Compliance
Risk and Compliance reports set out changes in the level or nature 
of the key risks faced by the Group. These reports also cover 
developments in the approach to managing these risks and 
provide information on significant operational risk events.
The reports outlined the Group’s management of key regulatory 
engagements and change programmes throughout the year and 
the planning and execution of the compliance assurance 
programme covering testing, monitoring and automated 
surveillance. Additional specific reports allowed the Committee to 
consider a range of factors when determining the key emerging 
and thematic risks and uncertainties faced by the Group. These 
included assessments of risk tolerance and stress testing of the 
Group’s capital and liquidity positions, as well as the production of 
the Group’s operational resilience self-assessment, recovery plan, 
resolution process and wind-down plan.
During the year the Committee reviewed the Group’s 
arrangements in relation to conflicts of interest, financial crime, 
information and technology risk, as well as conduct and culture 
risk. Additionally, the Committee considered regulatory change 
and the supervisory horizon, engagement with regulators, cyber 
resilience, office physical security, oversight of third-party 
suppliers, and the Group’s whistleblowing protocols. The 
Committee heard from the Group Head of Financial Crime 
Compliance on the programme of work for compliance with the 
UK’s Economic Crime and Corporate Transparency Act 2023.
Further information can be found in the risk management section 
of the Strategic report set out on pages 26 to 31.
Internal Audit
The Committee has authority to appoint or remove the Head of 
Group Internal Audit, who reports directly to the Chair of the 
Committee. During 2024, the Committee approved the Internal 
Audit Charter.
The Committee also has responsibility for approving the Internal 
Audit budget and being satisfied that the function has appropriate 
resources and skills and continues to be an effective and valued 
assurance function within the Group. The function monitors 
developments in internal audit practices and undertakes quality 
and assurance activities. In satisfying itself as to the quality and 
expertise of the function, the Committee reviews reports on 
progress against a rolling plan of audits approved by the 
Committee. These reports include any significant findings from 
audits performed, including any observations on culture and 
recommendations to improve the control environment, and their 
subsequent remediation. In addition, the Committee had regular 
interaction with the Head of Group Internal Audit, both at 
committee meetings and also through other regular meetings 
outside the formal schedule.
The function also continued to make progress in its development 
of a data analytics capability to deliver additional insights and 
efficiencies, and these will continue in 2025.
During 2024, a broad range of audits were conducted across the 
Group. The 2024 Internal Audit plan was continually reassessed by 
the Committee and Internal Audit to allow for the appropriate 
allocation of resources and to remain in line with the risk profile of 
the business. The annual compliance testing and Internal Audit 
plans are developed using a risk-based approach to provide 
proportionate assurance over the Group’s controls for the key 
risks set out on pages 26 to 31. For example, as in previous years, 
in 2025 a range of audits will be undertaken by IT auditors to test 
the adequacy of aspects of the Group’s cyber security and other 
technology risks. Planned audits also include: investment teams; 
sustainability-related processes; Schroders Capital; key back-office 
activities; a broad range of business activities in Asia Pacific; 
infrastructure functions; and Wealth Management. As well as 
undertaking internal audit projects, senior Group Internal Audit 
staff attend relevant oversight and management committees and 
regulated entity Board meetings to provide input and challenge on 
the topics discussed.
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Schroders Annual Report and Accounts 2024

Oversight of the external auditor
Auditor oversight conclusion
The Committee is satisfied with EY’s work and that it is objective 
and independent. Accordingly, the Committee has recommended 
to the Board that a resolution be put to the 2025 AGM for the 
reappointment of EY as external auditor, and the Board has 
accepted this recommendation.
The Committee places great importance on the quality, 
effectiveness and independence of the external audit process. The 
Committee oversees the relationship with EY, including 
safeguarding independence, approving non-audit fees, 
recommending the auditor’s appointment at the AGM and 
determining the auditor’s remuneration.
The external audit was last put out to tender in 2016, with EY 
starting as the Group’s auditor for the financial year commencing 
1 January 2018. The next external audit tender will take place 
within ten years of EY’s appointment, and by 2027 at the latest. We 
will conduct a competitive tender process in advance of this date if 
it is considered to be in the best interests of the Company. Ahead 
of recommending the reappointment of the external auditor to 
the Board and shareholders, we perform an assessment of 
external audit quality to ensure we maintain the highest possible 
standards. In line with requirements, the previous lead audit 
partner was rotated after five years, and James Beszant has been 
Lead Audit Partner since the 2023 audit. Having served on the 
audit team since the 31 December 2018 year end, James is 
required to rotate after the 31 December 2024 year end, and 
Simon Michaelson will succeed James as Lead Audit Partner for the 
2025 audit. The Committee confirms that the Company has 
complied with, throughout the year under review and as at the 
date of this report, the provisions of the Competition and Markets 
Authority (Penalties) Order 2014 relating to the UK audit market 
for large companies.
During the course of the year, the Committee did not make any 
changes to the scope of the audit as they concluded that it was 
sufficient.
Assessment of audit quality and effectiveness
The Committee is responsible for evaluating the performance of 
the external auditor. In February 2024, ahead of consideration of 
the 2023 Annual Report and Accounts, the Committee received 
initial feedback on the conduct of the 2023 audit, which identified 
no significant areas of concern. A full assessment of the external 
auditor was carried out by way of a questionnaire prepared in 
accordance with the FRC’s guidance and completed by key 
stakeholders.
Interviews with senior managers and Group Finance were also 
held. The findings of the questionnaire were presented to the 
Committee in May 2024. EY generally scored highly in the auditor 
effectiveness questionnaire and was assessed to have further 
improved in the sixth year of its audit. Areas of improvement were 
identified and discussed with EY to allow for enhancements to be 
made ahead of the 2024 audit.
The Committee reviewed the 2024 external audit plan presented 
to the Committee in May 2024. The plan included considering the 
impact of changes to the business, significant projects undertaken 
in the year and continued market volatility as a result of global 
macroeconomic and political factors. Updates were received from 
the external auditor throughout the year, demonstrating that 
professional scepticism had been applied through challenge of 
judgements, estimates and disclosures. Matters arising from the 
audit were communicated to the Committee on an ongoing basis.
The Committee reviewed and discussed the findings of the FRC’s 
audit quality inspection report results for EY. The Committee 
discussed the impact on the Schroders audit plan, and how EY 
maintains and monitors a high-quality audit generally, noting the 
importance of continued investment in the digitalisation of audit 
procedures, allowing more focused time on analysis of 
judgements and risks. EY undertakes a range of processes that are 
designed to promote, embed and monitor audit quality. The 
structure of the audit team has been designed by the Lead Audit 
Partner to deliver and maintain a high-quality audit. EY continues 
to assess the structure, experience and knowledge of the team, 
with a view to maintaining and enhancing audit quality. In making 
this assessment, the Committee and EY have discussed and 
considered several Audit Quality Indicators (AQIs).
These include: audit planning milestones; hours spent; internal 
and external reviews and results; training undertaken and 
experience of the team; senior team members’ responsibilities and 
their time commitments; and the extent to which specialists are 
involved in the audit.
Independence and non-audit services
The Committee has responsibility for monitoring the 
independence and objectivity of the external auditor. Since its 
appointment, EY has continued to confirm its independence, and 
this remained the case during 2024 and prior to issuing its opinion 
on the Annual Report and Accounts. In addition to the annual 
review of effectiveness, the Committee considered EY’s 
independence and objectivity throughout the year. No Committee 
member has a relationship with the external auditor which impacts 
independence.
A key factor in ensuring auditor independence is the Committee’s 
consideration of the provision of certain non-audit services by EY. 
The Committee maintains a policy on the engagement of the 
auditor for the provision of non-audit services to safeguard its 
independence and objectivity. This policy is reviewed annually and 
takes account of relevant regulatory restrictions and guidance in 
the jurisdictions in which the Group operates, including those in 
the UK. The policy prohibits the provision of certain non-audit 
services and contains rules regarding the Committee approving 
permitted non-audit services.
Details of the total fees paid to EY are set out in note 3(c) to the 
accounts. The policy on non-audit services restricts the 
appointment of EY to the provision of services that are closely 
related to the audit. Other services, where they are not prohibited, 
may also be considered, but these will not normally be approved 
by the Committee. Certain services that are provided to the Group 
are closely related to the audit but are not required by regulation. 
The Committee considers that these services are most 
appropriately performed by the Group’s external auditor as they 
support the statutory audit and provide the external auditor with 
relevant insights on aspects of the business, although they are not 
necessarily directly related to the financial statements.
Non-audit fees, excluding audit-related assurance services 
required under regulation, equated to 16% of audit fees (2023: 
19%).
During 2024, non-audit services mainly comprised assurance 
services in respect of controls reports and regulatory reporting 
normally conducted by the Group’s external auditor. These 
services are assurance in nature and are not considered to 
present a risk to independence.
Audit and Risk Committee report continued
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Schroders Annual Report and Accounts 2024

Audit Committees and the External Audit: Minimum 
Standard
In May 2023, the FRC published the Audit Committees and the 
External Audit: Minimum Standard, which took effect immediately 
for FTSE 350 companies on a comply or explain basis. This report 
describes how the Committee has complied with each relevant 
provision of the Minimum Standard during the year.
Committee performance in 2024 
The annual evaluation of the Committee’s effectiveness was 
undertaken as part of the overall Board evaluation process. The 
findings relating to the Committee were discussed with the 
Committee Chair. The performance of the Committee was 
described as strong, with a focus on the right issues during the 
year. Feedback on the new Committee chair, and his approach 
during the year was positive.
Committee’s assessment of internal control and 
risk management arrangements
The Committee was content with the effectiveness of the Group’s 
processes governing financial and regulatory reporting and 
controls, its culture, its ethical standards and its relationships with 
regulators. The Committee was also satisfied with the 
appropriateness and adequacy of the Group’s risk management 
arrangements and supporting risk management systems, 
including: the risk monitoring processes, Internal Control 
framework and the three lines of defence model.
Priorities for 2025
As well as considering the standing items of business, the 
Committee will also focus on the following areas in 2025:
– Cyber and technology risk
– Thematic and industry-related risks
– Operational resilience
– Regulatory change
By order of the Board.
Iain Mackay
Chair of the Audit and Risk Committee 
5 March 2025
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Schroders Annual Report and Accounts 2024

Incentivising the 
delivery of our 
vision
Matthew Westerman
Chair of the Remuneration Committee
Committee membership
Matthew Westerman (Chair)
Rhian Davies (until 25 April 2024)
Ian King
Annette Thomas 
Frederic Wakeman (from 1 August 2024) 
Deborah Waterhouse (until 31 May 2024)
See page 41 for meeting attendance and page 42 for a summary of 
the responsibilities of the Committee.
On behalf of the Remuneration Committee, I am pleased 
to provide an overview of both executive Director and 
wider workforce remuneration for the 2024 financial year. 
2024 saw the appointment of a new Group Chief Executive, 
Richard Oldfield. The Committee determined Mr Oldfield’s 
remuneration arrangements in accordance with the shareholder-
approved Directors’ Remuneration Policy (the Policy). Considering 
Mr Oldfield’s qualifications, experience and appointment into the 
same role as his predecessor, the Committee decided to maintain 
the same salary and maximum total compensation levels as his 
predecessor. Upon accepting the proposal, Mr Oldfield requested 
that his increase in base salary be deferred until 1 March 2025, in 
line with the effective date of salary changes for our wider 
employees. He also requested that his existing total remuneration 
cap continue to apply for the remainder of 2024, thereby lowering 
his potential maximum total compensation by over £650,000 for 
the year.
Mr Oldfield has made an immediate and significant contribution in 
his role as Group Chief Executive, providing a fresh perspective on 
management and driving efficiencies, such as through the creation 
of a new Group Executive Committee (Group ExCo) to support 
improved decision-making and a focus on delivering cost-savings. 
Our transformation is ongoing, and the Board is focused on 
setting Schroders on a clear trajectory of continued long-term 
growth. From a remuneration perspective, the appointment of a 
new executive team provides a natural stepping stone into our 
intended review of the Policy in 2025/26. We will be seeking 
shareholder approval for a new policy – aligned with our refreshed 
strategy and implementation plans – at the 2026 AGM. 
Ahead of that, we are seeking to make some changes in how we 
implement the current policy in 2025, to ensure that the 
framework reflects the direction of travel for Schroders, with a 
focus on improved financial performance and creating prosperity 
for all our stakeholders. 
In particular, we are proposing to rebalance the incentive 
opportunity to place greater emphasis on the long-term incentive 
plan (LTIP). The Group Chief Executive will receive an LTIP award of 
£1.5 million (300% of salary) in 2025 (up from £600,000 or 120% of 
salary in 2024); funded from within the existing total remuneration 
cap, this entails a matching £900,000 reduction in his 2024 annual 
bonus opportunity. This materially increases long-term alignment 
without any increase in his overall package. 
In addition, the performance metrics for the annual bonus and 
LTIP will be adjusted for 2025 to ensure they reflect our current 
priorities. Full details of the changes and the link to our strategy 
are set out in the 2025 implementation section from page 71.
Key actions taken in 2024
Appointing a new 
Group Chief 
Executive
– Approved terms of appointment for new Group Chief Executive, with Mr Oldfield waiving the increased total 
remuneration cap for 2024, thereby lowering potential maximum remuneration by over £650,000.
– Approved retirement arrangements for the former Group Chief Executive, with shareholding requirements 
continuing to apply for two years.
Other executive 
Director changes
– Determined remuneration arrangements for the new Chief Financial Officer (CFO), Meagen Burnett, with 
total compensation lower than her predecessor.
– Agreed remuneration arrangements for the Group Chief Investment Officer (CIO), Johanna Kyrklund, a 
newly created Board position.
Increasing long-
term alignment
– Strengthened long-term alignment by rebalancing remuneration components, and increasing the LTIP grant 
level to £1.5 million for the Group Chief Executive (from £600,000) within existing total compensation cap.
– Approved LTIP grants for the CFO and CIO in respect of 2024, in line with the Policy and widened 
participation to the Group ExCo to increase their long-term alignment.
Changes to 
incentive measures
– Reviewed the performance measures for the 2025 annual bonus and LTIP to place greater emphasis on 
improving shareholder returns and tightening focus on investment performance.
2021 LTIP vesting
– Confirmed no LTIP to vest for executive Directors in 2024, following waiver of awards in 2021 with 
£1,000,000 grant date face value by the former Group Chief Executive and former CFO.
Remuneration report
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Schroders Annual Report and Accounts 2024

Role of the Remuneration Committee
The principal role of the Committee is to assist the Board in fulfilling its oversight of executive and wider workforce remuneration. 
All members of the Committee are independent non-executive Directors. Biographical details and the experience of members are 
set out on pages 36 to 39.
The Board has determined that, by virtue of their previous experience gained in other organisations, members collectively have the 
competence relevant to the sector in which the Group operates. 
The Committee’s primary responsibilities include: 
– Reviewing the Group’s remuneration strategy and recommending the Directors’ remuneration policy to the Board
– Determining the remuneration of the Group Chair and the executive Directors within the policy approved by shareholders
– Determining the level and structure of remuneration for other senior executives (including members of the Group ExCo, the 
Chief Risk Officer, the Head of Group Internal Audit and the Group Company Secretary), monitoring the level and structure of 
remuneration for other material risk takers, and overseeing remuneration more broadly across the Group
– Recommending to the Board the annual spend on fixed and variable remuneration
– Reviewing the design and operation of share-based remuneration, other deferred remuneration plans and employee carried 
interest-sharing arrangements
– Overseeing any major change in the employee benefits structure throughout the Group
– Reviewing remuneration disclosures and compliance with relevant requirements
– Receiving and considering feedback from shareholders and representative shareholder bodies
The Committee’s terms of reference are available on our website at www.schroders.com/board-committees
Arrangements for new executive Directors
The year also saw the announcement of two new executive Director 
appointments, effective on 1 January 2025. Meagen Burnett was 
appointed CFO, succeeding Richard Oldfield, while Johanna 
Kyrklund joined the Board as Group CIO. The Committee 
determined a maximum total remuneration of £3.5 million for 
Ms Burnett. The maximum is positioned lower than that of her 
predecessor to reflect this being her first CFO and executive 
Director appointment. Noting the breadth of the role and 
acknowledging pay levels across global asset management peers, 
the Committee will keep this total compensation level under review 
as Ms Burnett gains experience and delivers in the role.
With a depth of industry and investment experience, Johanna 
Kyrklund’s appointment to the Board elevates our focus on 
investment excellence and client needs. As this role is new to the 
Board, the Committee considered what would represent an 
appropriate total remuneration cap. The Committee reviewed 
market data, noting the breadth of her role capturing oversight of 
overall Group investment performance as well as her role as Chief 
Executive Officer of our largest and most profitable business, Public 
Markets. The Committee concluded a maximum total 
compensation cap of £6.5 million would be appropriate, noting this 
level would only be reached in the event of exceptional outcomes 
for shareholders, clients and wider stakeholders. Ms Kyrklund’s 
salary is set at £375,000 in line with that of the CFO. Further details 
are set out on page 71.
Arrangements for the former Group Chief Executive
In April 2024, we announced that, after a decade on the Board, 
Peter Harrison had signalled his intention to retire. He stepped 
down as Group Chief Executive and as an executive Director on 
8 November 2024 and continued as an employee until 
31 December 2024. 
Mr Harrison was eligible for an annual bonus for his performance 
during the full year, based on a combination of the executive 
Director annual bonus scorecard, his continued contribution to the 
firm’s strategic priorities, and an effective transition of 
responsibilities through to 31 December.  
Deferred bonus awards previously granted to Mr Harrison will 
continue to vest based on the terms and conditions under which 
they were granted, and his 2022, 2023 and 2024 LTIP grants will be 
pro-rated for the time elapsed with the firm during the 
performance period, with awards continuing to be subject to 
performance in the normal manner. He will not receive an LTIP 
grant in 2025 and shareholding requirements continue to apply 
for two years after stepping down.
2024 remuneration outcomes
Over the year, we have experienced a difficult operating 
environment and this has been reflected in our share price 
performance. The Board is committed to addressing this 
through a clear, funded plan to drive revenue growth. Despite the 
challenges faced in 2024, we have seen notable successes, such as 
65% of assets outperforming their relevant comparator over three 
years in our market-leading global equities strategies. We also 
ranked in the top five asset management brands globally and 
demonstrated continued growth in our Schroders Capital and 
Wealth Management businesses.
The Committee considered it important to reflect the broader 
shareholder experience in bonus outcomes this year for the 
current and former executive Directors, and therefore determined 
that it was appropriate to consider a discretionary reduction to the 
54% outcome of the scorecard for the year. As a result, a reduction 
in bonus of £550,000 (on a full-year basis) was agreed for the 
former Group Chief Executive, representing a 12% reduction on 
the pre-adjustment bonus. For Richard Oldfield, the Committee 
noted the scorecard outcome had already been adjusted 
downwards by 20% by virtue of Mr Oldfield voluntarily waiving his 
2024 total compensation increase at the time of his appointment 
as Group Chief Executive. This waiver was agreed in recognition of 
the shareholder and stakeholder experience at the time and 
represents a reduction of over £340,000 to his 2024 bonus. As 
such, the Committee concluded no further adjustment should be 
applied. Further details of 2024 performance and outcomes are 
set out on pages 66 to 69. 
Other areas considered by the Committee in 2024
– Overall fixed and variable compensation spend for the year
– Review of compensation outcomes, including control function 
input, sustainability of earnings, diversity and competitiveness
– Review of gender and ethnicity pay gaps
– Review of remuneration disclosures
– Regulatory matters, including Material Risk Takers framework, 
annual independent review of remuneration and Group Risk 
Adjustment framework
– Shareholder and voting agency feedback on remuneration
– Annual reviews of terms of reference, advisers and senior 
executive shareholding levels
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
63
Schroders Annual Report and Accounts 2024

Our remuneration
philosophy 
Our vision is to partner with our clients to provide trusted advice 
and invest in the assets and markets that matter to them, building 
their future prosperity through delivering excellent investment 
outcomes. Paying our people based on the value we create for our 
stakeholders will secure our ability to deliver our purpose of 
creating prosperity together. This is why the remuneration 
principles underpinning how all our people are paid are centred 
on creating alignment with our key stakeholder groups. 
How our approach to remuneration creates alignment with our key stakeholders
Our key 
stakeholders
Our remuneration principles
Our executive Director remuneration 
approach
Shareholders
   
Aligned with shareholders
A proportion of variable remuneration for higher-
earning employees and material risk takers is granted 
in the form of deferred awards over Schroders shares. 
This aligns the interests of employees and 
shareholders. Executive Directors and other members 
of the Group ExCo are required, over time, to acquire 
and retain a significant holding of Schroders shares or 
rights to shares. Vested share-based awards from 
bonuses are unable to be exercised until the 
requirement has been met.
– Circa 45% of bonus paid in shares.
– Stretching shareholding requirements.
– Requirement to maintain a level of 
shareholding for two years on stepping 
down.
Aligned with financial performance
Our ratio of operating compensation costs to net 
operating income guides the total spend on 
remuneration each year. The Committee recommends 
this to the Board.
– Financial metrics comprise 70% of annual 
bonus scorecard.
– 80% of 2025 LTIP awards based on long-
term financial and investment 
performance.
Clients
   
Aligned with clients
A proportion of variable remuneration for higher-
earning employees and material risk takers is granted 
as fund awards, which are notional investments in 
funds managed by the Group. This aligns the interests 
of employees and clients.
– Client investment performance included 
in the annual bonus scorecard and as a 
2025 LTIP measure.
– Circa 35% of bonus paid in fund awards.
Our people
    
Competitive
Employees receive a competitive remuneration 
package, which is reviewed annually and benchmarked 
by reference to the external market. This allows us to 
attract, retain and motivate highly talented people, 
regardless of gender, age, race, sexual orientation, 
disability, religion, socio-economic background or 
other diversity facet.
– Competitiveness considered by reference 
to total compensation for comparable 
roles at other large international asset 
management firms.
– Benchmarking forms a point of reference, 
not a primary factor in remuneration 
decisions.
Designed to encourage retention
Deferred variable remuneration does not give rise to 
any immediate entitlement. Awards normally require 
the participant to be employed continuously by the 
Group until at least the third anniversary of grant in 
order to vest in full.
– Circa 60% of variable pay deferred over a 
three-year to three-and-a-half-year 
period.
– LTIP subject to four-year performance 
period and additional one-year holding 
period, ensuring no release until at least 
five years from award.
Society and 
environment
     
Designed to promote the long-term, 
sustainable success of the Group
Sustainable leadership is key to our business and flows 
from our long-term outlook. Performance against 
sustainability goals is considered in the annual 
compensation review for individuals who have the 
ability to influence our investment and business 
operations, ensuring alignment with our commitment 
to responsible practices.
– Annual bonus scorecard includes 
sustainability-aligned metrics in both the 
financial and non-financial scorecard 
elements.
– 2025 LTIP includes 20% weighting on a 
climate-related metric, linked to our long-
term commitment to protecting our 
planet.
Remuneration report continued
64
Schroders Annual Report and Accounts 2024

Our remuneration philosophy continued
The remuneration principles underpinning how we pay all our employees also apply to our executive Directors. The graphic below 
summarises the key pay elements that apply to our executive Directors, along with the timescales over which the remuneration is 
released. Full details of our policy approved by shareholders at the 27 April 2023 Annual General Meeting can be found on our website at 
www.schroders.com/rempolicy.
Illustration of our executive Directors remuneration policy
Pay
elements
Total annual  compensation
Fixed 
pay
Upfront annual bonus
 (circa 40% of bonus)
Deferred annual bonus
 (circa 60% of bonus)
LTIP
Award 
mechanics
Delivered in cash
(circa 20% of bonus)
Delivered in fund awards
(circa 20% of bonus)
Delivered in share awards
(circa 45% of bonus)
Delivered in fund awards
(circa 15% of bonus)
Delivered
in shares
Alignment over the longer term: Illustration of timescales for 2024 performance year
Cash
bonus
6-month
holding period
1-year 
deferral
1.5-year
deferral
2-year
deferral
2.5-year
deferral
3-year
deferral
3.5-year
deferral
4-year
deferral
Feb
2025
Sep
2025
Mar
2026
Sep
2026
Mar
2027
Sep
2027
Mar
2028
Sep
2028
Mar
2029
Sep
2029
Mar
2030
Sep
2030
Mar
2031
Sep
2031
Mar
2032
Sep
2032
Upfront annual bonus: half paid in cash in February after the end of 
the performance year and half granted as an upfront fund award, 
subject to a six-month holding period.
Deferred annual bonus: granted 75% as a deferred share award, 
available to exercise in equal instalments after 1, 2 and 3 years from 
grant, and 25% as a deferred fund award, available to exercise in 
equal instalments after 1.5, 2.5 and 3.5 years from grant.
Shareholding requirement: CEO 500% base salary     Other executive Directors: 300% base salary
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
65
Schroders Annual Report and Accounts 2024
Malus may be applied 
from the date on 
which the award is 
granted/established 
until settlement.
Clawback may be 
applied for a period of 
up to seven years 
from the date of grant 
unless the Committee 
decides to extend it in 
the event of an 
investigation that 
could lead to the 
application of 
clawback were it not 
for the expiry of the 
clawback period.
Cash
Funds
Shares
Funds
Shares
Funds
Shares
Funds
Holding 
period
Shares

2024 outcomes
Performance context
While 2024 has seen notable successes, we have also 
encountered a challenging operating environment that 
has impacted our financial performance in Public Markets 
and areas of our Schroders Capital flows. Our assets under 
management (AUM) have grown to £778.7 billion, an increase 
of 4% on 2023, although net new business decreased total 
AUM by £4.7 billion (including joint ventures and associates). 
We reported an operating profit of £640.5 million (2023: £661.0 
million) and profit before tax of £558.1 million (2023: £487.6 
million). The Board has recommended a final dividend of 15.0 
pence per share. This results in a total dividend for the year of 
21.5 pence per share (2023: 21.5 pence per share). 
Our notable successes this year include the growth of our equity 
strategies, and our Schroders Capital and Wealth Management 
businesses. In 2024, we also announced the formation of 
Future Growth Capital with partner Phoenix Group, the UK’s 
biggest long-term savings business. Lastly, we are making 
progress in simplifying parts of our business and operations, 
which will enable us to manage costs and drive efficiencies in 
a way that supports profitable growth moving forward.
For more information on our strategic and financial performance, 
please see the Group Chief Executive’s and Chief Financial Officer’s 
statements, beginning on page 8 and page 18, respectively.
Group-wide remuneration outcomes
When discussing remuneration outcomes for the year, the 
Committee focused on the need to incentivise and retain our top 
performers and key talent while remaining within our target 
operating compensation ratio. Meaningful differentiation was 
therefore a key focus of this year’s review.
The Committee considered both financial and non-financial 
performance when setting the bonus pool, as well as an 
assessment of overall market conditions and wider stakeholder 
experience. The Committee and Board concluded that a bonus 
pool of £275 million struck the right balance across relevant 
stakeholders, including shareholders, clients and employees. 
When combined with salary increases made earlier in 2024, the 
total compensation change for employees was generally between 
+1% and +12%. Our people are paramount to the successful 
delivery of our strategy and we are proud that 94% of our key 
talent was retained in 2024.
Individual bonus and salary amounts were determined according to 
our Fair Pay for Performance framework, summarised to the right. 
In reviewing outcomes, the Committee evaluated analytics on 
differentiation, diversity and competitiveness and was satisfied that 
the year-end process was rigorous and that outcomes reflected 
financial and non-financial performance, including conduct.
Salary increases for 2025 were determined mindful of the 
implications for our cost base, following the National Insurance 
Contribution increases announced by the UK Government. This 
resulted in an overall salary increase of 1.5%, targeted towards 
individuals with significant increases in role or responsibilities.
2024 bonus pool
2024
2023
Operating compensation ratio
 46% 
 46% 
Bonus-eligible employees
5,761  
6,014 
Bonus pool
£275m  
£288m 
% change bonus (median)
 -3% 
 -15% 
% change total compensation (median)
 +5% 
 +3% 
Key performance and remuneration metrics
Net operating income
Operating earnings per share
0%
-2%
2024
2023
-7%
-13%
2024
2023
Net operating profit
Dividend per share
-3%
-9%
2024
2023
0%
0%
2024
2023
Headcount
Annual bonus pool
-1%
0%
2024
2023
-4%
-18%
2024
2023
Fixed remuneration costs
Total remuneration costs
3%
3%
2024
2023
1%
-1%
2024
2023
 
Fair pay for performance
Remuneration outcomes for our employees are governed 
by our Fair Pay for Performance framework. This 
framework, available to all employees on our intranet, 
describes the variety of factors considered in making pay 
decisions at Schroders, including: 
– Annual performance – including individual 
performance/contribution, behaviours and conduct, 
business and sub-business line performance as well 
as Group-wide performance and affordability. 
– Individual achievement – including an individual’s skills/
experience, progression, succession and future potential 
as well as consideration of multi-year performance 
context.
– Market context – consideration of market pay levels for 
a given role/geography and review of relevant 
competitor insights, local market conditions and general 
market outlook. 
– Relativities – ensuring fairness of outcomes versus 
peers and market.
Remuneration report continued
66
Schroders Annual Report and Accounts 2024

Executive Director remuneration outcomes
2024 annual bonus 
Executive Director bonuses are determined by the Committee 
through a balanced scorecard approach. At the start of 2024, the 
Committee established and disclosed metrics consisting of 70% 
financial factors and 30% non-financial factors. These were 
selected to align to the Group’s long-term strategy and no 
changes were made during the year. At the end of the year, the 
Committee assessed the level of performance against the financial 
target ranges. Meeting the threshold leads to a 25% payout, 
achieving the target results in a 65% payout, and reaching the 
maximum leads to a 100% payout.
The table below provides details of the target ranges for the 
financial metrics and the corresponding payouts. Target ranges 
are set with reference to the Board-approved budget, market 
expectations, prior-year outcomes, strategic priorities and the 
wider market outlook. When setting target ranges, the Committee 
is mindful of the potential significant impact that evolving market 
conditions could have on bonus outcomes. The overall financial 
scorecard outcome was 42% out of the maximum 70%.
The bonus scorecard also includes non-financial performance, 
which the Committee evaluates based on objectives established at 
the beginning of the year. This is combined with an assessment 
of each individual’s personal performance. The Committee 
acknowledged the achievements detailed on the next page, 
which include: the achievement of record-high AUM in Wealth 
Management, ranking fifth overall out of 2,600 asset managers in 
an independent global asset management brand ranking study, 
the acquisition of Whitley Asset Management, and the sourcing of 
100% renewable electricity for all owned or leased offices, globally. 
However, the Committee recognised that progress against 
aspirational targets relating to operating model review and 
strategic partnerships had not been fully met and there was more 
to do on the Client Group model. As such, the Committee 
determined an outcome below target would be appropriate for 
non-financial performance against the Group scorecard this year.
Based on the non-financial performance achieved against the 
Group scorecard as well as personal performance, the Committee 
confirmed non-financial scorecard outcomes of 12% for Richard 
Oldfield and Peter Harrison, out of the maximum 30%. Mr 
Harrison’s bonus was calculated on a full-year basis against the 
scorecard, including both the executive Director portion as well as 
the period he remained an employee from 9 November to his 
departure on 31 December 2024. For Mr Oldfield, the rebalancing 
of total compensation opportunity towards the LTIP meant the 
bonus outcome was applied to a lower bonus opportunity, 
resulting in over a £485,000 reduction in the resulting bonus 
payout.
Following careful review of the formulaic outcome against the 
wider context of the stakeholder experience over the year, the 
Committee determined it was appropriate to consider a 
downwards discretionary adjustment to the overall scorecard 
outcome. As a result, a reduction in bonus of £550,000 (on a full-
year basis) was agreed for the former Group Chief Executive, 
representing a 12% reduction on the pre-adjustment bonus. For 
Richard Oldfield, the Committee noted the scorecard outcome had 
already been adjusted downwards by 20% by virtue of Mr Oldfield 
voluntarily waiving his 2024 total compensation increase at the 
time of his appointment as Group Chief Executive. This waiver was 
agreed in recognition of the shareholder and stakeholder 
experience at the time and represents a reduction of over 
£340,000 in bonus for 2024. As such, the Committee concluded no 
further adjustment should be applied.
2021 LTIP
In addition to annual bonuses, executive Directors are also eligible 
to receive LTIP awards. These awards are granted on an annual 
basis and are based on performance in the previous year and 
subject to stretching performance conditions over a four-year 
performance period. In 2020 and 2021, in response to the societal 
challenges posed by the Covid-19 pandemic, the former Group 
Chief Executive and former Chief Financial Officer voluntarily 
waived their LTIP awards, which had a total grant date face value 
of £1 million. Consequently, these awards, which would have been 
tested for performance to 31 December 2024, have already been 
forfeited. No amount will therefore vest in respect of these awards 
for 2024.
Assessment of the financial metrics of the executive Directors’ 2024 annual bonus scorecard
2024 scorecard metric
Weighting
Targets
Outcome
Metric payout % 
of max for 
metric
Bonus 
payout % of 
max bonus
Threshold 
25%
Target 65%
Maximum 
100%
Operating profit (£m)
 30% 
550
650
750
641
 61% 
 18% 
Investment performance
3-year
 20% 
 50% 
 60% 
 70% 
 58% 
 58% 
 16% 
5-year
 55% 
 65% 
 75% 
 76% 
 100% 
Net new business (£bn) (excluding JVs and 
associates)
 10% 
-4.5
5.0
10.0
-10.8
 –% 
 –% 
Proportion of Article 8 and 9 funds
1
 10% 
 64% 
 69% 
 74% 
 71% 
 78% 
 8% 
 42% 
1.
Proportion of Article 8 and 9 funds is assessed as the proportion of the Group’s funds which are in scope of the Sustainable Finance Disclosure Regulation (SFDR). 
Under SFDR, asset managers have to disclose how sustainability risks are considered in their investment processes and which of their products meet the disclosure 
requirements of Article 6, Article 8 and Article 9. Article 8 products promote environmental or social characteristics, among others, but do not necessarily have them 
as their overarching objective. Article 9 products must have sustainable investment as their objective. Article 6 products are those products that are in-scope of 
SFDR, but do not meet the requirements for Article 8 or Article 9.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
67
Schroders Annual Report and Accounts 2024

Non-financial assessment for executive Director annual bonus scorecard
Criteria
Performance in 2024
Strategic progress (see pages 2 to 15 for more information)
Client Group progress
– Fifth overall out of 2,600 asset managers, in an independent global asset management brand ranking study.
– Client Service capacity being freed up to focus on Client Experience (growth, longevity and deepening 
relationships) through re-homing of non-differentiating activities.
– Successful upskilling of Client Group teams in private markets, notably focusing on private markets for 
wealth clients.
Operating model 
review
– Evolution of management reporting and the method of allocating costs.
– Transitioning client service administration activities from fragmented regional model to regional hubs, 
including Operations. Unlocking future opportunities for optimisation and automation.
– Delivered operating model to support onboarding of all assets of a defined benefit pension scheme for 
employees of a large UK retailer, serviced with bespoke equities mandates. 
– Acquisition and integration of DWS’s sustainable investments team in China with significant fundraising 
opportunity.
Major partnerships
– Launch of Future Growth Capital (FGC) with Phoenix Group.
– Regulatory approval for the first UK dedicated multi-asset long-term asset fund to be entirely aligned with 
the Mansion House Compact.
Continued growth of 
Wealth Management
– Cazenove Capital achieved £4.0 billion net new business, achieving 8% growth and exceeding growth target 
of 5–7% per annum, with a record-high AUM.
– Positive net flows driven by our advised business, reflecting continued momentum in Cazenove Capital.
– Cazenove Capital leading the way as one of the first wealth managers to announce plans to adopt an SDR 
label across three sustainable flagship funds.
– Acquisition of Whitley Asset Management, extending our family office capability, and successful delivery of 
target circa 94% of acquired AUM retained.
Sustainability (see pages 22 to 25 for more information)
Climate engagement 
with companies
– Strong engagement with companies on sustainability topics, conducting 4,713 engagements, including those 
focused on climate change.
– In-scope group investments reached a medium-term temperature in line with our target of 2.2°C by 2030, 
based on the CDP-WWF alignment framework.
– Launched the Sustainability Insights Tool for SustainEx
TM, an interactive interface that uses our proprietary 
ESG model to analyse and provide insights on clients’ custom portfolios and Schroders mandates.
Progress versus 
the Group’s own 
multi-year climate-
related targets
– Good progress made against our multi-year target of reducing Scope 1 and Scope 2 emissions by 46% by 
2030 from a 2019 base year, with a 39% reduction achieved, outperforming the 1.5°C science-based 
trajectory.
– Sourced 100% renewable electricity for all owned or leased offices, globally.
– Achieved a 39% reduction in Scope 3 business travel emissions, towards the 50% reduction target by 2030.
Continued evolution 
of Sustainability and 
Impact framework 
– Achieved significant inflows into investment strategies with specific climate objectives.
– Joined BlueMark Practice Leaderboard, the leading industry provider for external verification of impact 
management and measurement frameworks, successfully launched eight new impact strategies and 
achieved third position in the global NMG Brand ranking for impact investing.
– Established unified Group Sustainable Investment Policy, covering public and private markets.
People and talent (see pages 16 to 17 for more information)
Retention and 
engagement
– 87% of our people are proud to work at Schroders.
– 84% would recommend Schroders as a good place to work.
Inclusion and diversity – 89% say Schroders is committed to inclusion and diversity.
– 83% agree that the company cares about their health and wellbeing.
– Recognised externally for efforts in inclusion and diversity, including ranking within the top 75 UK employers 
on the Social Mobility Employer Index and winning two awards at the Citywire Gender Diversity Awards (Best 
AUM Split and Most Improved Retention Rates).
– Increased global disclosure rates against key diversity facets.
Risk and conduct (see pages 26 to 31 for more information)
Governance, risk and 
reputation
– Strong ownership and engagement by line management with respect to the Risk and Control Assessments.
– Good standing with regulators, with sustained effort put into relationships.
– Favourable reports from control function heads indicating positive risk profile assessment.
Remuneration report continued
68
Schroders Annual Report and Accounts 2024

Personal performance assessment 
for the Group Chief Executive (and former Chief 
Financial Officer)
During Richard Oldfield’s tenure as Chief Financial Officer, he 
demonstrated a dedicated approach focused on both delivering 
for clients and developing people at Schroders. He provided a 
fresh perspective on capital management, driving new initiatives, 
such as the inaugural bond issue last year and embedding 
commercial discipline across the Group.
Upon appointment to the Group Chief Executive role, Mr Oldfield 
made an immediate impact despite stepping into the role at a 
challenging time. Throughout the transition period, he worked 
closely with Peter Harrison to maintain business continuity and 
ensure minimal disruption to day-to-day operations for our clients 
and our people. 
Mr Oldfield formed a new Group ExCo to facilitate efficient 
decision-making and drive the execution of our refreshed strategy. 
In addition, he re-evaluated our statement of purpose to ensure 
that clients remain central to our mission while looking to simplify 
and scale effectively and profitably. Despite only having been in 
role for a short period of time, the Board has been pleased with 
progress to date and share a renewed sense of optimism looking 
ahead.
As a result of the non-financial performance achieved in the 
Group scorecard and Richard Oldfield’s personal performance, 
the Committee confirmed a non-financial bonus scorecard payout 
of 12% of the maximum 30%. The resulting scorecard outcome 
was therefore 54% of maximum for Mr Oldfield, equating to 
£1,390,000. The rebalancing of total compensation opportunity 
towards the LTIP means this bonus outcome is over £485,000 
lower than it would otherwise have been.
Personal performance assessment 
for the former Group Chief Executive
Following over a decade dedicated to Schroders, Peter Harrison 
stepped down as Group Chief Executive on 8 November 2024. His 
commitment has been unwavering and continued throughout the 
transition period, during which time he supported Richard Oldfield 
in his new role and ensured a smooth handover process.
Mr Harrison has historically held a strong position with our 
regulators and has continued to develop these relationships over 
the course of the year, building a valuable reputation for 
Schroders. 
During his time as an executive Director, Peter Harrison played a 
crucial role in securing and concluding the formation of Future 
Group Capital in partnership with Phoenix Group. He supported 
the growth of Wealth Management, with Cazenove Capital 
performing well in the year, and led on the early stages of the 
operating model review. 
From a non-financial perspective, Mr Harrison was a formidable 
advocate for inclusion and diversity and led transformation in the 
culture and values at Schroders. He was also a driver of 
sustainability progress, helping Schroders to be a sustainability 
leader in the market.
Mr Harrison was fundamental to ensuring a successful, smooth 
and timely handover of the Group Chief Executive role to 
Mr Oldfield. Throughout the process, he supported both Mr 
Oldfield and the Board Chair on key areas of the handover, 
providing comprehensive briefings and continued engagement on 
key topics. He continued to work with regulators, industry 
associations and other stakeholders to develop Schroders as a key 
global player, allowing Mr Oldfield to then build on this legacy 
moving forward.
As a result of the performance against the non-financial 
performance measures in the scorecard, as well as Peter 
Harrison’s personal performance, the Committee confirmed a non-
financial bonus scorecard payout of 12% of the maximum 30%, 
pro-rated for his tenure.
The resulting scorecard outcome of 54% of maximum for Mr 
Harrison equated to £4,553,000. However, as set out on page 67, 
the Committee determined that an adjustment of £550,000 (c.12% 
of the scorecard outcome) was appropriate to more closely align 
the outcome to the shareholder experience in the year. After the 
adjustment, the resulting outcome for Mr Harrison is therefore 
£4,003,000.
Single figure outcomes for 2024
The graphs illustrate the resulting single figure outcomes for the executive Directors, and how the outcomes compare with the policy 
maximum that applied in 2024.
Executive Director
Single total remuneration figure (£’000)
Group Chief Executive (and former Chief Financial Officer)
Richard Oldfield
2024 actual
2024 maximum
Former Group Chief Executive
Peter Harrison
2024 actual
2024 maximum
n Fixed pay
n Upfront bonus – cash n Upfront bonus – fund award
n Deferred bonus – share award
n Deferred bonus – fund award
n LTIP
1
1.
2024 actual total remuneration reflects the amount shown in the single figure table on page 73, which would include any LTIP award whose performance period 
concluded on 31 December 2024. As noted on page 67, the executive Directors waived entitlement to the 2021 LTIP and therefore no amount is included. 2024 
maximum total remuneration reflects the 2025 LTIP award made in respect of 2024 performance. Mr Harrison was not eligible to receive a 2025 LTIP grant.
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69
Schroders Annual Report and Accounts 2024
1,812
4,500
4,484
9,000
23%
9%
18%
16%
5%
32%
32%
10%
3%
18%
33%
11%
6%
18%
18%
40%
13%
19%
19%
42%
14%

Stakeholder experience and executive Director pay
The Committee actively takes into account the perspectives of 
various stakeholders when discussing and determining policies, 
practices and outcomes related to executive Director 
compensation. It has the discretion to make adjustments 
to compensation outcomes if considered appropriate. 
The graphic below provides a summary of key stakeholder 
indicators that were reviewed by the Committee as part of its 
decision-making this year. This includes data over multi-year 
periods, reflecting the long-term nature of decision-making. 
More information on many of these indicators can be found in 
the “Notes to the report on remuneration” section of this report 
beginning on page 73. 
In addition to the indicators mapped out below, the Committee 
also closely monitors risk, compliance and regulatory matters in 
its decision-making. This includes regular reports from control 
function heads and the Conduct Assessment Group.
Our shareholders 
Compensation outcomes 
reflect key financial and 
non‑financial performance 
delivered in the year. 
A significant portion of 
compensation is paid in 
shares and shareholding 
requirements apply.
Our clients 
Compensation outcomes 
reflect investment 
performance delivered. 
A portion of compensation 
is paid in fund awards.
Our people 
Executive outcomes are 
evaluated in the context of 
broader workforce metrics, 
both within the year and 
over a multi-year horizon.
Society and 
environment
Compensation outcomes 
take into account 
performance against 
sustainability objectives. 
The Committee tracks 
diversity pay gaps and 
reviews associated 
disclosures.
Monitoring how we performed
Aggregate value of 
share awards held by 
executive Directors
Aggregate value of 
fund awards held by 
executive Directors
Change in median UK 
employee total comp. 
since 2020 
Proportion of 
Article 8 and 9 funds 
£5.3m
£2.0m
+20%
71%
Reflecting alignment created 
through share award deferral
Reflecting alignment created 
through fund award deferral
CEO total compensation 
over same period: (25)%
A sustainability-focused 
metric in the bonus scorecard
See pages 78 to 79 for
more information.
See pages 78 to 79 for
more information.
See page 76 for
more information.
See page 67 for
more information.
Total shareholder 
return over 10 years
AUM outperforming 
stated comparator 
(5 years)
Mean annual salary 
increase for employees 
in 2024
Reduction in Scope 1 
and Scope 2 emissions 
against 2019 baseline
+4%
76%
+7%
39%
CEO total comp. change 
over the same period: (42)%
A key metric in the 
bonus scorecard
Executive Director salaries 
frozen since 2014 
A sustainability-focused 
metric in the LTIP scorecard
See page 81 for
more information.
See page 67 for
more information.
See page 76 for
more information.
See page 72 for
more information.
Votes in favour of 
latest AGM 
remuneration 
resolutions
AUM outperforming 
stated comparator 
(3 years)
Executive Director 
bonuses as a 
proportion of total 
bonus pool 
Reduction in mean 
global gender fixed 
pay gap 
96% Policy
58%
2%
5%
96% ARR 
A key metric in the 
bonus scorecard
Bonus pool funded through 
total cost to net income ratio
Since first voluntary 
publication in 2017
See page 82 for
more information.
See page 67 for
more information.
See pages 66 and 73 for
more information.
See page 16 for
more information.
Remuneration report continued
70
Schroders Annual Report and Accounts 2024

2025 implementation
Following strong support received by shareholders at the 2023 AGM, no formal changes are proposed to the Policy in 2025. As outlined 
earlier in the Chair’s letter, the implementation of the Policy will be adjusted to ensure full alignment to the refreshed strategy, with 
performance measures adjusted for the 2025 annual bonus scorecard and LTIP metrics. We will be seeking shareholder approval for a 
new Policy at the 2026 AGM. We value ongoing dialogue with our shareholders and welcome their input and feedback.
Remuneration arrangements for new 
Executive Directors
Chief Financial Officer
Meagen Burnett was appointed CFO, effective 1 January 2025. Ms 
Burnett joined Schroders in January 2023 as Group Chief 
Operating Officer. She has more than 25 years’ experience in 
financial services, including 15 years in asset management. In her 
new role as CFO, she will continue to provide oversight of 
operations and technology, as well as taking direct responsibility 
for financial management, capital and treasury. 
Ms Burnett will receive a salary of £375,000, in line with that of her 
predecessor. The maximum total compensation is positioned at 
£3.5 million, lower than her predecessor, to reflect this being her 
first CFO and executive Director appointment. Noting the breadth 
of the role and acknowledging pay levels across global asset 
management peers, the Committee will keep this total 
compensation level under review as she gains experience and 
delivers in the role.
Ms Burnett will participate in annual bonus and LTIP 
arrangements in line with the Policy, with her first LTIP award 
being made in March 2025, in respect of 2024 performance. She 
will have a shareholding requirement of 300% of base salary and 
be subject to the post-employment shareholding requirement.
Group Chief Investment Officer
Johanna Kyrklund joined the Board as Group CIO, effective 
1 January 2025, and assumed responsibility for oversight of 
investment performance across all business lines. Ms Kyrklund 
joined Schroders in 2007 as an investor to lead the UK Multi-Asset 
business, and over the course of nearly two decades has grown 
our Multi-Asset business into a global franchise. 
Ms Kyrklund will receive a salary of £375,000. With a depth of 
industry and investment experience, Johanna Kyrklund’s 
appointment to the Board elevates our focus on investment 
excellence and client needs. As this role is new to the Board, the 
Committee considered what would represent an appropriate total 
remuneration cap. The Committee reviewed market data, noting 
the breadth of her role capturing oversight of overall Group 
investment performance as well as her role as Chief Executive 
Officer of our largest and most profitable business, Public Markets. 
The Committee concluded a maximum total compensation cap of 
£6.5 million would be appropriate, noting this level would only be 
reached in the event of exceptional outcomes for shareholders, 
clients and wider stakeholders.  
Ms Kyrklund will participate in annual bonus and LTIP 
arrangements in line with the Policy, with her first LTIP award 
being made in March 2025, in respect of 2024 performance. She 
will have a shareholding requirement of 300% of base salary and 
be subject to the post-employment shareholding requirement.
Alignment of metrics to future strategy
As noted in the Chair’s letter, our transformation is ongoing, with a focus on achieving continued long-term growth. We are making 
some changes to the 2025 implementation of the Policy to ensure the framework reflects the direction of travel, as well as key 
business and strategic priorities, ahead of the full Policy review in 2025/26.
LTIP
Changes to the 2025 LTIP metrics aim to place greater 
emphasis on improving our financial performance, while 
ensuring non-financial measures are aligned to our refreshed 
strategy. Given creating shareholder value is one of the key 
priorities for the firm, the weighting on compound annual 
growth rate (CAGR) in Adjusted Operating Earnings per Share 
(EPS) will be increased from 35% to 50%. 
In addition, aligned to our ambition to deliver excellent 
investment performance for clients, net new business (NNB) 
will be replaced with five-year investment performance to 
reflect our focus on delivering investment excellence to our 
clients, with a 20% weighting. 
Following ongoing changes in disclosure standards for carbon 
emissions and portfolio alignment calculations, our portfolio 
temperature score metric will be replaced with “progress 
towards our 2030 own emissions goal”, with a 20% weighting, 
assessing our own Scope 1 and Scope 2 emissions’ reduction. 
This change is intended to provide management with an 
incentive to reduce our environmental impact by decreasing 
energy demand, increasing energy efficiency, and transitioning 
to low-carbon sources of energy.
Annual bonus
Annual NNB will be replaced by Annualised Net New Revenue 
(ANNR). ANNR is a key measure for the business, measuring the 
net fee income that would be earned over a one-year timeframe 
if the net new business was all transacted on the same day and 
there were no market movements or other changes to assets 
under management or fee rates over that year. Investment 
performance will be limited to three-year performance in the 
annual bonus for 2025, to ensure differentiation from the LTIP 
and greater alignment with medium-term performance. 
The categorisation of sustainable funds is an evolving area which 
we have kept under review to consider whether a more robust 
and wider-reaching measure could be introduced. We are 
therefore replacing the “proportion of Article 8 and 9 funds” 
metric with a “proportion of AUM in excess of its sustainability 
benchmark” metric, as measured by our flagship proprietary 
methodology, SustainEX
TM. SustainEX
TM has become firmly 
established in our disclosures, while at the same time Article 8/9 
calculations have been impacted by the emergence of different 
classification and labelling schemes in other markets.
“Client engagement and feedback” will be added to the five 
existing categories within the non-financial element. In addition, 
the Committee expects to give greater consideration to the 
“Strategic Progress” category given the importance of delivering 
on our transformation priorities over the coming year.
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71
Schroders Annual Report and Accounts 2024

Remuneration arrangements for all executive Directors in 2025
Element
Approach
2025 implementation
Salaries
– Reviewed annually. For the executive 
Directors, salaries are adjusted 
infrequently.
– There will be no increases to the salaries applicable to each role for 2025, 
which remain low versus peer data. This means the most recent increase for 
executive Directors (other than on appointment) was in 2014.
– See earlier in this report for commentary regarding the salary levels of new 
appointments. The increase for Richard Oldfield to reflect his appointment 
as Group Chief Executive will not take effect until 1 March 2025.
2025 
annual 
bonus
– The Committee determines executive 
Director bonuses based on a 
scorecard across a range of metrics.
– Financial performance factors make up 
70% of the scorecard and the 
remaining 30% is based on a 
combination of non-financial factors.
– In setting the metrics and target 
ranges, the Committee takes into 
account the Board-approved budget, 
market expectations, prior-year 
achievement, strategic priorities and 
the wider economic landscape.
– The Committee may apply discretion to 
adjust annual bonus awards to the 
extent it deems it appropriate to align 
to the results achieved, with overall 
stakeholder experience, and/or in light 
of unexpected or unforeseen 
circumstances.
– Upfront fund awards and deferred 
share and fund awards are granted 
under the Deferred Award Plan (DAP), 
which shareholders approved at the 
2020 AGM.
– Overall performance measures and weightings will be as follows:
Measure
Link to strategy
Financial (70%)
Adjusted Operating 
Profit (30%)
A key measure of financial performance that will be 
reported to stakeholders.
Client Investment 
Performance over three 
years (20%)
Key client measure aligned to our vision of helping to build 
future prosperity for clients through excellent investment 
outcomes.
Annualised Net New 
Revenue (10%)
Key flows measure that provides additional information to 
better assess the impact of net new business on the 
Group’s net operating revenue.
Proportion of AUM in 
excess of its 
sustainability benchmark 
(10%)
Client-focused, financial metric reflective of our 
commitment to our sustainable offering and establishing 
and maintaining our position as a sustainability leader.
Non-financial (30%)
Strategic progress; client 
engagement and 
feedback; sustainability; 
people and talent; risk 
and governance;  
personal goals
All fundamental to the Group’s long-term success, the 
Committee sets targets to robustly assess each of these 
measures. “Client engagement and feedback” added to 
focus on addressing our clients’ needs in alignment with 
our strategic priorities.
2025 LTIP 
award
– Awards are granted annually, based on 
performance in the preceding year.
– Awards vest subject to a four-year 
performance period, plus an additional 
one-year holding period post vesting.
– The Committee may apply discretion to 
adjust vesting to the extent it judges 
appropriate to align the results to the 
overall stakeholder experience.
– Awards are granted under LTIP rules 
approved by shareholders in 2020. 
– The Committee has approved an LTIP award for the Group Chief Executive 
of £1.5 million (300% of salary). This award reflects his performance in 2024 
and is in line with the Policy. 
– The award will be granted in March 2025, with the following performance 
conditions:
Link to strategy
Threshold
(25% vesting)
Maximum
(100% vesting)
Adjusted Operating 
Earnings per Share (EPS) 
(50%)
Measuring our objective to 
deliver earnings growth 
through focused 
investment and cost 
efficiency.
4% CAGR
10% CAGR
Client Investment 
Performance over five 
years (30%)
Key client measure aligned 
to our vision of helping to 
build future prosperity for 
clients through excellent 
investment outcomes.
55%
75%
Progress towards our 
2030 own emissions goal 
(20%)
Measuring our own 
emissions (Scope 1 and 2), 
aligned to our 2030 target 
relative to a 2019 base 
year.
42% decrease
46% decrease
Navigation of this report and shareholder voting
This report from the Chair of the Remuneration Committee, together with the notes on pages 73 to 83, constitutes the annual report on 
remuneration (ARR), which will be presented for an advisory vote by shareholders at the upcoming AGM. We value the feedback from our 
shareholders and are grateful for their participation. 
Where required and indicated, this information has been audited by Ernst & Young. 
Matthew Westerman
Chair of the Remuneration Committee
5 March 2025
Remuneration report continued
72
Schroders Annual Report and Accounts 2024

Notes to the report on remuneration
The notes set out on pages 73 to 83 supplement the information on pages 62 to 72, combining both statutory and voluntary disclosures. 
You can also find more information about our current global workforce, along with details of our voluntary global and UK ethnicity pay 
gaps, by visiting our website: www.schroders.com/inclusion-and-diversity.
Additional detail on 2024 executive Director pay outcomes
Single total remuneration figure for each executive Director (audited)
The total remuneration of each executive Director for the years ended 31 December 2022 through 31 December 2024 is set out in the 
table below.
For Peter Harrison, the 2024 bonus amount shown represents his full-year outcome after application of the discretionary adjustment. 
For transparency, this includes performance for the full year of services provided to the Group. The 2024 fixed pay amounts shown 
represent amounts paid in respect of Mr Harrison’s role as an executive Director, being around ten months. He also received fixed pay 
for the circa two-month period he was an employee after stepping down as Group Chief Executive, as detailed in the next section. 
Richard Oldfield, as set out on page 67, waived any increase in 2024 total compensation opportunity, resulting in a bonus over £340,000 
lower than it would have otherwise been. In addition, the quantum of Mr Oldfield’s bonus was impacted by the rebalancing of incentives 
towards the LTIP grant, leading to an annual bonus over £485,000 lower than if there had been no change to the LTIP grant level.
(£’000)
Base 
salary
1
Benefits 
and 
allowances
2 Retirement 
benefits
3 Total fixed 
pay
Initial bonus 
outcome
Discretionary 
bonus 
reduction/ 
waiver
4
Annual 
bonus 
award
5
LTIP 
vested
6
Total 
variable 
pay
Total 
remuneration
2024 Richard Oldfield
375
7
40
422
1,732
(342)
1,390
–
1,390
1,812
Peter Harrison
429
13
39
481
4,553
(550)
4,003
–
4,003
4,484
2023 Peter Harrison
500
16
45
561
5,879
(250)
5,629
–
5,629
6,190
Richard Oldfield
94
1
10
105
731
–
731
731
836
Richard Keers
281
5
34
320
2,066
–
2,066
–
2,066
2,386
2022 Peter Harrison
500
14
45
559
3,842
–
3,842
341
4,183
4,742
Richard Keers
375
7
45
427
1,726
–
1,726
227
1,953
2,380
1.
Represents the value of salary earned and paid during the financial year.
2.
Includes one or more of: private healthcare, life assurance, permanent total disability insurance, Share Incentive Plan matching shares and private use of a company 
car and driver.
3.
Represents the aggregate of contributions to defined contribution (DC) pension arrangements and cash in lieu of pension for Peter Harrison, and cash in lieu of 
pension for Richard Oldfield and Richard Keers. The table on page 74 shows how the retirement benefits figures above are comprised for each executive Director.
4.
For Peter Harrison, the £550,000 relates to a downwards discretionary adjustment applied to his bonus outcome. For Richard Oldfield, the £342,000 represents the 
result of his voluntary waiver of any increase to total compensation opportunity for 2024 upon his appointment as Group Chief Executive. Both adjustments were in 
light of the wider stakeholder experience over the year. Further details are set out on page 67. 
5.
Pages 67 to 69 set out the basis on which annual bonus awards for 2024 were determined. The table on page 74 breaks down the annual bonus awards for 2024 
into cash paid in February 2025 and the upfront fund awards, deferred fund awards and deferred share awards that will be granted in March 2025.
6.
As noted on page 67, the executive Directors waived entitlement to the 2021 LTIP whose performance period would have concluded on 31 December 2024. No 
amount will therefore vest in respect of this award for 2024. The comparative value for 2022 represents the actual value that vested on 6 March 2023 from LTIP 
awards granted on 11 March 2019. Page 78 sets out information on LTIP awards granted to the executive Directors during 2024. Page 72 sets out information on 
LTIP awards to be granted to the executive Directors in March 2025.
Retirement arrangements for the former Group Chief Executive (figures audited)
Peter Harrison stepped down as Group Chief Executive and executive Director on 8 November 2024, and continued to be employed by 
Schroders to facilitate an effective transition to Mr Oldfield through 31 December 2024, when he retired from the Company. 
For the period of 9 November to 31 December 2024, Mr Harrison continued to receive his salary, which amounted to £71,429, 
retirement benefits as cash in lieu of pension of £6,429 and £1,022 in other benefits per the provisions outlined in footnote 2 in the table 
above. He also received payment in lieu of notice of £92,949 for the portion of his notice period remaining at 31 December 2024 and a 
capped contribution to legal fees of £35,000 (plus VAT). In accordance with the Policy, certain benefits (such as medical or life insurance) 
will continue until the end of the normal cover period. Any payments related to such will be disclosed in the report for the financial year 
to which they pertain, subject to relevant minimum disclosure requirements.
Mr Harrison was eligible to receive a full-year annual bonus for 2024, as set out in the table above. He is not eligible to receive a bonus in 
respect of 2025 or for the grant of the 2025 LTIP award.
Deferred bonus awards previously granted to Mr Harrison will continue to vest based on the terms and conditions under which they 
were granted, and his 2022, 2023 and 2024 LTIP grants will be pro-rated for the time elapsed with the firm during the performance 
period. Final vesting of the LTIP awards will be determined by the Committee at the conclusion of the performance period upon 
assessment of the achievement of the conditions set out in each award’s scorecard.
On stepping down as an executive Director, Mr Harrison remains subject to the post-cessation shareholding requirement which requires 
that he maintain for a period of two years a holding of shares or interests in shares equal in number to that which applied under the 
personal shareholding policy while he was an executive Director. Mr Harrison has signed a commitment to adhere to this requirement as 
part of stepping down. 
No other payments for loss of office or to former Directors were made during 2024, other than those previously disclosed.
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73
Schroders Annual Report and Accounts 2024

Key takeaways from section
Annual bonus awards of £1,390,000 and £4,003,000 were made to the Group Chief Executive and former Group Chief Executive 
respectively, based on the balanced scorecard outcome adjusted to reflect the wider stakeholder experience.
The LTIP awards that would otherwise be vesting this year were waived by the former executive Directors in 2021 in response to 
the societal challenges of the Covid-19 pandemic.
Resulting total compensation for the Group Chief Executive was 40% of the policy maximum (based on the maximum that applied 
to him as Chief Financial Officer in the year) and 50% of maximum for the former Group Chief Executive.
Retirement benefits – additional detail (audited)
The following table shows details of retirement benefits provided to executive Directors for the years ended 31 December 2024 and 
31 December 2023. For the executive Directors, the sum of employer contributions and cash in lieu each year is reflected in the single 
total remuneration figures above. Employer contributions represent contributions paid into DC pension arrangements during the year 
and exclude any contributions made by the Directors. There has been no defined benefit (DB) pension accrual since 30 April 2011.
£’000
2024 employer 
contributions
2024 cash in 
lieu of pension
1 2024 retirement 
benefits total
2023 employer 
contributions
2023 cash in lieu 
of pension
1
2023 retirement 
benefits total
Normal 
retirement age
2
Richard Oldfield
–
40
40
–
10
10
60
Peter Harrison
9
30
39
8
37
45
60
Richard Keers
–
–
–
–
34
34
60
1.
Peter Harrison received a combination of employer contributions to the Group’s DC pension arrangement and cash in lieu of pension contributions, and Richard 
Oldfield received cash in lieu of pension contributions.
2.
Normal retirement age is the earliest age at which a Director can elect to draw their pension under the rules of the Schroders Retirement Benefits Scheme without 
the need to seek the consent of the Company or the pension scheme trustee.
Variable pay awards – additional detail (audited)
The table below sets out details of how the 2024 annual bonus award for each executive Director was structured, including the portion 
granted under the Deferred Award Plan (DAP), along with the face value of the LTIP award granted during 2025 (see page 71). 
£’000
Upfront cash 
bonus award
DAP award
Total annual 
bonus award
Percentage 
deferred
LTIP award
Percentage of 
total variable 
pay deferred
Upfront fund 
award
Deferred 
share award
Deferred fund 
award
Total DAP 
award
LTIP granted 
during 2025
Richard Oldfield
578
578
176
58
812
1,390
 17 %
1,500
 60 %
Peter Harrison
801
801
1,801
600
3,202
4,003
 60 %
–
 60 %
Upfront fund awards normally cannot be exercised for six months from grant, but are not at risk of forfeiture if the holder resigns and 
leaves the Group. Deferred share awards are conditional rights to receive Schroders shares, granted as nil-cost options. They normally 
require the holder to remain in employment for three years following grant to vest in full and are available to exercise in three equal 
instalments 1, 2 and 3 years from grant. Deferred fund awards are conditional rights to receive a cash sum with an initial value equal to 
the value of bonus being deferred, granted as nil-cost options. That value is notionally invested in a range of Schroders funds and so the 
actual amount paid when the award is exercised is the initial amount plus or minus returns on those notional investments. They normally 
require the holder to remain in employment for 3.5 years following grant to vest in full and are available to exercise in three equal 
instalments 1.5, 2.5 and 3.5 years from grant.
Key takeaways from section
In 2024, 60% of executive Director variable pay was deferred, providing long-term alignment and retention. 
Delivering a significant portion of the bonus in share and fund awards creates alignment with investors and clients.
Remuneration report continued
74
Schroders Annual Report and Accounts 2024

Non-executive Directors’ remuneration (audited)
Non-executive Directors receive fixed fees to reflect their Board and Committee responsibilities. They are not eligible to participate in any variable 
pay arrangements. This section provides an overview of the fees and resulting total remuneration received by each non-executive Director.
The fees for the non-executive Directors were not changed in 2024. The structure of non-executive Directors’ fees is shown below. 
£
Chair
 
625,000 
Board member
 
80,000 
Senior Independent Director
 
25,000 
Audit and Risk Committee Chair
1
 
25,000 
Audit and Risk Committee member
 
20,000 
Nominations and Governance Committee Chair
 
– 
Nominations and Governance Committee member
 
– 
Remuneration Committee Chair
1
 
25,000 
Remuneration Committee member
 
20,000 
1. In addition to the Committee membership fee.
The total remuneration of each of the non-executive Directors for the years ended 31 December 2024 and 31 December 2023 is set out 
in the table below:
2024
2023
£'000
Basic fee
Committee 
Chair
Committee 
member
SID
Taxable 
benefits
Total
Basic fee
Committee 
Chair
Committee 
member
SID
Taxable 
benefits
Total
Dame Elizabeth Corley
625
–
–
–
2
627
625
–
–
–
3
628
Sir Damon Buffini
–
–
–
–
–
–
26
–
6
–
–
32
Rhian Davies
26
8
13
–
–
47
80
25
40
–
1
146
Paul Edgecliffe-
Johnson
–
–
–
–
–
–
53
–
13
–
2
68
Claire Fitzalan Howard
80
–
–
–
1
81
80
–
–
–
2
82
Rakhi Goss-Custard
80
–
20
–
–
100
80
–
20
–
2
102
Ian King
80
20
25
–
125
80
–
20
25
1
126
Iain Mackay
80
17
20
–
–
117
0
0
0
0
0
0
Leonie Schroder
80
–
–
–
–
80
80
–
–
–
–
80
Annette Thomas
80
–
20
–
–
100
27
–
7
–
–
34
Frederic Wakeman
80
–
28
–
–
108
0
0
0
0
0
0
Deborah Waterhouse
80
–
28
–
1
110
80
–
40
–
3
123
Matthew Westerman
80
25
40
–
–
145
80
25
40
–
–
145
The fees shown in each Director’s case reflect the portion of 2024 and 2023 that they each served in their respective roles.
– Sir Damon Buffini stepped down from the Board at the conclusion of the 2023 AGM on 27 April 2023 and Paul Edgecliffe-Johnson 
stepped down from the Board from 31 August 2023.
– Rhian Davies stepped down from the Board at the conclusion of the 2024 AGM on 25 April 2024.
– Iain Mackay and Frederic Wakeman were appointed to the Board on 1 January 2024, with fees set at the same level as for other non-
executive Directors. They each joined the Audit and Risk Committee and the Nomination and Governance Committee from their 
appointment date. Frederic Wakeman joined the Remuneration Committee on 1 August 2024.
– Deborah Waterhouse stepped down from the Remuneration Committee on 31 May 2024.
– Iain Mackay was appointed Chair of the Audit and Risk Committee with effect from 25 April 2024. 
Benefits listed comprised travel expenses.
Key takeaways from section
– Non-executive Director remuneration comprised fixed pay only. 
– There have been no changes to the structure or levels of non-executive Director fees in 2024.
– Year-on-year changes in total remuneration paid to non-executive Directors reflect changes in Committee responsibilities and/
or the timing of their appointments.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
75
Schroders Annual Report and Accounts 2024

Workforce and Director pay outcomes
The statutory disclosures presented in this section offer insights into the relationship between employee and executive pay outcomes. 
The higher proportion of total compensation that is variable for executives can sometimes make year-on-year comparisons challenging. 
Looking at multiple years of data can help identify overarching trends.
UK pay ratios
The table below compares the Group Chief Executive’s single total remuneration figure for 2024 with the remuneration of the Group’s 
UK workforce as at 31 December 2024, along with the comparative figures for the previous year.
For 2024, the figure for the Group Chief Executive has been calculated based on the sum of Mr Harrison’s 2024 single total remuneration 
amount as shown on page 73 and the equivalent amount for Mr Oldfield prorated for his time in role as Group Chief Executive. As noted 
on page 63, Mr Oldfield’s outcomes were lower as a result of his voluntary waiver of an increase to 2024 total compensation opportunity 
at the time he was appointed Group Chief Executive. Mr Harrison’s outcome was reduced by the discretionary downwards adjustment 
applied by the Committee, to reflect the stakeholder experience. The median (and quartiles) outcomes for UK employee salary and total 
pay and benefits have increased in the year. As a result of these factors, the CEO pay ratio has decreased this year. 
The Group is committed to ensuring pay fairness throughout its work force, and the principle of providing greater certainty in 
remuneration through proportionally higher fixed pay for junior and lower-paid employees aligns with the Group’s pay and reward 
policies for the global workforce.
Method
Pay ratio to 
lower 
quartile UK 
employee
Pay ratio to 
median UK 
employee
Pay ratio to 
upper 
quartile UK 
employee
Lower quartile UK employee
Median UK employee
Upper quartile UK employee
Total pay and 
benefits
Total salary
Total pay and 
benefits
Total salary
Total pay and 
benefits
Total salary
2024
Option A
69:1
44:1
27:1
69,105
54,100
107,218
80,000
173,378
120,000
2023
Option A
93:1
59:1
37:1
66,536
52,938
105,779
78,000
169,250
115,000
2022
Option A
74:1
46:1
28:1
63,067
49,702
101,409
75,000
167,622
110,000
2021
Option A
134:1
84:1
49:1
63,093
47,000
100,761
69,433
173,941
100,000
2020
Option A
110:1
70:1
42:1
57,205
45,000
89,541
58,000
150,310
122,500
2019
Option A
117:1
72:1
42:1
55,400
50,000
89,743
68,000
154,667
85,000
The rules that require this disclosure set out three methodologies that companies can adopt, termed Options A, B and C. The Group has 
adopted Option A as this is the most robust methodology, requiring the Group to calculate the pay and benefits of all its UK employees 
in order to identify the total remuneration at the upper quartile, median and lower quartile. We have based the calculation of these total 
remuneration quartiles on salaries as at 31 December 2024 plus any annual bonus award in respect of 2024 and any other incentive 
awards granted during 2024. In calculating these ratios, salaries for employees who work part-time have been pro-rated up to a full-time 
equivalent. Total pay and benefits for UK employees does not include taxable travel benefits such as the reimbursement of occasional 
travel home from work that was covered by the Group’s travel and expenses policy and certain non-taxable benefits are excluded, 
including Share Incentive Plan matching shares and  ‘Give as Your Earn’ matching payments. No other assumptions or statistical 
modelling was required.
Remuneration report continued
76
Schroders Annual Report and Accounts 2024

Comparing Director and wider workforce pay
The Committee considers executive Director pay structures and outcomes in the context of wider workforce pay. The table below 
compares percentage change in base salary/fees, benefits and annual bonus awards for the Directors with the average change across 
employees of the Group as a whole for the past four performance years. The outcome for employees of Schroders plc is also included to 
satisfy the statutory requirement but is shown as not applicable given that the legal entity does not itself have any employees. The values 
shown for the executive Directors are based on those shown in the single total remuneration figure table on page 73 and those for non-
executive Directors are based on the table on page 75. The employee mean and median figures in this table represent the change 
experienced for individual employees who were employed by Schroders in both years.
2024
2023
2022
2021
2020
Base 
salary/
fee
Benefits
Bonus
Base 
salary/
fee
Benefits
Bonus
Base 
salary/
fee
Benefits
Bonus
Base 
salary/
fee
Benefits
Bonus
Base 
salary/
fee
Benefits
Bonus
Executive Directors
Richard 
Oldfield
 299 %
 327 %
 90 %
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Peter 
Harrison
 (14) %
 (15) %
 (29) %
 0 %
 3 %
 47 %
 0 %
 38 %
 -50 %
 0 %
 16 %
 40 %
 0 %
 -45 %
 -4 %
Non-executive Directors
Dame 
Elizabeth 
Corley
 0% 
 (43) %
n/a
 40 %
 180 %
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Rhian 
Davies¹
 (68) %
n/a
n/a
 0 %
 180 %
n/a
 0 %
 0 %
n/a
 0 %
 0 %
n/a
 13 %
n/a
n/a
Claire 
Fitzalan 
Howard
 0% 
 (70) %
n/a
 0 %
 260 %
n/a
 0 %
 0 %
n/a
 51 %
 0 %
n/a
n/a
n/a
n/a
Rakhi Goss-
Custard
 0% 
n/a
n/a
 0 %
 108 %
n/a
 0 %
 -50 %
n/a
 0 %
 0 %
n/a
 0 %
n/a
n/a
Ian King
 0% 
n/a
n/a
 2 %
 54 %
n/a
 2 %
 0 %
n/a
 0 %
 0 %
n/a
 0 %
n/a
n/a
Iain Mackay¹
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Leonie 
Schroder
 0% 
n/a
n/a
 0 %
n/a
n/a
 0 %
n/a
n/a
 0 %
 -100 %
n/a
 24 %
n/a
n/a
Annette 
Thomas¹
 200% 
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Frederic 
Wakeman¹
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Deborah 
Waterhouse¹
 (10) %
 (62) %
n/a
 11 %
 157 %
n/a
 8 %
 0 %
n/a
 0 %
 0 %
n/a
 47 %
n/a
n/a
Matthew 
Westerman
 0% 
n/a
n/a
 6 %
n/a
n/a
 14 %
n/a
n/a
 43 %
n/a
n/a
n/a
n/a
n/a
Employees
Employees 
of Schroders 
plc
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Employees of the Group²
,³
,⁴
Mean
 7% 
 7% 
 2% 
 8 %
 10 %
 -4 %
 10 %
 8 %
-10%⁵
 9 %
 5 %
+49%⁵
 4 %
 2 %
 7 %
-22%⁶
+78%⁶
Median
 4% 
 5% 
 (3) %
 6 %
 7 %
 -15 %
 5 %
 6 %
-17%⁵
 2 %
 3 %
+34%⁵
 2 %
 3 %
 0 %
-28%⁶
+62%⁶
1.
The fee increases shown reflect the timing of appointment to the Board and/or roles on Board Committees as set out on page 75. Increases in benefits reflect travel 
expenses, which vary in each year based on actual usage, with amounts listed on page 75.
2.
For base salary, employees of the Group are those who were in employment between 31 December 2023 and 31 December 2024 and represents the salary increase 
over this period. Salary adjustments agreed as part of the 2024 compensation review will be effective in 2025.
3.
For benefits, the mean percentage change for employees of the Group is a per capita figure for those who were in employment for all of the two years under review 
and represents the average change in benefits value during the year, while the median is the median percentage change of individual employees within the same 
population.
4.
For bonus, the mean and median percentage change for employees of the Group is the mean and the median respectively of the individual year-on-year percentage 
change in bonus for employees who were in employment and eligible for a bonus for all of 2023 and 2024. More commentary on the annual bonus award for each 
executive Director can be found on pages 67 to 69.
5.
Excluding Share in Success Award, an award granted in December 2021 to circa 4,600 employees valued at the equivalent of 5% of annual salary.
6.
Including Share in Success Award.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
77
Schroders Annual Report and Accounts 2024

Key takeaways from section
The annual bonus change for executive Directors differs from employees due to their pay structure, which includes a higher 
proportion in bonus based on business performance. This contrasts with a desire to provide greater certainty through higher 
fixed pay for junior and lower-paid employees.
Looking over multiple years, total compensation outcomes for employees have generally been more favourable than outcomes 
for executive Directors. This is reflected in the decrease in median pay ratio from 72:1 in 2019, when UK pay ratios were first reported, to 
44:1 this year. The lower ratio also reflects the reductions in Mr Harrison and Mr Oldfield’s bonus outcomes in 2024.
The fees for the non-executive Directors were not changed in 2024 and any changes in fees are reflective of their change in role. 
Non-executive Directors are not eligible to receive a bonus, which reinforces their independence.
Alignment with shareholders and clients
By delivering a substantial portion of variable pay in shares and funds, we foster meaningful alignment among our executive Directors, 
shareholders and clients. The tables below provide details of awards granted, movements in share and fund awards held by the 
executive Directors in the year and the total share interests for all our Directors.
Directors’ rights under fund and share awards
DAP and LTIP granted during 2024 (audited)
The following awards were granted under the DAP on 4 March 2024 in respect of deferred bonuses for performance during 2023. No 
further performance conditions need to be met for awards to vest. The terms of the awards are the same as those that apply to the 
deferred bonus awards, as described on page 65. These awards were included in the 2023 single total remuneration figures disclosed 
last year and form part of the prior-year value shown in this year’s single total remuneration figures on page 73. They are also shown in 
the tables of rights under fund and share awards on pages 78 to 79.
Individual
Basis of DAP award 
granted
Face value at grant (£’000)
Share price 
at grant
Number 
of shares
Performance conditions
Upfront fund 
awards
Deferred 
share awards
Deferred 
fund 
awards
Total DAP 
award
Richard Oldfield
Deferral of bonus 
awarded for 
performance in 2023
226
209
70
505
3.937
53,060
Awarded for performance in 
2023. No further 
performance conditions 
apply
Peter Harrison
1,246
2,353
784
4,383
3.937 597,637
The following awards under the LTIP were granted on 4 March 2024 as nil-cost options. They are also reflected in the table of rights 
under share awards on page 79. Vesting of LTIP awards granted during 2024 are subject to the performance conditions detailed in the 
2023 Annual Report and Accounts. 
Individual
Basis of DAP award 
granted
Face value at 
grant (£’000)
Vesting 
maximum as 
% of face 
value
% of face 
value that 
would vest at 
threshold
1 Share price at 
grant
Number of 
shares
End of performance period
Richard Oldfield
A specified face 
value of shares on 
the date of grant.
400
100
25
3.937
101,600
31/12/2027
Peter Harrison
600
100
25
3.937
152,400
31/12/2027
1.
Percentage of face value that would vest if performance measures were at the threshold level to achieve non-zero vesting.
All DAP share awards and LTIP awards were granted over ordinary shares. The number of shares under each DAP share award and LTIP 
award is determined by dividing the grant date face value by the mid-market closing share price on the last trading day prior to the date of 
grant. Annual bonus and LTIP awards (including bonus awards delivered via the DAP) are subject to the Group malus and clawback policy.
Directors’ rights under fund awards (audited)
Directors had the following fund award rights under the Group’s incentive plans, based on the award values at grant:
Unvested fund 
awards £’000
Vested fund 
awards £’000
Total £’000
Richard Oldfield
At 31 December 2023
–
–
–
Granted
70
226
296
Vested
–
–
–
Exercised
–
(226)
(226)
At 31 December 2024
70
–
70
Peter Harrison
At 31 December 2023
1,530
–
1,530
Granted
784
1,246
2,030
Vested
(812)
812
–
Exercised
–
(1,620)
(1,620)
At 31 December 2024
1,502
438
1,940
Remuneration report continued
78
Schroders Annual Report and Accounts 2024

Directors’ rights under share awards (audited)
Directors had the following share rights under the Group’s incentive plans. These are in the form of nil-cost options shown based on the 
number of shares in each case.
Unvested LTIP 
awards
1
Other unvested 
share awards
2
Vested but 
unexercised share 
awards
Total
Richard Oldfield (ordinary 
shares)
At 31 December 2023
 
–  
–  
–  
– 
Granted
 
101,600  
53,060  
–  
154,660 
Dividend-equivalent accrual
 
–  
3,321  
–  
3,321 
Vested
 
–  
–  
–  
– 
Lapsed where LTIP conditions 
were not met
 
–  
–  
–  
– 
Exercised
 
–  
–  
–  
– 
At 31 December 2024
 
101,600  
56,381  
–  
157,981 
Peter Harrison (ordinary 
shares)
At 31 December 2023
 
244,978  
990,263  
320,419  
1,555,660 
Granted
 
152,400  
597,637  
–  
750,037 
Dividend-equivalent accrual
 
–  
62,648  
36,197  
98,845 
Vested
 
–  
(518,601)  
518,601  
– 
Lapsed where LTIP conditions 
were not met³
 
(206,131)  
–  
–  
(206,131) 
Exercised
 
–  
–  
(708,068)  
(708,068) 
At 31 December 2024
 
191,247  
1,131,947  
167,149  
1,490,343 
1.  These awards will only vest to the extent that the relevant performance conditions are met.
2.  No performance conditions apply for these awards.
3. For Peter Harrison, the LTIP lapsed figure represents the awards forfeited as a result of the pro-rating of 2022, 2023 and 2024 LTIP grants for the time elapsed with 
the firm during the performance period. 
During 2024, Peter Harrison received an aggregate gain of £2,545,164, settled in shares, from exercising nil-cost options over 708,068 
ordinary shares, in part granted as an element of his annual bonus awards for performance in 2021 and 2022, and in part being the 
vested element of the LTIP award granted to him in 2019.
Executive Director alignment to shareholders
To align the interests of senior management with those of shareholders, the executive Directors and the other members of the Group 
ExCo are required, over time, to acquire and retain a holding of Schroders shares or rights to shares. The required shareholdings are 
500% of base salary for the Group Chief Executive and 300% of base salary for the other executive Directors. Shares that count towards 
this policy include the estimated after-tax value of unvested deferred bonus share awards under the DAP (shown as “Other unvested 
share awards” above) and vested DAP or LTIP awards (shown as “Vested but unexercised share awards” above). Unvested LTIP awards do 
not count towards the policy as these rights to shares are subject to performance conditions. 
Richard Oldfield, who was appointed as an executive Director on 2 October 2023 and as Group Chief Executive on 8 November 2024, will 
not be able to sell any share awards until he meets the required level. Peter Harrison’s shareholdings are well in excess of the required 
level and he remains subject to the shareholding policy for two years post his stepping down as an executive Director on 8 November 
2024.
Value of shareholding vs. shareholding policy (% of salary) (audited)
Group Chief Executive
Richard Oldfield
500%
143%
259%
Policy
Actual
Former Group Chief Executive
Peter Harrison
500%
688% 67%
Policy
Actual
n Policy
n Shareholding
n LTIP shares subject to performance conditions
The shareholdings in the illustration above include deferred share awards granted under the DAP in respect of performance in 2024 
(see page 78). For illustration purposes, the estimated after-tax value of LTIP awards that remain subject to performance conditions 
are shown separately, including those granted in respect of performance in 2024.
Strategic report
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Financial statements
Shareholder and
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79
Schroders Annual Report and Accounts 2024

Directors’ share interests (audited)
The Directors and their connected persons had the following interests in shares in the Company. Meagen Burnett and Johanna Kyrklund 
were appointed as executive Directors on 1 January 2025 and therefore do not feature in the table.
Number of shares at 31 December 2024
Ordinary shares of 20 pence each
Executive Directors
Richard Oldfield
 
104,422 
Peter Harrison
1
 
62,710 
Non-executive Directors
Dame Elizabeth Corley
 
105,294 
Rhian Davies
2
 
7,500 
Claire Fitzalan Howard
3
 
635,565,532 
Rakhi Goss-Custard
 
8,301 
Ian King
 
13,205 
Iain Mackay
 
– 
Leonie Schroder
3
 
682,545,452 
Annette Thomas
 
– 
Frederic Wakeman
 
– 
Deborah Waterhouse
 
4,190 
Matthew Westerman
 
11,764 
Between 31 December 2024 and 5 March 2025, the only movements in the Directors’ share interests were the acquisition under the 
Share Incentive Plan of 145 ordinary shares by Richard Oldfield.
1.
The interests of Peter Harrison refer to the position as at 8 November 2024, the date he stepped down as a Director of the Company.
2.
The interests of Rhian Davies refer to the position as at 25 April 2024, the date she stepped down as a Director of the Company.
3.
The interests of Claire Fitzalan Howard and Leonie Schroder include their personal holdings and the beneficial interests held by them and their connected persons in 
their capacity as members of a class of potential beneficiaries under certain settlements made by members of the Schroder family.
Key takeaways from section
– Alignment to shareholders is a key pillar of our remuneration approach, with senior leadership required to hold a meaningful 
number of shares.
– Richard Oldfield, who was appointed as an executive Director on 2 October 2023 and as Group Chief Executive on 8 November 
2024, will not be able to sell any share awards until he meets the required level.
– Peter Harrison’s shareholdings are well in excess of the required level and he remains subject to the shareholding policy for 
two years post his stepping down as an executive Director on 8 November 2024.
Contextualising pay outcomes with overall performance
The disclosures that follow provide further details of the relationship between pay outcomes and performance delivered for shareholders.
Relative spend on pay
The charts below illustrate the relative spend on pay for 2024 compared with 2023. The values are taken from the financial statements 
and show how remuneration costs compare with shareholder distributions, taxes arising and earnings retained, to illustrate how net 
operating income is used. 
2024
2023
31%
8%
4%
27%
3%
9%
4%
14%
n Fixed remuneration
£745.4m +1%
n Variable remuneration – upfront
£203.6m -3%
n Variable remuneration – deferred
£103.1m +10%
n Other operating expenses
£653.4m +3%
n Other income/expenses
£65.3m -58%
n Corporate tax and social security 
£223.2m +18%
n Retained earnings
£98.8m +44%
n Interim dividend paid and final 
dividend recommended
£334.2m —%
30%
9%
4%
26%
6%
8%
3%
14%
n Fixed remuneration
£735.2m 
n Variable remuneration – upfront
£209.1m 
n Variable remuneration – deferred
£93.6m 
n Other operating expenses
£633.3m
n Other income/expenses
£155.4m
n Corporate tax and social security 
£189.8m
n Retained earnings
£68.7m 
n Interim and final dividend paid
£333.8m
Remuneration report continued
80
Schroders Annual Report and Accounts 2024

The Group Chief Executive’s total remuneration over the past ten years
The chart below illustrates the Group Chief Executive’s single total remuneration figure over the past ten years and compares it with the 
total shareholder return of Schroders shares and the FTSE 100 over this period. Further detail on the single total remuneration figure 
outcomes and how variable pay plans have paid out each year is shown in the table below.
Value of £100 invested on       
31 December 2014
Group Chief Executive's single 
total remuneration figure (£m)
Michael Dobson (MD)
Peter Harrison (PH)
Richard Oldfield (RO)
Schroders ordinary shares
FTSE 100 Index
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
£0
£50
£100
£150
£200
0
2
4
6
8
10
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Single total remuneration figure 
(£’000)¹,²
MD
8,905
2,451
PH
6,311
7,059
6,735
6,453
6,321
8,434
4,696
6,190
4,484
RO
1,812
Annual bonus award (outcome as a 
% of maximum, or actual award as 
a % of ten-year highest bonus)
3
MD
 100% 
 25% 
PH
 70% 
 82% 
 78% 
 72% 
 69% 
 97% 
 49% 
 75% 
 47% 
RO
 54% 
LTIP (vesting as a % of maximum)
4
 50% 
 50% 
n/a
 –% 
 50% 
 50% 
 50% 
 50% 
n/a
n/a
1.
The 2016 remuneration for Michael Dobson reflects the actual remuneration that he received for the portion of 2016 that he served as Group Chief Executive.
2.
Peter Harrison was appointed Group Chief Executive from 3 April 2016 until 8 November 2024. The 2016 and 2024 remuneration values above reflect his full-year 
single total remuneration figure. Richard Oldfield was appointed Group Chief Executive on 8 November 2024. His 2024 remuneration values are for the full year, 
notwithstanding that remuneration outcomes primarily relate to his former role as Chief Financial Officer.
3.
From 2020, this represents the Group Chief Executive’s actual annual bonus award as a percentage of the maximum annual bonus award for the year. For years 
prior to 2020, each annual bonus award is shown as a percentage of the highest bonus award over the past ten years, as no maximum annual bonus opportunity 
was in place.
4.
2017 shows as ‘n/a’ as Peter Harrison did not receive an LTIP award in 2014 and so had no LTIP due to vest based on performance to the end of 2017. Mr Harrison, 
the former Group Chief Executive, waived his 2020 and 2021 LTIP grants, so 2023 and 2024 show as ‘n/a’.
Key takeaways from section
– The relative spend on pay has remained largely consistent from prior years, demonstrating the close linkage between pay and 
financial performance.
– Schroders plc total shareholder return is +4% over the past ten years. The single total figure of remuneration paid to the 
Schroders Group Chief Executive has decreased by (42)% over this same period.
Strategic report
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Financial statements
Shareholder and
sustainability information
81
Schroders Annual Report and Accounts 2024

Shareholder voting on remuneration
Each year, shareholders are invited to vote on our annual remuneration report (ARR). In 2023, we also put our Directors’ remuneration 
policy to vote as it had been three years since it was last voted on. The graphs below summarise the voting outcomes received 
on these resolutions.
The following votes were cast in respect of the ARR at our 2024 AGM and the Directors’ remuneration policy at our 2023 AGM. 
To approve the annual remuneration report at the 2024 AGM
To approve the triennial Directors’ remuneration policy at 
the 2023 AGM
l Votes for
 
1,379,172,791 
l Votes for
 1,347,696,221 
l Votes against
 
51,815,946 
l Votes against
 
56,519,151 
Votes withheld
 
1,087,099 
Votes withheld
 
203,965 
Votes for
Votes against
Votes for
Votes against
2024 AGM
 96% 
4%
2023 AGM
 96% 
 4% 
Key takeaways from section
– We continued to receive strong support from our shareholders in respect of both our ARR and Directors’ remuneration policy.
– We value the feedback from our shareholders and their continued participation at the 2025 AGM.
Other statutory disclosures
Committee advisers
After a competitive bidding process, the Committee appointed 
Deloitte as advisers from September 2023. The Committee assesses 
the performance of its advisers, the associated fees and the quality of 
advice provided annually to ensure that the advice is independent of 
any support provided to management. In its latest annual review of 
advisers, the Committee elected to retain Deloitte to provide advice 
on executive Director pay during the year. 
Deloitte attended five meetings as independent Remuneration 
Committee advisers in 2024. A fixed fee structure has operated 
since appointment to cover standard services, with any additional 
items charged on a time/cost basis. The total fees paid to Deloitte 
for advice to the Committee during 2023 on executive Director pay 
totalled £178,708.
Deloitte also provide professional services in the ordinary course 
of business, including HR consulting services and advice to 
management on remuneration design and its regulatory implications, 
tax, social security, governance, operational and technical issues, as 
well as other professional services to the Group, including tax, 
consulting, regulatory and fund audit and support for corporate 
acquisitions. The Committee monitors its adviser independence, 
noting that advice received is predominantly based on objective data 
trends/facts. Where relevant, advisers were asked to leave 
discussions when sensitive strategic context was being discussed, in 
recognition of the advisory roles they may have for competitors.
The Committee also received a market update from Meridian 
Compensation Partners (Meridian) and used data from McLagan 
(Aon) Limited (McLagan) on market conditions and competitive rates 
of pay, as McLagan provides remuneration benchmarking data 
covering a wide cross-section of the Group’s competitors, including 
firms that are not publicly listed and so are not required to publish 
the remuneration of their directors. The total fees paid for advice to 
the Committee during 2024 on executive Director pay totalled £6,435 
and £1,800 for Meridian and McLagan respectively. 
The Committee is satisfied that the advice received from both 
advisers was independent and objective, as it was factual and not 
judgemental. McLagan is part of Aon plc, which also provides advice 
and services to the Group in relation to pension benefit valuations 
and pension actuarial advice. Meridian’s and McLagan’s fees were 
charged on the basis of a fixed fee for the preparation of reports 
setting out the information requested. Neither Deloitte, Meridian nor 
McLagan has a connection to the Company or any individual Director, 
save as outlined above.
At the invitation of the Committee Chair, the Group Chair attended 
seven meetings, the Group Chief Executive (including in his former 
capacity as Chief Financial Officer) attended six meetings, and the 
former Group Chief Executive attended five meetings. The executive 
Directors left the meetings when relevant to avoid any conflicts of 
interest. The Chief People Officer attended meetings to provide 
advice and support to the Committee and the Head of Executive 
Compensation acted as secretary to the Committee. The Global
 Head of Sustainable Investment also attended relevant meetings 
to provide expert input on the topic of sustainability measurement. 
The Committee received regular updates from the Conduct 
Assessment Group, which comprised the control function heads and 
Chief People Officer, to ensure that the Group is taking account of 
compliance and conduct risk considerations as part of the firm’s 
compensation processes. The Chief Risk Officer, Group General 
Counsel and Head of Group Internal Audit also advised the 
Committee on matters that could influence remuneration 
decisions and were available to attend meetings if required. 
To avoid conflicts of interest, no Director or employee participates in 
decisions determining their own remuneration.
Remuneration report continued
82
Schroders Annual Report and Accounts 2024

Compliance with the 2018 UK Corporate Governance Code (“the Code”)
Code requirements
How the Committee has addressed the requirement
Clarity – remuneration arrangements 
should be transparent and promote 
effective engagement with shareholders 
and the workforce
– Prospective disclosure of bonus and LTIP metrics (page 71)
– Full retrospective disclosure of financial targets and non-financial factors (pages 67 to 
69)
– Review of shareholder feedback and guidance and engagement with shareholders 
(pages 64, 70)
Simplicity – remuneration structures 
should avoid complexity and their rationale 
and operation should be easy to 
understand
– Executive Directors incentivised via annual bonus with deferral and LTIP (page 65)
– Clear disclosure of rationale and operation of each element (see pages 65 and 71)
Risk – remuneration arrangements should 
ensure reputational and other risks from 
excessive rewards, and behavioural risks 
that can arise from target-based incentive 
plans, are identified and mitigated
– Defined maximum limit for annual total remuneration (page 65)
– Significant deferral, providing alignment to clients and shareholders (page 65)
– Committee discretion to adjust formulaic bonus or LTIP outcomes (page 71)
– Extensive malus and clawback provisions (as referenced on page 65). Full details of the 
provisions were included in the Policy set out in the 2022 Annual Report and Accounts.
Predictability – the range of possible 
values of rewards to individual Directors 
and any other limits or discretions should 
be identified and explained at the time of 
approving the policy
– An illustration of the range of possible outcomes was set out in the Policy as part of the 
2022 Annual Report and Accounts.
– Regular Committee review of likely bonus scorecard outcomes (page 67)
Proportionality – the link between 
individual awards, the delivery of strategy 
and the long-term performance of the 
Company should be clear. Outcomes 
should not reward poor performance
– Annual bonus and LTIP performance measures reviewed annually against strategic 
priorities (page 68)
– Significant deferral, providing alignment to clients and shareholders (page 65)
– Extensive malus and clawback provisions (page 65)
Alignment to culture – incentive schemes 
should drive behaviours consistent with 
Company purpose, values and strategy
– Remuneration principles aligned with our key stakeholders (page 64)
– Executive Director remuneration considered in the context of employee outcomes 
(page 70)
– Commitment to fair pay for performance across the workforce (page 66)
– Inclusion of non-financial metrics in both executive Director annual bonus and LTIP 
scorecards (pages 68 to 69, 71)
Fees from external appointments
The executive Directors are permitted to retain for their own 
benefit fees they receive from any external non-executive 
directorships, provided the directorships do not relate to any 
interest held by the Group. Richard Oldfield and Peter Harrison did 
not receive any fees in respect of external non-executive roles 
during the course of their appointment to the Company in 2024.
Directors’ service contracts and letters of 
appointment
Each of the executive Directors has a rolling service contract with a 
mutual notice period of six months. Each of the non-executive 
Directors has a letter of appointment with a mutual notice period 
of six months. Shareholders may review letters of appointment 
and service contracts at the Company’s registered office from the 
date of dispatch of the Notice of AGM on business days between 
9am and 5pm. Additionally, these documents are available for 
viewing at each AGM.
Further remuneration disclosures
The remuneration disclosures required under the UK Capital 
Requirements Regulation are incorporated into the Group’s Pillar 3 
disclosures and are available at www.schroders.com/pillar3. Other 
regulatory remuneration disclosures can be found at 
www.schroders.com/rem-disclosures.
Committee performance in 2024
The annual evaluation of the Committee’s effectiveness was 
undertaken as part of the overall Board evaluation process, which 
is described in the Governance report on page 42. The findings 
relating to the Committee were discussed with the Committee 
Chair. The overall conclusion of the evaluation was that the 
Remuneration Committee was functioning effectively and had 
performed its duties diligently. The reporting to the Board on the 
Committee’s discussions by the Chair of the Committee was felt to 
be comprehensive.
By order of the Board 
Matthew Westerman
Chair of the Remuneration Committee
5 March 2025
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
83
Schroders Annual Report and Accounts 2024

Directors’ report
The information in the following sections of this Annual 
Report and Accounts forms part of this Directors’ report: 
– Strategic report 
– Board of Directors and Company Secretary 
– Corporate governance report, including the Nomination 
and Governance Committee report and the Audit and Risk 
Committee report 
– Statement of Directors’ responsibilities 
Share capital
Schroders has developed under stable ownership for more than 
220 years and has been a public company whose ordinary shares 
have been listed on the London Stock Exchange since 1959. 
The Company’s share capital comprises 1,612,071,525 ordinary 
shares of 20 pence each, of which 6,383,664 are held in treasury 
by the Company. The total voting rights in the Company are 
1,605,687,861.  
Under the terms of the Schroders Employee Benefit Trust and 
the Schroder US Holdings Inc. Grantor Trust, ordinary shares are 
held in trust on behalf of employee share plan participants. The 
trustees may exercise their voting rights in any way they think 
appropriate. In doing so, they may consider the financial and 
non-financial interests of the beneficiaries and their dependants. 
As at 4 March 2025, being the last practicable date before the 
publication of the Annual Report and Accounts, the Schroders 
Employee Benefit Trust and the Schroder US Holdings Inc. Grantor 
Trust together held 52,260,496 ordinary shares. 
Under the terms of the Share Incentive Plan, as at 28 February 
2025, 7,876,384 ordinary shares were held in trust on behalf of 
plan participants. At the participants’ direction, the trustees can 
exercise their voting rights over ordinary shares in respect of 
participant share entitlements. 
There are no restrictions on the transfer of the Company’s shares, 
except for: 
– restrictions imposed by laws and regulations
– restrictions on the transfer of shares imposed under the 
Company’s Articles of Association or under Part 22 of the UK 
Companies Act 2006, in either case after a failure to supply 
information required to be disclosed following service of a 
request under section 793 of the UK Companies Act 2006
– restrictions on the transfer of shares held under certain 
employee share plans while they remain subject to the plan. 
The Company is not aware of any agreement between 
shareholders that may restrict the transfer of securities or 
voting rights. 
Principal Shareholder Group 
The history of Schroders began in 1804 when JH Schröder became 
a partner in J.F. Schröder & Co, a London-based firm founded by 
his brother JF Schröder. It has evolved since then into the company 
today known as Schroders plc. Throughout that time, the Schroder 
family have maintained a significant interest in the business, which 
the Company believes has been a significant benefit to it. Today, 
the interests of some members of the Schroder family (being 
certain descendants of the late Helmut Schroder and, in some 
cases, their spouse or former spouse) are spread across a number 
of parties, who are collectively known as the Principal Shareholder 
Group.
The Principal Shareholder Group comprises a number of private 
trustee companies (and investment companies controlled by those 
trustee companies), a number of Schroder family individuals, and a 
Schroder family charity, which, directly or indirectly, are 
shareholders of the Company. 
The Principal Shareholder Group currently holds 711,068,586 
ordinary shares (44.28% of the issued ordinary shares excluding 
treasury shares) in the Company. This is comprised as follows: 
A. 657,718,180 of the ordinary shares (40.96%) are owned directly 
or indirectly by four private trustee companies which act as the 
trustees of various trusts settled by certain members of the 
Schroder family and investment companies wholly owned by 
the private trust companies. The trustee companies are Vincitas 
Limited, Veritas Limited, Alster Limited and Treva Limited. 
Flavida Limited and Fervida Limited are protector companies 
which act as protectors of certain of those trusts, and therefore 
also form part of the Principal Shareholder Group. 
B. 29,364,559 of the ordinary shares (1.83%) are owned directly or 
indirectly by certain trustee and investment companies 
following the execution of the estate of Bruno Lionel Schroder 
(deceased). The trustee companies are Lionel Trustees (UK) I 
Limited and Lionel Trustees (UK) II Limited. The investment 
companies are MEB Investments Limited, CRH Investments 
Limited and JMF Investments Limited.
C. 21,634,408 of the ordinary shares (1.34%) are personally held, 
directly or indirectly, by certain Schroder family individuals (who 
are direct descendants of the late Helmut Schroder or, in some 
cases, a former spouse of such direct descendants). 
D. 2,351,439 of the ordinary shares (0.15%) are owned by the 
Schroder Charity Trust, a family charity. 
Companies with a shareholder or shareholders who could, when 
acting in concert, exercise 30% or more of the voting rights of a 
company at a general meeting, were required under the Listing 
Rules to enter into a binding agreement with that shareholder or 
shareholders. This was intended to ensure that the parties to the 
agreement comply with certain independence provisions in the 
Listing Rules. Accordingly, on 14 November 2014, the Company 
entered into such an agreement with members of the Principal 
Shareholder Group holding ordinary shares at that time. 
On 29 July 2024, the Listing Rules were amended so that a 
relationship agreement was no longer required, and as such 
the Relationship Agreement automatically terminated on that 
date with immediate effect, in accordance with its terms.
The UK Listing Rules maintain the requirement for companies 
with a controlling shareholder (such as the Principal Shareholder 
Group) to demonstrate that they can carry on business 
independently from their controlling shareholder. They are also 
required to include certain disclosures regarding compliance with 
these independence requirements. These can be found below.
The Company’s Group provides private banking and wealth 
management services to certain members of the Principal 
Shareholder Group. These arrangements are conducted at arm’s 
length and on normal commercial terms. In accordance with UK 
Listing Rule 6.2.3, the Board confirms that, for the year ended 
31 December 2024:
– the Company has complied with the independence provisions 
included in the Listing Rules 
– so far as the Company is aware, the independence provisions 
included in the Listing Rules have been complied with by the 
members of the Principal Shareholder Group.
Directors’ report 
84
Schroders Annual Report and Accounts 2024

Substantial shareholdings
The table below shows the notifiable holdings of major 
shareholders in the voting rights of the Company, as at 
31 December 2024, as disclosed to the Company in accordance 
with the Disclosure Guidance and Transparency Rules.
Shareholder
% of voting rights held
Vincitas Limited
1
 24.18 
Veritas Limited
1
 15.22 
Flavida Limited
1
 24.27 
Fervida Limited
1
 16.27 
Harris Associates L.P.
 5.02 
Silchester International Investors LLP
 5.01 
Lindsell Train Limited
 4.99 
HSBC Holdings plc
2
 3.45 
Sir Michael Kadoorie
3
 3.44 
1.
Flavida Limited and Fervida Limited are protector companies and have made 
notifications as protectors of certain settlements, which include the holdings 
of Vincitas Limited and Veritas Limited.
2.
HSBC Holdings plc is acting as a corporate Director for the underlying client.
3.
Shares are held through Orchid Equity Limited.
On 24 February 2025, Tikehau Capital SCA notified the Company 
that their holding had increased to 5.20% of voting rights held. On 
19 February 2025, Harris Associates L.P. notified the Company that 
their holding had decreased to 4.99% of voting rights held. 
There have been no other changes to the notifications disclosed in 
the table or additional notifications as at the date of this report.
Dividends 
It is our policy to provide shareholders with a progressive and 
sustainable dividend, targeting a payout ratio of around 50%. The 
payout ratio is determined as the total dividend per share in 
respect of the year, divided by the Group’s basic operating 
earnings per share. In line with this policy, the Board recommends 
a final dividend of 15.0 pence per share (2023: 15.0 pence per 
share), which, if approved by shareholders at the AGM, will be paid 
on 8 May 2025 to shareholders on the register of members at 
close of business on 28 March 2025. It means a total dividend for 
the year of 21.5 pence per share (2023: 21.5 pence per share), 
representing a payout ratio of 71% (2023: 66%).
2024
2023
pence
£m
pence
£m
Interim
6.5
101.2
6.5
100.8
Final*
15.0
233.0
15.0
233.0
Total
21.5
334.2
21.5
333.8
* Subject to approval by shareholders at the 2025 AGM
In setting the dividend, the Board has regard to overall Group 
strategy, capital requirements, liquidity and profitability. This 
approach enables the Group to maintain sufficient surplus capital 
to take advantage of future investment opportunities, while 
providing financial security to withstand possible risk scenarios 
and periods of economic downturn.
The distributable profits of Schroders plc are £2.8 billion (2023: 
£2.8 billion). The Group’s ability to pay dividends is, however, 
restricted by the need to hold regulatory capital and to maintain 
sufficient operating capital to support its ongoing business 
activities. Operating capital requirements include co-investments 
with clients and seed capital investments in our funds to support 
new investment strategies.
Certain circumstances could adversely impact the Group’s ability to 
pay dividends in line with the policy. This includes a significant 
increase in the ratio of total costs to net income. After deducting 
the regulatory capital requirement and the regulatory capital 
buffer, there continues to be sufficient capital to maintain our 
current dividend level for at least two years before taking account 
of any future profits. The Schroders Employee Benefit Trust and 
the Schroder US Holdings Inc. Grantor Trust have waived their 
rights to dividends paid on the ordinary shares in respect of 2024 
and future periods. See notes 6 and 21 to the financial statements. 
2025 Annual General Meeting 
The 2025 AGM will be held on Thursday 1 May 2025 at 11.30am. 
All resolutions are voted on separately and the final voting results 
will be published as soon as practicable after the meeting. 
Together with the rest of the Board, the Chairs of the Nomination 
and Governance, Audit and Risk, and Remuneration Committees 
will be present to answer questions. 
Rule 9 Waiver and authority to purchase own 
shares 
The Company simplified its dual share class structure on 
20 September 2022. As a result, the aggregate holding of the 
Principal Shareholder Group decreased from 47.93% of ordinary 
shares. 
At the 2024 AGM, the Company was authorised by shareholders to 
purchase up to 128,515,118 ordinary shares. The authority to 
purchase own shares was utilised during the year through a 
repurchase programme announced in November 2024. The 
repurchases commenced on 13 November 2024 and ended on 
19 December 2024. A total of 6,383,664 ordinary shares were 
repurchased. The repurchased shares are held in treasury, with 
the intention of using them to satisfy awards under the Company’s 
employee share schemes (or otherwise being cancelled, reducing 
the Company’s issued share capital).
At the 2025 AGM, the Board will seek authority to purchase up to 
122,131,453 ordinary shares so that, if such repurchases were 
exclusively from persons other than the Principal Shareholder 
Group, this would not result in the Principal Shareholder Group 
holding more than 47.93% of the Company’s voting ordinary 
shares, which is the level it held prior to the simplification of the 
Company’s dual share class structure in September 2022. Exercise 
of this authority would be subject to prior consent of the 
Prudential Regulation Authority. 
If the Company were to buy back shares, it is likely that the 
Principal Shareholder Group’s overall ownership in the Company 
would passively increase from the current level of 44.28% 
(excluding treasury shares). If this were to happen, under the 
Takeover Code, the Principal Shareholder Group would be 
required to make a mandatory cash offer for the whole Company. 
However, the Company has obtained a waiver from the Takeover 
Panel that exempts the Principal Shareholder Group from this 
obligation as a result of any buyback of shares. This waiver is 
conditional on the independent shareholders approving the 
Waiver Resolution at the 2025 AGM. 
Importantly, the waiver will not permit the Principal Shareholder 
Group’s holding of ordinary shares to increase above the 47.93% 
holding of voting ordinary shares held prior to the simplification of 
the Company’s dual share class structure without triggering a 
mandatory cash offer for the whole Company. 
Members of the Principal Shareholder Group are supportive long-
term shareholders and intend to retain a substantial shareholding 
in the Company over the long term. The Board expects to seek 
renewal of the Buyback Authority (and the associated Waiver 
Resolution) annually until such time as the Principal Shareholder 
Group’s holding of ordinary shares (excluding treasury shares) has 
returned to the level of 47.93%.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
85
Schroders Annual Report and Accounts 2024

Stakeholder engagement
Details of the Company’s approach to stakeholder engagement 
and how their interests have shaped our decisions throughout the 
year can be found on pages 32 to 33 and 47.
Streamlined energy carbon reporting
Details of the Company’s approach to decarbonisation and 
disclosures on scope 1 and scope 2 emissions and associated 
consumption are included as part of our Climate Related 
Disclosures on pages 177 to 183. These are in line with the 
Streamlined Energy and Carbon Reporting  (SECR) requirements.
Employment practices
Details of the Company’s employment practices, including diversity 
and employee engagement, can be found in the Strategic report 
on pages 16 and 17.
Workforce diversity
Understanding representation through data is essential for 
driving positive change, allowing us to analyse diversity, prioritise 
interventions, and empower decision-making through dashboards 
at Schroders.
We encourage employees to voluntarily complete their diversity 
profiles and proactively engage new joiners to explain the 
importance of this data. We also capture diversity data at various 
points in the employee life cycle to maintain accuracy and provide 
comprehensive insights into our workforce.
We publish our UK ethnicity pay gap and global gender pay gap to 
assess our progress on inclusion and diversity, demonstrating our 
commitment to transparency. 
We meet the FTSE Women Leaders targets for women’s board 
representation and comply with the Parker Review 
recommendations. Our Board-approved 2030 inclusion and 
diversity aspirations include increasing ethnic minority 
representation among our UK employee population to 25% and to 
20% in our UK senior management population.
As at 31 December 2024, the Company has met the following FCA 
Diversity Targets (as required by UK Listing Rule 6.6.6(9):
– at least 40% of the Board being women (2024: 55%)
– at least one of the senior Board positions being held by a 
woman (2024: Chair)
– at least one member of the Board being from an ethnic minority 
background (2024: two). 
The data required by UK Listing Rule 6.6.6(9) for the Board of 
Directors and executive management is set out in the table below. 
As required by UK Listing Rule 6.6.6(11), the data is based on 
information collected via self-reporting by employees and Board 
members and existing information held by the Company’s People 
and Culture, and Legal and Governance teams.
Gender diversity - as at 31 December 2024
Schroders plc Board – Gender diversity representation
2024
Number of 
Board members
Percentage of 
the Board
Number of 
senior positions 
on the Board 
(CEO, CFO, SID 
and Chair)
5
Number in 
executive 
management
1
Percentage of 
executive 
management
Men
5
45%
2
3
33%
Women
6
55%
1
6
67%
Not specified/prefer not to say
 
– 
 – %  
–  
– 
 – %
Schroders plc senior management – Gender diversity representation
2024
Senior 
managers
2 Subsidiary Board 
members
3
Total senior 
management
4
All employees
Men
 62 %
 73 %
 65 %
 56 %
Women
 38 %
 27 %
 35 %
 44 %
Not specified/prefer not to say
 – %
 – %
 – %
 – %
1. Executive management refers to the Group Executive Committee (Group ExCo) and the Group Company Secretary.
2. Senior managers includes members of the Group ExCo, the direct reports of the Group (ExCo-1) and the direct reports one level below that (ExCo-2), in each case excluding 
administrative and other ancillary roles. The data excludes Board members of Schroders plc and includes some employees who are also subsidiary Board members.
3. Subsidiary Board members comprises Board members of subsidiaries who are not classified as senior managers.
4. Total senior management refers to the total of senior managers and subsidiary Board members.
5. Number of senior positions on the Board (CEO, CFO, SID and Chair) will not reflect a total figure of 4 as at time of reporting (31 December 2024) the CFO position was 
yet to be appointed to the Board. The CFO was appointed as at 1 January 2025.
Ethnic diversity representation - as at 31 December 2024
2024
Number of 
Board 
members
Percentage of 
the Board
Number of 
senior positions 
on the Board 
(CEO, CFO, SID 
and Chair)
5
Number in 
executive 
management
1
Percentage of 
executive 
management
White British or other white (including minority white groups)
 
9 
 82 %  
3  
8 
 100 %
Mixed/Multiple ethnic groups
 
1 
 9 %  
–  
– 
 – %
Asian/Asian British
 
1 
 9 %  
–  
– 
 – %
Black/African/Caribbean/Black British
 
– 
 – %  
–  
– 
 – %
Other ethnic group, including Arab
 
– 
 – %  
–  
– 
 – %
Not specified/prefer not to say
 
– 
 – %  
–  
– 
 – %
Directors’ report continued
86
Schroders Annual Report and Accounts 2024

Indemnities and insurance 
Shareholders have authorised the Company to provide 
indemnities to, and to fund defence costs for, Directors in certain 
circumstances. On appointment, all Directors are granted an 
indemnity as defined in the Companies Act 2006 in respect of any 
third-party liabilities that they may incur as a result of their service 
on the Board. All Directors’ indemnities were in place during the 
financial year and remain in force. Directors’ and Officers’ liability 
insurance is maintained by the Company for all Directors. 
Under the Trust Deed and Rules of the Schroders Retirement 
Benefit Scheme (Scheme), the Company provides a qualifying 
pension scheme indemnity in line with the Companies Act 2006. 
The indemnity covers each Director of the trustee company that 
acts as a trustee of the Scheme. The provisions have been in force 
during the financial year. 
As part of the integration of Cazenove Capital, the Cazenove 
Capital Management Limited Pension Scheme was merged with 
the Schroders Retirement Benefits Scheme, with effect from 
31 December 2014. Pursuant to that merger, a qualifying pension 
scheme indemnity in line with the Companies Act 2006 is provided 
by Schroders plc for the benefit of the Directors of Cazenove 
Capital Management Pension Trustee Limited, a subsidiary of the 
Company at that time. This indemnity remains in force and covers, 
to the extent permitted by law, certain losses or liabilities incurred 
by the Directors of Cazenove Capital Management Pension 
Trustee Limited in connection with that company’s activities as 
trustee of the Cazenove Capital Management Limited Pension 
Scheme. 
Directors’ Conflicts of Interest and Recusal policy 
The Company has procedures to identify, authorise and manage 
conflicts of interest, including of Directors of the Company. They have 
operated effectively during the year. In circumstances where a 
potential conflict arises, the Board (excluding the Director concerned) 
will consider the situation and either authorise the arrangement in 
accordance with the Companies Act 2006 and the Company’s Articles 
of Association, or take other appropriate action. 
All potential conflicts authorised by the Board are recorded in a 
conflicts register, which is maintained by the Group Company 
Secretary and reviewed by the Board annually. Directors have a 
continuing duty to update the Board with any changes to their 
conflicts of interest.
Change of control
The Company does not consider that it is a party to any significant 
agreements that take effect, alter or terminate upon a change of 
control of the Company following a takeover bid that are required to 
be disclosed pursuant to paragraph 13(2)(j) of Schedule 7 of the Large 
and Medium-sized Companies and Groups (Accounts and Reports) 
Regulations 2008 (as amended), other than as disclosed below. 
Under the Group’s Revolving Credit Facility Agreement, if a change of 
control of the Company occurs, the lenders are not obliged to provide 
further funding under the facility. The Company and lenders have up 
to 30 days to agree the continued use of the facility. If there is no 
agreement, repayment of the facility and accrued interest may be 
requested by the lenders with not less than ten days’ notice. 
Under the Amended and Restated Framework Agreement 
(Framework Agreement) with Lloyds Banking Group plc, signed on 
3 October 2019 in relation to the strategic partnership announced on 
23 October 2018, on a change of control of the Company to (1) either 
a material competitor of a Lloyds Banking Group business, or (2) an 
entity or person on, or controlled by an entity or person on, a 
recognised sanctions list, or located in a specified jurisdiction, Lloyds 
Banking Group may terminate the Framework Agreement. Such 
termination provisions provide for Lloyds Banking Group and the 
Company to return to the status quo prior to establishing the strategic 
partnership in relation to shareholdings in subsidiary entities, with any 
implementing transactions conducted at specified valuations. 
The Company entered into an amended Shareholders Agreement 
with Greencoat management shareholders on 10 April 2022, in 
relation to their respective shareholdings in Greencoat Capital 
Holdings Limited. On a change of control of the Company to a person 
who does not form part of the Principal Shareholder Group, the 
management shareholders have the right to sell their shares to 
Schroder International Holdings Limited, a subsidiary of the Company. 
Directors’ and employees’ employment contracts do not normally 
provide for compensation for loss of office or employment as a 
result of a change of control. However, the provisions of the 
Company’s employee share schemes may cause awards granted 
to employees under such schemes to vest on a change of control. 
Political donations 
No political donations or contributions were made or expenditure 
incurred by the Company or its subsidiaries during the year (2023: nil) 
and there is no intention to make or incur any in the current year.
UK Listing Rules (UKLR) – compliance with UKLR 6.6.1
The majority of the disclosures required under UKLR 6.6.1 are not applicable to Schroders. The table below sets out the location of the 
disclosures for those requirements that are applicable.
Applicable sub-paragraph within UKLR 6.6.1
Disclosure provided
(5) Details of any arrangements under which a director of the company has waived or agreed to waive any 
emoluments from the company or any subsidiary undertaking.
See pages 67, 73, 74 and 81
(11) Details of any arrangements under which a shareholder has waived or agreed to waive any dividends.
See pages 85, 103 and 128
(12) Where a shareholder has agreed to waive future dividends, details of such waiver together with those 
relating to dividends which are payable during the period under review.
See pages 85, 103 and 128
(13) A statement made by the board that the company continues to comply with the requirement in UKLR 6.2.3R. See page 84
Risk management objectives and policies
Details of the Group’s Risk Management framework are set out on page 26. Specific information around risk management objectives, 
policies (e.g., hedging) and exposure is contained in note 19 of the financial statements. 
By order of the Board. 
Kate Graham
Company Secretary
5 March 2025
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
87
Schroders Annual Report and Accounts 2024

Statement of 
Directors’ 
responsibilities
The Directors are responsible for preparing the Annual Report 
and the consolidated financial statements in accordance with 
applicable law and regulations.
The Companies Act 2006, being the applicable law in the UK, 
requires the Directors to prepare financial statements for each 
financial year. The Directors have prepared the financial 
statements in accordance with UK-adopted international 
accounting standards and in conformity with the requirements of 
the Companies Act 2006. Under the Companies Act 2006, the 
Directors must not approve the financial statements unless they 
are satisfied that the statements give a true and fair view of the 
state of affairs of the Company and the Group, and of the profit or 
loss of the Group for that period.
In preparing those financial statements, the Directors are required 
to:
– select suitable accounting policies in accordance with IAS 8 
Accounting Policies, Changes in Accounting Estimates and 
Errors and then apply them consistently;
– make estimates and judgements that are reasonable and 
prudent;
– present information, including accounting policies, in a manner 
that provides relevant, reliable, comparable and understandable 
information;
– provide additional disclosure where compliance with the specific 
requirements of UK-adopted international accounting standards 
is insufficient to enable users to understand the impact of a 
particular transaction, other events or conditions on the 
Company or Group’s financial position or financial performance;
– state whether the financial statements comply with UK-adopted 
international accounting standards, subject to any material 
departure disclosed, and explained in the financial statements; 
and
– prepare the financial statements on a going concern basis, 
unless it is inappropriate to presume that the Company or 
Group will continue in business, in which case there should be 
supporting assumptions or qualifications as necessary.
The Directors are also required by the Disclosure and 
Transparency Rules of the Financial Conduct Authority (FCA) to 
include a management report containing a fair review of the 
business and a description of the principal risks and uncertainties 
facing the Company and the Group.
The Directors are responsible for keeping proper books of 
accounting records that are sufficient to show and explain the 
Company’s transactions, and disclose with reasonable accuracy 
at any time, the Company’s and the Group’s financial position, 
and to enable them to ensure that the financial statements and the 
Remuneration report comply with the Companies Act 2006. They 
are also responsible for safeguarding the Company’s and the 
Group’s assets, and for taking reasonable steps to prevent and 
detect fraud and other irregularities.
Directors’ statement
Each of the Directors, whose name and functions are listed in the 
“Board of Directors and Company Secretary” section of this Annual 
Report and Accounts, confirms that, to the best of each person’s 
knowledge and belief:
– The consolidated financial statements, prepared in accordance 
with UK-adopted international accounting standards, give a true 
and fair view of the assets, liabilities, financial position and profit 
of the Company and the Group.
– The Directors’ report contained in this Annual Report and 
Accounts, which comprises the sections described on page 84, 
includes a fair review of the business development and 
performance and the Company’s and Group’s position, and a 
description of the principal risks and uncertainties that they 
face.
– So far as the Directors are aware, there is no relevant audit 
information which the Company’s auditors are unaware of.
– The Directors have taken all the steps that ought to have been 
taken as a Director to make himself or herself aware of any 
relevant audit information, and to establish that the Company’s 
auditors are aware of that information.
In addition, each of the Directors considers that this Annual Report 
and Accounts, taken as a whole, is fair, balanced and 
understandable and provides the information necessary for 
shareholders to assess the Company’s performance, business 
model and strategy.
The Directors are responsible for the maintenance and integrity of 
the audited financial information on the website at 
www.schroders.com.
Legislation in the UK governing the preparation and dissemination 
of financial statements may differ from legislation in other 
jurisdictions.
Forward-looking statements
This Annual Report and Accounts and the Schroders website may 
contain forward-looking statements with respect to the financial 
condition, performance and position, strategy, results of 
operations and businesses of the Schroders Group. Such 
statements and forecasts involve risk and uncertainty because 
they are based on current expectations and assumptions but 
relate to events and depend upon circumstances in the future; you 
should not place reliance on them. Without limitation, any 
statements preceded or followed by or that include the words 
‘targets’, ‘plans’, ‘sees’, ‘believes’, ‘expects’, ‘aims’, ‘confident’, ‘will 
have’, ‘will be’, ‘will ensure’, ‘likely’, ‘estimates’, ‘foresee’ or 
‘anticipates’ or the negative of these terms or other similar terms 
are intended to identify such forward-looking statements. There 
are a number of factors that could cause actual results or 
developments to differ materially from those expressed or implied 
by forward-looking statements and forecasts. Forward-looking 
statements and forecasts are based on the Directors’ current view 
and information known to them at the date of this statement. The 
Directors do not make any undertaking to update or revise any 
forward-looking statements, whether as a result of new 
information, future events or otherwise. Nothing in this 
announcement or in the Annual Report and Accounts or on the 
Schroders website should be construed as a forecast, estimate or 
projection of future financial performance. 
Statement of Directors’ responsibilities
88
Schroders Annual Report and Accounts 2024

Financial statements
Consolidated financial statements
90
Schroders plc financial statements
144
Independent auditor’s report
167
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
89
Schroders Annual Report and Accounts 2024

Consolidated financial statements
Consolidated income statement
91
Consolidated statement of comprehensive income
92
Consolidated statement of financial position
93
Consolidated statement of changes in equity
94
Consolidated cash flow statement
95
Notes to the accounts
1.
Segmental reporting
96
2.
Net operating revenue
97
3.
Total expenses
100
4.
Tax expense
101
5.
Earnings per share
102
6.
Dividends
103
7.
Trade and other receivables
103
8.
Financial assets and liabilities
104
9.
Issued debt
108
10. Associates and joint ventures
108
11. Property, plant and equipment
111
12. Leases
111
13. Goodwill and intangible assets
112
14. Deferred tax
114
15. Unit-linked liabilities and assets backing unit-linked liabilities
115
16. Trade and other payables
117
17. Provisions and contingent liabilities
118
18. Derivative contracts
119
19. Financial instrument risk management
121
20. Share capital and share premium
128
21. Own shares
128
22. Reconciliation of net cash from operating activities
129
23. Commitments
130
24. Retirement benefit obligations
130
25. Share-based payments
135
26. Related party transactions
138
27. Interests in structured entities
139
28. Business combinations
141
Presentation of the financial statements
142
Schroders plc financial statements
Schroders plc – Statement of financial position
144
Schroders plc – Statement of changes in equity
145
Schroders plc – Cash flow statement
146
Schroders plc – Notes to the accounts
29. Significant accounting policies
147
30. Expenses and other disclosures
147
31. Trade and other receivables
147
32. Trade and other payables
147
33. Deferred tax
148
34. Financial instrument risk management
148
35. Own shares
149
36. Related party transactions
149
37. Subsidiaries and other related undertakings
150
Independent auditor’s report
167
Consolidated financial statements
90
Schroders Annual Report and Accounts 2024

Consolidated income statement
for the year ended 31 December 2024
2024
2023
Notes
£m
£m
Revenue
 
2,970.0  
2,936.7 
Cost of sales
 
(612.3)  
(602.3) 
Net operating revenue
 
2  
2,357.7  
2,334.4 
Of which: Performance fees
 
33.7 
 
37.3 
Net carried interest income
 
29.7 
 
46.9 
Net operating revenue excluding performance-based revenues
 
2,294.3 
 2,250.2 
Share of profit of associates and joint ventures
 
10  
47.6 
 
51.1 
Other operating income
 
21.5 
 
33.5 
Net operating income
 
2,426.8 
 2,419.0 
Operating expenses
 
3  
(1,786.3)  
(1,758.0) 
Operating profit
 
640.5 
 
661.0 
Central costs
 
3  
(53.0) 
 
(52.9) 
Net gain on financial instruments and other income
 
13.1 
 
32.1 
Interest income
 
31.8 
 
23.6 
Acquisition costs and related items
 
3  
(74.3) 
 
(90.0) 
Restructuring costs
 
3  
– 
 
(86.2) 
Profit before tax
 
558.1 
 
487.6 
Tax
4(a)  
(125.1) 
 
(85.0) 
Profit after tax
 
433.0  
402.6 
Attributable to:
Equity holders of Schroders plc
 
417.0 
 
388.2 
Non-controlling interest holders
 
16.0 
 
14.4 
Profit after tax
 
433.0  
402.6 
Earnings per share
Basic
 
5 
26.4p
24.6p
Diluted
 
5 
26.0p
24.2p
Operating earnings per share
Basic
 
5 
30.1p
32.5p
Diluted
5
29.6p
31.9p
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Financial statements
Shareholder and
sustainability information
91
Schroders Annual Report and Accounts 2024

Consolidated statement of comprehensive income
for the year ended 31 December 2024
2024
2023
Notes
£m
£m
Profit after tax
 
433.0  
402.6 
Items that may be reclassified to the income statement:
Net exchange differences on translation of foreign operations after hedging
 
(56.1)  
(52.0) 
Net gain on financial assets at fair value through other comprehensive income
 
0.4  
0.3 
 
(55.7)  
(51.7) 
Items that have been reclassified to the income statement:
 
0.6  
(4.2) 
Items that will not be reclassified to the income statement:
Net actuarial loss on defined benefit pension schemes
 
24  
(7.4)  
(4.2) 
Tax on items taken directly to other comprehensive income
4(b)  
1.9  
1.0 
 
(5.5)  
(3.2) 
Other comprehensive income for the year, net of tax
 
(60.6)  
(59.1) 
Total comprehensive income for the year
 
372.4  
343.5 
Attributable to:
Equity holders of Schroders plc
 
356.4  
329.1 
Non-controlling interest holders
 
16.0  
14.4 
Total comprehensive income for the year
 
372.4  
343.5 
Consolidated financial statements continued
92
Schroders Annual Report and Accounts 2024

Consolidated statement of financial position
at 31 December 2024
2024
2023
Notes
£m
£m
Assets
Cash and cash equivalents
 
4,066.4  
3,649.9 
Trade and other receivables
7  
1,026.4  
920.4 
Financial assets
8  
3,227.9  
2,827.1 
Associates and joint ventures
10  
550.0  
531.7 
Property, plant and equipment
11, 12  
488.6  
464.3 
Goodwill and intangible assets
13  
1,840.5  
1,885.2 
Deferred tax
14  
160.4  
203.9 
Retirement benefit scheme surplus
24  
131.0  
138.3 
 
11,491.2  
10,620.8 
Assets backing unit-linked liabilities
Cash and cash equivalents
 
148.3  
453.1 
Financial assets
 
9,310.4  
9,555.0 
15  
9,458.7  
10,008.1 
Total assets
 
20,949.9  
20,628.9 
Liabilities
Trade and other payables
16  
1,063.0  
1,087.5 
Financial liabilities
8  
5,113.6  
4,578.2 
Current tax
 
29.0  
12.6 
Issued debt
9  
256.0  
– 
Lease liabilities
12  
345.7  
318.7 
Provisions
17  
60.3  
23.0 
Deferred tax
14  
120.3  
128.3 
Retirement benefit scheme deficits
 
7.9  
8.8 
 
6,995.8  
6,157.1 
Unit-linked liabilities
15  
9,458.7  
10,008.1 
Total liabilities
 
16,454.5  
16,165.2 
Net assets
 
4,495.4  
4,463.7 
Total equity excluding non-controlling interest
 
4,410.3  
4,390.6 
Non-controlling interest
 
85.1  
73.1 
Total equity
 
4,495.4  
4,463.7 
The financial statements were approved by the Board of Directors on 5 March 2025 and signed on its behalf by:
Meagen Burnett
Director
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
93
Schroders Annual Report and Accounts 2024

Consolidated statement of changes in equity
for the year ended 31 December 2024
Attributable to owners of the parent
Share 
capital 
Share 
premium
Own 
shares
Net 
exchange 
differences 
reserve
Associates 
and joint 
ventures 
reserve
Profit and 
loss 
reserve
Total
Non-
controlling 
interest
Total 
equity
Notes
£m
£m
£m
£m
£m
£m
£m
£m
£m
At 1 January 2024
 
322.4  
84.3  (172.1)  
234.9  
215.2  3,705.9  4,390.6  
73.1  4,463.7 
Profit for the year
 
–  
–  
–  
–  
42.1  
374.9  
417.0  
16.0  
433.0 
Other comprehensive income
1
 
–  
–  
–  
(56.1)  
–  
(4.5)  
(60.6)  
–  
(60.6) 
Total comprehensive income 
for the year
 
–  
–  
–  
(56.1)  
42.1  
370.4  
356.4  
16.0  
372.4 
Own shares purchased
21  
–  
–  
(59.8)  
–  
–  
–  
(59.8)  
–  
(59.8) 
Share-based payments
25  
–  
–  
–  
–  
–  
30.4  
30.4  
–  
30.4 
Tax in respect of share schemes
4(c)  
–  
–  
–  
–  
–  
0.7  
0.7  
–  
0.7 
Other movements
2
 
–  
–  
–  
–  
–  
26.2  
26.2  
2.9  
29.1 
Dividends
6  
–  
–  
–  
–  
–  
(334.2)  
(334.2)  
(6.9)  
(341.1) 
Transactions with shareholders
 
–  
–  
(59.8)  
–  
–  (276.9)  
(336.7)  
(4.0)  
(340.7) 
Transfers
 
–  
–  
72.0  
–  
(23.5)  
(48.5)  
–  
–  
– 
At 31 December 2024
 
322.4  
84.3  (159.9)  
178.8  
233.8  3,750.9  4,410.3  
85.1  4,495.4 
Attributable to owners of the parent
Share 
capital
Share 
premium
Own 
shares
Net 
exchange 
differences 
reserve
Associates 
and joint 
ventures 
reserve
Profit and 
loss 
reserve
Total
Non-
controlling 
interest
Total 
equity
Notes
£m
£m
£m
£m
£m
£m
£m
£m
£m
At 1 January 2023
 
322.4  
84.3  (185.1)  
291.2  
203.6  3,639.5  4,355.9  
123.8  4,479.7 
Profit for the year
 
–  
–  
–  
–  
40.5  
347.7  
388.2  
14.4  
402.6 
Other comprehensive income
1
 
–  
–  
–  
(56.3)  
–  
(2.8)  
(59.1)  
–  
(59.1) 
Total comprehensive income 
for the year
 
–  
–  
–  
(56.3)  
40.5  
344.9  
329.1  
14.4  
343.5 
Own shares purchased
21  
–  
–  
(66.6)  
–  
–  
–  
(66.6)  
–  
(66.6) 
Share-based payments
25  
–  
–  
–  
–  
–  
62.8  
62.8  
–  
62.8 
Tax in respect of share schemes
4(c)  
–  
–  
–  
–  
–  
1.4  
1.4  
–  
1.4 
Other movements
2
 
–  
–  
–  
–  
–  
41.0  
41.0  
(49.6)  
(8.6) 
Dividends
6  
–  
–  
–  
–  
–  
(333.0)  
(333.0)  
(15.5)  
(348.5) 
Transactions with shareholders
 
–  
–  
(66.6)  
–  
–  (227.8)  (294.4)  
(65.1)  (359.5) 
Transfers
 
–  
–  
79.6  
–  
(28.9)  
(50.7)  
–  
–  
– 
At 31 December 2023
 
322.4  
84.3  (172.1)  
234.9  
215.2  3,705.9  4,390.6  
73.1  4,463.7 
1.
Other comprehensive income reported in the net exchange differences reserve comprises the net foreign exchange loss on the translation of foreign 
operations net of hedging and any recycling on realisations. Other comprehensive income reported in the profit and loss reserve comprises the post-tax 
actuarial loss on the Group’s retirement benefit schemes and post-tax fair value movements on financial assets at fair value through other comprehensive 
income.
2.
Other movements in the profit and loss reserve principally relate to financial liabilities in respect of options to purchase the remaining non-controlling 
interest in certain subsidiaries (see note 8). In 2023, other movements in the non-controlling interest reserve principally comprise the derecognition of 
BOCOM Wealth Management Company Limited on reclassification from a subsidiary to an associate (see note 10(a)). 
Consolidated financial statements continued
94
Schroders Annual Report and Accounts 2024

Consolidated cash flow statement
for the year ended 31 December 2024
2024
2023
Notes
£m
£m
Net cash from/(used in) operating activities
1
22  
1,048.2  
(238.1) 
Cash flows from investing activities
Net acquisition/disposal of businesses, associates and joint ventures
2
 
(49.6)  
(125.1) 
Net acquisition of property, plant and equipment and software
 
(70.5)  
(79.9) 
Acquisition of financial assets
 
(3,703.9)  
(1,882.1) 
Disposal of financial assets
 
3,077.2  
1,787.8 
Non-banking interest received
 
39.8  
24.7 
Distributions received from associates and joint ventures
 
12.2  
49.6 
Net cash used in investing activities
 
(694.8)  
(225.0) 
Cash flows from financing activities 
Issuance of loan notes
9  
248.8  
– 
Purchase of subsidiary shares from non-controlling interest holders
 
(9.9)  
(10.5) 
Lease payments
12  
(46.0)  
(52.3) 
Acquisition of own shares
21  
(59.8)  
(66.6) 
Dividends paid
6  
(341.1)  
(348.5) 
Other
 
(5.0)  
(1.6) 
Net cash used in financing activities
 
(213.0)  
(479.5) 
Net increase/(decrease) in cash and cash equivalents
 
140.4  
(942.6) 
Opening cash and cash equivalents
 
4,103.0  
5,045.3 
Net increase/(decrease) in cash and cash equivalents
 
140.4  
(942.6) 
Effect of exchange rate changes
 
(28.7)  
0.3 
Closing cash and cash equivalents
 
4,214.7  
4,103.0 
Closing cash and cash equivalents consists of:
Cash and cash equivalents available for use by the Group
 
4,054.0  
3,644.2 
Cash held in consolidated pooled investment vehicles
 
12.4  
5.7 
Cash and cash equivalents presented within assets
 
4,066.4  
3,649.9 
Cash and cash equivalents presented within assets backing unit-linked liabilities
15  
148.3  
453.1 
Closing cash and cash equivalents
 
4,214.7  
4,103.0 
1.
Includes Wealth Management interest income received of £227.6 million (2023: £191.6 million) and interest paid of £182.6 million (2023: £151.6 million).
2.
2023 includes the derecognition of cash on reclassification of BOCOM Wealth Management Company Limited from a subsidiary to an associate (see note 
10(a)).
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95
Schroders Annual Report and Accounts 2024

Notes to the accounts
1     Segmental reporting
(a)     Operating segments
The Group has two operating segments: Asset Management and Wealth Management. The Asset Management segment principally 
comprises investment management including advisory services in respect of equity, fixed income, multi-asset and private assets and 
alternatives products. The Wealth Management segment principally comprises investment management, wealth planning and 
financial advice, platform services and banking services.
Segmental information is presented on the same basis as that provided for internal reporting purposes to the Group’s chief 
operating decision maker, the Group Chief Executive.
Operating expenses represent the costs incurred in running the Asset Management and Wealth Management segments and 
include an allocation of costs between the individual business segments on a basis that aligns the charge with the resources 
employed by the Group in respect of particular business functions. This allocation provides management with the relevant 
information as to the business performance to effectively manage and control expenditure. Operating expenses exclude items 
related to acquisitions, central management activities and certain restructuring costs (see note 3). The reconciliation of operating 
profit to profit before tax is included on the income statement.
Asset
Management
Wealth
Management
Total
Year ended 31 December 2024
£m
£m
£m
Revenue
 
2,295.1  
674.9  
2,970.0 
Cost of sales
 
(416.1)  
(196.2)  
(612.3) 
Net operating revenue
 
1,879.0  
478.7  
2,357.7 
 Of which: Performance fees
 
33.2  
0.5  
33.7 
Net carried interest income 
 
29.7  
–  
29.7 
 Net operating revenue excluding performance-based revenues
 
1,816.1  
478.2  
2,294.3 
Share of profit of associates and joint ventures
 
37.1  
10.5  
47.6 
Other operating income
 
13.0  
8.5  
21.5 
Net operating income
 
1,929.1  
497.7  
2,426.8 
Operating expenses
 
(1,461.2)  
(325.1)  
(1,786.3) 
Operating profit
 
467.9  
172.6  
640.5 
Asset
Management
Wealth
Management
Total
Year ended 31 December 2023
£m
£m
£m
Revenue
 
2,349.3  
587.4  
2,936.7 
Cost of sales
 
(438.1)  
(164.2)  
(602.3) 
Net operating revenue
 
1,911.2  
423.2  
2,334.4 
Of which: Performance fees
 
36.7  
0.6  
37.3 
Net carried interest income
 
46.9  
–  
46.9 
Net operating revenue excluding performance-based revenues
 
1,827.6  
422.6  
2,250.2 
Share of profit of associates and joint ventures
 
48.7  
2.4  
51.1 
Other operating income
 
22.3  
11.2  
33.5 
Net operating income
 
1,982.2  
436.8  
2,419.0 
Operating expenses
 
(1,471.7)  
(286.3)  
(1,758.0) 
Operating profit
 
510.5  
150.5  
661.0 
Segment assets and liabilities are not presented as such information is not presented on a regular basis to the Group’s chief operating 
decision maker.
Consolidated financial statements continued
96
Schroders Annual Report and Accounts 2024

1     Segmental reporting continued
(b)     Geographical information
The Group’s non-current assets
1 are located in the following countries:
2024
2023
£m
£m
United Kingdom
 
2,005.7  
2,054.1 
China
 
286.9  
270.8 
Switzerland
 
242.7  
203.6 
United States
 
86.1  
98.7 
India
 
69.3  
54.8 
France
 
66.6  
74.5 
Hong Kong
 
32.1  
22.5 
Other
 
92.8  
106.4 
Total
 
2,882.2  
2,885.4 
1.
Comprises the following non-current assets: property, plant and equipment, goodwill and intangible assets, associates and joint ventures and prepayments.
2     Net operating revenue
Revenue
The Group’s primary source of revenue is fee income from investment management activities performed within both the Asset 
Management and Wealth Management segments. Fee income includes management fees, performance fees, carried interest 
and other fees. Revenue also includes interest income earned within the Wealth Management segment.
Management fees are generated through investment management agreements and are generally based on an agreed percentage 
of the valuation of AUM. Management fees are recognised as the service is provided and it is probable that the fee will be collected.
Performance fees and carried interest are earned from certain arrangements when contractually agreed performance levels are 
exceeded within specified performance measurement periods. They are only recognised where it is highly probable that a significant 
reversal will not occur in future periods. Performance fees are typically earned over one year and are recognised at the end of the 
performance period. Carried interest is earned over a longer time frame and is recognised over the period for which the service is 
provided and when certain performance hurdles are expected to be met. This may result in the recognition of revenue before the 
contractual crystallisation date.
Other fees principally comprise revenues for other services, which typically vary according to the volume of transactions. Other fees 
are recognised as the relevant service is provided and it is probable that the fee will be collected.
Within Wealth Management, earning a net interest margin is a core activity and interest is therefore recognised within revenue. 
Interest income is earned as a result of placing loans and deposits with other financial institutions, advancing loans and overdrafts 
to clients, and holding debt and other fixed income securities. Interest income is recognised as it is earned using the effective 
interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the 
estimated future cash flows.
Cost of sales
Fee expenses incurred by the Group that relate directly to revenue are presented as cost of sales. These expenses include 
commissions, external fund manager fees and distribution fees payable to financial institutions, investment platform providers and 
financial advisers that distribute the Group’s products. 
Fee expense is generally based on an agreed percentage of the valuation of AUM and is recognised as the service is received.
Cost of sales also includes the cost of financial obligations arising from carried interest. Amounts payable in respect of carried 
interest are determined based on the proportion of carried interest income that is payable to third parties.
Wealth Management pays interest to clients on deposits taken. Within Wealth Management, earning a net interest margin is a core 
activity. Interest payable in respect of these activities is therefore recorded separately from finance costs arising elsewhere in the 
business and is reported as part of cost of sales. Interest is recognised using the effective interest method (see above).
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97
Schroders Annual Report and Accounts 2024

2     Net operating revenue continued
(a)     Net operating revenue by segment
Asset
Management
Wealth
Management
Total
Year ended 31 December 2024
£m
£m
£m
Management fees
 
2,208.7  
391.0  
2,599.7 
Performance fees
 
33.2  
0.5  
33.7 
Carried interest
 
35.2  
–  
35.2 
Other fees
 
18.0  
38.8  
56.8 
Wealth Management interest income
 
–  
244.6  
244.6 
Revenue
 
2,295.1  
674.9  
2,970.0 
Fee expense
 
(410.6)  
(13.9)  
(424.5) 
Cost of financial obligations in respect of carried interest
 
(5.5)  
–  
(5.5) 
Wealth Management interest expense
 
–  
(182.3)  
(182.3) 
Cost of sales
 
(416.1)  
(196.2)  
(612.3) 
Net operating revenue
 
1,879.0  
478.7  
2,357.7 
Asset
Management
Wealth
Management
Total
Year ended 31 December 2023
£m
£m
£m
Management fees
 
2,230.6  
340.6  
2,571.2 
Performance fees
 
36.7  
0.6  
37.3 
Carried interest
 
64.8  
–  
64.8 
Other fees
 
17.2  
31.8  
49.0 
Wealth Management interest income
 
–  
214.4  
214.4 
Revenue
 
2,349.3  
587.4  
2,936.7 
Fee expense
 
(420.2)  
(13.1)  
(433.3) 
Cost of financial obligations in respect of carried interest
 
(17.9)  
–  
(17.9) 
Wealth Management interest expense
 
–  
(151.1)  
(151.1) 
Cost of sales
 
(438.1)  
(164.2)  
(602.3) 
Net operating revenue
 
1,911.2  
423.2  
2,334.4 
(b)     Net operating revenue by region based on the location of clients
UK
Continental
Europe &
Middle East
Asia Pacific
Americas
Total
Year ended 31 December 2024
£m
£m
£m
£m
£m
Management fees
 
918.8  
795.0  
541.7  
344.2  
2,599.7 
Performance fees
 
8.4  
8.9  
9.9  
6.5  
33.7 
Carried interest
 
–  
35.2  
–  
–  
35.2 
Other fees
 
36.4  
14.1  
6.3  
–  
56.8 
Wealth Management interest income
 
227.6  
14.1  
2.9  
–  
244.6 
Revenue
 
1,191.2  
867.3  
560.8  
350.7  
2,970.0 
Fee expense
 
(52.2)  
(196.9)  
(139.6)  
(35.8)  
(424.5) 
Cost of financial obligations in respect of carried interest
 
–  
(5.5)  
–  
–  
(5.5) 
Wealth Management interest expense
 
(180.8)  
(0.6)  
(0.9)  
–  
(182.3) 
Cost of sales
 
(233.0)  
(203.0)  
(140.5)  
(35.8)  
(612.3) 
Net operating revenue
 
958.2  
664.3  
420.3  
314.9  
2,357.7 
Consolidated financial statements continued
Notes to the accounts continued
98
Schroders Annual Report and Accounts 2024

2     Net operating revenue continued
(b)     Net operating revenue by region based on the location of clients continued
UK
Continental
Europe &
Middle East
Asia Pacific
Americas
Total
Year ended 31 December 2023
£m
£m
£m
£m
£m
Management fees
 
870.6  
785.4  
560.9  
354.3  
2,571.2 
Performance fees
 
6.6  
14.0  
5.4  
11.3  
37.3 
Carried interest
 
–  
64.8  
–  
–  
64.8 
Other fees
 
29.6  
13.4  
6.0  
–  
49.0 
Wealth Management interest income
 
191.2  
19.9  
3.3  
–  
214.4 
Revenue
 
1,098.0  
897.5  
575.6  
365.6  
2,936.7 
Fee expense
 
(54.3)  
(181.5)  
(149.9)  
(47.6)  
(433.3) 
Cost of financial obligations in respect of carried interest
 
–  
(17.9)  
–  
–  
(17.9) 
Wealth Management interest expense
 
(149.1)  
(1.2)  
(0.8)  
–  
(151.1) 
Cost of sales
 
(203.4)  
(200.6)  
(150.7)  
(47.6)  
(602.3) 
Net operating revenue
 
894.6  
696.9  
424.9  
318.0  
2,334.4 
Estimates and judgements – revenue
The principle estimates and judgements for revenue relate to carried interest. Carried interest represents the Group’s contractual 
right to a share of the profits of 141 private asset investment vehicles (2023: 133 vehicles), if certain performance hurdles are met. It 
is recognised as the services are provided and it is highly probable that a significant reversal will not occur.
The amount of carried interest that will ultimately be received by the Group is dependent on the cash flows realised by the 
respective investment vehicles when the underlying investments are successfully disposed of. The resultant cash flows are assessed 
against the applicable performance hurdle, which is dependent on the capital invested and the timing and quantum of distributions. 
For accounting purposes, the outcome is discounted to determine the present value of the carried interest to be recognised. The 
actual amount receivable at maturity will depend on the realised value and may differ from the projected value.
The Group estimates the cash flows that will be received by the investment vehicles with reference to the current fair value of the 
underlying investments. Judgement is applied to determine certain assumptions used in the estimate. Those assumptions principally 
relate to the future growth and the timing of distributions. No future growth is assumed, reflecting the uncertainty of future 
investment returns. The timing of distributions to clients is based on individual investment managers’ expectations as to the 
realisation of cash flows from the successful disposal of the underlying securities.
The Group assesses the nature and maturity of the respective investment vehicles. This helps the Group to understand whether a 
significant risk of reversal exists and to determine whether the revenue should be recognised or further constrained in accordance 
with the accounting standards.
Estimates and judgements – cost of sales
The principle estimates and judgements for cost of sales relate to carried interest. The crystallisation of associated financial 
obligations in respect of carried interest (carried interest payable, see note 8) is contingent on the Group receiving the related 
revenue. The areas of estimates and judgements are the same as those used to determine the present value of the carried interest 
receivable, adjusted to reflect the portion that is payable to third parties. The actual amount payable at maturity will depend on the 
realised value of the carried interest receivable and may differ from the projected value. An increase in the growth rate of 3% would 
increase cost of sales by £3.4 million (2023: £3.9 million), although this would be smaller than the corresponding increase in 
revenue. An average acceleration/delay in crystallisation dates of one year would increase/reduce cost of sales by £5.0 million/£5.0 
million (2023: £3.3 million/£3.2 million) and this amount would be lower than the corresponding increase/reduction in revenue. 
Strategic report
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Financial statements
Shareholder and
sustainability information
99
Schroders Annual Report and Accounts 2024

3     Total expenses
Total expenses represent the Group’s administrative expenses including compensation costs. They are generally recognised as the 
services are received. Certain costs, such as depreciation of property, plant and equipment and amortisation of intangible assets, are 
expensed evenly over the useful life of the asset or relevant contract. 
Expenses comprise operating expenses, central costs, acquisition costs and related items and restructuring costs. Operating 
expenses are those costs incurred through the operating activities of the Group’s operating segments: Asset Management and 
Wealth Management. Central costs are those arising from capital and treasury management activities, corporate development and 
strategy activities and the costs associated with the governance and corporate management of the Group. Acquisition costs and 
related items include deal costs associated with corporate transactions and costs associated with the integration of acquired 
businesses and amortisation of acquired intangible assets. The restructuring costs are one-off in nature and have been incurred in 
reorganising parts of the group to drive cost efficiencies and allow reinvestment in building the skills needed to support the future 
growth of the business. They principally comprise compensation-related costs and project expenditure.
The biggest component of the Group’s total expenses is the cost of employee benefits, as shown below. Other costs primarily 
consist of accommodation, information technology, marketing and outsourcing costs. Compensation costs are managed to a target 
operating compensation ratio of between 45% and 49%. Targeting a compensation ratio range provides some flexibility to manage 
the overall cost base in response to market conditions. 
Employee benefits expense includes salaries and wages, together with the cost of other benefits provided to employees such as 
pension and bonuses. The Group makes some performance awards to employees that are deferred over a specified vesting period. 
Such awards are expensed to the income statement over the performance and vesting periods. The Group holds investments that 
are linked to these performance awards in order to hedge the related exposure. Gains and losses on these investments are netted 
against the relevant costs in the income statement but are presented separately below.
Further detail on other employee benefits can be found elsewhere within these financial statements. See note 24 for pension costs 
and note 25 for compensation that is awarded in Schroders plc shares.
(a)     Group cost components
2024
2023
Year ended 31 December
£m
£m
Operating expenses
 
1,786.3  
1,758.0 
Central costs
 
53.0  
52.9 
Acquisition costs and related items
 
74.3  
90.0 
Restructuring costs
 
–  
86.2 
Total expenses
 
1,913.6  
1,987.1 
(b)     Employee benefits expense and number of employees
2024
2023
Year ended 31 December
£m
£m
Salaries, wages and other remuneration
 
1,011.9  
1,058.7 
Social security costs
 
98.2  
104.9 
Pension costs
 
75.1  
72.0 
Employee benefits expense
 
1,185.2  
1,235.6 
Net gain on financial instruments held to hedge deferred cash awards
 
(24.6)  
(13.7) 
Employee benefits expense – net of hedging
 
1,160.6  
1,221.9 
The employee benefits expense net of hedging includes £26.7 million (2023: £27.9 million) that is presented within central costs, £10.6 
million (2023: £19.7 million) presented within acquisition costs and related items and nil (2023: £61.9 million) presented within 
restructuring costs.
Information about the compensation of key management personnel can be found in note 26. Details of the amounts payable to Directors along 
with the number of Directors who exercised share options in the year is provided in the Remuneration report on pages 62 to 83.
Consolidated financial statements continued
Notes to the accounts continued
100
Schroders Annual Report and Accounts 2024

3     Total expenses continued
(b)     Employee benefits expense and number of employees continued
The monthly average number of employees of the Company and its subsidiary undertakings during the year was:
2024
2023
Number
Number
Full-time employees
6,208
6,191
Contract and temporary employees
177
199
6,385
6,390
Employed as follows:
Asset Management
5,047
5,045
Wealth Management
1,310
1,313
Central
28
32
6,385
6,390
(c)     Audit and other services
2024
2023
Year ended 31 December
£m
£m
Fees payable to the auditor for the audit of the Company and Consolidated financial statements
0.8
0.7
Fees payable to the auditor and its associates for other services:
Audit of the Company’s subsidiaries
5.3
5.0
Audit-related assurance services
1.4
1.5
Other assurance services
0.8
0.8
8.3
8.0
4     Tax expense
The Group is headquartered in the UK and pays taxes according to the rates applicable in the countries and states in which it 
operates. Most taxes are recorded in the income statement (see part (a)) and relate to taxes payable for the reporting period 
(current tax). The charge also includes benefits and charges relating to when income or expenses are recognised in a different 
period for tax and accounting purposes or when there are specific treatments applicable relating to items such as acquisitions 
(deferred tax – see note 14). Some current and deferred taxes are recorded through other comprehensive income (see part (b)) or 
directly to equity where the tax arises from changes in the value of remuneration settled as shares (see part (c)).
(a)     Analysis of tax charge reported in the income statement
2024
2023
Year ended 31 December
£m
£m
UK current year charge
 
27.0  
59.2 
Rest of the world current year charge
 
72.3  
64.5 
Global minimum top-up tax
 
2.7  
– 
Prior year adjustments
 
(7.8)  
(6.2) 
Total current tax
 
94.2  
117.5 
Origination and reversal of temporary differences
 
33.0  
(30.9) 
Prior year adjustments
 
(2.7)  
2.1 
Effect of changes in corporation tax rates
 
0.6  
(3.7) 
Total deferred tax
 
30.9  
(32.5) 
Tax charge reported in the income statement
 
125.1  
85.0 
On 1 January 2024, the Group became subject to the global minimum top-up tax under Pillar Two legislation. The top-up tax relates to 
the Group's operations in Dubai, Singapore, Guernsey and Jersey, and is levied on the ultimate parent company. 
(b)     Analysis of tax credit reported in other comprehensive income
2024
2023
Year ended 31 December
£m
£m
Deferred tax credit on actuarial gains and losses on defined benefit pension schemes
 
(1.9)  
(1.0) 
Tax credit reported in other comprehensive income
 
(1.9)  
(1.0) 
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Financial statements
Shareholder and
sustainability information
101
Schroders Annual Report and Accounts 2024

4     Tax expense continued
(c)     Analysis of tax credit reported in equity
Analysis of tax credit reported in equity
2024
2023
Year ended 31 December
£m
£m
Current tax credit on Deferred Award Plan and other share-based remuneration
 
(0.8)  
(2.1) 
Deferred tax charge on Deferred Award Plan and other share-based remuneration
 
0.1  
0.7 
Tax credit reported in equity
 
(0.7)  
(1.4) 
(d)     Factors affecting tax charge for the year
The UK rate of corporation tax applicable for 2024 is a standard rate of 25% (2023: blended rate of 23.5%). The tax charge for the year is 
lower (2023: lower) than a charge based on the UK rate. The differences are explained below:
2024
2023
Year ended 31 December
£m
£m
Profit before tax
 
558.1  
487.6 
Less share of profit of associates and joint ventures after amortisation
 
(42.1)  
(40.5) 
Profit before tax of Group entities
 
516.0 
447.1
Profit before tax of consolidated Group entities multiplied by corporation tax at the UK rate
 
129.0 
105.1
Effects of:
Different statutory tax rates of overseas jurisdictions
 
(15.2)  
(17.3) 
Global minimum top-up tax
 
2.7  
– 
Permanent differences including non-taxable income and non-deductible expenses
 
16.7  
3.4 
Net movement in temporary differences for which no deferred tax is recognised
 
1.8  
1.6 
Deferred tax adjustments in respect of changes in corporation tax rates
 
0.6  
(3.7) 
Prior year adjustments
 
(10.5)  
(4.1) 
Tax charge reported in the income statement
 
125.1  
85.0 
Estimates and judgements
The calculation of the Group’s tax charge involves a degree of estimation and judgement. Liabilities relating to open and 
judgemental matters, including those in relation to deferred taxes, are based on the Group’s assessment of the most likely outcome 
based on the information available. As a result, certain tax amounts are based on estimates using factors that are relevant to the 
specific judgement. The Group engages constructively and transparently with tax authorities with a view to early resolution of any 
uncertain tax matters. Where the final tax outcome of these matters is different from the amounts provided, such differences will 
impact the tax charge in a future period. Such estimates are based on assumptions made on the probability of potential challenge 
within certain jurisdictions and the possible outcome based on relevant facts and circumstances, including local tax laws. There was 
no individual judgemental component of the tax expense that was material to the Group results when taking into account the likely 
range of potential outcomes (2023: none).
5     Earnings per share
This key performance indicator shows the portion of the Group’s profit after tax that is attributable to each share issued by the 
Company, excluding own shares held by the Group. The calculation is based on the weighted average number of shares in issue 
during the year. The diluted figure recalculates that number as if all share options that would be expected to be exercised, as they 
have value to the option holder, had been exercised in the year. Shares that may be issued are not taken into account if the impact 
does not reduce earnings per share.
Reconciliation of the figures used in calculating basic and diluted earnings per share:
2024
2023
Number
Number
Year ended 31 December
Millions
Millions
Weighted average number of shares used in the calculation of basic earnings per share
 
1,578.6  
1,575.9 
Effect of dilutive potential shares – share options
 
26.1  
28.0 
Effect of dilutive potential shares – contingently issuable shares
 
0.4  
0.3 
Weighted average number of shares used in the calculation of diluted earnings per share
 
1,605.1  
1,604.2 
Earnings per share calculations are based on profit after tax of £433.0 million (2023: £402.6 million) less non‑controlling interest 
earnings of £16.0 million (2023: £14.4 million). 
Operating earnings per share calculations are based on operating profit after tax of £496.2 million (2023: £533.0 million) less non-
controlling interest operating earnings of £20.5 million (2023: £21.3 million).
Consolidated financial statements continued
Notes to the accounts continued
102
Schroders Annual Report and Accounts 2024

6     Dividends
Dividends are distributions of profit to holders of the Group’s share capital, usually announced with the Group’s half-year and annual 
results. Dividends are recognised only when they are paid to or approved by shareholders. The reduction in equity in the year 
therefore comprises the prior year final dividend and the current year interim dividend.
2025
2024
2023
£m
Pence per
share
£m
Pence per
share
£m
Pence per
share
Prior year final dividend paid
 
233.0  
15.0 
 
232.2  
15.0 
Interim dividend paid
 
101.2  
6.5 
 
100.8  
6.5 
Total dividends paid
 
334.2  
21.5 
 
333.0  
21.5 
Current year final dividend 
recommended
 
233.0  
15.0 
Dividends of £12.4 million (2023: £13.6 million) on shares held by employee benefit trusts have been waived. The Board has 
recommended a 2024 final dividend of 15.0 pence per share (2023: 15.0 pence), amounting to £233.0 million (2023: £233.0 million). The 
dividend will be paid on 8 May 2025 to shareholders on the register at 28 March 2025 and will be accounted for in 2025.
The Group paid £6.9 million of dividends to holders of non-controlling interests in subsidiaries of the Group during 2024 (2023: £15.5 
million), resulting in total dividends paid of £341.1 million (2023: £348.5 million).
7     Trade and other receivables
Trade and other receivables include prepayments and deposits with banks in the form of bullion as well as amounts the Group is 
due to receive from third parties in the normal course of business. Trade and other receivables, other than deposits with banks in 
the form of bullion, are recorded initially at fair value and subsequently at amortised cost (see note 8). Prepayments arise where the 
Group pays cash in advance for services. As the service is provided, the prepayment is reduced and the operating expense is 
recognised in the income statement. Accrued income, other than amounts relating to carried interest, represents unbilled revenue 
and is not dependent on future performance. Amounts due from third parties also include settlement accounts for transactions 
undertaken on behalf of funds and investors. Deposits with banks in the form of bullion are recorded at fair value.
2024
2023
Non-current
Current
Total
Non-current
Current
Total
£m
£m
£m
£m
£m
£m
Trade and other receivables held at amortised cost:
Fee debtors
 
–  
102.6  
102.6 
 
–  
97.1  
97.1 
Settlement accounts
 
–  
156.2  
156.2 
 
–  
142.8  
142.8 
Accrued income
 
128.3  
427.9  
556.2 
 
118.9  
405.5  
524.4 
Prepayments
 
3.1  
60.7  
63.8 
 
4.2  
61.2  
65.4 
Other receivables
1
 
37.6  
60.0  
97.6 
 
3.6  
49.6  
53.2 
Current tax
 
–  
47.5  
47.5 
 
–  
35.3  
35.3 
 
169.0  
854.9  
1,023.9 
 
126.7  
791.5  
918.2 
Trade and other receivables held at fair value:
Deposits with banks in the form of bullion
 
–  
2.5  
2.5 
 
–  
2.2  
2.2 
Total trade and other receivables
 
169.0  
857.4  
1,026.4 
 
126.7  
793.7  
920.4 
1.
Includes £35.0 million relating to an insurance receivable for building repair works (see note 17).
The fair value of trade and other receivables held at amortised cost approximates their carrying value. Deposits with banks in the form 
of bullion are categorised as level 1 in the fair value hierarchy. Refer to note 8 for details on the fair value hierarchy.
Estimates and judgements – carried interest receivable
Accrued income includes £131.2 million of receivables in respect of carried interest (2023: £140.2 million). This income is due over a 
number of years and only when contractually agreed performance levels are exceeded. The income received may vary as a result of 
the actual experience, including future investment returns, differing from that assumed. Further information regarding the 
estimates and judgements applied is set out in note 2.
Strategic report
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Shareholder and
sustainability information
103
Schroders Annual Report and Accounts 2024

8     Financial assets and liabilities
Financial assets
The Group holds financial assets including loans and advances to clients and banks, equities, debt securities, pooled investment 
vehicles and derivatives (see note 18) to support its Group capital strategies, activities within the Wealth Management banking book 
and client facilitation.
The Group initially recognises all financial assets at fair value. The Group subsequently measures each financial asset at fair value 
through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Fair value is the price that 
would be received to sell an asset or paid to transfer a liability between market participants. Amortised cost is the amount 
determined based on moving the initial fair value to the maturity value on a systematic basis using the effective interest rate, taking 
account of repayment dates and initial expected premiums or discounts.
Financial assets at amortised cost
Financial assets are measured at amortised cost when their contractual cash flows represent solely payments of principal and 
interest and they are held within a business model designed to collect cash flows. This classification typically applies to the Group’s 
loans and advances, trade receivables and some debt securities held by the Group’s Wealth Management entities. The carrying value 
of amortised cost financial assets is adjusted for impairment under the expected credit loss (ECL) model. Movements in the ECL 
provision are recognised in other operating income in the income statement (see note 19).
Financial assets at FVOCI
Financial assets are measured at FVOCI when their contractual cash flows represent solely payments of principal and interest and 
they are held within a business model designed to collect cash flows and to sell assets. This classification applies to certain debt 
securities, principally within the Group’s Wealth Management entities. Impairment is recognised for debt securities classified as 
FVOCI under the ECL model. Movements in the ECL provision are recognised in other operating income in the income statement 
(see note 19). Unrealised gains and losses on debt securities classified as financial assets at FVOCI are recorded in other 
comprehensive income. Cumulative gains and losses are transferred to the income statement if the asset is sold or otherwise 
realised. Interest earned on FVOCI assets is recognised using the effective interest method and recorded as interest in the income 
statement. 
Financial assets at FVTPL
All other financial assets are measured at FVTPL. Net gains and losses are presented in the income statement based on the 
substance of the transaction. Net gains and losses on co-investments are presented within other operating income; net gains and 
losses on the Group’s investment and seed capital are presented within net gain/(loss) on financial instruments and other income; 
and net gains and losses on investments that are held to hedge deferred employee cash awards are presented within operating 
expenses (see note 3). This separate presentation provides more relevant information about the applicable components of the 
Group’s income statement. 
Financial liabilities
The Group’s financial liabilities principally comprise deposits by Wealth Management clients and banking counterparties. They also 
include derivatives (see note 18) to support its Group capital strategies, activities within the Wealth Management banking book and 
client facilitation. Financial liabilities also arise from obligations in respect of carried interest, contingent consideration and other 
liabilities arising from acquisitions completed by the Group, and third party interests in consolidated funds. 
The Group initially recognises all financial liabilities at fair value. These are subsequently measured at amortised cost or fair value.
Financial liabilities at amortised cost
The majority of the Group’s financial liabilities are measured at amortised cost and this typically applies to the Group’s Wealth 
Management client accounts, banking deposits and trade payables.
Financial liabilities at FVTPL
Financial liabilities are measured at FVTPL when this reduces an accounting mismatch or when otherwise required by the accounting 
standards. This classification typically applies to financial obligations in respect of carried interest, third party interests in 
consolidated funds (see Basis of preparation on page 142) and contingent consideration. 
Net gains and losses are presented in the income statement based on the substance of the instrument. Net gains and losses on 
financial obligations in respect of carried interest are presented within cost of sales; and net gains and losses on contingent 
consideration are presented within acquisition costs and related items. This separate presentation provides more relevant 
information about the applicable components of the Group’s income statement. 
Liabilities to purchase subsidiary shares
Financial liabilities in relation to equity transactions arise on certain acquisitions where the Group has a liability to purchase the 
remaining interest in a subsidiary that is not wholly owned by the Group (see Basis of preparation on page 142).
Consolidated financial statements continued
Notes to the accounts continued
104
Schroders Annual Report and Accounts 2024

8     Financial assets and liabilities continued
2024
Level 1
Level 2
Level 3
Not at
fair value
Total
£m
£m
£m
£m
£m
Financial assets at amortised cost:
Loans and advances to banks
 
–  
–  
–  
286.5  
286.5 
Loans and advances to clients
 
–  
–  
–  
390.0  
390.0 
Debt securities
 
–  
–  
–  
311.8  
311.8 
 
–  
–  
–  
988.3  
988.3 
Financial assets at FVOCI:
Debt securities
 
1,103.7  
2.0  
9.5  
–  
1,115.2 
 
1,103.7  
2.0  
9.5  
–  
1,115.2 
Financial assets at FVTPL:
Debt securities
 
13.4  
40.5  
–  
–  
53.9 
Pooled investment vehicles
 
663.6  
19.1  
206.5  
–  
889.2 
Equities
 
117.5  
0.3  
55.5  
–  
173.3 
Derivative contracts
 
0.7  
7.3  
–  
–  
8.0 
 
795.2  
67.2  
262.0  
–  
1,124.4 
Total financial assets
 
1,898.9  
69.2  
271.5  
988.3  
3,227.9 
Financial liabilities at amortised cost:
Client accounts
 
–  
–  
–  
4,725.0  
4,725.0 
Deposits by banks
 
–  
–  
–  
30.1  
30.1 
 
–  
–  
–  
4,755.1  
4,755.1 
Financial liabilities at FVTPL:
Derivative contracts
 
–  
11.4  
–  
–  
11.4 
Other financial liabilities
 
101.8  
–  
104.6  
–  
206.4 
 
101.8  
11.4  
104.6  
–  
217.8 
Liabilities to purchase subsidiary shares
 
–  
–  
140.7  
–  
140.7 
Total financial liabilities
 
101.8  
11.4  
245.3  
4,755.1  
5,113.6 
Strategic report
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Financial statements
Shareholder and
sustainability information
105
Schroders Annual Report and Accounts 2024

8     Financial assets and liabilities continued
2023
Level 1
Level 2
Level 3
Not at
fair value
Total
£m
£m
£m
£m
£m
Financial assets at amortised cost:
Loans and advances to banks
 
–  
–  
–  
397.9  
397.9 
Loans and advances to clients
 
–  
–  
–  
446.0  
446.0 
Debt securities
 
–  
–  
–  
356.7  
356.7 
 
–  
–  
–  
1,200.6  
1,200.6 
Financial assets at FVOCI:
Debt securities
 
697.6  
3.2  
10.6  
–  
711.4 
 
697.6  
3.2  
10.6  
–  
711.4 
Financial assets at FVTPL:
Debt securities
 
13.6  
64.7  
–  
–  
78.3 
Pooled investment vehicles
 
420.2  
10.3  
200.6  
–  
631.1 
Equities
 
153.3  
9.9  
27.5  
–  
190.7 
Derivative contracts
 
–  
15.0  
–  
–  
15.0 
 
587.1  
99.9  
228.1  
–  
915.1 
Total financial assets
 
1,284.7  
103.1  
238.7  
1,200.6  
2,827.1 
Financial liabilities at amortised cost:
Client accounts
 
–  
–  
–  
4,135.0  
4,135.0 
Deposits by banks
 
–  
–  
–  
64.4  
64.4 
 
–  
–  
–  
4,199.4  
4,199.4 
Financial liabilities at FVTPL:
Derivative contracts
 
1.5  
10.7  
–  
–  
12.2 
Other financial liabilities
 
92.1  
–  
96.9  
–  
189.0 
 
93.6  
10.7  
96.9  
–  
201.2 
Liabilities to purchase subsidiary shares
 
–  
–  
177.6  
–  
177.6 
Total financial liabilities
 
93.6  
10.7  
274.5  
4,199.4  
4,578.2 
The Group has recognised a net gain on financial instruments at fair value through profit or loss of £20.8 million (2023: gain of £19.9 
million). A net gain on financial instruments at fair value through other comprehensive income of £0.6 million (2023: loss of £0.1 million) 
has been transferred to the income statement.
For the maturity profiles of client accounts, deposits by banks and derivative contracts, see notes 18 and 19. 
The fair value of financial assets and liabilities at amortised cost approximates their carrying value. No financial assets or liabilities 
were transferred between levels during 2024 (2023: none).
2024
2023
Financial
assets
Financial
liabilities
Financial
assets
Financial
liabilities
£m
£m
£m
£m
Current
 
2,565.3  
4,907.9 
 
2,052.5  
4,316.6 
Non-current
 
662.6  
205.7 
 
774.6  
261.6 
 
3,227.9  
5,113.6 
 
2,827.1  
4,578.2 
Consolidated financial statements continued
Notes to the accounts continued
106
Schroders Annual Report and Accounts 2024

8     Financial assets and liabilities continued
Movements in financial assets and liabilities categorised as level 3 during the year were:
2024
2023
Financial
assets
at FVTPL
Financial
liabilities
at FVTPL
Liabilities to
purchase
subsidiary
shares
Financial
assets
at FVTPL
Financial
liabilities
at FVTPL
Liabilities to
purchase
subsidiary
shares
£m
£m
£m
£m
£m
£m
At 1 January
 
228.1  
96.9  
177.6 
 
191.2  
91.4  
218.7 
Exchange translation adjustments
 
(3.8)  
(1.7)  
– 
 
(6.2)  
(3.5)  
(1.1) 
Net gain recognised in the income 
statement
 
2.7  
8.7  
– 
 
21.6  
20.5  
– 
Remeasurements
 
–  
–  
(36.7) 
 
–  
–  
(37.9) 
Additions
 
56.4  
8.6  
3.7 
 
34.8  
2.7  
– 
Disposals and settlements
 
(21.4)  
(7.9)  
(3.9) 
 
(13.3)  
(14.2)  
(2.1) 
At 31 December
 
262.0  
104.6  
140.7 
 
228.1  
96.9  
177.6 
Estimates and judgements
The Group holds financial instruments that are measured at fair value. The fair value of financial instruments may be derived from 
readily available sources or may require some estimation. The degree of estimation involved depends on the individual financial 
instrument and is reflected in the fair value hierarchy below. Judgements may include determining which valuation approach to apply 
as well as determining appropriate assumptions. For level 2 and 3 financial instruments, the judgement applied by the Group gives 
rise to an estimate of fair value. The approach to determining the fair value estimate of level 2 and 3 financial instruments is set out 
below. The fair value levels are based on the degree to which the fair value is observable and are defined as follows:
– Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or 
liabilities and principally comprise investments in pooled investment vehicles, quoted equities, national government debt and 
exchange-traded derivatives.
– Level 2 fair value measurements are those derived from inputs that are directly or indirectly observable from market data, other 
than quoted prices included in level 1. The Group’s level 2 financial instruments principally comprise holdings in pooled 
investment vehicles, foreign exchange contracts, corporate and non-national government debt securities and asset and mortgage 
backed securities. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a 
compilation of primarily observable market information utilising information readily available via external sources. For funds not 
priced on a daily basis, the net asset value that is issued monthly or quarterly is used. 
– Level 3 fair value measurements are those derived from valuation techniques that include significant inputs that are not based on 
observable market data. The Group’s level 3 financial assets principally comprise holdings in pooled investment vehicles, including 
private equity funds, holdings in property investment vehicles that operate hotel businesses, and direct investments held via 
consolidated funds. The pooled investment vehicles and direct investments are measured in accordance with International Private 
Equity and Venture Capital Valuation Guidelines 2022 using the valuation technique that is most suitable to the applicable 
investment. The property investment vehicles are valued based on the expected future cash flows that could be generated from 
the underlying hotel businesses. Given the application of different valuation techniques, and as the investments are not 
homogenous in nature, there are no significant assumptions or reasonably possible alternatives that would lead to a material 
change in fair value.
The Group’s financial liabilities categorised as level 3 principally consist of third-party liabilities related to carried interest 
arrangements, obligations arising from contingent consideration and other liabilities to purchase the remaining interest in acquired 
subsidiaries. Information about the estimates and judgements made in determining the fair value of carried interest payable is set out 
in note 2. Liabilities in respect of options to purchase the remaining interest in certain subsidiaries require judgement in determining 
the appropriate assumptions to be applied in the estimation of the fair value. The amount that will ultimately be paid in relation to an 
option is dependent on the future earnings of the subsidiary and may be subject to a cap over the enterprise value. In estimating the 
liability, the assumptions principally relate to the future earnings of the business, the market multiple applied to the earnings and the 
rate applied to discount the liability back to present value. The future earnings of the applicable subsidiaries are estimated based on 
cash flow forecasts specific to the individual business and consequently there is no one assumption that is individually material to the 
valuation. Market multiples are applied to the forecast earnings to estimate the fair value of the business. Market multiples reflect the 
nature of the business and take into account observable market transactions where appropriate. Market multiples range from 10 to 
15 times earnings. An increase/decrease in market multiples of one would increase/decrease the financial liability by £7 million/£7 
million (2023: £10 million/£10 million). Discount rates between 11% and 14% have been used to discount these liabilities. An increase/
decrease in the discount rate of 1% would decrease/increase the financial liability by £2 million/£2 million (2023: £5 million/£5 million). 
The remaining level 3 liabilities are measured using different valuation methodologies and assumptions, and there are no significant 
assumptions or reasonably possible alternatives that would lead to a material change in fair value.
Strategic report
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Shareholder and
sustainability information
107
Schroders Annual Report and Accounts 2024

9     Issued debt
2024
2023
£m
£m
Subordinated debt in issue
 
256.0  
– 
On 18 April 2024, the Group issued £250.0 million of subordinated notes, which are eligible as Tier 2 regulatory capital, with a maturity 
date of 18 July 2034. These notes are financial instruments measured at amortised cost and bear interest at a fixed rate of 6.346% per 
annum to 18 July 2029, and at a reset rate thereafter. The reset rate would be determined with reference to the then current 5-year gilt 
yield and the original reoffer spread of 225 basis points. The Group has the option to redeem all of the notes between 18 April 2029 and 
18 July 2029. The fair value of the notes at 31 December 2024 was £259.4 million and they would be categorised as level 2 within the fair 
value hierarchy (see note 8).
10     Associates and joint ventures
Associates are entities in which the Group has an investment and over which it has significant influence, but not control, through 
participation in the financial and operating policy decisions. Joint ventures are entities in which the Group has an investment where 
it, along with one or more other shareholders, has contractually agreed to share control of the business and where the major 
decisions require the unanimous consent of the joint partners. In both cases, the Group initially records the investment at the fair 
value of the purchase consideration, including purchase-related costs. The Group’s income statement reflects its share of the 
entity’s profit or loss after tax and amortisation of intangible assets. The Group’s statement of other comprehensive income records 
the Group’s share of gains and losses arising from the entity’s financial assets at FVOCI (see note 8). The statement of financial 
position subsequently records the Group’s share of the net assets of the entity plus any goodwill and intangible assets that arose 
on purchase, less subsequent amortisation. The statement of changes in equity records the Group’s share of other equity 
movements of the entity. At each reporting date, the Group applies judgement to determine whether there is any indication that 
the carrying value of associates and joint ventures may be impaired.
The associates and joint ventures reserve in the statement of changes in equity represents the Group’s share of profits in its 
investments yet to be received (for example, in the form of dividends or distributions), less any amortisation of intangible assets. 
Certain associates are held within financial assets at FVTPL where permitted by the accounting standards (see note 8). Information 
about the Group’s principal associates measured at fair value is disclosed within this note.
(a)     Investments in associates and joint ventures accounted for using the equity method
2024
2023
Associates
Joint ventures
Total
Associates
Joint ventures
Total
£m
£m
£m
£m
£m
£m
At 1 January
 
348.2  
183.5  
531.7 
 
304.8  
192.9  
497.7 
Exchange translation adjustments
 
(2.4)  
(0.7)  
(3.1) 
 
(25.9)  
(0.3)  
(26.2) 
Additions
1
 
17.6  
1.0  
18.6 
 
51.9  
2.0  
53.9 
Disposals
 
(8.0)  
–  
(8.0) 
 
(1.1)  
(3.3)  
(4.4) 
Profit/(loss) for the year after tax
2
 
36.5  
5.6  
42.1 
 
47.4  
(6.9)  
40.5 
Impairment
 
(8.0)  
–  
(8.0) 
 
–  
–  
– 
Distributions of profit
 
(15.0)  
(8.3)  
(23.3) 
 
(28.9)  
(0.9)  
(29.8) 
At 31 December
 
368.9  
181.1  
550.0 
 
348.2  
183.5  
531.7 
1.
In 2023, the 51% holding in Schroder BOCOM Wealth Management Company Limited was reclassified from a subsidiary to an associate. Total assets of £118.6 
million, including cash and cash equivalents of £99.7 million, were derecognised from the statement of financial position. £51.8 million was subsequently recognised 
as an addition to investments in associates and joint ventures.
2.
Share of profit of associates and joint ventures as presented on the income statement excludes acquisition costs and related items of £5.5 million (2023: £5.9 million) 
and restructuring costs of nil (2023: £4.7 million), net of tax.
Information about the significant associates and joint ventures held by the Group at 31 December 2024 is shown below. The companies 
are unlisted.
Name of associate or joint venture
Nature of its business
Principal 
place of 
business
Class of share
Percentage 
owned by the 
Group
Scottish Widows Schroder Wealth Holdings Limited (SPW)
Wealth management
England
Ordinary shares
 49.9% 
Bank of Communications Schroder Fund Management 
Company Limited (BOCOM FMC)
Investment management
China
Ordinary shares
 30.0% 
Axis Asset Management Company Limited (Axis)
Investment management
India
Ordinary shares
 25.0% 
Schroder BOCOM Wealth Management Company Limited 
(BOCOM WMC)
Wealth management
China
Ordinary shares
 51.0% 
Consolidated financial statements continued
Notes to the accounts continued
108
Schroders Annual Report and Accounts 2024

10     Associates and joint ventures continued
(a)     Investments in associates and joint ventures accounted for using the equity method continued
2024
SPW
1
BOCOM FMC
Axis
BOCOM WMC
Other
Total
£m
£m
£m
£m
£m
£m
Non-current assets
 
191.6  
42.9  
77.5  
8.4  
1,086.6  
1,407.0 
Current assets
 
160.2  
874.2  
191.6  
89.5  
165.8  
1,481.3 
Non-current liabilities
 
(33.0)  
–  
–  
(1.4)  
(1,072.1)  
(1,106.5) 
Current liabilities
 
(67.1)  
(136.6)  
(30.8)  
(4.2)  
(113.3)  
(352.0) 
Total equity
 
251.7  
780.5  
238.3  
92.3  
67.0  
1,429.8 
Group's share of net assets
 
125.6  
234.2  
59.6  
47.1  
19.0  
485.5 
Goodwill and intangible assets
 
49.5  
–  
9.7  
–  
6.4  
65.6 
Deferred tax liability
 
(1.1)  
–  
–  
–  
–  
(1.1) 
Carrying value held by the Group
 
174.0  
234.2  
69.3  
47.1  
25.4  
550.0 
Net income
 
156.6  
208.8  
132.3  
5.7  
54.4  
557.8 
Profit/(loss) for the year
 
15.1  
95.7  
60.4  
(10.4)  
(2.6)  
158.2 
Total comprehensive income
 
15.1  
95.7  
60.4  
(10.4)  
(2.6)  
158.2 
Group's share of operating profit/(loss)  
9.9  
28.7  
15.1  
(5.3)  
(0.8)  
47.6 
Acquisition costs and related items
2
 
(4.7)  
–  
–  
–  
(0.8)  
(5.5) 
Group's share of total comprehensive 
income
 
5.2  
28.7  
15.1  
(5.3)  
(1.6)  
42.1 
2023
SPW
1
BOCOM FMC
Axis
BOCOM WMC
Other
Total
£m
£m
£m
£m
£m
£m
Non-current assets
 
199.9  
48.0  
51.9  
8.7  
1,123.0  
1,431.5 
Current assets
 
112.2  
812.9  
150.8  
81.7  
161.4  
1,319.0 
Non-current liabilities
 
(18.7)  
–  
–  
(1.3)  
(1,066.3)  
(1,086.3) 
Current liabilities
 
(41.3)  
(119.2)  
(22.7)  
(7.9)  
(124.1)  
(315.2) 
Total equity
 
252.1  
741.7  
180.0  
81.2  
94.0  
1,349.0 
Group's share of net assets
 
125.8  
222.5  
45.0  
41.4  
20.9  
455.6 
Goodwill and intangible assets
 
52.4  
–  
9.8  
–  
15.8  
78.0 
Deferred tax liability
 
(1.9)  
–  
–  
–  
–  
(1.9) 
Carrying value held by the Group
 
176.3  
222.5  
54.8  
41.4  
36.7  
531.7 
Net income
 
128.4  
275.0  
111.4  
4.1  
58.4  
577.3 
Profit/(loss) for the year
 
(9.6)  
136.7  
50.4  
(12.7)  
7.5  
172.3 
Total comprehensive income
 
(9.6)  
136.7  
50.4  
(12.7)  
7.5  
172.3 
Group's share of operating profit/(loss)  
2.1  
41.0  
12.6  
(6.5)  
1.9  
51.1 
Acquisition costs and related items
2
 
(4.6)  
–  
–  
–  
(1.3)  
(5.9) 
Restructuring costs
 
(4.7)  
–  
–  
–  
–  
(4.7) 
Group's share of total comprehensive 
income
 
(7.2)  
41.0  
12.6  
(6.5)  
0.6  
40.5 
1.
SPW is a joint venture and has £58.7 million of cash and cash equivalents (2023: £82.9 million) within its current assets.
2.
Includes a £3.1 million (2023: £3.7 million) amortisation charge on intangible assets recognised on acquisition. 
Strategic report
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Financial statements
Shareholder and
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109
Schroders Annual Report and Accounts 2024

10     Associates and joint ventures continued
(b)     Investments in associates measured at fair value
Where the Group holds units in pooled investment vehicles that give the Group significant influence, but not control, through 
participation in the financial and operating policy decisions, the Group records such investments at fair value. Information about the 
Group’s associates measured at fair value is shown below. The investments are recorded as financial assets within the statement of 
financial position.
2024
Schroders 
Capital Semi-
Liquid Global 
Real Estate 
Total Return
BlueOrchard 
Impact Credit 
Fund
Schroder QEP 
Global Active 
Value Fund
Schroder 
Long Dated 
Corporate 
Bond Fund
SMP Synthetic 
Nominal Gilt 
Fund 
(2038-2057)
Schroder 
Matching Plus 
Buy and 
Maintain 
Credit 
Sterling 
Cashflow 
(2032-2040)
£m
£m
£m
£m
£m
£m
Current assets
 
42.4 
 
26.4 
 
322.3 
 
148.2 
 
1,595.8 
 
219.5 
Current liabilities
 
(10.1) 
 
– 
 
(0.6) 
 
(0.7) 
 
(1,091.0) 
 
(48.7) 
Total equity
 
32.3 
 
26.4 
 
321.7 
 
147.5 
 
504.8 
 
170.8 
Net income
 
0.6 
 
1.5 
 
10.4 
 
8.6 
 
51.9 
 
4.7 
Profit for the year
 
0.6 
 
1.5 
 
10.4 
 
8.6 
 
51.9 
 
4.7 
Total comprehensive income
 
0.6 
 
1.5 
 
10.4 
 
8.6 
 
51.9 
 
4.7 
Country of incorporation
1
LU
LU
UK
UK
UK
LU
Percentage owned by the Group 
 33% 
 33% 
 27% 
 20% 
 23% 
 27% 
2023
Schroder 
Best 
Ideas FIA
Schroder 
ISF 
Sustainable 
Future 
Trends
Schroders 
Capital 
Semi-Liquid 
Global Real 
Estate Total 
Return
BlueOrchard 
Impact 
Credit Fund
Schroder 
QEP Global 
Active 
Value Fund
Schroder 
Long 
Dated 
Corporate 
Bond Fund
Schroder 
Global 
Equity 
Component 
Fund
Schroder 
Global 
Sovereign 
Bond 
Tracker 
Component 
Fund
Schroder 
ISF 
Emerging 
Markets 
Equity 
Impact
£m
£m
£m
£m
£m
£m
£m
£m
£m
Current assets
 
23.1 
 
33.9 
 
18.8 
 
15.4 
 
338.5 
 
162.0 
 
126.5 
 
420.1 
 
45.5 
Current liabilities
 
(0.2) 
 
(16.9) 
 
(0.1) 
 
(0.1) 
 
(2.8) 
 
(0.5) 
 
(0.1) 
 
(1.3) 
 
– 
Total equity
 
22.9 
 
17.0 
 
18.7 
 
15.3 
 
335.7 
 
161.5 
 
126.4 
 
418.8 
 
45.5 
Net income
 
0.6 
 
0.6 
 
0.4 
 
(0.1) 
 
14.0 
 
13.6 
 
5.0 
 
13.8 
 
2.0 
Profit/(loss) for the 
year
 
0.6 
 
0.6 
 
0.4 
 
(0.1) 
 
14.0 
 
13.6 
 
5.0 
 
14.8 
 
2.0 
Total 
comprehensive 
income
 
0.6 
 
0.6 
 
0.4 
 
(0.1) 
 
14.0 
 
13.6 
 
5.0 
 
14.8 
 
2.0 
Country of 
incorporation
1
BR
LU
LU
LU
UK
UK
UK
UK
LU
Percentage owned 
by the Group 
 31% 
 28% 
 22% 
 26% 
 25% 
 25% 
 22% 
 33% 
 24% 
1.
Country abbreviations: Brazil (BR), Luxembourg (LU) and United Kingdom (UK).
Consolidated financial statements continued
Notes to the accounts continued
110
Schroders Annual Report and Accounts 2024

11     Property, plant and equipment
The Group’s property, plant and equipment provides the infrastructure to enable the Group to operate and principally comprise 
leasehold improvements, freehold land and buildings, fixtures and fittings and computer equipment. Right-of-use assets in the 
form of leases are also included within property, plant and equipment (further detail is found in note 12). Assets are initially stated 
at cost, which includes expenditure associated with the acquisition. The cost of the asset is recognised in the income statement as a 
depreciation charge on a straight-line basis over the estimated useful life, with the exception of land which is assumed to have an 
indefinite useful life. 
2024
2023
Leasehold 
improvements
Land and
buildings
Other
assets
Total
Leasehold 
improvements
Land and
buildings
Other
assets
Total
£m
£m
£m
£m
£m
£m
£m
£m
Cost 
At 1 January
 
210.7  
19.7  
166.4  
396.8 
 
207.0  
19.7  
169.0  
395.7 
Exchange translation adjustments
 
(1.3)  
–  
(1.0)  
(2.3) 
 
(2.1)  
–  
(2.5)  
(4.6) 
Additions
 
15.8  
–  
8.0  
23.8 
 
7.6  
–  
4.9  
12.5 
Disposals
 
(9.3)  
–  
(15.5)  
(24.8) 
 
(1.8)  
–  
(5.0)  
(6.8) 
At 31 December
 
215.9  
19.7  
157.9  
393.5 
 
210.7  
19.7  
166.4  
396.8 
Accumulated depreciation
At 1 January
 
(89.3)  
(2.6)  
(118.7)  
(210.6) 
 
(75.7)  
(2.2)  
(112.0)  
(189.9) 
Exchange translation adjustments
 
0.7  
–  
0.8  
1.5 
 
1.3  
–  
1.8  
3.1 
Depreciation charge
 
(13.6)  
(0.4)  
(9.3)  
(23.3) 
 
(15.7)  
(0.4)  
(10.9)  
(27.0) 
Disposals
 
9.3  
–  
14.9  
24.2 
 
0.8  
–  
2.4  
3.2 
At 31 December
 
(92.9)  
(3.0)  (112.3)  
(208.2) 
 
(89.3)  
(2.6)  (118.7)  (210.6) 
Net book value at 31 December
 
123.0  
16.7  
45.6  
185.3 
 
121.4  
17.1  
47.7  
186.2 
Right-of-use assets (see note 12)
 
303.3 
 
278.1 
Property, plant and equipment net 
book value at 31 December
 
488.6 
 
464.3 
12     Leases
The Group’s lease arrangements primarily consist of operating leases relating to office space.
The Group initially records a lease liability in the statement of financial position reflecting the present value of the future contractual 
cash flows to be made over the lease term, discounted using the Group’s incremental borrowing rate. This is the rate that the Group 
would have to pay for a loan of a similar term and with similar security to obtain an asset of similar value. A right-of-use (ROU) asset 
is recorded at the value of the lease liability plus any directly related costs and estimated future dilapidation expense and is 
presented within property, plant and equipment (see note 11) on the balance sheet. Interest is accrued on the lease liability using 
the effective interest method to give a constant rate of return over the life of the lease while the balance is reduced as lease 
payments are made. The ROU asset is depreciated from commencement date to the earlier of the end of the useful life of the ROU 
asset or the end of the lease term as the benefit of the asset is consumed. Increases or decreases that occur at contractually agreed 
market rent review dates are included in the lease liability once revised market rents have been agreed.
The Group considers whether the lease term should reflect options to extend or reduce the life of the lease. Relevant factors that 
could create an economic incentive to exercise the option are considered and the extension/termination is included if it is 
reasonably certain to be exercised. After the commencement date, the Group reassesses the lease term if there is a significant event 
or change in circumstances that is within its control and affects the likelihood that it will exercise (or not exercise) the option. Should 
this occur, the Group modifies the lease liability and associated ROU asset to reflect the revised remaining expected cash flows.
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Financial statements
Shareholder and
sustainability information
111
Schroders Annual Report and Accounts 2024

12     Leases continued
2024
2023
Right-of-use
assets
Lease
liabilities
Right-of-use
assets
Lease
liabilities
£m
£m
£m
£m
At 1 January
 
278.1  
318.7 
 
318.3  
361.0 
Exchange translation adjustments
 
(0.9)  
(0.6) 
 
(4.3)  
(6.5) 
Additions and remeasurements of lease obligations
 
64.6  
63.9 
 
7.7  
7.2 
Lease payments
 
–  
(46.0) 
 
–  
(52.3) 
Depreciation charge
 
(38.5)  
– 
 
(43.6)  
– 
Interest expense
 
–  
9.7 
 
–  
9.3 
At 31 December
 
303.3  
345.7 
 
278.1  
318.7 
The depreciation charge and interest expense relating to leases are recorded within operating expenses (see note 3).
2024
2023
£m
£m
Lease liabilities – current
 
36.4  
35.3 
Lease liabilities – non-current
 
309.3  
283.4 
 
345.7  
318.7 
The Group’s lease liabilities contractually mature in the following time periods:
2024
2023
£m
£m
Less than 1 year
 
47.0  
43.0 
1 – 2 years
 
39.8  
38.2 
2 – 5 years
 
109.1  
92.1 
More than 5 years
 
230.3  
201.8 
 
379.2  
332.1 
 
426.2  
375.1 
13     Goodwill and intangible assets
Intangible assets (other than software) arise when the Group acquires a business and the fair value paid exceeds the fair value of 
the net tangible assets acquired. This premium reflects additional value that the Group determines to be attached to the business. 
Identifiable acquired intangible assets relating to business combinations include technology and contractual agreements to manage 
client assets and gain additional access to new or existing clients and geographies. Where such assets can be identified, they are 
classified as acquired intangible assets and amortised to the income statement within acquisition costs and related items on a 
straight-line basis, primarily over seven years.
Consideration paid to acquire a business in excess of the acquisition date fair value of net tangible and identifiable intangible assets 
is known as goodwill. Goodwill is not charged to the income statement unless its value has diminished. The assessment of whether 
goodwill has become impaired is based on the expected future returns of the relevant cash-generating unit (CGU) as a whole.
Software purchased and developed for use in the business is also classified as an intangible asset. The cost of purchasing and 
developing software is taken to the income statement over time as an amortisation charge within operating expenses. The 
treatment is similar to that for property, plant and equipment, and the asset is normally amortised on a straight-line basis over three 
to five years, but can have an estimated useful life of up to ten years.
Consolidated financial statements continued
Notes to the accounts continued
112
Schroders Annual Report and Accounts 2024

13     Goodwill and intangible assets continued
2024
2023
Goodwill
Acquired
intangible
assets
Software
Total
Goodwill
Acquired
intangible
assets
Software
Total
£m
£m
£m
£m
£m
£m
£m
£m
Cost
At 1 January
 
1,255.0  
730.6  
632.7  
2,618.3 
 
1,239.7  
710.0  
573.0  
2,522.7 
Exchange translation adjustments
 
(17.3)  
(6.5)  
(2.8)  
(26.6) 
 
2.1  
0.6  
(0.9)  
1.8 
Additions
 
31.9  
26.5  
46.7  
105.1 
 
13.2  
20.0  
67.4  
100.6 
Disposals
 
–  
–  
(20.6)  
(20.6) 
 
–  
–  
(6.8)  
(6.8) 
At 31 December
 
1,269.6  
750.6  
656.0  
2,676.2 
 
1,255.0  
730.6  
632.7  
2,618.3 
Accumulated amortisation
At 1 January
 
–  
(367.7)  
(365.4)  
(733.1) 
 
–  
(308.8)  
(284.4)  
(593.2) 
Exchange translation adjustments
 
–  
4.4  
1.7  
6.1 
 
–  
(0.4)  
0.2  
(0.2) 
Amortisation charge
 
–  
(55.7)  
(73.6)  
(129.3) 
 
–  
(58.5)  
(83.1)  
(141.6) 
Disposals
 
–  
–  
20.6  
20.6 
 
–  
–  
1.9  
1.9 
At 31 December
 
–  
(419.0)  
(416.7)  
(835.7) 
 
–  
(367.7)  
(365.4)  
(733.1) 
Carrying amount at 31 December
 
1,269.6  
331.6  
239.3  
1,840.5 
 
1,255.0  
362.9  
267.3  
1,885.2 
The Group completed two business combinations during the year ended 31 December 2024, resulting in £22.0 million of identifiable 
intangible assets and £30.7 million of Wealth Management goodwill. The Group acquired £4.5 million of customer contracts through 
Benchmark Capital that were not considered to be business combinations. 
Estimates and judgements
The Group estimates the fair value of identifiable intangible assets acquired at the acquisition date based on forecast profits, taking 
account of synergies, derived from existing contractual arrangements. This assessment involves judgement in determining 
assumptions relating to potential future revenues, profit margins, appropriate discount rates and the expected duration of client 
relationships. The difference between the fair value of the consideration and the value of the identifiable assets and liabilities 
acquired, including intangible assets, is accounted for as goodwill.
At each reporting date, the Group applies judgement to determine whether there is any indication that an acquired intangible asset 
may be impaired. If any indication exists, a full assessment is undertaken. Goodwill is assessed for impairment on an annual basis. 
If the assessment of goodwill or an acquired intangible asset determines that the carrying value exceeds the estimated recoverable 
amount at that time, the assets are written down to their recoverable amount.
The recoverable amount of goodwill is determined using a discounted cash flow model. Any impairment is recognised in the income 
statement and cannot be reversed. Goodwill acquired in a business combination is allocated to the CGUs that are expected to 
benefit from that business combination. For all relevant acquisitions, the Group has determined that the lowest level CGU for Asset 
Management acquisitions is the segment. The Benchmark Capital business within Wealth Management is assessed separately from 
the rest of Wealth Management. Of the total goodwill, £995.2 million (2023: £1,012.3 million) is allocated to Asset Management and 
£274.4 million (2023: £242.7 million) is allocated to Wealth Management, of which £93.8 million (2023: £81.4 million) relates to 
Benchmark Capital. 
The recoverable amounts of the CGUs are determined from value-in-use calculations applying a discounted cash flow model using 
the Group’s five-year strategic business plan cash flows. The key assumptions on which the Group’s cash flow projections are based 
include long-term market growth rates of 2% per annum (2023: 2%), a pre-tax discount rate of 13% (2023: 13%), expected flows and 
expected changes to revenue margins. The results of the calculations indicate that goodwill is not impaired.
Reasonable movements (1%) in the growth rate and/or the discount rate would not lead to any impairment. This is due to the 
amount of goodwill allocated to the relevant CGU relative to the size of the relevant future profitability estimate. A comparison of 
actual results to the projected results used to assess goodwill impairment in prior years shows that the Group would have 
recognised no changes (2023: nil) to its goodwill asset in the year as a result of inaccurate projections.
The recoverable amount of acquired intangible assets is the greater of fair value less costs to sell and the updated discounted 
valuation of the remaining net residual income stream. Any impairment is recognised in the income statement but may be reversed 
if relevant conditions improve.
Strategic report
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Financial statements
Shareholder and
sustainability information
113
Schroders Annual Report and Accounts 2024

14     Deferred tax
Deferred tax assets and liabilities represent amounts of tax that will become recoverable and payable in future accounting periods. 
They arise as a result of temporary differences, where the time at which profits and losses are recognised for tax purposes differs 
from the time at which the relevant transaction is recorded. A deferred tax asset represents a tax reduction that is expected to arise 
in a future period based on past transactions. A deferred tax liability represents taxes that will become payable in a future period as 
a result of current or prior year transactions.
Deferred tax liabilities also arise on certain acquisitions where the amortisation of the acquired intangible asset does not result in a 
tax deduction. The deferred tax liability is established on acquisition and is released to the income statement to match the intangible 
asset amortisation. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when 
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the 
year-end date.
2024
Accelerated 
capital 
allowances
Deferred 
employee 
awards
Pension 
schemes
Tax losses
Intangible 
assets on 
acquisition
Other net 
temporary 
differences
Total
£m
£m
£m
£m
£m
£m
£m
At 1 January
 
23.3  
105.9  
(34.0)  
88.3  
(88.1)  
(19.8)  
75.6 
Income statement credit/(charge)
 
(3.6)  
(12.0)  
(0.1)  
(29.9)  
12.8  
2.5  
(30.3) 
Income statement credit/(charge) due to changes in 
tax rate
 
(0.4)  
(0.2)  
–  
(0.1)  
–  
0.1  
(0.6) 
Credit to statement of other comprehensive income
 
–  
–  
1.9  
–  
–  
–  
1.9 
Charge to equity
 
–  
(0.1)  
–  
–  
–  
–  
(0.1) 
Business combinations
 
–  
–  
–  
–  
(5.5)  
–  
(5.5) 
Exchange adjustments
 
0.1  
(0.7)  
–  
(0.4)  
0.7  
(0.6)  
(0.9) 
At 31 December
 
19.4  
92.9  
(32.2)  
57.9  
(80.1)  
(17.8)  
40.1 
2023
Accelerated 
capital 
allowances
Deferred 
employee 
awards
Pension 
schemes
Tax losses
Intangible 
assets on 
acquisition
Other net 
temporary 
differences
Total
£m
£m
£m
£m
£m
£m
£m
At 1 January
 
15.9  
110.9  
(33.1)  
68.3  
(98.5)  
(16.6)  
46.9 
Income statement credit/(charge)
 
7.1  
(6.1)  
(1.8)  
16.4  
11.3  
1.9  
28.8 
Income statement credit/(charge) due to changes in 
tax rate
 
0.3  
2.6  
(0.1)  
3.7  
1.7  
(4.5)  
3.7 
Credit to statement of other comprehensive income
 
–  
–  
0.9  
–  
–  
–  
0.9 
Credit to statement of other comprehensive income 
due to changes in tax rates
 
–  
–  
–  
–  
–  
0.1  
0.1 
Charge to equity
 
–  
(0.2)  
–  
–  
–  
(0.5)  
(0.7) 
Business combinations
 
–  
–  
–  
–  
(2.7)  
–  
(2.7) 
Exchange adjustments
 
–  
(1.3)  
0.1  
(0.1)  
0.1  
(0.2)  
(1.4) 
At 31 December
 
23.3  
105.9  
(34.0)  
88.3  
(88.1)  
(19.8)  
75.6 
Consolidated financial statements continued
Notes to the accounts continued
114
Schroders Annual Report and Accounts 2024

14     Deferred tax continued
Following the 2021 Budget, the UK tax rate increased to 25% from April 2023. This results in a tax rate of 25% applicable to the UK Group 
for 2024 (2023: blended tax rate of 23.5%).
Included in the deferred tax asset is an asset relating to UK tax deductions for share-based remuneration which is dependent on the 
prices of the Company’s ordinary shares at the time the awards are exercised.
A deferred tax asset of £10.5 million (2023: £9.9 million) relating to £42.4 million of realised capital losses has not been recognised as 
there is insufficient evidence that there will be sufficient taxable gains in the future against which the deferred tax asset could be utilised.
A deferred tax asset of £24.4 million (2023: £28.0 million) relating to £103.2 million of losses, including unrealised capital losses, and 
other temporary differences has not been recognised as there is insufficient evidence that there will be sufficient taxable profits against 
which these losses and temporary differences can be utilised.
The Group has applied the mandatory IAS 12 temporary exemption from the recognition and disclosure of deferred taxes arising from 
implementation of the OECD’s Pillar Two model rules.
After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax asset comprises:
2024
2023
£m
£m
Deferred tax assets
 
160.4  
203.9 
Deferred tax liabilities
 
(120.3)  
(128.3) 
40.1
75.6
15     Unit-linked liabilities and assets backing unit-linked liabilities
The Group operates a unit-linked life assurance business through the wholly owned subsidiary Schroder Pension Management 
Limited (the Life Company). The Life Company provides unit-linked investment products through a life assurance wrapper. The 
investment products do not provide cover for insurance risk and are therefore recognised and accounted for as financial 
instruments and presented as financial liabilities due to Life Company investors (policyholders) within unit-linked liabilities. The 
financial risks of these products are largely borne by the third-party investors, consistent with other investment products managed 
by the Group. However, since the Life Company, which is a subsidiary, issues the investment instrument and holds the relevant 
financial assets, both the investments and the third-party obligations are recorded in the statement of financial position.
The investment product is almost identical to a unit trust. As it is a life assurance product, the contractual rights and obligations of 
the investments remain with the Group and the AUM is therefore included on the statement of financial position, together with the 
liability to investors. The Group earns fee income from managing the investment, which is included in revenue.
Financial assets held by the Life Company are measured at FVTPL. Other balances include cash and receivables, which are measured 
at amortised cost (see note 8). The unit-linked liabilities are measured at FVTPL to avoid an accounting mismatch. The Life Company’s 
assets are regarded as current assets as they represent the amount available to Life Company investors (or third party investors in 
consolidated funds) who are able to withdraw their funds on call, subject to certain restrictions in the case of illiquidity. Gains and 
losses from assets held to cover investor obligations are attributable to investors in the Life Company or to third party investors in 
the funds. As a result, any gain or loss is offset by a change in the obligation to investors.
2024
2023
£m
£m
Financial liabilities due to Life Company investors
 
7,228.0  
7,744.0 
Financial liabilities due to third parties
1
 
2,230.7  
2,264.1 
 
9,458.7  
10,008.1 
1.
In accordance with the accounting standards, the Group is deemed to hold a controlling interest in certain funds as a result of the investments held by the Life 
Company. This results in all of the assets and liabilities of those funds being consolidated within the statement of financial position and the third party interest in the 
fund being recorded as a financial liability due to third party investors.
The Group has no primary exposure to market risk, credit risk or liquidity risk in relation to the investments due to Life Company 
investors. The risks and rewards associated with its investments are borne by the investors in the Life Company’s investment products 
or third party investors in the funds and not by the Life Company itself. Consequently, no further financial instrument risk disclosures 
are included.
Strategic report
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Financial statements
Shareholder and
sustainability information
115
Schroders Annual Report and Accounts 2024

15     Unit-linked liabilities and assets backing unit-linked liabilities continued
Fair value measurements of Life Company financial assets and liabilities
Each of the Life Company’s financial assets and liabilities has been categorised using a fair value hierarchy as shown below. These levels 
are based on the degree to which the fair value is observable and are defined in note 8.
2024
Level 1
Level 2
Level 3
Not at
fair value
Total
£m
£m
£m
£m
£m
Assets backing unit-linked liabilities
Financial assets at fair value through profit or loss:
Debt securities
 
903.0  
1,737.1  
–  
–  
2,640.1 
Pooled investment vehicles
 
2,939.9  
151.5  
52.5  
–  
3,143.9 
Equities
 
3,355.1  
–  
93.3  
–  
3,448.4 
Derivative contracts
 
0.8  
26.8  
–  
–  
27.6 
 
7,198.8  
1,915.4  
145.8  
–  
9,260.0 
Financial assets at amortised cost:
Cash and cash equivalents
 
–  
–  
–  
148.3  
148.3 
Trade and other receivables
 
–  
–  
–  
50.4  
50.4 
 
–  
–  
–  
198.7  
198.7 
Total assets backing unit-linked liabilities
 
7,198.8  
1,915.4  
145.8  
198.7  
9,458.7 
Unit-linked liabilities
 
9,399.8  
43.9  
–  
15.0  
9,458.7 
2023
Level 1
Level 2
Level 3
Not at
fair value
Total
£m
£m
£m
£m
£m
Assets backing unit-linked liabilities
Financial assets at fair value through profit or loss:
Debt securities
 
1,490.4  
1,793.4  
–  
–  
3,283.8 
Pooled investment vehicles
 
3,070.1  
–  
18.3  
–  
3,088.4 
Equities
 
3,032.8  
3.0  
–  
–  
3,035.8 
Derivative contracts
 
28.7  
69.9  
–  
–  
98.6 
 
7,622.0  
1,866.3  
18.3  
–  
9,506.6 
Financial assets at amortised cost:
Cash and cash equivalents
 
–  
–  
–  
453.1  
453.1 
Trade and other receivables
 
–  
–  
–  
48.4  
48.4 
 
–  
–  
–  
501.5  
501.5 
Total assets backing unit-linked liabilities
 
7,622.0  
1,866.3  
18.3  
501.5  
10,008.1 
Unit-linked liabilities
 
9,960.4  
32.8  
–  
14.9  
10,008.1 
The fair value of financial instruments not held at fair value approximates their carrying value. No financial assets were transferred 
between levels during the year (2023: none).
Consolidated financial statements continued
Notes to the accounts continued
116
Schroders Annual Report and Accounts 2024

15     Unit-linked liabilities and assets backing unit-linked liabilities continued
Estimates and judgements – fair value measurements
Each instrument has been categorised within one of three levels using a fair value hierarchy (see note 8). Level 1 investments 
principally comprise quoted equities, investments in pooled investment vehicles, government debt and exchange-traded derivatives. 
Level 2 investments principally comprise debt securities such as commercial paper and certificates of deposit. Level 3 investments 
principally comprise investments in private equity funds. There are no assumptions that are individually significant or reasonably 
possible alternatives that would lead to a material change in the fair value of these assets.
Movements in financial assets categorised as level 3 during the year were:
2024
2023
£m
£m
At 1 January
 
18.3  
22.8 
Exchange translation adjustments
 
(0.1)  
(0.4) 
Net loss in the income statement
 
(3.5)  
(0.3) 
Additions
 
138.3  
– 
Disposals
 
(7.2)  
(3.8) 
At 31 December
 
145.8  
18.3 
16     Trade and other payables
Trade and other payables include amounts the Group is due to pay in the normal course of business, accruals and deferred income 
(being fees received in advance of services provided as well as deferred cash awards), and bullion deposits by customers. Trade and 
other payables, other than deferred cash awards and bullion deposits, are recorded initially at fair value and subsequently at 
amortised cost (see note 8). Amounts due to be paid by the Group in the normal course of business are made up of creditors and 
accruals. Accruals represent costs, including remuneration, that are not yet billed or due for payment, but for which the goods or 
services have been received. Deferred cash awards (being deferred employee remuneration payable in cash) and bullion deposits by 
customers are recorded at fair value.
2024
2023
Non-current
Current
Total
Non-current
Current
Total
£m
£m
£m
£m
£m
£m
Trade and other payables at amortised cost:
Settlement accounts
 
–  
155.8  
155.8 
 
–  
128.2  
128.2 
Trade creditors
 
–  
21.8  
21.8 
 
–  
15.7  
15.7 
Social security
 
22.0  
81.0  
103.0 
 
25.6  
81.5  
107.1 
Accruals and deferred income
 
34.0  
500.0  
534.0 
 
36.7  
514.7  
551.4 
Other payables
 
2.0  
25.2  
27.2 
 
3.6  
69.7  
73.3 
 
58.0  
783.8  
841.8 
 
65.9  
809.8  
875.7 
Trade and other payables at fair value:
Deferred cash awards
 
48.5  
170.2  
218.7 
 
87.8  
121.8  
209.6 
Bullion deposits by customers
 
–  
2.5  
2.5 
 
–  
2.2  
2.2 
 
48.5  
172.7  
221.2 
 
87.8  
124.0  
211.8 
Total trade and other payables
 
106.5  
956.5  
1,063.0 
 
153.7  
933.8  
1,087.5 
Strategic report
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Financial statements
Shareholder and
sustainability information
117
Schroders Annual Report and Accounts 2024

16     Trade and other payables continued 
The fair value of trade and other payables held at amortised cost approximates their carrying value. The fair value of bullion deposits by 
customers is derived from level 1 inputs (see note 8). The fair value of deferred cash awards is derived from level 1 inputs, being equal to 
the fair value of the units in funds to which the employee award is linked.
The Group’s trade and other payables contractually mature in the following time periods:
2024
2023
£m
£m
Less than 1 year
1
 
956.5  
933.8 
1 – 2 years
 
57.0  
45.1 
2 – 5 years
 
47.1  
104.9 
More than 5 years
 
2.4  
3.7 
 
106.5  
153.7 
 
1,063.0  
1,087.5 
1.
Settlement accounts are generally settled within four working days (2023: four working days) and trade creditors have an average settlement period of 22 working 
days (2023: 18 working days).
17     Provisions and contingent liabilities
Provisions are liabilities where there is uncertainty over the timing or amount of settlement and therefore they usually require the 
use of estimates. They are recognised when three conditions are fulfilled: when the Group has a present obligation (legal or 
constructive) as a result of a past event; when it is probable that the Group will incur a loss in order to settle the obligation; and when 
a reliable estimate can be made of the amount of the obligation. They are recorded at the Group’s best estimate of the cost of 
settling the obligation. Any differences between those estimates and the amounts for which the Group actually becomes liable are 
taken to the income statement as additional charges where the Group has underestimated and credits where the Group has 
overestimated. Where the estimated timing and settlement are longer term, the amount is discounted using a rate reflecting specific 
risks associated with the provision.
Contingent liabilities are potential liabilities, which could include a dependency on events not within the Group’s control, but where 
there is a possible obligation. Contingent liabilities are disclosed only where significant and are not included within the statement of 
financial position.
Dilapidations
Legal,
regulatory
and other
Total
£m
£m
£m
At 1 January 2024
 
18.9  
4.1  
23.0 
Utilised
 
(1.6)  
(1.6)  
(3.2) 
Charged
 
0.5  
39.5  
40.0 
Released
 
–  
(0.6)  
(0.6) 
Additions
 
1.1  
–  
1.1 
At 31 December 2024
 
18.9  
41.4  
60.3 
In 2024, the Group recognised a provision of £37.5 million for building repair works. An associated insurance receivable of £35.0 million 
has been recognised within other receivables as it is virtually certain that such costs incurred in the works will be covered by an 
insurance policy. The expense and associated reimbursement have been presented net in the Group’s income statement. 
Dilapidations
Legal,
regulatory
and other
Total
£m
£m
£m
Current – 2024
 
0.2  
7.2  
7.4 
Non-current – 2024
 
18.7  
34.2  
52.9 
 
18.9  
41.4  
60.3 
Current – 2023
 
1.2  
1.0  
2.2 
Non-current – 2023
 
17.7  
3.1  
20.8 
 
18.9  
4.1  
23.0 
Consolidated financial statements continued
Notes to the accounts continued
118
Schroders Annual Report and Accounts 2024

17     Provisions and contingent liabilities continued
The Group’s provisions are expected to mature in the following time periods:
2024
2023
£m
£m
Less than 1 year
 
7.4  
2.2 
1 – 2 years
 
19.9  
5.4 
2 – 5 years
 
14.5  
0.8 
More than 5 years
 
18.5  
14.6 
 
52.9  
20.8 
 
60.3  
23.0 
Dilapidation provisions associated with the Group’s office leases have a weighted average maturity of 12 years (2023: 12 years).
Legal and regulatory obligations associated with the Group’s business arise from past events that are estimated to crystallise mainly 
within two years (2023: two years). These matters are ongoing.
Estimates and judgements
The timing and amount of settlement of each legal claim or potential claim, regulatory matter and constructive obligation are 
uncertain. The Group applies judgement to determine whether a provision is required. The Group performs an assessment of the 
timing and amount of each event and reviews this assessment periodically. For some provisions there is greater certainty as the 
cash flows have largely been determined. Potential legal claims, regulatory related costs and other obligations to third parties arise 
as a consequence of normal business activity. They can arise from actual or alleged breaches of obligations and may be covered by 
the Group’s insurance arrangements, but subject to insurance excess. In certain circumstances, legal and regulatory claims can arise 
despite there being no error or breach. The Group’s risk management and compliance procedures are designed to mitigate, but are 
not able to eliminate, the risk of losses occurring. Where such claims and costs arise there is often uncertainty over whether a 
payment will be required and estimation is required in determining the quantum and timing of that payment. As a result, there is 
also uncertainty over the timing and amount of any insurance recovery, although this does not change the likelihood of insurance 
cover being available, where applicable. The Group makes periodic assessments of all cash flows, including taking external advice 
where appropriate, to determine an appropriate provision. Some matters may be settled through commercial negotiation as well as 
being covered in whole or in part by the Group’s insurance arrangements. The Group has made provisions based on the reasonable 
expectation of likely outflows. The inherent uncertainty in such matters and the results of negotiations and insurance cover may 
result in different outcomes.
There are no key judgements or estimates that would result in any additional material provisions being recognised or any material 
contingent liabilities being disclosed in the financial statements (2023: none). The provisions included in the financial statements at 
31 December 2024 are based on estimates of reasonable ranges of likely outcomes, applying assumptions regarding the probability 
of payments being due and the settlement value. The aggregate reasonable ranges have been assessed as not materially different 
to the carrying values.
18     Derivative contracts
(a)     The Group’s use of derivatives
The Group holds derivatives for risk management, client facilitation and within its consolidated structured entities to provide 
exposure to market returns. The Group most commonly uses forward foreign exchange contracts, where it agrees to buy or sell 
specified amounts of a named currency at a future date, allowing the Group to effectively fix exchange rates so that it can avoid 
unpredictable gains and losses on financial instruments in foreign currency assets and liabilities. The Group uses futures, total 
return swaps and credit default swaps to hedge market-related gains and losses on its seed capital investments where the purpose 
of investing is to help establish a new product rather than gain additional market exposure. 
The Group designates certain derivatives as hedges of a net investment in a foreign operation. In these scenarios, and where 
relevant conditions are met, hedge accounting is applied and the Group formally documents the relationship between the derivative 
and any hedged item, its risk management objectives and its strategy for undertaking the various hedging transactions. It also 
documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging 
transactions are effective in offsetting changes in the fair value of hedged items. In respect of hedges of a net investment in a 
foreign operation, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is 
recognised directly in other comprehensive income. The Group’s net investment hedges are generally fully effective, but any 
ineffective portion that may arise is recognised in the income statement. On disposal of the foreign operation, together with the 
hedged gain or loss, the cumulative gain or loss on the hedging instrument is transferred to the income statement.
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18     Derivative contracts continued
(a)     The Group’s use of derivatives continued
Risk management: The Group actively seeks to limit and manage its exposures to risk where those exposures are not desired by the 
Group. This may take the form of unwanted exposures to a particular currency, type of interest rate or other price risk. By entering into 
derivative contracts, the Group is able to mitigate or eliminate such exposures. The principal risks that the Group faces through such use 
of derivative contracts are credit risk and liquidity risk.
Client facilitation: The Group’s Wealth Management entities are involved in providing portfolio management, banking and investment 
advisory services, primarily to private clients. In carrying out this business, they transact as agent or as principal in financial assets and 
liabilities (including derivatives) in order to facilitate client portfolio requirements. Wealth Management’s policy is to hedge, as 
appropriate, market risk on its client facilitation positions. This does not eliminate credit risk.
For details of how the Group manages its exposure to credit risk, see below and note 19.
(b)     Derivatives used by the Group
Forwards are contractual obligations to buy or sell foreign currency on a future date at a specified exchange rate. The maximum 
exposure to credit risk is represented by the fair value of the contracts.
Currency, interest rate, total return and credit default swaps are commitments to exchange one set of cash flows for another. Swaps 
result in an economic exchange of currencies, interest rates or total returns (for example, fixed rate for floating rate) or a combination of 
these (i.e. cross-currency interest rate swaps). No exchange of principal takes place, except in the case of certain currency swaps. The 
Group’s credit risk represents the potential cost of replacing the swap contracts if counterparties fail to perform their obligations. This 
risk is monitored on an ongoing basis with reference to the current fair value, the proportion of the notional amount of the contracts, 
and the liquidity of the market. To control the level of credit risk taken, the Group assesses counterparties in accordance with its internal 
policies and procedures.
Futures contracts are standardised contracts to buy or sell specified assets for an agreed price at a specified future date. Contracts are 
negotiated at a futures exchange, which acts as an intermediary between the two parties. For futures contracts, the maximum exposure 
to credit risk is represented by the fair value of the contracts.
The fair value of derivative instruments becomes favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market 
interest rates, indices, foreign exchange rates and other relevant variables relative to their terms. The aggregate contractual amount of 
derivative financial instruments held, the extent to which instruments are favourable or unfavourable, and thus the aggregate fair values 
of derivative financial assets and liabilities can fluctuate significantly from time to time. The fair values and contractual maturities are set 
out below:
2024
2023
Assets
Liabilities
Assets
Liabilities
£m
£m
£m
£m
Equity contracts
1.2
(0.5)
0.1
(3.8)
Forward foreign exchange contracts
6.8
(11.0)
14.9
(8.3)
8.0
(11.5)
15.0
(12.1)
2024
2023
Assets
Liabilities
Assets
Liabilities
£m
£m
£m
£m
Net-settled derivative contracts
1 maturing/repricing
2 in:
Less than 1 year
 
1.2  
(0.5) 
 
0.1  
(3.8) 
 
1.2  
(0.5) 
 
0.1  
(3.8) 
Gross-settled derivatives
3 maturing/repricing
2 in less than 1 year:
Gross inflows
 
645.6  
529.6 
 
1,086.3  
530.8 
Gross outflows
 
(638.6)  
(540.8) 
 
(1,071.7)  
(538.8) 
Difference between future contractual cash flows and fair value
 
(0.2)  
0.2 
 
0.3  
(0.3) 
 
6.8  
(11.0) 
 
14.9  
(8.3) 
 
8.0  
(11.5) 
 
15.0  
(12.1) 
1.
Equity contracts.
2.
Whichever is earlier.
3.
Forward foreign exchange contracts.
Consolidated financial statements continued
Notes to the accounts continued
120
Schroders Annual Report and Accounts 2024

19     Financial instrument risk management
The Group Capital Committee is responsible for the management of the Group’s capital and sets objectives for how it is deployed. 
This note explains how the Group manages its capital, setting out the nature of the risks the Group faces as a result of its 
operations, and how these risks are quantified and managed.
The Group is exposed to different forms of financial instrument risk including: (i) the risk that money owed to the Group will not be 
received (credit risk); (ii) the risk that the Group may not have sufficient cash available to pay its creditors as they fall due (liquidity 
risk); and (iii) the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates 
and foreign exchange rates (market risk). The management of such risks is embedded in managerial responsibilities fundamental to 
the wellbeing of the Group.
The Group’s primary exposure to financial instrument risk is derived from the financial instruments that it holds as principal. In 
addition, due to the nature of the business, the Group’s exposure extends to the impact on investment management and other fees 
that are determined on the basis of a percentage of AUM and are therefore impacted by the financial instrument risk exposure of 
our clients – the secondary exposure. This note deals only with the direct or primary exposure of the risks from the Group’s holding 
of financial instruments.
Disclosures relating to unit-linked liabilities and assets backing unit-linked liabilities are included in note 15.
(a)     Capital
The Group is supervised in the United Kingdom (UK) on a consolidated basis by the Prudential Regulation Authority (PRA). The PRA sets 
capital requirements for the Group and monitors the Group’s capital adequacy on an ongoing basis. Regulated subsidiaries within the 
Group are supervised by their local regulators who set and monitor local capital adequacy requirements.
The Group’s approach to capital management is to maintain a strong capital position to enable it to invest in the future of the Group, in 
line with its strategy, and to support the risks inherent in conducting its business. Capital management is an important part of the Group’s 
risk management framework and is underpinned by the Internal Capital Adequacy Assessment Process (ICAAP). The ICAAP considers the 
relevant current and future risks to the business and the capital considered necessary to support these risks. The Group actively monitors 
its capital base to ensure it maintains sufficient and appropriate capital resources to cover the relevant risks to the business and to meet 
consolidated and local regulatory and working capital requirements.
At 31 December 2024, the Group had total regulatory own funds of £2,396 million (2023: £2,073 million), consisting of Common Equity 
Tier 1 (CET1) and Tier 2 capital (2023: consisting entirely of CET1). The Group’s overall regulatory capital requirement was £1,477 million 
(2023: £1,443 million). Therefore, at 31 December 2024 the Group had surplus capital of £919 million (2023: £630 million). The Group’s 
capital ratio was 20.9% (2023: 18.6%). 
The Group’s overall capital requirement comprises a Total Capital Requirement (TCR), which was £1,085 million as at 31 December 2024 
(2023: £1,059 million), and a capital requirement in respect of regulatory buffers and our insurance companies, which was £392 million as 
at 31 December 2024 (2023: £384 million). The TCR is the minimum amount of capital that the Group is required to maintain at all times.
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19     Financial instrument risk management continued
(a)     Capital continued
The tables below provide a detailed breakdown of the Group’s capital in accordance with IFRS 9:
2024
Financial
instruments at
amortised cost
Financial assets
at fair value
through other
comprehensive
income
Liabilities to
purchase
subsidiary
shares
Financial
instruments
at fair value
through
profit or loss
1
Non-financial
instruments
Total
£m
£m
£m
£m
£m
£m
Assets
Cash and cash equivalents
 
3,703.8  
–  
–  
362.6  
–  
4,066.4 
Trade and other receivables
 
912.6  
–  
–  
–  
113.8  
1,026.4 
Financial assets:
Loans and advances to banks
 
286.5  
–  
–  
–  
–  
286.5 
Loans and advances to clients
 
390.0  
–  
–  
–  
–  
390.0 
Debt securities
 
311.8  
1,115.2  
–  
53.9  
–  
1,480.9 
Pooled investment vehicles
 
–  
–  
–  
889.2  
–  
889.2 
Equities
 
–  
–  
–  
173.3  
–  
173.3 
Derivatives
 
–  
–  
–  
8.0  
–  
8.0 
Associates and joint ventures
 
–  
–  
–  
–  
550.0  
550.0 
Property, plant and equipment
 
–  
–  
–  
–  
488.6  
488.6 
Goodwill and intangible assets
 
–  
–  
–  
–  
1,840.5  
1,840.5 
Deferred tax
 
–  
–  
–  
–  
160.4  
160.4 
Retirement benefit scheme surplus
 
–  
–  
–  
–  
131.0  
131.0 
Assets backing unit-linked liabilities
 
198.7  
–  
–  
9,260.0  
–  
9,458.7 
Total assets
 
5,803.4  
1,115.2  
–  
10,747.0  
3,284.3  
20,949.9 
Liabilities
Trade and other payables
 
738.8  
–  
–  
218.7  
105.5  
1,063.0 
Financial liabilities
 
4,755.1  
–  
140.7  
217.8  
–  
5,113.6 
Current tax
 
–  
–  
–  
–  
29.0  
29.0 
Issued debt
 
256.0  
–  
–  
–  
–  
256.0 
Lease liabilities
 
345.7  
–  
–  
–  
–  
345.7 
Provisions
 
60.3  
–  
–  
–  
–  
60.3 
Deferred tax
 
–  
–  
–  
–  
120.3  
120.3 
Retirement benefit scheme deficits
 
–  
–  
–  
–  
7.9  
7.9 
Unit-linked liabilities
 
15.0  
–  
–  
9,443.7  
–  
9,458.7 
Total liabilities
 
6,170.9  
–  
140.7  
9,880.2  
262.7  
16,454.5 
Capital
 
4,495.4 
1.
Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Cash and cash equivalents at fair value through 
profit or loss are interests in money market funds and are all level 1. Financial liabilities at fair value through profit or loss include £9,788.1 million of liabilities that 
are designated at fair value through profit or loss and £92.3 million that are mandatorily measured at fair value through profit or loss.
Consolidated financial statements continued
Notes to the accounts continued
122
Schroders Annual Report and Accounts 2024

19     Financial instrument risk management continued
(a)     Capital continued
2023
Financial
instruments at
amortised cost
Financial assets
at fair value
through other
comprehensive
income
Liabilities to
purchase
subsidiary
shares
Financial
instruments
at fair value
through
profit or loss
1
Non-financial
instruments
Total
£m
£m
£m
£m
£m
£m
Assets
Cash and cash equivalents
 
3,354.4  
–  
–  
295.5  
–  
3,649.9 
Trade and other receivables
 
817.5  
–  
–  
–  
102.9  
920.4 
Financial assets:
Loans and advances to banks
 
397.9  
–  
–  
–  
–  
397.9 
Loans and advances to clients
 
446.0  
–  
–  
–  
–  
446.0 
Debt securities
 
356.7  
711.4  
–  
78.3  
–  
1,146.4 
Pooled investment vehicles
 
–  
–  
–  
631.1  
–  
631.1 
Equities
 
–  
–  
–  
190.7  
–  
190.7 
Derivatives
 
–  
–  
–  
15.0  
–  
15.0 
Associates and joint ventures
 
–  
–  
–  
–  
531.7  
531.7 
Property, plant and equipment
 
–  
–  
–  
–  
464.3  
464.3 
Goodwill and intangible assets
 
–  
–  
–  
–  
1,885.2  
1,885.2 
Deferred tax
 
–  
–  
–  
–  
203.9  
203.9 
Retirement benefit scheme surplus
 
–  
–  
–  
–  
138.3  
138.3 
Assets backing unit-linked liabilities
 
501.5  
–  
–  
9,506.6  
–  
10,008.1 
Total assets
 
5,874.0  
711.4  
–  
10,717.2  
3,326.3  
20,628.9 
Liabilities
Trade and other payables
 
770.1  
–  
–  
209.6  
107.8  
1,087.5 
Financial liabilities
 
4,199.4  
–  
177.6  
201.2  
–  
4,578.2 
Current tax
 
–  
–  
–  
–  
12.6  
12.6 
Lease liabilities
 
318.7  
–  
–  
–  
–  
318.7 
Provisions
 
23.0  
–  
–  
–  
–  
23.0 
Deferred tax
 
–  
–  
–  
–  
128.3  
128.3 
Retirement benefit scheme deficits
 
–  
–  
–  
–  
8.8  
8.8 
Unit-linked liabilities
 
14.9  
–  
–  
9,993.2  
–  
10,008.1 
Total liabilities
 
5,326.1  
–  
177.6  
10,404.0  
257.5  
16,165.2 
Capital
 
4,463.7 
1.
Financial assets at fair value through profit or loss are mandatorily measured at fair value through profit or loss. Cash and cash equivalents at fair value through 
profit or loss are interests in money market funds and are all level 1. Financial liabilities at fair value through profit or loss include £10,343.6 million of liabilities that 
are designated at fair value through profit or loss and £60.3 million that are mandatorily measured at fair value through profit or loss.
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19     Financial instrument risk management continued
(b)     Credit risk, liquidity risk and market risk
The Group is exposed to credit, liquidity and market risk as a result of the financial instruments it holds. Settlement of financial 
instruments (on both a principal and agency basis) also gives rise to operational risk. The Group’s risk management framework is critical 
to effective management of these risks and considerable resources are dedicated to this area. Risk management is the direct 
responsibility of the Board, with responsibility for oversight delegated to the Audit and Risk Committee. The Group applies the three lines 
of defence model to risk management, which includes financial instrument risk. More details on the risk management framework and 
approach are set out in the Risk Management report and the Audit and Risk Committee report on pages 26 and 54 respectively.
(i)     Credit risk
Credit risk is the risk that a counterparty to a financial instrument, loan or commitment will cause the Group financial loss by failing to 
discharge its obligations. For this purpose, the impact on fair value of a credit loss arising from credit spread price changes in a portfolio 
of investments is excluded. This risk is addressed within pricing risk.
The Group has exposure to credit risk from its normal activities where it is exposed to the risk that a counterparty will be unable to pay 
amounts when due. The Group carefully manages its exposure to credit risk by monitoring exposures to individual counterparties and 
sectors, monitoring counterparties’ creditworthiness, taking collateral and reducing settlement risk where possible and approving 
lending policies that specify the type of acceptable collateral and lending margins. The Group’s maximum exposure to credit risk is 
represented by the gross carrying value of its financial assets.
Externally published credit ratings are indicators of the level of credit risk associated with a counterparty. A breakdown of the Group’s 
relevant financial assets held with rated and unrated counterparties is set out below:
Cash and cash equivalents
Loans and advances to banks
Debt securities
2024
2023
2024
2023
2024
2023
£m
£m
£m
£m
£m
£m
Credit rating:
AAA
 
191.0  
292.3 
 
–  
– 
 
212.4  
158.2 
AA+
 
–  
– 
 
–  
9.3 
 
127.6  
122.1 
AA
 
84.5  
178.6 
 
–  
18.6 
 
10.3  
10.6 
AA-
 
2,220.2  
2,136.8 
 
66.6  
49.7 
 
819.6  
443.9 
A+
 
1,264.3  
622.9 
 
41.8  
239.3 
 
188.3  
255.9 
A
 
175.1  
164.1 
 
137.1  
3.7 
 
32.9  
39.0 
A-
 
117.8  
250.1 
 
41.0  
77.3 
 
25.1  
38.5 
BBB+ and lower
 
8.4  
4.1 
 
–  
– 
 
22.3  
35.3 
Not rated
 
5.1  
1.0 
 
–  
– 
 
42.4  
42.9 
 
4,066.4  
3,649.9 
 
286.5  
397.9 
 
1,480.9  
1,146.4 
Expected credit losses are calculated on all of the Group’s financial assets that are measured at amortised cost and all debt instruments 
that are measured at fair value through other comprehensive income. Factors considered in determining whether a default has taken 
place include how many days past the due date a payment is, deterioration in the credit quality of a counterparty, and knowledge of 
specific events that could influence a counterparty’s ability to pay.
A three stage model is used for calculating expected credit losses, which requires financial assets to be assessed as:
• Performing (stage 1) – financial assets where there has been no significant increase in credit risk since original recognition; 
• Under-performing (stage 2) – financial assets where there has been a significant increase in credit risk since initial recognition, 
but no default; or,
• Non-performing (stage 3) – financial assets that are in default.
For financial assets in stage 1, expected credit losses are calculated based on the credit losses that are expected to be incurred over the 
following 12-month period. For financial assets in stages 2 and 3, expected credit losses are calculated based on credit losses expected 
to be incurred over the life of the instrument. The Group applies the simplified approach to calculate expected credit losses for trade and 
other receivables. Under this approach, instruments are not categorised into three stages and expected credit losses are calculated 
based on the life of the instrument.
Wealth Management activities
All client credit requests are presented to the relevant Wealth Management approval authorities and counterparty exposures are 
monitored daily against limits. Loans, overdrafts and advances to clients, as well as certain derivative positions, are secured on a range of 
assets including real estate (both residential and commercial), cash, client portfolios and investment bonds.
The Group does not usually provide loans, overdrafts or advances to clients on an unsecured basis. Where disposal of non-cash 
collateral is required, in the event of default, the terms and conditions relevant to the specific contract and country will apply. Portfolios 
held as collateral are marked to market daily and positions compared to clients’ exposures. Credit limits are set following an assessment 
of the market value and lending value of each type of collateral, depending on the perceived risk associated with the collateral. Clients 
are contacted if these limits are expected to be or are breached, or if collateral is not sufficient to cover the outstanding exposure.
The Group also holds collateral on some short-term advances to banks through reverse repurchase agreements. The collateral accepted 
includes certain investment-grade securities that can be sold or repledged without default of the provider. At 31 December 2024, the fair 
value of collateral that could be sold or repledged but had not been, relating solely to these arrangements, was £1,526.6 million (2023: 
£1,107.6 million).
Consolidated financial statements continued
Notes to the accounts continued
124
Schroders Annual Report and Accounts 2024

19     Financial instrument risk management continued
(b)     Credit risk, liquidity risk and market risk continued
Policies covering various counterparty and market risk limits are set and monitored by the relevant Wealth Management asset and 
liability management committees. All instruments held within the Wealth Management treasury book have an investment-grade credit 
rating. 
Wealth Management takes a conservative approach to its treasury investments, placing them with, or purchasing debt securities issued 
by, UK and overseas banks and corporates, central banks, supranational banks and sovereigns.
Expected credit losses on financial assets at amortised cost within the Wealth Management entities at 31 December 2024 were £2.2 
million (2023: £1.0 million). There was one (2023: one) non-performing (stage 3) loan of £6.9 million (2023: £6.2 million) giving rise to £1.8 
million expected credit losses (2023: £0.5 million). All other financial assets at amortised cost (excluding trade and other receivables to 
which the three stage model is not applied) were performing (stage 1) (2023: same).
Expected credit losses on financial assets at fair value through other comprehensive income within the Wealth Management entities 
at 31 December 2024 were £0.4 million (2023: £0.2 million). All financial assets at fair value through other comprehensive income were 
performing (stage 1) (2023: same).
Other activities
Fee debtors and other receivables arise as a result of the Group’s asset management activities and amounts are monitored regularly. 
Historically, default levels have been insignificant and, unless a client has withdrawn its funds, there is an ongoing relationship between 
the Group and the client.
Fee debtors past due but not in default as at 31 December 2024 were £54.6 million (2023: £50.8 million), the majority of which were less 
than 90 days past due (2023: less than 90 days).
The Group seeks to manage its exposure to credit risk arising from debt securities and derivatives within the investment portfolio by 
adopting a conservative approach and through ongoing credit analysis, and it may hedge some of the credit risk with credit default 
swaps. Corporate bond portfolios, when in place, have an investment-grade mandate, and exposure to sub-investment-grade debt is 
low.
Most derivative positions, other than forward foreign exchange contracts and total return swaps, are taken in exchange-traded securities 
where there is minimal credit risk. Forward foreign exchange positions generally have a maturity between one and three months.
The Group’s cash and cash equivalents in the non-Wealth Management entities are held primarily in current accounts, on deposit with 
well-rated banks, or invested in money market or similar funds.
Expected credit losses on financial assets at amortised cost within non-Wealth Management entities at 31 December 2024 were £1.6 
million (2023: £0.6 million). Debt securities included £24.0 million of under-performing (stage 2) securities (2023: none) giving rise to £1.4 
million of expected credit losses. All other financial assets at amortised cost (excluding trade and other receivables to which the three 
stage model is not applied) were performing (stage 1) (2023: same).
(ii)     Liquidity risk
Liquidity risk is the risk that the Group cannot meet its obligations as they fall due or can only do so at a cost. The Group has a clearly 
defined liquidity risk management framework in place in the form of a Consolidated Group Internal Liquidity Adequacy Assessment 
Process (ILAAP). The Group policy is that its subsidiaries should trade solvently, comply with regulatory liquidity requirements and have 
access to adequate liquidity for all activities undertaken in the normal course of business. As part of its ILAAP, the Group performs stress 
testing to confirm that sufficient liquidity is available to cover severe but plausible stress events. 
Wealth Management activities
The principal liquidity risk in the Group’s Wealth Management business arises as a result of its banking activities, where the timing of 
cash flows from liabilities relating to client accounts can be impacted by client action. The objective of the Group’s liquidity policy is to 
maintain sufficient liquidity within the relevant entities to meet regulatory and prudential requirements, and to cover cash flow 
imbalances and fluctuations in funding and the timely repayment of funds to depositors.
Liquidity positions are actively monitored against both regulatory and internal limits and cash flows are managed so that sufficient 
liquidity is available to cover potential liquidity risks.
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125
Schroders Annual Report and Accounts 2024

19     Financial instrument risk management continued
(b)     Credit risk, liquidity risk and market risk continued
(ii)     Liquidity risk continued
The contractual maturity of Wealth Management financial assets and liabilities is set out below:
2024
Less than 1 year
1-2 years
2-5 years
More than 5 
years
Total
£m
£m
£m
£m
£m
Assets
Cash and cash equivalents
 
3,246.4  
–  
–  
–  
3,246.4 
Loans and advances to banks
 
166.3  
–  
–  
–  
166.3 
Loans and advances to clients
 
172.2  
67.6  
148.9  
–  
388.7 
Debt securities
 
1,117.5  
275.5  
–  
–  
1,393.0 
Derivative contracts
 
4.1  
–  
–  
–  
4.1 
 
4,706.5  
343.1  
148.9  
–  
5,198.5 
Liabilities
Client accounts
 
4,724.8  
–  
–  
–  
4,724.8 
Deposits by banks
 
30.1  
–  
–  
–  
30.1 
Derivative contracts
 
3.8  
–  
–  
–  
3.8 
 
4,758.7  
–  
–  
–  
4,758.7 
Cumulative gap
 
(52.2)  
290.9  
439.8  
439.8  
439.8 
2023
Less than 1 year
1-2 years
2-5 years
More than 5 
years
Total
£m
£m
£m
£m
£m
Assets
Cash and cash equivalents
 
2,811.3  
–  
–  
–  
2,811.3 
Loans and advances to banks
 
391.0  
–  
–  
–  
391.0 
Loans and advances to clients
 
168.4  
70.9  
205.1  
0.3  
444.7 
Debt securities
 
719.0  
312.1  
–  
–  
1,031.1 
Derivative contracts
 
5.7  
–  
–  
–  
5.7 
 
4,095.4  
383.0  
205.1  
0.3  
4,683.8 
Liabilities
Client accounts
 
4,135.0  
–  
–  
–  
4,135.0 
Deposits by banks
 
64.4  
–  
–  
–  
64.4 
Derivative contracts
 
5.6  
–  
–  
–  
5.6 
 
4,205.0  
–  
–  
–  
4,205.0 
Cumulative gap
 
(109.6)  
273.4  
478.5  
478.8  
478.8 
Other activities
The Group’s exposure to liquidity risk outside its Wealth Management activities is low. Excluding the Life Company and consolidated 
funds, the Asset Management segment along with the Group’s capital and treasury management activities together hold cash and 
cash equivalents of £820.0 million (2023: £832.9 million). Financial liabilities relating to other operating entities are £354.9 million (2023: 
£373.2 million).
The Group has a committed revolving credit facility of £850.0 million (2023: £850.0 million), which expires on 7 November 2029. No 
money was drawn down under the facility during 2024 (2023: maximum amount drawn down was £180.0 million). 
(iii)     Market risk
Market risk is the risk that the value of assets will fluctuate as a result of movements in factors such as market prices, interest rates and 
foreign exchange rates.
Pricing risk
Pricing risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices 
other than those arising from interest rate risk or currency risk. 
In respect of financial instrument risk, the Group’s exposure to pricing risk is principally through investments held in seed and co-
investment capital and deferred employee compensation in the form of fund awards.
Consolidated financial statements continued
Notes to the accounts continued
126
Schroders Annual Report and Accounts 2024

19     Financial instrument risk management continued
(b)     Credit risk, liquidity risk and market risk continued
(iii)     Market risk continued
Pricing risk continued
The Group does not hedge exposures to pricing risk except in relation to seed capital, where it is practical to do so, and in respect of 
deferred employee compensation awards, where these can be matched by interests in funds managed by the Group. Where financial 
instruments are held to hedge deferred compensation awards, movements in the fair value of the asset are normally offset by changes 
in the amounts payable to employees (see note 3).
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates.
Wealth Management activities
In Wealth Management, interest rate risk is monitored on a daily basis against policies and limits set by the relevant risk committee. 
Interest rate risk is managed within set limits by matching asset and liability positions and through the use of interest rate swaps.
Sensitivity-based and stress-based models are used for monitoring interest rate risk. These models assess the impact of a prescribed 
shift in interest rates and the potential impact of severe but plausible stress scenarios.
Other activities
Cash held by the other operating companies is not normally expected to be placed on deposit for longer than three months and is not 
exposed to significant interest rate risk.
The Group’s capital can include investments in corporate investment-grade bonds managed by the Group’s fixed income fund managers. 
The market risk (including interest rate risk) exposure of these investments is actively monitored against limits set by the Board.
Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in 
foreign exchange rates.
Wealth Management activities
In Wealth Management, foreign exchange risk is monitored each day against policies and limits set by the relevant risk committees. 
Foreign exchange risk is managed within set limits by the treasury departments using spot, forward and foreign exchange swap contracts. 
Other activities
The Group’s policy in relation to foreign exchange risks arising from revenue, expenditure and capital currency exposure from its Asset 
Management activities is generally not to hedge. The Group’s revenue is earned and expenditure incurred in many currencies and the 
resulting exposure is considered to be a normal part of the Group’s business activities. 
The Group also has exposure to foreign currency on financial instruments not held in the functional currency of entities which resulted in a 
£21.4 million gain in the income statement (2023: £19.0 million gain) and exposure arising from net investments in foreign operations which 
resulted in a £54.4 million loss in other comprehensive income (2023: £58.3 million loss). The Group uses forward foreign exchange contracts 
with third parties to mitigate some of these exposures. The gain or loss on these contracts is included in the income statement or statement of 
other comprehensive income, as appropriate. The use of such instruments is subject to approval by the Group Capital Committee.
The sensitivities to market risk at 31 December are estimated as follows:
Variable
1
2024
2023
A reasonable change
in the variable within
the next calendar year
Increase/(decrease)
in post-tax profit
A reasonable change
in the variable within
the next calendar year
Increase/(decrease)
in post-tax profit
%
£m
%
£m
Interest rates
2
-increase
 
0.25  
1 
 0.25  
2 
-decrease
 
(0.5)  
(3) 
 (1.5)  
(14) 
US dollar against sterling
-strengthen
 
10  
2 
 10  
3 
-weaken
 
(10)  
(1) 
 (10)  
(2) 
Euro against sterling
-strengthen
 
10  
2 
 8  
1 
-weaken
 
(10)  
(2) 
 (8)  
(1) 
US dollar against Euro
-strengthen
 
10  
4 
 10  
3 
-weaken
 
(10)  
(3) 
 (10)  
(3) 
FTSE All-Share Index
3
-increase
 
20  
34 
 20  
46 
-decrease
 
(20)  
(34) 
 (20)  
(46) 
1.
The underlying assumption is that there is one variable increase/decrease with all other variables held constant.
2.
Assumes that the fair value of assets and liabilities will not be affected by a change in interest rates.
3.
Assumes that changes in the FTSE All-Share Index correlate to changes in the fair value of the Group’s equity investments.
The reasonable changes in variables will have no impact on any other components of equity. These sensitivities concern only the 
direct impact on financial instruments and exclude indirect impacts on fee income and certain costs that may be affected by changes 
in the variable. The changes used in the sensitivity analysis were provided by the Group’s Global Economics team, which determines 
reasonable assumptions.
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127
Schroders Annual Report and Accounts 2024

20     Share capital and share premium
Share capital primarily comprises the number of issued ordinary shares in Schroders plc multiplied by their nominal value of 20 
pence each (2023: 20 pence each). Where the proceeds received on issue of the shares is greater than the nominal value the 
difference is recorded in share premium. The Company has authority to buyback ordinary shares, restricted by minimum and 
maximum price caps and a maximum number of shares. Any ordinary shares bought back may be cancelled or held in treasury. 
Unless renewed, authority will expire at the Company’s next annual general meeting, or on 30 June 2025 if earlier.
Number of
shares
Total ordinary
shares
Share
premium
Millions
£m
£m
At 1 January 2024
 
1,612.1  
322.4  
84.3 
At 31 December 2024
 
1,612.1  
322.4  
84.3 
Number of 
shares
Total ordinary
shares
Share
premium
Millions
£m
£m
At 1 January 2023
1,612.1  
322.4  
84.3 
31 December 2023
1,612.1  
322.4  
84.3 
21     Own shares
Own shares are recorded by the Group when ordinary shares are acquired by the Company or acquired through employee benefit 
trusts. This enables the Group to hold some of its shares to settle option exercises or for other permitted purposes. Own shares are 
held at cost and their purchase reduces the Group’s net assets by the amount spent. When shares vest unconditionally or are 
cancelled, they are transferred from own shares to the profit and loss reserve at their weighted average cost.
Movements in own shares during the year were as follows:
2024
2023
£m
£m
At 1 January
 
(172.1)  
(185.1) 
Own shares purchased
 
(59.8)  
(66.6) 
Awards vested
 
72.0  
79.6 
At 31 December
 
(159.9)  
(172.1) 
During the year, 10.4 million own shares (2023: 14.4 million own shares) were purchased and held for hedging share-based awards. 6.4 
million shares (2023: nil) were purchased and are held in treasury. 15.0 million shares (2023: 15.9 million shares) awarded to employees 
vested in the period and were transferred out of own shares.  
The total number of shares in the Company held within the Group’s employee benefit trusts comprise:
2024
2023
Number of
vested
shares
Number of
unvested
shares
Total
Number of
vested
shares
Number of
unvested
shares
Total
Millions
Millions
Millions
Millions
Millions
Millions
Total ordinary shares
22.0
37.5
59.5
23.0
35.8
58.8
2024
2023
Vested
shares
Unvested
shares
Total
Vested
shares
Unvested
shares
Total
£m
£m
£m
£m
£m
£m
Total ordinary shares
Cost
 
103.1  
159.9  
263.0 
 
106.8  
172.1  
278.9 
Fair value
 
71.4  
121.2  
192.6 
 
98.9  
153.7  
252.6 
Consolidated financial statements continued
Notes to the accounts continued
128
Schroders Annual Report and Accounts 2024

22     Reconciliation of net cash from operating activities
This note should be read in conjunction with the cash flow statement. It provides a reconciliation to show how profit before tax, 
which is based on accounting rules, translates to cash flows.
2024
2023
£m
£m
Profit before tax
 
558.1  
487.6 
Adjustments for income statement non-cash movements:
Depreciation of property, plant and equipment and amortisation of intangible assets
 
191.1  
212.2 
Net gain on financial instruments
 
(18.1)  
(19.1) 
Share-based payments
 
30.4  
62.8 
Net charge/(release) for provisions
 
38.8  
(2.0) 
Other non-cash movements
1
 
(39.0)  
(26.8) 
 
203.2  
227.1 
Adjustments for which the cash effects are investing or financing activities:
Interest income
 
(31.8)  
(23.6) 
Interest expense on lease liabilities
 
9.7  
9.3 
Share of profit of associates and joint ventures after amortisation
 
(42.1)  
(40.5) 
 
(64.2)  
(54.8) 
Adjustments for statement of financial position movements:
Decrease/(increase) in loans and advances within Wealth Management
 
271.3  
(100.8) 
Increase in trade and other receivables
 
(88.0)  
(40.7) 
Increase/(decrease) in deposits and client accounts within Wealth Management
 
576.3  
(413.0) 
(Decrease)/increase in trade and other payables, other financial liabilities and provisions
 
(26.4)  
27.9 
 
733.2  
(526.6) 
Adjustments for Life Company and consolidated pooled investment vehicles movements:
Net decrease/(increase) in financial assets backing unit-linked liabilities
 
244.6  
(105.9) 
Net decrease in unit-linked liabilities
 
(549.4)  
(46.0) 
Net increase/(decrease) in cash within consolidated pooled investment vehicles
 
6.7  
(24.8) 
 
(298.1)  
(176.7) 
Tax paid
 
(84.0)  
(194.7) 
Net cash from/(used in) operating activities
 
1,048.2  
(238.1) 
1.
Other non-cash movements primarily consist of discount unwind within the net interest margin and exchange translation adjustments, before hedging activities.
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129
Schroders Annual Report and Accounts 2024

23     Commitments
Commitments represent amounts the Group has contractually committed to pay to third parties but do not yet represent a liability 
or impact the Group’s financial results for the year.
The Group’s commitments primarily relate to investment call commitments, commitments for property, plant and equipment and 
future leases not yet commenced.
The Group sublets a small number of its owned and leased properties where such properties, or parts of such properties, are not 
required for use by the Group. The table below discloses the commitments sub-lessees have made in respect of such arrangements. 
These commitments are not recorded on the statement of financial position in advance of the period to which they relate.
2024
No later than
1 year
Later than 1 year 
and no later than 
5  years
Later than
5 years
Total
£m
£m
£m
£m
Undrawn loan facilities
 
9.4  
29.9  
–  
39.3 
Investment call commitment
 
70.5  
22.8  
2.4  
95.7 
Commitments for property, plant and equipment and leases
 
1.0  
4.2  
6.2  
11.4 
Total commitments
 
80.9  
56.9  
8.6  
146.4 
Operating leases receivable as lessor
 
(0.4)  
(0.1)  
–  
(0.5) 
Net commitments payable
 
80.5  
56.8  
8.6  
145.9 
2023
No later than
1 year
Later than 1 year 
and no later than 
5  years
Later than
5 years
Total
£m
£m
£m
£m
Undrawn loan facilities
 
9.0  
22.5  
–  
31.5 
Investment call commitment
 
42.4  
19.8  
1.7  
63.9 
Commitments for property, plant and equipment and leases
 
3.4  
20.1  
41.6  
65.1 
Total commitments
 
54.8  
62.4  
43.3  
160.5 
Operating leases receivable as lessor
 
(1.4)  
(2.1)  
–  
(3.5) 
Net commitments payable
 
53.4  
60.3  
43.3  
157.0 
24     Retirement benefit obligations
The Group has two principal types of pension benefit for employees: defined benefit (DB), where the Group has an obligation to provide 
participating employees with pension payments that represent a specified percentage of their final salary for each year of service, and 
defined contribution (DC), where the Group’s contribution to an employee’s pension is measured as, and limited to, a specified percentage 
of salary.
Accounting for DB schemes requires an assessment of the likely quantum of future pension payments to be made. If ring-fenced assets are 
held specifically to meet this cost, the scheme is funded, and if not, it is unfunded. The Group periodically reviews its funded DB schemes 
using actuarial specialists to assess whether it is on course to meet the expected pension payments that current and former employees are, 
or will be, entitled to. In the case of a projected shortfall, a plan must be formulated to reverse the deficit.
The income statement charge or credit represents the sum of pension entitlements earned by employees in the period, plus a notional 
net interest charge (if the scheme is in deficit) or income (if it is in surplus) based on the market yields on high quality corporate bonds. 
Experience differences, principally the difference between actual investment returns and the notional interest amount, as well as actuarial 
changes in estimating the present value of future liabilities, are recorded in other comprehensive income.
Assets or liabilities recognised in the statement of financial position represent the differences between the fair value of plan assets (if any) 
and the actuarially determined estimates of the present value of future liabilities. The Group closed its largest DB scheme to future accrual 
on 30 April 2011, although it still operates some small unfunded schemes overseas. This means that no future service will contribute to the 
closed scheme member benefits but those members continue to have the benefits determined by the Scheme rules as at 30 April 2011.
The Group’s exposure to funding DC pension schemes is limited to the contributions it has agreed to make. These contributions generally 
stop when employment ceases. The income statement charge represents the contributions the Group has agreed to make into employees’ 
pension schemes in that year.
The disclosures within this note are provided mainly in respect of the principal DB scheme, which is the DB section of the funded Schroders 
Retirement Benefits Scheme (the Scheme).
Consolidated financial statements continued
Notes to the accounts continued
130
Schroders Annual Report and Accounts 2024

24     Retirement benefit obligations continued
The income statement charge for retirement benefit costs is as follows:
2024
2023
£m
£m
Pension costs – defined contribution plans
 
77.8  
77.2 
Pension credit – defined benefit plans
 
(2.9)  
(5.2) 
Other post-employment benefits
 
0.2  
0.1 
 
75.1  
72.1 
(a)     Profile of the Scheme
The Scheme is administered by a trustee company, Schroder Pension Trustee Limited (the Trustee). The board of the Trustee comprises 
an independent chairman, three directors appointed by the employer and two directors elected by the Scheme members. The Trustee is 
required by law to act in the interest of all relevant beneficiaries and is responsible for setting the investment strategy and for the day-to-
day administration of the benefits. The Trustee’s investment committee comprises five of the Trustee directors and two representatives 
of the Group. This committee, which reports to the Trustee board, is responsible for making investment strategy recommendations to 
the board of the Trustee and for monitoring the performance of the investment manager.
Under the Scheme, employees are entitled to annual pensions on retirement based on a specified percentage of their final pensionable 
salary or, in the case of active members at 30 April 2011 (the date the DB section of the Scheme closed for future accrual), actual 
pensionable salaries at that date, for each year of service. These benefits are adjusted for the effects of inflation, subject to a cap of 2.5% 
for pensions accrued after 12 August 2007 and 5.0% for pensions accrued before that date.
As at 31 December 2024, there were no active members in the DB section (2023: nil) and 2,528 active members in the DC section (2023: 
2,605). The weighted average duration of the Scheme’s DB obligation is 11 years (2023: 13 years). The Group expects that the plan 
liabilities will settle gradually over time until all members have left the plan. On termination of the Scheme, any assets that remain after 
the Trustee has settled the Scheme’s liabilities will be returned to the Group.
Membership details of the DB section of the Scheme as at 31 December are as follows:
2024
2023
Number of deferred members
884
977
Total deferred pensions (at date of leaving Scheme)
£5.9m per annum
£6.8m per annum
Average age (deferred)
57
56
Number of pensioners
1,137
1,064
Average age (pensioners)
71
71
Total pensions in payment
£26.0m per annum
£24.2m per annum
(b)     Funding requirements
The last completed triennial valuation of the Scheme was carried out as at 31 December 2023. The funding level at that date was 115% 
on the technical provisions basis and no contribution to the Scheme was required. The next triennial valuation is due as at 31 December 
2026 and will be performed in 2027.
(c)     Risks of the Scheme
The Company and the Trustee have agreed a long-term strategy for reducing investment risk as and when appropriate. This includes 
an asset-liability matching policy that aims to reduce the volatility of the funding level of the Scheme by investing in assets that perform 
in line with the liabilities of the Scheme.
The most significant risks to which the Scheme exposes the Group are:
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond yields. If assets underperform this yield, this will 
reduce the surplus or may create a deficit. The Group manages this risk through a diversified investment strategy, with 64% (2023: 67%) 
of Scheme assets held in a liability matching portfolio and the remainder split across semi-liquid credit, liquid growth and credit, and 
illiquid growth portfolios. This asset mix is designed to provide returns that match or exceed the unwinding of the discount rate in the 
long term, but that can create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains 
appropriate given the Scheme’s long-term objectives.
Credit risk
The assets of the Scheme include liability driven investments (LDI) and other fixed income instruments that expose the Group to credit 
risk. A significant amount of this exposure is to the UK Government as a result of holding gilts and bonds guaranteed by the UK 
Government. Other instruments held include derivatives, which are collateralised daily to cover unrealised gains or losses. The minimum 
rating for any derivatives counterparty is BBB.
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131
Schroders Annual Report and Accounts 2024

24     Retirement benefit obligations continued
(c)     Risks of the Scheme continued
Interest rate risk
A decrease in corporate bond yields will increase the value placed on the Scheme’s liabilities for accounting purposes, although this 
should be partially offset by an increase in the value of the Scheme’s liability matching portfolio, which comprises gilts, corporate bonds 
and other LDI instruments. The liability matching investments have been designed to mitigate interest rate exposures measured on a 
funding rather than an accounting basis. One of the principal differences between these bases is that the liability under the funding 
basis is calculated using a discount rate set with reference to gilt yields; the latter uses corporate bond yields. As a result, the liability 
matching portfolio hedges against interest rate risk by purchasing instruments that seek to replicate movements in gilt yields rather 
than corporate bond yields. Movements in the different types of instrument are not exactly correlated, and it is therefore likely that a 
tracking error can arise when assessing whether the liability matching portfolio has provided an effective hedge against interest rate risk 
on an accounting basis. At 31 December 2024, the liability matching portfolio was designed to mitigate 95% (2023: 95%) of the Scheme’s 
exposure to changes in gilt yields.
Inflation risk
A significant proportion of the Scheme’s benefit obligations are linked to inflation and higher inflation will lead to higher liabilities. 
However, in most cases, caps on the level of inflationary increases are in place. The majority of the growth assets are either unaffected by 
or not closely correlated with inflation, which means that an increase in inflation will also decrease any Scheme surplus. The liability 
matching portfolio includes instruments such as index-linked gilts to provide protection against inflation risk. At 31 December 2024, the 
liability matching portfolio was designed to mitigate 95% (2023: 95%) of the Scheme’s exposure to inflation risk.
Life expectancy
The majority of the Scheme’s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an 
increase in the liability.
(d)     Reporting at 31 December
The principal financial assumptions used for the Scheme are:
2024
2023
%
%
Discount rate
 5.4 
 4.5 
RPI inflation rate
 3.1 
 3.0 
CPI inflation rate
 2.5 
 2.3 
Future pension increases (for benefits earned before 13 August 2007)
 2.9 
 2.9 
Future pension increases (for benefits earned after 13 August 2007)
 2.0 
 2.0 
Average number of years a current pensioner is expected to live beyond age 60:
Years
Years
Men
27
27
Women
29
29
Average number of years future pensioners currently aged 45 are expected to live beyond age 60:
Years
Years
Men
28
28
Women
30
30
Net interest income is determined by applying the discount rate to the opening net surplus in the Scheme. The Group determines the 
appropriate discount rate at the end of each year. This is the interest rate that is used to determine the present value of estimated future 
cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers 
the interest rates of high quality, long-dated corporate bonds that are denominated in the currency in which the benefits will be paid.
Estimates and judgements
The Group estimates the carrying value of the Scheme by applying judgement to determine the assumptions used to calculate the 
valuation of the pension obligation using member data and applying the Scheme rules. The Scheme assets are mainly quoted in an 
active market. The sensitivity to those assumptions is set out below. The most significant judgemental assumption relates to 
mortality rates, which are inherently uncertain. The Group’s mortality assumptions are based on standard mortality tables with 
Continuous Mortality Investigation core projection factors and a long-term rate of mortality improvement of 1.0% (2023: 1.0%) 
per annum. An additional adjustment, an “A parameter” set to 0.25% (2023: 0.25%) per annum, allows for the typically higher rate of 
mortality improvement among members of the Scheme compared with general population statistics. The latest base mortality tables 
have been adopted with no scaling (2023: nil) following a Scheme specific review of the membership data. 
The Group reviews its assumptions annually in conjunction with its independent actuaries and considers this adjustment 
appropriate given the geographic and demographic profile of Scheme members. Other assumptions for pension obligations are 
based in part on current market conditions.
The financial impact of the Scheme on the Group has been determined by independent qualified actuaries, Aon Solutions UK Limited, 
and is based on an assessment of the Scheme as at 31 December 2024.
Consolidated financial statements continued
Notes to the accounts continued
132
Schroders Annual Report and Accounts 2024

24     Retirement benefit obligations continued
(d)     Reporting at 31 December continued
The amounts recognised in the income statement are:
2024
2023
£m
£m
Interest income on Scheme assets
 
(31.4)  
(33.2) 
Interest cost on Scheme liabilities
 
25.2  
26.7 
Net interest income recognised in the income statement in respect of the Scheme
 
(6.2)  
(6.5) 
Other charges in respect of defined benefit schemes
 
3.3  
1.3 
Total defined benefit schemes income statement credit
 
(2.9)  
(5.2) 
The amounts recognised in the statement of comprehensive income are:
2024
2023
£m
£m
Losses/(gains) on Scheme assets in excess of that recognised in interest income
 
64.1  
(2.9) 
Actuarial gains due to change in demographic assumptions
 
(6.9)  
(11.1) 
Actuarial (gains)/losses due to change in financial assumptions
 
(58.6)  
12.7 
Actuarial losses due to experience
 
9.1  
4.1 
Total other comprehensive loss in respect of the Scheme
 
7.7  
2.8 
Other comprehensive (gain)/loss in respect of other defined benefit schemes
 
(0.3)  
1.4 
Total other comprehensive loss in respect of defined benefit schemes
 
7.4  
4.2 
The sensitivity of the Scheme pension liabilities to changes in assumptions are:
2024
2023
Estimated
(increase)/
decrease in
pension
liabilities
Estimated
(increase)/
decrease in
pension
liabilities
Estimated
(increase)/
decrease in
pension
liabilities
Estimated
(increase)/
decrease in
pension
liabilities
Assumption
Assumption change
£m
%
£m
%
Discount rate 
Increase by 0.5% per annum
 
26.9 
 5.2 
 
33.7 
 5.9 
Discount rate
Decrease by 0.5% per annum  
(30.7) 
 (6.0)  
(38.5) 
 (6.7) 
Expected rate of pension increases
Increase by 0.5% per annum
 
(20.2) 
 (3.9)  
(25.8) 
 (4.5) 
Expected rate of pension increases
Decrease by 0.5% per annum  
19.9 
 3.9 
 
25.4 
 4.4 
Life expectancy
Increase by one year
 
(17.0) 
 (3.3)  
(21.5) 
 (3.7) 
Life expectancy
Decrease by one year
 
17.4 
 3.4 
 
21.2 
 3.7 
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Schroders Annual Report and Accounts 2024

24     Retirement benefit obligations continued
(d)     Reporting at 31 December continued
Movements in respect of the assets and liabilities of the Scheme are:
2024
2023
£m
£m
At 1 January
 
713.4  
706.5 
Interest income
 
31.4  
33.2 
Remeasurement of assets
 
(64.1)  
2.9 
Benefits paid
 
(30.2)  
(27.5) 
Contribution by employer
1
 
(3.8)  
– 
Administrative expenses
 
(2.0)  
(1.7) 
Fair value of plan assets
 
644.7  
713.4 
At 1 January
 
(575.1)  
(570.2) 
Interest cost
 
(25.2)  
(26.7) 
Actuarial gains due to change in demographic assumptions
 
6.9  
11.1 
Actuarial gains/(losses) due to change in financial assumptions
 
58.6  
(12.7) 
Actuarial losses due to experience
 
(9.1)  
(4.1) 
Benefits paid
 
30.2  
27.5 
Present value of funded obligations
 
(513.7)  
(575.1) 
Net assets
 
131.0  
138.3 
1.
In July 2024, the trustees of the Scheme agreed that certain employer contributions due to the Defined Contribution section could be met by assets allocated to the 
Defined Benefit section. The arrangement is subject to a monthly cap, conditional on certain funding levels being maintained and will be monitored by the trustees.
On 16 June 2023, the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others), which has the 
potential to affect the Scheme’s liabilities. As the assessment of any potential impact is ongoing, with the expectation of further legal 
cases in early 2025 and the possibility of government intervention, no adjustment has been made to the Scheme’s liabilities as at 
31 December 2024.
The Group has not materially changed the basis of any of the principal financial assumptions underlying the calculation of the Scheme’s 
net financial position during 2024, although such assumptions have been amended where applicable to reflect current market 
conditions and expectations.
The fair values of the Scheme’s plan assets at the year end are:
2024
2023
Value
Of which not 
quoted in an 
active market
Value
Of which not 
quoted in an 
active market
£m
£m
£m
£m
Liability matching investments
 
368.8  
– 
 
436.6  
– 
Portfolio funds
 
256.2  
93.1 
 
242.2  
93.2 
Exchange-traded futures and over-the-counter derivatives
 
7.1  
– 
 
9.3  
– 
Cash 
 
12.6  
– 
 
25.3  
– 
 
644.7  
93.1 
 
713.4  
93.2 
Consolidated financial statements continued
Notes to the accounts continued
134
Schroders Annual Report and Accounts 2024

25     Share-based payments
Share-based payments are remuneration payments to selected employees that take the form of an award of shares in Schroders 
plc. Employees are generally not able to exercise such awards in full until three years after the award has been made, although 
conditions vary between different types of award. The accounting for share-based awards settled by transferring shares to the 
employees (equity-settled) differs from the accounting for similar awards settled in cash (cash-settled). The charge for equity-settled 
share-based payments is determined based on the fair value of the award on the grant date. Such awards can include share awards 
that may or may not have performance criteria. The initial fair value of the award takes into account the current value of shares 
expected to be issued (i.e. estimates of the likely levels of forfeiture and achievement of performance criteria), and the contribution, if 
required, by the employee. This initial fair value is charged to the income statement reflecting benefits received from employment, 
where relevant, in the performance period and over the vesting period. The income statement charge is offset by a credit to the 
statement of changes in equity, where the award is expected to be settled through the issue of shares. Such awards constituted 
3.0% (2023: 5.9%) of salaries, wages and other remuneration (see note 3).
The Group may make share-based payments to employees through awards over or linked to the value of ordinary shares and by the 
grant of market value share options over ordinary shares. These arrangements involve a maximum term of ten years.
It is the Group’s practice to hedge all awards to eliminate the impact of changes in the market value of shares between the grant 
date and the exercise date.
Awards that lapse or are forfeited during the vesting period result in a credit to the income statement (reversing the previous 
charge) in the year in which they lapse or are forfeited.
The Group recognised total expenses of £30.1 million (2023: £64.0 million) arising from share-based payment transactions during the 
year, of which £30.4 million (2023: £62.8 million) were equity-settled share-based payment transactions. In 2024, there was £0.6 million 
of equity-settled share-based payments included within acquisition costs and related items (2023: £0.7 million) and nil included within 
restructuring costs (2023: £5.0 million).
The Group has the following share-based payment arrangements (further details of the current schemes may be found in the 
Remuneration report):
(a)     Deferred Award Plan
Awards over ordinary shares made under the Group’s Deferred Award Plan are charged at fair value as operating expenses in the 
income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The fair 
value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the 
awards. Awards are structured as nil-cost options.
2024
2023
Number of 
ordinary shares
Millions
Number of 
ordinary shares
Millions
Rights outstanding at 1 January
45.4
41.7
Granted
9.6
13.7
Forfeited
 
(1.1)  
(0.6) 
Exercised
 
(11.2)  
(9.4) 
Rights outstanding at 31 December
42.7
45.4
Vested 
14.5
12.6
Unvested
28.2
32.8
The weighted average exercise price per share is nil. A charge of £26.6 million (2023: £58.5 million) was recognised during the year.
The table below shows the expected charges for awards issued under the Deferred Award Plan to be expensed in future years:
£m
2025
 
10.5 
2026
 
4.0 
2027
 
1.2 
 
15.7 
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Schroders Annual Report and Accounts 2024

25     Share-based payments continued
(b)     Equity Compensation Plan
Awards over ordinary shares made under the Group’s Equity Compensation Plan are charged at fair value as operating expenses in 
the income statement. Fair value is determined at the date of grant and is equal to the market value of the shares at that time. The 
fair value charges, adjusted to reflect actual levels of vesting, are spread over the performance period and the vesting periods of the 
awards. Awards are structured as nil-cost options. No new awards will be granted under this plan, as it has been superseded by the 
Deferred Award Plan (DAP).
2024
2023
Number of 
ordinary shares
Millions
Number of 
ordinary shares
Millions
Rights outstanding at 1 January
7.9
12.3
Granted
0.4
0.5
Exercised
 
(2.6)  
(4.9) 
Rights outstanding at 31 December
5.7
7.9
Vested 
5.7
7.8
Unvested
–
0.1
The weighted average exercise price per share is nil. There were no charges (2023: none) recognised during the year.
(c)     Equity Incentive Plan
Awards over ordinary shares made under the Group’s Equity Incentive Plan are charged at fair value as operating expenses to the 
income statement, over a five-year vesting period. Fair value is determined at the date of grant and is equal to the market value of 
the shares at that time. Awards are structured as nil-cost options. No new awards will be granted under this plan, as it has been 
superseded by the Deferred Award Plan (DAP).
2024
2023
Number of 
ordinary shares
Millions
Number of 
ordinary shares
Millions
Rights outstanding at 1 January
4.2
5.6
Granted
0.3
–
Forfeited
 
(0.1) 
–
Exercised
 
(1.6)  
(1.4) 
Rights outstanding at 31 December
2.8
4.2
Vested 
1.8
2.5
Unvested
1.0
1.7
The weighted average exercise price per share is nil. A charge of £1.1 million (2023: £1.6 million) was recognised during the year.
The table below shows the expected charges for awards issued under the Equity Incentive Plan to be expensed in future years:
£m
2025
 
0.6 
 
0.6 
Consolidated financial statements continued
Notes to the accounts continued
136
Schroders Annual Report and Accounts 2024

25     Share-based payments continued
(d)     Long Term Incentive Plan
Awards over ordinary shares made under the Group’s Long Term Incentive Plan are charged at fair value to the income statement 
over a four-year vesting period. Fair value is calculated using the market value of the shares at the grant date, discounted for 
dividends forgone over the vesting period of the award and adjusted based on an estimate at the year-end date of the extent to 
which the performance conditions are expected to be met. Awards are structured as nil-cost options.
2024
2023
Number of 
ordinary shares
Millions
Number of 
ordinary shares
Millions
Rights outstanding at 1 January
 
0.5 
0.5
Granted
 
0.3 
0.2
Forfeited
 
(0.1)  
(0.1) 
Exercised
 
(0.1)  
(0.1) 
Rights outstanding at 31 December
 
0.6 
0.5
Vested 
–
0.1
Unvested
0.6
0.4
The weighted average exercise price per share is nil. A charge of £0.2 million (2023: £0.2 million) was recognised during the year.
The table below shows the expected charges for awards issued under the Long Term Incentive Plan to be expensed in future years:
£m
2025
 
0.2 
2026
 
0.2 
2027
 
0.1 
 
0.5 
(e)     Share Incentive Plan
The employee monthly share purchase plan is open to UK permanent employees and provides free shares from the Group to match 
the employee purchase of shares up to a maximum of £100 per month. The shares vest after one year.
Pursuant to this plan, the Group purchased 743,910 ordinary shares in 2024 (2023: 624,714). A charge of £2.5 million (2023: £2.5 million) 
was recognised during the year.
(f)     Cash-settled share-based awards
Certain employees have been awarded cash-settled equivalents to these share-based awards. The fair value of these awards is 
determined using the same methods and models used to value the equivalent equity-settled awards. The fair value of the liability is 
remeasured at each balance sheet date and at settlement date.
At 31 December 2024, the carrying value of liabilities arising from cash-settled share-based awards was £5.0 million (2023: £5.8 million). 
The total intrinsic value at 31 December 2024 of liabilities for which the employee’s right to cash or other assets had vested by that date 
was £3.5 million (2023: £3.1 million).
A credit of £0.3 million (2023: charge of £1.2 million) was recognised during the year. The liability was remeasured at the balance sheet 
date at a share price of £3.24 (2023: £4.30).
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Schroders Annual Report and Accounts 2024

26     Related party transactions
Transactions between the Group and parties related to the Group are required to be disclosed to the extent that they are necessary 
for an understanding of the potential effect of the relationship on the financial statements. Other disclosures, such as key 
management personnel compensation, are also required.
The Group is not deemed to be controlled or jointly controlled by a party directly or through intermediaries under the accounting 
standards. As a result, the related parties of the Group are members of the Group, including associates and joint ventures, key 
management personnel, close family members of key management personnel and any entity controlled by those parties.
Cash transactions with associates or joint ventures are reported in the cash flow statement and in note 10. 
£23.5 million (2023: £18.7 million) was held in customer accounts in respect of amounts payable to key management personnel or their 
related parties.
Included within loans and advances to clients are amounts due from related parties of £0.1 million (2023: £0.1 million). All related party 
loans and advances were at commercial rates.
Some of the plan assets of the Schroders Retirement Benefit Scheme are invested in products managed by the Life Company (see note 
15). At 31 December 2024, the fair value of these assets was £55.0 million (2023: £50.2 million).
Transactions between the Group and its related parties were made at market rates. Any amounts outstanding are unsecured and will be 
settled in cash. No guarantees have been given or received. 
Key management personnel compensation
Key management personnel are defined as members of the Board, the Group Management Committee until its dissolution, and the 
Group Executive Committee (Group ExCo). The remuneration of key management personnel during the year was as follows:
2024
2023
Type of remuneration
Typical composition of this type of benefit
£m
£m
Short-term employee benefits
Salary and upfront bonus
 
21.4  
23.2 
Share-based payments
Deferred share awards
 
8.3  
13.8 
Other long-term benefits
Deferred cash awards
 
13.3  
13.8 
Termination benefits
Termination benefits
 
0.3  
0.5 
Post-employment benefits
Pension plans
 
0.3  
0.2 
 
43.6  
51.5 
The remuneration of key management personnel is based on individual performance and market rates. The remuneration policy (which 
applies to Directors and management) is described in more detail at www.schroders.com/directors-remuneration-policy.
Consolidated financial statements continued
Notes to the accounts continued
138
Schroders Annual Report and Accounts 2024

27     Interests in structured entities
Structured entities are those entities that have been designed so that voting or similar rights are not the dominant factor in deciding 
who has control, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by 
means of contractual arrangements. The Group’s interests in consolidated and unconsolidated structured entities are described 
below.
The Group has interests in structured entities as a result of contractual arrangements arising from its principal activity, the 
management of assets on behalf of its clients. AUM, excluding deposits by Wealth Management clients and some segregated client 
portfolios held within the Group’s Asset Management business, is managed within structured entities. These structured entities 
typically consist of investment vehicles such as Open Ended Investment Companies, Authorised Unit Trusts, Limited Partnerships and 
Sociétés d’Investissement à Capital Variable, which entitle investors to a percentage of the vehicle’s net asset value. The vehicles are 
financed by the purchase of units or shares by investors. The Group also has interests in structured entities through proprietary 
investments. These are mainly into vehicles that help facilitate the Group’s stated aim of generating a return on capital and when it 
deploys seed and co-investment capital in developing new investment strategies or as it invests alongside its clients. Additionally, the 
Group holds interests in structured entities for liquidity management purposes, for example via investments in money market funds.
The Group does not guarantee returns on the investments it manages or commit to financially support its structured entities. A small 
proportion of the Group’s AUM, principally real estate funds, is permitted to raise finance through loans from banks and other financial 
institutions. Where external finance is raised, the Group does not provide a guarantee for the repayment of any borrowings.
The business activity of all structured entities in which the Group has an interest, is the management of assets in order to generate 
investment returns for investors from capital appreciation and/or investment income. The Group earns a management fee from its 
structured entities, normally based on a percentage of the entity’s net asset value, committed capital value or gross asset value and, 
where contractually agreed, a performance fee or carried interest, based on outperformance against predetermined benchmarks. 
In addition, where the Group owns a proportion of the structured entity it is entitled to receive investment returns. 
(a)     Interests arising from managing assets
The Group’s interests in structured entities arising as a result of contractual relationships from its principal activity, the management of 
assets on behalf of its clients, are reflected in the Group’s AUM excluding associates and joint ventures.
2024
AUM outside
of structured
entities
AUM within
consolidated
structured
entities
AUM within
unconsolidated
structured
entities
Total
£bn
£bn
£bn
£bn
Asset Management
 
285.9  
5.4  
243.7  
535.0 
Wealth Management
 
111.6  
–  
15.2  
126.8 
 
397.5  
5.4  
258.9  
661.8 
2023
AUM outside
of structured
entities
AUM within
consolidated
structured
entities
AUM within
unconsolidated
structured
entities
Total
£bn
£bn
£bn
£bn
Asset Management
 
295.7  
5.8  
230.7  
532.2 
Wealth Management
 
98.1  
–  
12.1  
110.2 
 
393.8  
5.8  
242.8  
642.4 
Certain AUM are managed outside of structured entities. Within Asset Management, this occurs either because it is formed of segregated 
investment portfolios for institutional clients comprising directly held investments in individual financial instruments, or because the voting 
structures of the vehicles themselves allow the investment manager to be removed without cause. Within Wealth Management, AUM is not 
generally considered to be within structured entities as the contractual relationships exist directly with the client rather than with structured 
entities, for example discretionary and advisory asset management and banking services. In addition, Wealth Management AUM in the form 
of loans and advances to customers is conducted outside of structured entities.
Certain structured entities are deemed to be controlled by the Group and are accounted for as subsidiaries and consolidated in accordance 
with the accounting standards. AUM within consolidated structured entities represents the net assets of the beneficial interest in the 
consolidated structured entity owned by third parties.
AUM within unconsolidated structured entities constitutes the remaining balance, represented principally by the net asset value of pooled 
vehicles managed for Intermediary clients, as well as some assets invested in pooled vehicles on behalf of Institutional and Wealth 
Management clients. The Group’s beneficial interest in structured entities is not included within AUM and is described separately overleaf.
The Group has no direct exposure to losses in relation to the AUM reported above, as the investment risk is borne by clients. The main 
risk the Group faces from its interest in AUM managed on behalf of clients is the loss of fee income as a result of the withdrawal of funds 
by clients. Outflows from funds are dependent on market sentiment, asset performance and investor considerations.
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Schroders Annual Report and Accounts 2024

27     Interests in structured entities continued
(a)     Interests arising from managing assets continued
Revenue includes £1,398.5 million (2023: £1,366.5 million) of fees from structured entities managed by the Group. The table below 
shows the carrying value of the Group’s interests in structured entities as a result of its management of assets, where income is accrued 
over the period for which assets are managed before being invoiced. The carrying value represents the Group’s maximum exposure to 
loss from these interests.
2024
2023
£m
£m
Fee debtors from structured entities
 
36.0  
33.5 
Accrued income from structured entities
 
317.4  
306.0 
Total exposure due to investment management activities
 
353.4  
339.5 
(b)     Interest arising from the Group’s investment in unconsolidated structured entities
The table below shows the carrying values of the Group’s proprietary investments in unconsolidated structured entities, which resulted 
in a net gain on financial instruments and other income of £32.3 million (2023: gain of £43.9 million). The carrying values represent the 
Group’s maximum exposure to loss from these interests.
2024
2023
£m
£m
Cash and cash equivalents
 
362.6  
295.5 
Financial assets
 
818.5  
577.7 
Total exposure due to the Group’s investments
 
1,181.1  
873.2 
The Group’s proprietary investments include interests in unconsolidated structured entities in the form of cash and cash equivalents and 
financial assets. Cash and cash equivalents comprise investments in money market funds, none of which are managed by the Group 
(2023: nil). Financial assets include seed and co‑investment capital, legacy private equity investments and hedges of deferred cash 
awards. Of the financial assets, £620.6 million (2023: £561.7 million) is invested in funds managed by the Group. The Group has no 
interest apart from its role as investor in those funds for which it does not act as manager. The main risk the Group faces from its 
interests in unconsolidated structured entities arising from proprietary investments is that the investments will decrease in value. Note 
19 includes further information on the Group’s exposure to market risk arising from proprietary investments.
The Group has contractual commitments to co-invest alongside its clients and provide a minimum level of capital for certain private 
assets and alternative vehicles. The Group’s investment call commitments are set out in note 23.
The statement of financial position also includes the Life Company assets of £9,458.7 million (2023: £10,008.1 million), which are included 
in AUM. The exposure to the risks and rewards associated with these assets is borne by unit-linked policyholders, or, where Life 
Company funds are consolidated, third-party investors in those funds.
Financial support for consolidated structured entities where there is no contractual obligation to do so
The Group supports some of its funds through the injection of seed capital in order to enable the funds to establish a track record 
before they are more widely marketed. During the year, the Group purchased units at a cost of £54.2 million (2023: £72.3 million) to 
provide seed capital to investment funds managed by the Group, of which nil (2023: £28.4 million) resulted in the consolidation of those 
funds and £54.2 million (2023: £43.9 million) did not.
Consolidated financial statements continued
Notes to the accounts continued
140
Schroders Annual Report and Accounts 2024

28     Business combinations
The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a 
subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity 
interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or 
deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business 
combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest at 
the fair value of the proportionate share of the acquiree’s identifiable net assets.
The Group completed two business combinations during the year ended 31 December 2024. 
On 7 October 2024, the Group acquired 100% of the issued share capital of Whitley Asset Management (Whitley), a UK wealth 
management business, for a total consideration of £37.2 million. The acquisition contributed £1.5 billion of Wealth Management AUM 
and increases the Group’s scale and capability for its UK private clients. 
On 31 May 2024, the Group acquired a controlling interest of 51% of the issued share capital of Finura Partners Limited (Finura), a 
professional financial planning business, for a total consideration of nil. The acquisition contributed £0.9 billion of Wealth Management 
AUM and strengthens the Group’s financial planning capabilities.
The fair value of net assets acquired in the transactions together with goodwill and intangible assets arising are as follows:
2024
£m
Net assets acquired:
Cash
 
7.6 
Trade and other receivables
 
4.0 
Trade and other payables
 
(7.4) 
Tangible net assets
 
4.2 
Goodwill
 
30.7 
Intangible assets arising on acquisition
 
22.0 
Deferred tax arising on acquisition
 
(5.5) 
Non-controlling interest
 
(1.5) 
Total
 
49.9 
Satisfied by:
Cash
 
33.3 
Contingent/deferred consideration
 
3.9 
Fair value of the Group’s pre-existing interest
 
12.7 
Total
 
49.9 
The goodwill arising on acquisition is attributable to the value from:
– A broader platform for business growth;
– Talented management and employees; and
– Opportunities for synergies from combining certain activities. 
Goodwill is not deductible for tax purposes.
If the acquisitions had been completed on 1 January 2024, the Group’s net operating income for the year would have been £2,439.0 
million and the operating profit for the year on the same basis would have been £642.7 million.
Estimates and judgements
The fair value of certain items of consideration, assets acquired and liabilities assumed requires some estimation. For intangible 
assets this estimation required assumptions regarding the level of future management fees that will be earned over the relevant 
period. The net impact of changes to these assumptions would be to change the carrying value of individual assets and liabilities 
with a corresponding change to goodwill.
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Presentation of the financial statements
(a) Basis of preparation
The consolidated financial statements are prepared in accordance 
with UK-adopted international accounting standards and in 
conformity with the requirements of the Companies Act 2006.
The consolidated financial information presented within these 
financial statements has been prepared on the going concern 
basis. In making an assessment on going concern, the Directors 
have considered a wide range of information relating to present 
and future conditions, including future capital requirements, 
prediction of profitability and cash flows. These assessments 
showed the Group has sufficient capital and liquidity to support 
future business requirements and adequate resources to continue 
as a going concern for at least 12 months following approval of 
the financial statements.
The consolidated statement of financial position is shown in order 
of liquidity. The classification between current and non-current is 
set out in the notes. The Group’s Life Company business is 
reported separately. If the assets and liabilities of the Group’s Life 
Company business were to be included within existing captions on 
the consolidated statement of financial position, the effect would 
be to gross up a number of individual line items to a material 
extent. By not doing this, the Group can provide a more 
transparent presentation that shows the assets of the Life 
Company and the related unit-linked liabilities as separate and 
distinct from the remainder of the consolidated statement of 
financial position.
The Group’s principal accounting policies have been consistently 
applied. Further information is provided below and highlighted in 
the notes to the accounts.
(b) Future accounting developments
The Group did not implement the requirements of any standards 
or interpretations that were in issue but were not required to be 
adopted by the Group at the year-end date. No standards or 
interpretations have been issued that are expected to have 
a material impact on the consolidated financial statements.
(c) Basis of consolidation
The consolidated financial information includes the total 
comprehensive gains or losses, the financial position and the cash 
flows of the Company and its subsidiaries, associates and joint 
ventures. This includes share ownership trusts established for 
certain share-based awards.
In the case of associates and joint ventures, those entities are 
presented as single line items in the consolidated income 
statement and consolidated statement of financial position (see 
note 10).
Intercompany transactions and balances are eliminated on 
consolidation. Consistent accounting policies have been applied 
across the Group in the preparation of the consolidated financial 
statements. Details of the Company’s related undertakings are 
presented in note 37. 
The entities included in the consolidation may vary year on year 
due both to the restructuring of the Group (including acquisitions 
and disposals) and changes to the number of pooled investment 
vehicles controlled by the Group.
Where the Group controls a pooled investment vehicle, it is 
consolidated and the third party interest is recorded as a financial 
liability until the Group loses control. This consolidation has no net 
effect on the Group’s consolidated income statement.
The consolidated cash flow statement separately presents 
acquisitions and disposals of interests in consolidated pooled 
vehicles. Cash movements within the pooled vehicles are shown 
net within cash flows from operating activities as the cash held 
within the underlying pooled investment vehicles is restricted and 
is not available to the Group for corporate purposes. This 
presentation provides more relevant information about the impact 
of the Group’s investment in pooled vehicles on corporate cash 
resources than an analysis of the underlying cash flows of the 
vehicles.
The Group records any non-controlling interest at the 
proportionate share of the acquiree’s identifiable assets. Where an 
option exists to acquire a further interest in the shares of a 
subsidiary a financial liability is recognised. These liabilities are 
measured at the present value of the expected amount payable on 
exercise. As the option relates to a change in the ownership 
interest of a subsidiary, the non-controlling interest is adjusted 
and changes in value are recognised directly in equity. If these 
options expire unexercised, the financial liability is derecognised 
with the corresponding credit recognised directly in equity.
The most significant non-controlling interest relates to third party 
interests of 19.1% in Schroders Wealth Holdings Limited (SWHL). 
The consolidated profit after tax of SWHL was £83.8 million for the 
year (2023: £57.9 million). The net assets of SWHL were £377.4 
million at 31 December 2024 (2023: £312.1 million). Dividends of 
£3.6 million were paid to SWHL’s non-controlling interest during 
the year (2023: £12.4 million). 
No other non-controlling interest is considered to be individually 
material on the basis of the carrying value at 31 December 2024 
(2023: same).
(d) Net gains and losses on foreign exchange
Many subsidiaries are denominated in currencies other than 
sterling. The results of these subsidiaries are translated at the 
average rate of exchange. At the year end, the assets and liabilities 
are translated at the closing rate of exchange. Gains or losses on 
translation are recorded in the consolidated statement of 
comprehensive income and as a separate component of equity 
together with gains or losses on any hedges of overseas 
operations. Such gains or losses are transferred to the 
consolidated income statement on disposal or liquidation of the 
relevant subsidiary. Transactions undertaken in foreign currencies 
are translated into the functional currency of the subsidiary at the 
exchange rate prevailing on the date of the transaction.
Foreign currency assets and liabilities, other than those measured 
at historical cost, are translated into the functional currency at the 
rates of exchange ruling at the year-end date. Any exchange 
differences arising are included within the consolidated income 
statement.
(e) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, short-term 
deposits with contractual maturities of three months or less and 
money market funds that are readily convertible to cash and used 
for cash management purposes.
Consolidated financial statements continued
Notes to the accounts continued
142
Schroders Annual Report and Accounts 2024

Presentation of the financial statements 
continued
(f) Estimates and judgements
The preparation of the consolidated financial statements in 
conformity with UK-adopted international accounting standards 
requires the use of certain significant accounting estimates. It also 
requires management to exercise its judgement in the process of 
applying the Group’s accounting policies and in determining 
whether certain assets and liabilities should be recorded or an 
impairment recognised. Any areas involving a higher degree of 
judgement or complexity, or areas where assumptions and 
estimates are significant to the consolidated financial statements, 
are disclosed within the notes and identified under the title 
estimates and judgements. Estimates and judgements used in 
preparing the financial statements are periodically evaluated and 
are based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable. 
The resulting accounting estimates may not equal the related 
actual results. 
In applying IFRS 10 Consolidated Financial Statements, the Group 
uses judgement to determine whether its interests in funds (and 
other similar entities), including those held by the Life Company, 
constitute controlling interests. The Group can have interests in 
funds in the form of proprietary investments or through its role as 
fund manager. The Group usually deems control to exist where 
the Group is the fund manager and its share of total variable 
returns exceeds 40% (including from ownership interests and 
management and performance-based revenues). The Group 
usually deems that control does not exist where the Group’s share 
of total variable returns is below 30%. The Group reviews all facts 
and circumstances to establish whether the Group has control. 
This includes consideration of the purpose and design of the 
investee as well as the rights held by other parties to remove the 
Group as the fund manager.
The other estimates and judgements that could have a significant 
effect on the carrying amounts of assets and liabilities are set out 
in the following notes, including sensitivities where relevant or 
material:
Note 2
Net operating revenue
Note 4
Tax expense 
Note 7
Trade and other receivables
Note 8
Financial assets and liabilities
Note 13
Goodwill and intangible assets 
Note 15
Unit-linked liabilities and assets backing unit-linked liabilities
Note 17
Provisions and contingent liabilities 
Note 24
Retirement benefit obligations 
Note 28
Business combinations
Climate risks have been considered in the preparation of these 
consolidated financial statements, principally through the 
valuation of financial assets and impairment assessments. 
Financial assets measured at fair value are principally valued using 
traded prices or market observable inputs that incorporate 
potential climate risks where appropriate. The valuation of some 
financial instruments involves a greater level of judgement or 
estimation. In these scenarios climate risks are incorporated where 
relevant in the relevant assumptions, such as cash flow forecasts. 
For financial assets carried at amortised cost, credit risk 
assessments also include climate risk considerations.
Impairment assessments relating to goodwill and other intangible 
assets depend on value in use and discounted cash flow models. 
These valuations include climate risks in the relevant assumptions 
where appropriate. 
The Group’s net operating revenues are typically earned as an 
agreed percentage of the value of AUM or based on the 
performance of the underlying AUM. The potential impact of 
climate change on the Group’s AUM and future net operating 
revenue generation is considered in the principal risks and 
uncertainties section of this Annual Report and Accounts.
These considerations did not have a material impact on the 
financial reporting judgements and estimates in the current year. 
This reflects the conclusion that climate change is not expected to 
have a significant impact on the Group’s short-term cash flows 
including those considered in the going concern and viability 
assessments.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
143
Schroders Annual Report and Accounts 2024

Schroders plc – Statement of financial position
at 31 December 2024
2024
2023
Notes
£m
£m
Assets
Trade and other receivables
31  
1,702.5  
1,426.9 
Retirement benefit scheme surplus
24  
131.0  
138.3 
Deferred tax
33  
35.8  
38.2 
Investments in subsidiaries
37  
3,092.6  
3,092.6 
Total assets
 
4,961.9  
4,696.0 
Liabilities
Trade and other payables
32  
28.8  
18.4 
Issued debt
9  
256.0  
– 
Deferred tax
33  
32.8  
34.6 
Total liabilities
 
317.6  
53.0 
Net assets
 
4,644.3  
4,643.0 
Total equity
 
4,644.3  
4,643.0 
The financial statements were approved by the Board of Directors on 5 March 2025 and signed on its behalf by:
Meagen Burnett
Director
Schroders plc financial statements
144
Schroders Annual Report and Accounts 2024

Schroders plc – Statement of changes in equity
for the year ended 31 December 2024
Share 
capital
Share 
premium
Own 
shares
Profit and 
loss 
reserve
Total
Notes
£m
£m
£m
£m
£m
At 1 January 2024
 
322.4  
84.3  
(158.2)  4,394.5  4,643.0 
Profit for the year
 
–  
–  
–  
372.4  
372.4 
Items that will not to be reclassified to the income statement:
Net actuarial loss on defined benefit pension scheme
 
24  
–  
–  
–  
(7.7)  
(7.7) 
Tax on items taken directly to other comprehensive income
 
–  
–  
–  
1.9  
1.9 
Other comprehensive income
 
–  
–  
–  
(5.8)  
(5.8) 
Total comprehensive income for the year
 
–  
–  
–  
366.6  
366.6 
Own shares purchased 
 
35  
–  
–  
(55.8)  
–  
(55.8) 
Share-based payments
 
–  
–  
–  
24.7  
24.7 
Dividends
 
6  
–  
–  
–  
(334.2)  
(334.2) 
Transactions with shareholders
 
–  
–  
(55.8)  
(309.5)  
(365.3) 
Transfers
 
–  
–  
65.5  
(65.5)  
– 
At 31 December 2024
 
322.4  
84.3  
(148.5)  4,386.1  4,644.3 
Share 
capital
Share 
premium Own shares
Profit and 
loss reserve
Total
Notes
£m
£m
£m
£m
£m
At 1 January 2023
 
322.4  
84.3  
(167.8)  4,279.9  4,518.8 
Profit for the year
 
–  
–  
–  
464.9  
464.9 
Items that will not to be reclassified to the income statement:
Net actuarial loss on defined benefit pension scheme
 
24  
–  
–  
–  
(4.6)  
(4.6) 
Tax on items taken directly to other comprehensive income
 
–  
–  
–  
1.1  
1.1 
Other comprehensive income
 
–  
–  
–  
(3.5)  
(3.5) 
Total comprehensive income for the year
 
–  
–  
–  
461.4  
461.4 
Own shares purchased 
 
35  
–  
–  
(60.8)  
–  
(60.8) 
Share-based payments
 
–  
–  
–  
56.5  
56.5 
Tax in respect of share schemes
 
–  
–  
–  
0.1  
0.1 
Dividends
 
6  
–  
–  
–  
(333.0)  
(333.0) 
Transactions with shareholders
 
–  
–  
(60.8)  
(276.4)  
(337.2) 
Transfers
 
–  
–  
70.4  
(70.4)  
– 
At 31 December 2023
 
322.4  
84.3  
(158.2)  4,394.5  4,643.0 
The distributable profits of Schroders plc are £2.8 billion (2023: £2.8 billion) and comprise retained profits of £3.0 billion (2023: £3.0 
billion), included within the ‘Profit and loss reserve’, less amounts held within the own shares reserve.
The Group’s ability to pay dividends is however restricted by the need to hold regulatory capital and to maintain sufficient other 
operating capital to support its ongoing business activities. In addition, the Group invests in its own funds as seed capital for the 
purposes of supporting new investment strategies. An analysis of the Group’s capital position is provided in note 19.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
145
Schroders Annual Report and Accounts 2024

Schroders plc – Cash flow statement
for the year ended 31 December 2024
2024
2023
£m
£m
Profit before tax
 
380.2  
467.9 
Adjustments for:
(Increase)/decrease in trade and other receivables
 
(275.7)  
34.2 
Increase/(decrease) in trade and other payables
 
1.9  
(152.1) 
Net credit taken in respect of the Scheme
 
(0.4)  
(6.6) 
Share-based payments
 
24.7  
56.5 
Amounts paid in respect of Group tax relief
 
(2.0)  
– 
Net finance income adjustment
 
9.7  
(1.1) 
Net cash from operating activities
 
138.4  
398.8 
Cash flows from financing activities:
Loan received/(repaid) from/to a Group company
 
6.8  
(5.0) 
Acquisition of own shares
 
(55.8)  
(60.8) 
Dividends paid
 
(334.2)  
(333.0) 
Issuance of loan notes
 
248.8  
– 
Other
 
(4.0)  
– 
Net cash used in financing activities
 
(138.4)  
(398.8) 
Net decrease in cash and cash equivalents
 
–  
– 
Opening cash and cash equivalents
 
–  
– 
Net decrease in cash and cash equivalents
 
–  
– 
Closing cash and cash equivalents
 
–  
– 
Schroders plc financial statements continued
146
Schroders Annual Report and Accounts 2024

Schroders plc – Notes to the accounts
29     Significant accounting policies
The separate financial statements of Schroders plc (Company) have been prepared on a going concern basis in accordance with 
UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. The Company 
has taken advantage of the exemption in section 408 of the Act not to present its own income statement and statement of 
comprehensive income.
The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are the same as 
those set out in the Group’s financial statement note disclosures, where applicable. In addition, note 37 sets out the accounting 
policy in respect of investments in subsidiary undertakings.
30     Expenses and other disclosures
The auditor’s remuneration for audit services to the Company was £0.8 million (2023: £0.7 million). There was £0.2 million of other 
assurance services in the year (2023: £0.2 million).
Key management personnel compensation
The remuneration policy is described in more detail at www.schroders.com/directors-remuneration-policy. The Company has no 
employees. The key management personnel of the Company are defined as the Board of Directors. The remuneration of key 
management personnel, borne by the Company, during the year was as follows:
Type of remuneration
Typical composition of this type of benefit
2024
2023
£m
£m
Short-term employee benefits
Salary and upfront bonus
 
6.0  
6.8 
Share-based payments
Deferred share awards
 
4.9  
4.6 
Other long-term benefits
Deferred cash awards
 
2.4  
1.9 
 
13.3  
13.3 
31     Trade and other receivables
2024
2023
£m
£m
Amounts due from subsidiaries
 
1,701.9  
1,426.2 
Prepayments and accrued income
 
–  
0.2 
Other receivables 
 
0.6  
0.5 
 
1,702.5  
1,426.9 
Trade and other receivables are initially recorded at fair value and subsequently at amortised cost. All trade and other receivables are 
due within one year or repayable on demand.
Expected credit losses on trade and other receivables at 31 December 2024 were £1.7 million (2023: £1.4 million). Note 19 sets out the 
details of the expected credit loss calculation.
32     Trade and other payables
2024
2023
Non-current
Current
Total
Non-current
Current
Total
Trade and other payables amortised at cost:
£m
£m
£m
£m
£m
£m
Social security
 
1.5  
1.0  
2.5 
 
1.3  
1.0  
2.3 
Accruals 
 
2.0  
9.2  
11.2 
 
1.6  
8.0  
9.6 
Amounts owed to subsidiaries
 
–  
14.8  
14.8 
 
–  
6.4  
6.4 
Other payables
 
–  
0.3  
0.3 
 
–  
0.1  
0.1 
 
3.5  
25.3  
28.8 
 
2.9  
15.5  
18.4 
The Company’s trade and other payables mature in the following time periods:
2024
2023
£m
£m
Less than one year
 
25.3  
15.5 
1 - 2 years
 
1.4  
1.1 
2 - 5 years
 
2.1  
1.8 
 
3.5  
2.9 
 
28.8  
18.4 
Amounts owed to subsidiaries include an interest-bearing loan of £8.9 million (2023: £2.1 million) that is repayable on demand.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
147
Schroders Annual Report and Accounts 2024

33     Deferred tax
2024
2023
Deferred 
employees 
awards
Losses
Pension 
surplus
Total
Deferred 
employees 
awards
Losses
Pension 
surplus
Total
£m
£m
£m
£m
£m
£m
£m
£m
At 1 January
 
(3.3)  
(34.9)  
34.6  
(3.6) 
 
(2.7)  
(34.8)  
34.1  
(3.4) 
Income statement (credit)/charge
 
(0.2)  
2.6  
0.1  
2.5 
 
(0.4)  
(0.1)  
1.5  
1.0 
Income statement credit due to 
changes in tax rates
 
–  
–  
–  
– 
 
(0.2)  
–  
–  
(0.2) 
Credit to statement of other 
comprehensive income
 
–  
–  
(1.9)  
(1.9) 
 
–  
–  
(1.1)  
(1.1) 
Charge to statement of other 
comprehensive income due to 
changes in tax rates
 
–  
–  
–  
– 
 
–  
–  
0.1  
0.1 
At 31 December
 
(3.5)  
(32.3)  
32.8  
(3.0) 
 
(3.3)  
(34.9)  
34.6  
(3.6) 
A deferred asset of £3.4 million (2023: £3.6 million) relating to £13.6 million of realised capital losses has not been recognised as there is 
insufficient evidence that there will be sufficient capital gains in the future against which the deferred tax asset could be utilised. 
Net deferred tax at 31 December comprises a deferred tax asset of £35.8 million (2023: £38.2 million) and a deferred tax liability of £32.8 
million (2023: £34.6 million).
34     Financial instrument risk management
The Company’s policy is to have adequate capital for all activities undertaken in the normal course of business. In particular, it should 
have adequate capital to maintain sufficient liquid funds to meet peak working capital requirements. Generally, surplus capital is loaned 
back to the Group’s investment capital management entities.
The risk management processes of the Company are aligned with those of the Group as a whole. Details of the Group’s risk 
management processes are outlined in the ‘Risk management’ section within the Strategic report and the ‘Risk and internal controls’ 
section within the Audit and Risk Committee report as well as in note 19. The Company’s specific risk exposures are explained below.
Credit risk
The Company has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full amounts 
when due. The Company’s counterparties are predominantly its subsidiaries and therefore there is minimal external credit risk exposure.
Liquidity risk
Liquidity risk is the risk that the Company cannot meet its obligations as they fall due or can only do so at a cost. The Group’s liquidity 
policy is to maintain sufficient liquidity to cover any cash flow funding, meet all obligations as they fall due and maintain solvency. The 
Company holds sufficient liquid funds to cover its needs in the normal course of business. The Company can recall intercompany loans 
to subsidiaries or utilise the Group loan facility to maintain sufficient liquidity.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in market 
interest rates.
At 31 December 2024, if interest rates had been 25 bps higher (2023: 50 bps lower) or 50 bps lower (2023: 150 bps lower) with all other 
variables held constant, the Company estimates that profit after tax for the year would have increased by £3.1 million (2023: decreased 
by £5.2 million) or decreased by £6.2 million (2023: decreased by £15.6 million) respectively. These changes are mainly as a result of net 
interest income on the Company’s interest-bearing intercompany receivables and payables and cash. Other components of equity are 
not directly affected by interest rate movements.
The model used to calculate the effect on post-tax profits does not take into account the indirect effect of interest rates on the fair value 
of other assets and liabilities.
Foreign exchange and pricing risk
Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in 
foreign exchange rates. Pricing risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of 
changes in market prices. The Company is not directly exposed to foreign exchange or pricing risk. The Company’s investments in its 
directly held subsidiaries are in sterling and are held at historic cost. It has indirect exposure to foreign exchange and pricing risk in the 
Group, which could result in the impairment of these subsidiaries. There are currently sufficient resources in subsidiaries to absorb any 
normal market events.
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
148
Schroders Annual Report and Accounts 2024

35     Own shares
Movements in own shares during the year were as follows:
2024
2023
£m
£m
At 1 January 
 
(158.2)  
(167.8) 
Own shares purchased
 
(55.8)  
(60.8) 
Awards vested
 
65.5  
70.4 
At 31 December 
 
(148.5)  
(158.2) 
During the year, 9.4 million own shares (2023: 13.1 million) were purchased and held for hedging share-based awards. 6.4 million (2023: 
nil) shares were purchased and are held in treasury. 13.8 million shares (2023: 14.2 million) awarded to employees vested in the year and 
were transferred out of own shares.
The total number of shares in the Company held within the Company’s employee benefit trusts comprise:
2024
2023
Number of 
vested shares
Number of 
unvested shares
Total
Number of 
vested shares
Number of 
unvested shares
Total
Millions
Millions
Millions
Millions
Millions
Millions
Total ordinary shares
22.0
34.0
56.0
23.0
32.0
55.0
2024
2023
Vested 
shares
Unvested
shares
Total
Vested 
shares
Unvested
shares
Total
£m
£m
£m
£m
£m
£m
Total ordinary shares:
Cost 
 
103.1  
148.5  
251.6 
 
106.9  
158.2  
265.1 
Fair value
 
71.4  
109.9  
181.3 
 
98.9  
137.5  
236.4 
36     Related party transactions
The Company is not deemed to be controlled or jointly controlled by a party directly or through intermediaries under the accounting 
standards. As a result, the related parties of the Company comprise principally subsidiaries, associates and joint ventures, key 
management personnel, close family members of key management personnel and any entity controlled by those parties.
The Company has determined that key management personnel comprises only the Board of Directors.
Transactions between related parties
Details of transactions between the Company and its subsidiaries, which are related parties of the Company, and transactions between 
the Company and other related parties, excluding compensation (which is set out in note 30), are disclosed below:
2024
Revenue
Expenses
Interest 
receivable
Interest 
payable
Amounts owed 
by related 
parties
Amounts owed 
to related 
parties
£m
£m
£m
£m
£m
£m
Subsidiaries of the Company
 
358.0  
(24.0)  
71.9  
(0.1)  
1,701.9  
(14.8) 
Key management personnel
 
0.5  
–  
–  
(0.2)  
0.1  
(20.6) 
2023
Revenue
Expenses
Interest 
receivable
Interest 
payable
Amounts owed 
by related 
parties
Amounts owed 
to related 
parties
£m
£m
£m
£m
£m
£m
Subsidiaries of the Company
 
454.0  
(24.3)  
50.4  
(1.4)  
1,426.2  
(6.4) 
Key management personnel
 
0.6  
–  
–  
(0.3)  
0.1  
(17.0) 
Transactions with related parties were made at market rates. The amounts outstanding are unsecured and will be settled in cash.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
149
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings
The Group operates globally, which results in the Company having a corporate structure consisting of a number of related 
undertakings, comprising subsidiaries, joint ventures, associates and other qualifying undertakings. A full list of these undertakings, 
the country of incorporation, registered office, classes of shares held and the effective percentage of equity owned at 31 December 
2024 is disclosed below.
Additionally, related undertakings include entities where the Company has a significant holding of a share class or unit class of a 
pooled vehicle. These holdings can arise through the Group’s investment management activities on behalf of clients or as part of 
the stated aim of generating a return on capital. The seeding of structured entities in order to develop new investment strategies 
can give rise to these holdings. A listing of related undertakings arising from the Company’s interest in structured entities along 
with registered offices is included on pages 163 to 166.
(a)     Related undertakings arising from the Company’s corporate structure
Principal subsidiaries
The principal subsidiaries listed below are those that, in the opinion of the Directors, principally affect the consolidated profits or net 
assets of the Company. The principal subsidiary entities are wholly owned subsidiary undertakings of the Company, unless otherwise 
stated. All undertakings operate in the countries where they are registered or incorporated and are stated at cost less, where 
appropriate, provision for impairment.
Name
Share class
Footnote
%
Address
UK
Leadenhall Securities Corporation Limited
OS
100%
1 London Wall Place, London, EC2Y 5AU, England
Schroder & Co. Limited
OS
a
80.9%
Schroder Administration Limited
OS
b
100%
Schroder Corporate Services Limited
OS
100%
Schroder Financial Holdings Limited
OS
100%
Schroder Financial Services Limited
OS
100%
Schroder International Holdings Limited
OS
100%
Schroder Investment Company Limited
OS
100%
Schroder Investment Management Limited
OS
100%
Schroder Private Assets Holdings Limited
OS
100%
Schroder Real Estate Investment Management Limited
OS
100%
Schroder Unit Trusts Limited
OS
100%
Schroder Wealth Holdings Limited
OS
80.9%
Schroder Wealth International Holdings Limited
OS
100%
Australia
Schroder Investment Management Australia Limited
OS, CPS
100%
Level 20, Angel Place, 123 Pitt Street, Sydney, NSW 2000, Australia
Guernsey
Schroder Investment Company (Guernsey) Limited
OS,
Redeemable
100%
PO Box 334, Regency Court, Glategny Esplanade, St. Peter Port,
Guernsey, GY1 3UF, Channel Islands
Schroders (C.I.) Limited
OS
100%
Hong Kong
Schroder Investment Management (Hong Kong) Limited OS
100%
Level 33, Two Pacific Place, 88 Queensway, Hong Kong
Luxembourg
Schroder Investment Management (Europe) S.A.
OS
100%
5 rue Höhenhof, L-1736 Senningerberg, Luxembourg
Singapore
Schroder Investment Management (Singapore) Ltd.
OS
100%
138 Market Street, #23-01, CapitaGreen, Singapore, 048946
Switzerland
Schroder & Co Bank AG
OS
100%
Talstrasse 11, 8001 Zurich, Switzerland
Schroder Investment Management (Switzerland) AG
OS
100%
Schroders Capital Management (Switzerland) AG
OS
100%
United States
Schroder Investment Management North America Inc.
COS
100%
7 Bryant Park, New York, New York, 10018, USA
Schroder US Holdings Inc.
COS
100%
National Registered Agents, Inc., 160 Greentree Drive, Suite 101,
Dover, Delaware, 19904, USA
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
150
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries
Name
Share class Footnote %
Address
UK
Croydon Gateway Nominee 1 Limited
OS
100%
1 London Wall Place, London, EC2Y 5AU, England
Croydon Gateway Nominee 2 Limited
OS
100%
Gatwick Hotel Feeder GP LLP
PI
100%
J. Henry Schroder Wagg & Co. Limited
OS
100%
Schroders Capital Junior Infrastructure Debt United Kingdom GP LLP PI
100%
Schroder Investment Management North America Limited
OS
100%
Schroder Nominees Limited
OS
c
100%
Schroder Pension Management Limited
OS
100%
Schroder Pension Trustee Limited
OS
100%
Schroders IS Limited
OS
100%
UK PEM Partners Limited
OS
100%
Schroders Capital Private Equity Founder Partner (GP) Limited
OS
100%
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, 
Scotland
Schroders Capital Private Equity Founder Partner Limited
OS
100%
Schroders Capital Private Equity GP LLP
PI
100%
TransPennine GP (Scot) LLP
PI
100%
Benchmark Capital Limited
OS
100%
Broadlands Business Campus, Langhurstwood Road, 
Horsham, West Sussex, RH12 4QP, England
Benchmark Financial Planning Limited
OS
100%
Best Practice IFA Group Limited
OS
100%
Bright Square Pensions Limited
OS
100%
Champain Financial Services Limited
OS
n
100%
Creative Technologies Ltd
OS
100%
Evolution Wealth Network Limited
OS
100%
Fusion Wealth Limited
OS
100%
Kingston Bishop Limited
OS
l
100%
Mark Cardy Consultancy Limited
OS
p
100%
Oculus Wealth Management (North Dorset) Limited
OS
100%
PP Nominees Limited
OS
100%
PP Trustees Limited
OS
100%
RIA Pension Trustees Limited
OS
100%
Unique Financial Planning Limited
OS
m
100%
Vercern Limited
OS
i
100%
Wealth Planning Limited
OS
h
100%
Retirement Planning Partnership Ltd
OS
e
100%
Kestrel House, Alma Road, Romsey, Hampshire, SO51 
8ED, England
Advison Limited (In Liquidation)
OS
100%
Begbies Traynor (Central) LLP, Town Wall House, 
Balkerne Hill,  Colchester, Essex, CO3 3AD, England
Chilcomb Wealth Ltd (In Liquidation)
OS
100%
McPhersons Walpole Harding (Financial Services) Limited (In Liquidation) OS
100%
Mitchell & Company (IFA) Limited (In Liquidation)
OS
100%
Mitchell & Company Holdings (Reigate) Limited (In Liquidation)
OS
100%
Redbourne Wealth Management Ltd (In Liquidation)
OS
100%
Regents Park Financial Solutions Limited (In Liquidation)
OS
i
100%
The Workplace Benefits Company Limited (In Liquidation)
OS
i
100%
Waterhouse Financial Planning Limited (In Liquidation)
OS
100%
Begbies Traynor Scottish Provident Building, 7 
Donegall Square, West Belfast, BT1 6JH, Northern 
Ireland
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
151
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Australia
Schroder Australia Holdings Pty Limited
OS
100%
Level 20, Angel Place, 123 Pitt Street, Sydney, NSW 2000, Australia
Austria
Schroder Real Estate Asset Management Österreich GmbH OS
100%
Zwerchäckerweg 2-10, 1220 Vienna, Austria
Belgium
Algonquin Management Partners S.A.
OS
100%
Avenue Louise, 523 – 1050, Bruxelles, Belgium
Bermuda
Schroder Venture Managers Limited
COS
100%
Wellesley House, 2nd Floor, 90 Pitts Bay Road, Pembroke HM 08,
Bermuda
Schroders (Bermuda) Limited
OS
100%
SITCO Nominees Limited
OS
100%
Brazil
Schroder Investment Management Brasil Ltda
OS
100%
Av Presidente Juscelino Kubitschek, 1327, 12º andar, sala 121,
São Paulo, SP, 04543-011, Brazil
Canada
Schroder Canada Investments Inc.
COS
100%
Cidel Financial Group, 60 Bloor Street West, 9th Floor, Toronto,
Ontario, M4W 3B8, Canada
Cayman Islands
AEROW SMA Management I L.P.
PI
100%
Maples & Calder, PO Box 309 GT, Ugland House, South Church
Street, George Town, Grand Cayman, KY1 113, Cayman Islands
AEROW SMA Management II L.P.
PI
100%
PEM Partners Ltd
OS
100%
Schroders Capital cPl Global Management III L.P.
PI
100%
Clean Energy and Environment (China) Limited
OS
100%
Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand
Cayman KY1 9008, Cayman Islands
Chile
Schroders Chile SpA
OS
100%
Avenida Cerro El Plomo 5420 Oficina 1104, Les Condes, Santiago,
Chile
China
Schroder Fund Management (China) Company Limited
OS
100%
Unit 33T52A, 33F, 100 Century Avenue, FTZ, Shanghai, China
Schroder Investment Management (Shanghai) Co., Ltd.
OS
100%
Unit 40T12, 40F, 100 Century Avenue, FTZ, Shanghai, China
Schroders Capital Private Fund Management (Shanghai)
Co., Ltd.
OS
100%
33T72B, 33F, No. 100 Century Avenue, Pudong, Shanghai
China
Schroders Capital Investment Management (Beijing) 
Co., Ltd.
OS
100%
Room 1929-1932, Winland International Finance Centre, 7
Finance Street, Xicheng District, Beijing, China
Schroders Capital GP Management (Shanghai) Co., Ltd.
OS
100%
Room E-F, No. 828-838 Zhangyang Road, Shanghai Free Trade
Zone, Shanghai, China
Curaçao
cPl Schroders Capital Investments Management B.V.
OS
100%
Johan van, Walbeeckplein 11, Willemstad, Curaçao
Schroder Adveq Investors B.V.
OS
100%
Schroders Capital Management (Curaçao) N.V.
OS
100%
France
Schroder Real Estate (France)
OS
100%
1 rue Euler, 75008, Paris, France
Schroders Capital Management (France)
OS
100%
Schroders Capital Mid Infra II UP
OS
100%
Schroder Mid Infra UP
OS
100%
Schroders IDF IV UP
OS
100%
Germany
Blitz 06-953 GmbH
OS
100%
Taunustor 1, 60310, Frankfurt, Germany
Real Neunzehnte Verwaltungsgesellschaft mbH
OS
100%
Schroder Eurologistik Fonds Verwaltungs GmbH
OS
100%
Schroder Holdings (Deutschland) GmbH
CS
100%
Schroder Real Estate Investment Management GmbH
OS
100%
Name
Share class Footnote %
Address
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
152
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Germany (continued)
Schroder Real Estate Kapitalverwaltungsgesellschaft mbH
OS
100%
Taunustor 1, 60310, Frankfurt, Germany
Schroders Capital Management (Deutschland) GmbH
OS
100%
SIMA 5 Verwaltungsgesellschaft mbH
OS
100%
Schroder Real Estate Asset Management Austria GmbH OS
100%
Maximilianstraße 31, 80539, München, Germany
Schroder Real Estate Asset Management GmbH
OS
100%
Guernsey
Burnaby Insurance (Guernsey) Limited
OS
100%
Heritage Hall, Le Marchant Street, St.Peter Port, Guernsey, GY1 4JH, 
Channel Islands
CC Private Assets Equity PCC Limited
OS
100%
Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 3QL, 
Channel Islands
CC Private Assets Yield Limited
OS
100%
CC Private Debt Feeder Company Limited
OS
100%
CC Private Equity Feeder Company PCC Limited
OS
100%
Schroder Venture Managers (Guernsey) Limited
OS, NCRPS
100%
Schroders Wealth Private Assets PCC Limited
OS
100%
Schroder Investment Management (Guernsey) Limited
OS
100%
PO Box 334, Regency Court, Glategny Esplanade, St. Peter Port, 
Guernsey, GY1 3UF, Channel Islands
Schroder Investments (Guernsey) Limited
OS, R
100%
Schroder Nominees (Guernsey) Limited
OS
100%
Secquaero Re (Guernsey) ICC Ltd
OS
100%
PO Box 33, Dorey Court, Admiral Park, St.Peter Port, Guernsey, GY1 
4AT, Channel Islands
Hong Kong
Schroder & Co. (Hong Kong) Limited (In Liquidation)
OS
100%
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong
Schroders Greencoat HK SLP Limited
OS
100%
37/F One Taikoo Place, Taikoo Place, 979 King's Road, Quarry Bay, 
Hong Kong
Ireland
Schroder Investment Management (Ireland) Limited
OS
100%
George’s Court, 54-62 Townsend Street, Dublin 2, Ireland
Japan
Schroder Investment Management (Japan) Limited
OS
100%
8-3, Marunouchi 1-chome, Chiyoda-ku, Tokyo, 100-0005, Japan
Jersey
AAF Management II L.P.
PI
100%
26 New Street, St. Helier, Jersey, JE2 3RA, Channel Islands
AAF Management III L.P.
PI
100%
BKMS Management L.P.
PI
100%
BKMS Management II L.P.
PI
100%
Confluentes Partners I L.P.
PI
100%
Confluentes Partners II L.P.
PI
100%
CPPEF Partners L.P.
PI
100%
Cresta Management L.P.
PI
100%
Cresta Management II L.P.
PI
100%
Cresta Partners III L.P.
PI
100%
EEM Management L.P.
PI
100%
EEM Management II L.P.
PI
100%
EEM Opportunities Management L.P.
PI
100%
Gemini Management L.P.
PI
100%
GPEP Management I L.P.
PI
100%
GPEP Management IV L.P.
PI
100%
Name
Share class Footnote %
Address
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
153
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Name
Share class Footnote %
Address
Jersey (continued)
GPEP Partners V L.P.
PI
100%
26 New Street, St. Helier, Jersey, JE2 3RA, Channel 
Islands
GPEP Partners VI L.P.
PI
100%
IST3 Manesse PE Management L.P.
PI
100%
IST3 Manesse PE2 Management L.P.
PI
100%
Malatrex Partners L.P.
PI
100%
Marmolata Partners L.P.
PI
100%
Marmolata PE Impact Partners L.P.
PI
100%
Matterhorn Partners L.P.
PI
100%
Milele Partners L.P.
PI
100%
PSY Private Equity Partners L.P.
PI
100%
PSY Private Equity Partners II L.P.
PI
100%
SA Co-Investment Management 1 L.P.
PI
100%
SA RP CO Management 1 L.P.
PI
100%
SA TG Management L.P.
PI
100%
SA VS Management L.P.
PI
100%
SA-EL Asia Partners I L.P.
PI
100%
SA-EL Partners II L.P.
PI
100%
SC-SA Co-Invest Opportunities 2018 Management L.P.
PI
100%
Salève 2017 Management L.P.
PI
100%
Salève 2020 Management L.P.
PI
100%
Salève 2022 Partners L.P.
PI
100%
Salève 2025 Partners L.P.
PI
100%
SC Global Opportunities Management L.P.
PI
100%
Schroder Adveq Shanghai Private Equity Investment Management L.P.
PI
100%
Schroders Capital cPl Global Partners IV L.P. 
PI
100%
Schroders Capital cPl Global Partners V L.P.
PI
100%
Schroders Capital Multi Private Credit Management L.P. 
PI
100%
Schroders Capital Private Equity Asia Partners V L.P. 
PI
100%
Schroders Capital Private Equity Asia Partners VI L.P.
PI
100%
Schroders Capital Private Equity China Partners IV L.P.
PI
100%
Schroders Capital Private Equity China Partners VI L.P.
PI
100%
Schroders Capital Private Equity Europe Direct Partners II L.P. 
PI
100%
Schroders Capital Private Equity Europe Direct Partners III L.P.
PI
100%
Schroders Capital Private Equity Europe Partners VII L.P 
PI
100%
Schroders Capital Private Equity Europe Partners VIII L.P. 
PI
100%
Schroders Capital Private Equity Europe Partners IX L.P.
PI
100%
Schroders Capital Private Equity Global Direct Partners III L.P. 
PI
100%
Schroders Capital Private Equity Global Direct Partners IV L.P.
PI
100%
Schroders Capital Private Equity Global Innovation Partners IX L.P. 
PI
100%
Schroders Capital Private Equity Global Innovation Partners X L.P. 
PI
100%
Schroders Capital Private Equity Global Innovation Partner XI L.P.
PI
100%
Schroders Capital Private Equity Global Partners II L.P. 
PI
100%
Schroders Capital Private Equity Global Partners III L.P. 
PI
100%
Schroders Capital Private Equity Global Partners IV L.P.
PI
100%
Schroders Capital Private Equity Healthcare Partners L.P. 
PI
100%
Schroders Capital Private Equity India Partners L.P.
PI
100%
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
154
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Name
Share class Footnote %
Address
Jersey (continued)
Schroders Capital Private Equity Mature Secondaries (Orthros) Management L.P. PI
100%
26 New Street, St. Helier, Jersey, JE2 3RA,
Channel Islands
Schroders Capital Private Equity Mature Secondaries (Orthros) Management II 
L.P. 
PI
100%
Schroders Capital Private Equity Mature Secondaries (Orthros) Management III 
L.P.
PI
100%
Schroders Capital Private Equity Mature Secondaries (Orthros) Management IV 
L.P. 
PI
100%
Schroders Capital Private Equity Continuation Opportunities Management L.P.
PI
100%
Schroders Capital Private Equity Continuation Opportunities Partners II L.P.
PI
100%
Schroders Capital Private Equity Continuation Opportunities Partners III EUR L.P. PI
100%
Schroders Capital Private Equity Continuation Opportunities Partners III USD L.P. PI
100%
Schroders Capital Private Equity US Partners V L.P. 
PI
100%
Schroders Capital Private Equity US Partners VI L.P.
PI
100%
Schroders Capital Taft-Hartley Ventures Partners L.P.
PI
100%
Schroders Capital WPP Global Private Equity Management I L.P.
PI
100%
Schroders Capital WPP Global Private Equity Management II L.P.
PI
100%
TMC Management III L.P.
PI
100%
TMC Management IV L.P.
PI
100%
TMC Management V L.P.
PI
100%
TMCO Management I L.P.
PI
100%
Wilmersdorf Secondary Management II L.P.
PI
100%
Schroders Capital Management (Jersey) Ltd
OS
100%
IFC1, St. Helier, Jersey, JE2 3BX, Channel 
Islands
Schroders Capital Private Equity Wollstonecraft Management Ltd.
OS
100%
Schroders Capital WPP Global Private Equity Management Ltd.
OS
100%
Croydon Gateway GP Limited
OS
100%
47 Esplanade, St. Helier, Jersey, JE1 0BD,
Channel Islands
Croydon Gateway Investments Limited
OS
100%
Income Plus Real Estate Debt GP Limited
OS
100%
Schroder Real Estate Managers (Jersey) Limited
OS
100%
Schroder RECaP SSF Nominee 1 Limited
OS
k
100%
Schroder RECaP Nominee 2 Limited
OS
k
100%
SRECaP SSF GP Ltd
OS
100%
UK Retirement Living Fund (ReLF) GP Limited
OS
100%
Luxembourg
Confluentes Management S.à r.l.
OS
100%
17, boulevard F.W. Raiffeisen, L-2411,
Luxembourg
CPPEF Management S.à r.l.
OS
100%
Cresta Management S.à r.l.
OS
100%
GPEP Management S.à r.l.
OS
100%
KVT PE Management S.à r.l.
OS
100%
Manesse PE Management S.à r.l.
OS
100%
Marmolata Management S.à r.l.
OS
100%
Matterhorn Management S.à r.l.
OS
100%
PE III Management S.à r.l.
OS
100%
PSY Private Equity Management S.à r.l.
OS
100%
Salève Management S.à r.l.
OS
100%
Schroders Capital cPl Global Management S.à r.l.
OS
100%
Schroders Capital Management (Luxembourg) S.à r.l.
OS
100%
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
155
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Name
Share class Footnote %
Address
Luxembourg (continued)
Schroders Capital Private Equity Asia Management V S.à r.l.
OS
100%
17, boulevard F.W. Raiffeisen, L-2411,
Luxembourg
Schroders Capital Private Equity Asia Management VI S.à r.l.
OS
100%
Schroders Capital Private Equity China Management S.à r.l.
OS
100%
Schroders Capital Private Equity Europe Direct Management III S.à r.l.
OS
100%
Schroders Capital Private Equity Europe Management VIII S.à r.l.
OS
100%
Schroders Capital Private Equity Europe Management IX S.à r.l.
OS
100%
Schroders Capital Private Equity Global Direct Management III S.à r.l.
OS
100%
Schroders Capital Private Equity Global Direct Management IV S.à r.l.
OS
100%
Schroders Capital Private Equity Global Innovation Management X S.à r.l.
OS
100%
Schroders Capital Private Equity Global Innovation Management XI S.à r.l.
OS
100%
Schroders Capital Private Equity Global Management III S.à r.l.
OS
100%
Schroders Capital Private Equity Global Management IV S.à r.l.
OS
100%
Schroders Capital Private Equity Healthcare Management S.à r.l.
OS
100%
Schroders Capital Private Equity India Management S.à r.l.
OS
100%
Schroders Capital Private Equity Continuation Opportunities Management 
II S.à r.l.
OS
100%
Schroders Capital Private Equity Continuation Opportunities Management 
III S.à r.l.
OS
100%
Schroders Capital Private Equity US Management V S.à r.l.
OS
100%
Schroders Capital Private Equity US Management VI S.à r.l.
OS
100%
Schroders Capital Semi-Liquid Global Private Equity Holding Management
S.à r.l.
OS
100%
Schroders Capital Solutions Management S.à r.l.
OS
100%
Schroders Capital Hybrid Enhanced Return Infrastructure GP S.à r.l.
OS
100%
60, avenue J.F. Kennedy, L-1855 Luxembourg
Schroders Capital Junior Infrastructure Debt Europe II GP S.à r.l.
OS
100%
46A Avenue J.F.Kennedy, L-1855, Luxembourg
Schroders Capital Junior Infrastructure Debt Europe III GP S.à r.l.
OS
100%
Schroders Capital Senior Infrastructure Debt Europe V GP S.à r.l.
OS
100%
Schroders Capital European Operating Hotels GP S.à r.l.
OS
100%
404, Route d'Esch, L - 1471 Luxembourg
IED UK GP S.à r.l.
OS
100%
Schroders Capital Real Estate Debt GP S.à r.l.
OS
100%
15 Boulevard Friedrich Wilhelm Raiffeisen, L - 
2411, Luxembourg
SNI Management S.à r.l.
OS
100%
Schroder Real Estate (CIP) GP S.à r.l.
OS
100%
5 rue Höhenhof, L-1736 Senningerberg,
Luxembourg
Schroder Real Estate Investment Management (Luxembourg) S.à r.l.
OS
100%
Schroders Greencoat Europe GP S.à r.l.
OS
100%
8, rue Lou Hemmer, L-1748 Senningerberg, 
Luxembourg
Schroders Greencoat US - A SCSp
PI
100%
Schroders Greencoat US GP S.àr.l.
OS
100%
Schroders Capital Real Estate Asia IV SCSp
PI
100%
4 Rue du Fort Wallis, L-2714, Luxembourg
Netherlands
Schroders Capital Real Estate Netherlands B.V.
OS
100%
Strawinskylaan 1547, WTC, Level 14, 1077 XX
Amsterdam, Netherlands
Real Estate Fund Management B.V.
OS
100%
RES Participations B.V.
OS
100%
Schroder International Finance B.V.
OS
100%
1 London Wall Place, London, EC2Y 5AU, 
England
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
156
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Fully owned subsidiaries continued
Name
Share class Footnote %
Address
Singapore
Schroder & Co. (Asia) Limited
OS
100%
138 Market Street, #23-02, CapitaGreen, Singapore, 
048946
SWM Capital VCC
OS
100%
Schroder Singapore Holdings Private Limited
OS
100%
China Renewable Energy Fund GP Pte. Ltd
OS
100%
77 Robinson Road, #13-00, Robinson 77, Singapore, 
068896
South Korea
Schroders Korea Limited
OS
100%
15th fl., Centropolis A, 26, Ujeongguk-ro,
Jongno-gu, Seoul, Republic of Korea
Switzerland
Schroder Real Estate Asset Management Switzerland GmbH (In 
Liquidation)
OS
100%
Lavaterstrasse 40, 8002, Zurich, Switzerland
Schroders Capital Holding (Switzerland) AG
OS
100%
Talstrasse 11, 8001 Zurich, Switzerland
Taiwan
Schroder Investment Management (Taiwan) Limited
OS
100%
9/F, 108 Sec.5, Hsin-Yi Road, Hsin-Yi District,
Taipei 11047, Taiwan
United States
Schroder Canada Inc.
OS
100%
7 Bryant Park, New York, New York, 10018, USA
Schroder Fund Advisors LLC
COS
100%
Schroder Taft-Hartley Income GP, LLC
PI
100%
Schroder Venture Managers Inc.
COS
100%
Schroders Incorporated
COS
100%
Schroder FOCUS II GP, LLC
PI
100%
Corporate Trust Center, 1209 Orange Street, 
Wilmington, Delaware, 19801, USA
Schroder Flexible Secured Income GP, LLC
PI
100%
Schroders Capital PILLARS GP, LLC
PI
100%
Schroders Capital ERISA Flexible Secured Income GP, LLC
PI
100%
Schroders Capital FOCUS III GP, LLC
PI
100%
Schroders Capital Management (US) Inc.
OS
100%
Schroders Capital PERLS GP, LLC
PI
100%
Schroders Capital Securitized Hi-Grade Flexible Total Return GP, LLC
PI
100%
Schroders Greencoat US GP LLC
OS
100%
Subsidiaries where the ownership is less than 100%
Name
Share class
Footnote
%
Address
UK
Cazenove New Europe (CFM1) Limited
OS
a, c
80.9%
1 London Wall Place, London, EC2Y 5AU, England
Cazenove New Europe (PPI) Limited
OS
a, c
80.9%
Cazenove New Europe Staff Interest Limited
OS
a, c
80.9%
Residential Land Development (GP) LLP
PI
i
67%
Ruskin Square Phase One LLP
PI
50%
Sand Aire Limited
OS
a
80.9%
Schroder & Co Nominees Limited
OS
a, c
80.9%
Schroder Wealth Management (US) Limited
OS
a
80.9%
The Lexicon Management Company Limited
OS
i
50%
Greencoat Buckingham GP Unlimited
OS
h
75%
Greencoat Buckingham Investments LLP
PI
h
75%
Greencoat Capital Management Investment Limited
OS
h
75%
Greencoat Carlisle Place GP LLP
PI
h
75%
Greencoat Carlisle Place Investments Limited
OS
h
75%
Greencoat Cornwall Gardens GP LLP
PI
h
75%
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
157
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Subsidiaries where the ownership is less than 100% continued
Name
Share class
Footnote
%
Address
UK (continued)
Greencoat Cornwall Gardens Investments Limited
OS
h
75%
1 London Wall Place, London, EC2Y 5AU, England
Greencoat Embankment GP LLP
PI
h
75%
Greencoat Embankment Investments Limited
OS
h
75%
Greencoat GRI Investments Limited
OS
h
75%
Greencoat Hudson GP LLP
PI
h
75%
Greencoat Hudson Investments Limited
OS
h
75%
Greencoat Sejong GP LLP
PI
h
75%
Greencoat Sejong Investments Limited
OS
h
75%
Greencoat Solar GP Unlimited
OS
h
75%
Greencoat Solar II GP Unlimited
OS
h
75%
Greencoat Solar II Investments LLP
PI
h
75%
Greencoat Solar Investments LLP
PI
h
75%
Greencoat Tachbrook GP LLP
PI
h
75%
Greencoat Tachbrook Investments Limited
OS
h
75%
Greencoat Tothill GP LLP
PI
h
75%
Greencoat Tothill Investments Limited
OS
h
75%
Greencoat Villiers GP LLP
PI
h
75%
Greencoat Villiers Investments Limited
OS
h
75%
Greencoat Wilton GP LLP
PI
h
75%
Greencoat Wilton Investments Limited
OS
h
75%
Greencoat York GP LLP
PI
h
75%
Greencoat York Investments Limited
OS
h
75%
Greencoat GRI (Feeder) GP Unlimited
OS
h
75%
Schroders Greencoat Francis Investments LLP
PI
h
75%
Schroders Greencoat Glasgow Terrace GP LLP
PI
h
75%
Schroders Greencoat Holdings Limited
OS
75%
Schroders Greencoat Investment Limited
OS
h
75%
Schroders Greencoat LLP
PI
h
75%
Schroders Greencoat Wessex Gardens GP LLP
PI
h
75%
Schroders Greencoat Willow GP LLP
PI
h
75%
Schroders Greencoat Woodmont Renewables GP LLP
PI
h
75%
Social Supported Housing CIP LLP
PI
50%
Social Supported Housing GP LLP
PI
50%
Whitley Asset Management Limited
OS
80.9%
Clarke-Walker Financial Management Limited
OS
j
49.5%
C/O Mcphersons Walpole Harding, Citibase 
Brighton, 95 Ditchling Road, Brighton, BN1 4ST, 
England
Finura Partners Limited
OS
75%
C/O Cantelowes Limited, 4th Floor, 20 
Aldermanbury, London, EC2V 7HY, England
Greencoat GRI GP LLP
PI
h
75%
50 Lothian Road, Festival Square, EH3 9WJ, 
Edinburgh, Scotland
Greencoat Sejong FP LP
PI
h
75%
Schroders Greencoat Francis GP
PI
h
75%
Oculus Wealth Management Limited
OS
51%
Bridge House Main Street, Weeton, Leeds, LS17 0AY, 
England
Oculus (Holdings) Limited
OS
51%
Tenacity Wealth Management Limited
OS
o
75%
Haslemere House, Lower Street, Haslemere, Surrey, 
GU27 2PE, England
Argentina
Schroder Investment Management S.A.
OS
95%
Ing.Enrique Butty 220, Piso 12, Buenos Aires,
C1001AFB, Argentina
Schroder S.A. Sociedad Gerente de Fondos Comunes de Inversion
OS
95%
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
158
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Subsidiaries where the ownership is less than 100% continued
Name
Share class
Footnote %
Address
British Virgin Islands
Alpha Park Limited
OS
g
77.4%
Vistra Corporate Services Centre, Wickhams Cay II, 
Road Town, Tortola, VG1110, British Virgin Islands
Flete Holdings Limited
OS
g
77.4%
Pamfleet China Limited
OS
g
77.4%
Cayman Islands
Pamfleet China Investment Management Limited
OS
g
77.4%
Maples Corporate Services Limited, PO Box 309,
Ugland House, Grand Cayman, KY1-1104,
Cayman Islands
Pamfleet China Investment Management II Limited
OS
g
54.2%
Pamfleet International Limited
OS
g
77.4%
Schroders HKHS G.P.
OS
g
77.4%
Schroder Adveq Europe Management II L.P.
PI
20%
Schroder Adveq Europe Management III L.P.
PI
87.9%
Schroder Adveq Technology Management V L.P.
PI
89%
Schroder Adveq Technology Management VI L.P.
PI
65%
Schroder Adveq US Management I L.P.
PI
76%
Schroders Capital cPl Global Management L.P.
PI
63%
Schroders Capital cPl Global Management II L.P.
PI
88%
Schroders Capital Private Equity Asia Management L.P.
PI
75%
Schroders Capital Private Equity Asia Management II L.P.
PI
65%
Schroders Capital Private Equity Europe Management IV A L.P.
PI
59%
Schroders Capital Private Equity Europe Management IV B L.P.
PI
70%
Schroders Capital Private Equity US Management II L.P.
PI
87%
China
Pamfleet (Shanghai) Enterprise Management Limited
OS
g
77.4%
302 Block 9 No 697 Weihai Road, Jing’An, Shanghai, 
China
France
Terre et Mer Holding SAS
OS
80%
1 rue Euler, 75008, Paris, France
Germany
CM Komplementr 06-379 GmbH & Co KG
OS
95%
Taunustor 1, 60310, Frankfurt, Germany
Schroders Greencoat (Deutschland) GmbH
CS
i, h
75%
Guernsey
SV (Nominees) Limited
OS
k
50%
PO Box 255, Trafalgar Court, Les Banques,
St. Peter Port, Guernsey, GY1 3QL, Channel Islands
Hong Kong
Pamfleet Asset Management (China) Limited
OS
g
77.4%
Level 33, 88 Queensway, Hong Kong
Pamfleet Asset Management (HK) Limited
OS
g
77.4%
Pamfleet (China II) Asset Management Limited
OS
g
54.2%
Pamfleet (HK) Limited
OS
g
77.4%
Pamfleet Holdings (Hong Kong) Limited
OS
77.4%
Indonesia
PT Schroder Investment Management Indonesia
OS
99%
30th Floor, Indonesia Stock Exchange Building,
Tower 1, Jl Jendral Sudirman Kav 52-53, Jakarta,
12190, Indonesia
Ireland
Schroders Greencoat (Ireland) Limited
OS
i, h
75%
Riverside One, 37-42 Sir John Rogerson’s Quay,
Dublin 2, D02 X576, Ireland
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
159
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Subsidiaries where the ownership is less than 100% continued
Name
Share class Footnote %
Address
Jersey
AAF Management I L.P.
PI
48%
26 New Street, St. Helier, Jersey, JE2 3RA,
Channel Islands
GPEP Management II L.P.
PI
70%
GPEP Management III L.P.
PI
70%
Schroders Capital Private Equity Asia Management III L.P.
PI
53%
Schroders Capital Private Equity Asia Management IV L.P.
PI
70%
Schroders Capital Private Equity Europe Direct Management L.P.
PI
73%
Schroders Capital Private Equity Europe Management V L.P.
PI
73%
Schroders Capital Private Equity Europe Management VI L.P.
PI
74%
Schroders Capital Private Equity Global Innovation Management VII L.P.
PI
46%
Schroders Capital Private Equity Global Innovation Management VIII L.P.
PI
78%
Schroders Capital Private Equity Global Management L.P.
PI
71%
Schroders Capital Private Equity Secondaries Management II L.P.
PI
53%
Schroders Capital Private Equity US Management III L.P
PI
51%
Schroders Capital Private Equity US Management IV L.P.
PI
73%
TMC Management I L.P.
PI
54%
TMC Management II L.P.
PI
49%
Wilmersdorf Secondary Management L.P.
PI
71%
UK Retirement Living (CIP) GP Limited
OS
50%
47 Esplanade, St. Helier, Jersey, JE1 0BD, Channel 
Islands
Luxembourg
BlueOrchard Asset Management (Luxembourg) S.A.
OS
k, f
90%
5 rue Höhenhof, L-1736 Senningerberg,
Luxembourg
BlueOrchard Invest S.à r.l.
OS
k, f
90%
Schroder Property Services B.V. (In Liquidation)
OS
70%
Schroders Capital Hotels (CIP) SCSp
PI
75.2%
SEOHF (CIP) SCSp
PI
99.9%
SEOHF AGGREGATOR (CIP) SCSp
PI
78.6%
SRE ReLF (CIP) SCSp
PI
74.7%
SRE SoHo (CIP) SCSp
PI
83.1%
Schroders Capital Real Estate Asia IV GP S.à r.l.
OS
g
77.4%
4 rue du Fort Wallis, 2714 Luxembourg
SRE Invest SCSp
PI
99.7%
15 boulevard F.W. Raiffeisen, L-2411, 
Luxembourg
Mexico
Consultora Schroders, S.A. de C.V.
OS
d, e
99%
Montes Urales 760 Desp. 101, Col. Lomas de
Chapultepec, DF, 11000, Mexico
Netherlands
Data Invest B.V.
OS
21.9%
Strawinskylaan 1547, WTC Level 15, 1077 XX
Amsterdam, Netherlands
Frame Offices B.V.
OS
40%
ITC Invest B.V.
OS
30.4%
RES Retail B.V.
OS
51.5%
Schroders Greencoat (Nederland) B.V.
OS
i, h
75.0%
World Trade Center, Tower C, Level 15,
Strawinskylaan 1547, 1077 XX, Amsterdam,
Netherlands
Peru
BlueOrchard America Latina S.A.C.
OS
f
90%
Calle Dean, Valdivia 227, Office 501, San Isidro,
Lima, Peru
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
160
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Subsidiaries where the ownership is less than 100% continued
Name
Share class Footnote
%
Address
Singapore
BlueOrchard Investments Singapore Pte. Ltd
OS
f
90%
138 Market Street, #23-01, CapitaGreen, 
Singapore, 048946
Pamfleet Asset Management (Singapore) Pte. Limited
OS
g
77.4%
Switzerland
BlueOrchard Finance AG
OS
90%
Talstrasse 11, 8001 Zurich, Switzerland
United States
Schroders Greencoat US LLC
PI
i, h
75%
251 Little Falls Drive, City of Wilmington, County 
of New Castle, Delaware 19808, USA
Greencoat Columbus GP LLC
PI
h
75%
Maples Fiduciary Services (Delaware) Inc., 4001
Kennett Pike, Suite 302, Wilmington, Delaware
19807, USA
Greencoat Columbus II GP LLC
PI
h
75%
SG US Blocker LLC
PI
75%
The Corporation Trust Company, 1209 Orange 
Street, Wilmington DE 19801, USA
SG US Aggregator LLC
PI
75%
Associates and joint ventures
Name
Share class Footnote
%
Address
UK
Chartered Independent Limited
OS
j
49%
6 Church Street, Wellington, Telford, TF1 1DG,
England
Kellands (Bristol) Limited
OS
31%
Quays Office Park, Conference Avenue,
Portishead, Bristol, BS20 7LZ, England
Rayner Spencer Mills Research Limited
OS
49%
20 Ryefield Business Park, Belton Road, Silsden,
Keighley, West Yorkshire, BD20 0EE, England
Future Growth Capital (Holdings) Limited
OS
50.1%
1 London Wall Place, London, EC2Y 5AU, England
Nippon Life Schroders Asset Management Europe Limited
OS
d
33%
Robertson Baxter Limited
OS
24%
Beck House, Abbey Road, Shepley, Huddersfield,
HD8 8EP, England
Scottish Widows Schroder Wealth Holdings Limited
OS
49.9%
25 Gresham Street, London, EC2V 7HN, England
Australia
Schroders RF Limited
OS
k
50.1%
Level 20, Angel Place, 123 Pitt Street, Sydney, 
NSW 2000, Australia
British Virgin Islands
Graceful Lane Limited
OS
30%
Vistra Corporate Services Centre, Wickhams Cay 
II, Road Town, Tortola, VG1110, British Virgin 
Islands
China
Bank of Communications Schroder Fund Management Company 
Limited
OS
30%
2nd Floor Bank of Communications Tower,
188 Middle Yincheng Road, Pudong New Area,
Shanghai, 200120, China
Schroder BOCOM Wealth Management Company Limited
OS
51%
Floor 59, Wheelock Square, No. 1717, West
Nanjing Road, Jingan District, Shanghai, China
France
JV Hotel Paris La Villette SAS
OS
50%
1 rue Euler, 75008, Paris, France
Guernsey
Schroder Ventures Investments Limited
OS, R, D, B
Preference
50%
PO Box 255, Trafalgar Court Les Banques,
St. Peter Port, Guernsey, GY1 3QL, Channel 
Islands
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
161
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(a)     Related undertakings arising from the Company’s corporate structure continued 
Associates and joint ventures continued
Name
Share class Footnote
%
Address
India
Axis Asset Management Company Limited
OS
i
25%
1st Floor, Axis House C-2 Wadia International 
Centre, Pandurang Budhkar Marg, Worli-
Mumbai, 400025, India
Axis Mutual Fund Trustee Limited
OS
i
25%
Jersey
Bracknell General Partner Limited
OS
e
50%
47 Esplanade, St. Helier, Jersey, JE1 0BD, Channel 
Islands
Singapore
Nippon Life Global Investors Singapore Limited
OS
33%
138 Market Street, #34-02, CapitaGreen, 048946, 
Singapore
United States
A10 Capital Parent Company LLC
COS
19.3%
1209 Orange Street, Wilmington, Delaware, 
19801, USA
Share class abbreviations
CS
Capital shares.
COS
Common stock.
NCRPS
Non-cumulative redeemable preference 
shares.
CPS
Convertible preference shares.
D
Deferred shares.
OS
Ordinary shares.
PI
Partnership interest.
PS
Promote shares.
R
Redeemable preference shares.
Footnotes
a Owned through Schroder Wealth Holdings 
Limited.
b Held directly by the Company.
c
Dormant company.
d The Company holds ordinary B shares.
e The Company holds ordinary A shares.
f
Owned through BlueOrchard Finance AG.
g Owned through Pamfleet Holdings (Hong Kong) 
Limited.
h Owned through Schroders Greencoat Holdings 
Limited.
i
Financial year end 31 March.*
j
Financial year end 31 May.*
k
Financial year end 30 June.*
l
Financial year end 31 August.*
m Financial year end 30 April.* 
n Financial year end 30 November.*
o Financial year end 28 February.*
p Financial year end 31 January.*
*  Entities where the year end is not coterminous 
with the Group primarily relate to those which 
were acquired in recent years.
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
162
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(b)     Related undertakings arising from the Company’s interests in structured entities
The Company’s related undertakings also include funds in which it holds investments. These include fully and partially owned funds that 
are classified as subsidiaries. Due to the number of share classes or unit classes that can exist in these vehicles, a significant holding in a 
single share class or unit class is possible without that undertaking being classified as a subsidiary or associate.
Fund Name
Share/unit class
Holding in share/
unit class
Total holding in 
undertaking via 
share/unit class
UK
Schroder Diversified Growth Fund*
I Accumulation
89%
89%
Schroder Flexible Retirement Fund*
X Accumulation
100%
87%
Schroder Global Emerging Markets Fund*
A Accumulation
100%
39%
Schroder Global Sovereign Bond Tracker Component Fund
I Accumulation
22%
13%
Schroder Global Sustainable Food And Water Fund*
X Accumulation
60%
50%
Schroder India Equity Fund*
X Accumulation
100%
73%
Schroder Institutional UK Smaller Companies
X Accumulation
100%
15%
Schroder Life UK Equity Portfolio
IES 1
67%
18%
Schroder Long Dated Corporate Bond Fund
I Accumulation
20%
7%
Schroder QEP Global Active Value Fund
I Accumulation
49%
14%
Schroder Sustainable Bond Fund
X Accumulation
61%
25%
Schroder Sustainable Future Multi-Asset Fund*
Z Accumulation
51%
39%
Schroder Sustainable Multi-Factor Equity Fund*
X Accumulation
92%
56%
Schroders Capital Global Private Equity LTAF
Z Accumulation
98%
49%
Schroders Capital UK Innovation LTAF
XT Accumulation
100%
1%
Schroders Capital UK Real Estate Fund Feeder Trust
I Distribution
36%
36%
Schroders Greencoat Global Renewables+ LTAF*
A Accumulation
87%
47%
Australia
Schroder Equity Opportunities Fund
I Accumulation
100%
1%
Brazil
Schroder Alternative Securitised Income BRL FIF RF CP IE RL
Unspecified
55%
55%
Schroder Best Ideas FIA
Unspecified
30%
30%
Schroder Premium Diversified Credit Vintage A FIC FIM CP
Unspecified
78%
78%
Cayman Islands
Musashi Smart Premia Fund (Exclusively for Qualified Institutional Investors 
with Re-Sale Restriction for the Japanese Investors)
B
100%
0%
Musashi Smart Premia Fund (Exclusively for Qualified Institutional Investors 
with Re-Sale Restriction for the Japanese Investors)
C
100%
1%
China
Schroder China Dynamic Equity Fund
A Accumulation
55%
33%
Guernsey
Schroder Institutional Developing Markets Fund
B Distribution
100%
4%
Hong Kong
Schroder Asian Asset Income Fund
I Accumulation USD
100%
0%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV AUD Hedged
31%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV2 AUD Hedged
93%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV2 CNY Hedged
74%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV HKD
7%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV2 HKD
58%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV CNY Hedged
27%
2%
Schroder Global Multi-Asset Thematic Fund*
A Accumulation
42%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV
10%
2%
Schroder Global Multi-Asset Thematic Fund*
A Distribution MV2
95%
2%
Schroder Global Multi-Asset Thematic Fund*
I Accumulation
100%
23%
Japan
Schroder YEN Target (Annual)
Unspecified
35%
35%
Schroder YEN Target (Semi-Annual)
Unspecified
75%
75%
Luxembourg
BlueOrchard Covid-19 Fund
Unspecified
27%
8%
BlueOrchard Impact Credit Fund
BO
100%
33%
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
163
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(b)     Related undertakings arising from the Company’s interests in structured entities continued
Fund Name
Share/unit class
Holding in share/
unit class
Total holding in 
undertaking via 
share/unit class
Luxembourg (continued)
BlueOrchard LAC GDI
Unspecified
100%
3%
BlueOrchard Sustainable Asset Fund
Unspecified
48%
22%
Schroder Alternative Solutions Commodity Fund
I Accumulation GBP Hedged
98%
0%
Schroder Alternative Solutions Commodity Total Return Fund
I Accumulation GBP Hedged
96%
0%
Schroder GAIA Oaktree Credit
I Accumulation
50%
14%
Schroder ISF Alternative Securitised Income
IZ Accumulation
41%
0%
Schroder ISF Asian Equity Impact
IZ Accumulation
50%
49%
Schroder ISF BlueOrchard Emerging Markets Climate Bond*
I Accumulation
20%
13%
Schroder ISF Carbon Neutral Credit*
I Accumulation
47%
14%
Schroder ISF Carbon Neutral Credit*
I Accumulation GBP Hedged
100%
50%
Schroder ISF Changing Lifestyles*
I Accumulation
100%
71%
Schroder ISF Circular Economy*
I Accumulation
100%
99%
Schroder ISF Cross Asset Momentum
IZ Accumulation
100%
9%
Schroder ISF Cross Asset Momentum
I Accumulation
32%
9%
Schroder ISF Emerging Europe
I Accumulation
26%
0%
Schroder ISF Emerging Europe
X9 Accumulation
51%
0%
Schroder ISF Emerging Markets Debt Total Return
I Accumulation GBP Hedged
100%
0%
Schroder ISF Emerging Markets Debt Total Return
I Accumulation EUR Hedged
100%
0%
Schroder ISF Emerging Markets Equity Impact*
I Accumulation
27%
26%
Schroder ISF Emerging Markets Local Currency Bond*
I Accumulation
58%
19%
Schroder ISF EURO Credit Conviction
I Accumulation
100%
0%
Schroder ISF European Equity Impact*
I Accumulation
100%
46%
Schroder ISF European Sustainable Equity*
I Accumulation
24%
15%
Schroder ISF Global Bond
I Accumulation
100%
0%
Schroder ISF Global Climate Leaders*
I Accumulation
54%
53%
Schroder ISF Global Energy
I Accumulation
97%
1%
Schroder ISF Global Equity Impact
I Accumulation
100%
97%
Schroder ISF Global Equity Yield
I Accumulation EUR
99%
0%
Schroder ISF Global Inflation Linked Bond
I Accumulation
100%
0%
Schroder ISF Global Managed Growth*
I Accumulation
100%
84%
Schroder ISF Global Multi-Asset Balanced
I Accumulation CHF Hedged
96%
0%
Schroder ISF Global Multi-Asset Income
I Accumulation
100%
0%
Schroder ISF Global Recovery
I Accumulation
87%
1%
Schroder ISF Global Social Growth
I Accumulation
100%
98%
Schroder ISF Global Sustainable Convertible Bond*
I Accumulation
32%
26%
Schroder ISF Inflation Plus
I Accumulation
27%
4%
Schroder ISF Japanese Opportunities
I Accumulation
29%
1%
Schroder ISF Nordic Micro Cap
I Accumulation
100%
0%
Schroder ISF Nordic Smaller Companies
I Accumulation
100%
0%
Schroder ISF QEP Global Emerging Markets
I Accumulation GBP
99%
4%
Schroder ISF Smart Manufacturing
I Accumulation
100%
9%
Schroder ISF Social Impact Credit*
I Accumulation
100%
100%
Schroder ISF Sustainable Asian Equity
I Accumulation
32%
19%
Schroder ISF Sustainable Emerging Markets ex China Synergy*
I Accumulation
100%
95%
Schroder ISF Sustainable Euro Credit
I Accumulation
32%
19%
Schroder ISF Sustainable Global Credit Income Short Duration
I Accumulation GBP Hedged
99%
0%
Schroder ISF Sustainable Global Multi Credit
I Accumulation EUR Hedged
96%
0%
Schroder ISF Sustainable Global Sovereign Bond
I Accumulation USD Hedged
50%
0%
Schroder ISF Sustainable Infrastructure
I Accumulation
100%
91%
Schroder ISF Sustainable US Dollar Corporate Bond*
I Accumulation
100%
98%
Schroder ISF Sustainable US Dollar Short Duration Bond*
I Accumulation
49%
48%
Schroder ISF Swiss Equity
I Accumulation
100%
0%
Schroder ISF US Small & Mid-Cap Equity
I Accumulation
99%
1%
Schroder Matching Plus Buy and Maintain Credit Sterling Cashflow (2032-2040) I Distribution
42%
22%
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
164
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(b)     Related undertakings arising from the Company’s interests in structured entities continued
Fund Name
Share/unit class
Holding in 
share/unit class
Total holding in 
undertaking via 
share/unit class
Luxembourg (continued)
Schroder Matching Plus Buy and Maintain Credit Sterling Cashflow (2032-2040) IZ Distribution
19%
5%
Schroder Property Eurologistics Fund No.1 (B)
A
23%
52%
Schroder Property Eurologistics Fund No.1 (B)
B
28%
52%
Schroders Capital Real Estate Debt SCSp SICAV-RAIF Senior Loans EUR
Unspecified
100%
100%
Schroders Capital Real Estate Debt Senior Loan EUR
Unspecified
100%
100%
Schroders Capital Semi-Liquid Circular Economy Private Plus*
I Accumulation
53%
50%
Schroders Capital Semi-Liquid Energy Transition
C Accumulation
97%
1%
Schroders Capital Semi-Liquid European Loans
C Accumulation
98%
1%
Schroders Capital Semi-Liquid Global Innovation Private Plus*
I Accumulation
100%
42%
Schroders Capital Semi-Liquid Global Real Estate Total Return
I Accumulation
100%
33%
SIF Core Insurance Linked Securities
I Accumulation
20%
12%
SSSF Structured Income
I Accumulation
99%
3%
Schroder ISF Sustainable Future Trends
I Accumulation
100%
13%
Schroder Special Situations Fund Wealth Management USD Growth
IS Accumulation
64%
48%
United States
Hartford Schroders China A Fund
SD Accumulation
100%
17%
Hartford Schroders Commodity Strategy ETF
SD Accumulation
36%
36%
Hartford Schroders Diversified Emerging Markets Fund
SD Accumulation
37%
27%
Hartford Schroders International Contrarian Value Fund
Unspecified
100%
22%
Hartford Schroders Private Opportunities Fund
SD Accumulation
48%
48%
Hartford Schroders Sustainable International Core Fund
Unspecified
94%
94%
Schroder FOCUS II Fund, L.P.
Unspecified
54%
6%
Schroders Capital Securitized Hi-Grade Flexible Total Return, L.P.
Unspecified
90%
0%
Lincoln Inflation Plus I
I Accumulation
100%
49%
Lincoln U.S. Equity Inc Maximizer I
I Accumulation
100%
50%
*Investments in structured entities that are consolidated. 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
165
Schroders Annual Report and Accounts 2024

37     Subsidiaries and other related undertakings continued
(b)     Related undertakings arising from the Company’s interests in structured entities continued
The registered offices for each of the related undertakings listed on pages 163 to 165 are reflected by country below:
UK
1 London Wall Place, London, EC2Y 5AU, England
Australia
Level 20, Angel Place, 123 Pitt Street, Sydney, NSW 2000, Australia
Brazil
The registered office for the following related undertakings is 
Av. Presidente Wilson, nº 231, 11º andar, Rio de Janeiro, Brazil
Schroder Premium Diversified Credit Vintage A FIC FIM CP
The registered office for the following related undertakings is 
Núcleo Cidade de Deus, Prédio Amarelo, 1o andar, Vila Yara, 
Osasco, SP, Brazil
Schroder Best Ideas FIA
The registered office for the following related undertakings is 
Av. Brigadeiro Faria Lima, nº 3.500, 4º andar, Itaim Bibi, São Paulo, 
Brazil 
Schroder Alternative Securitised Income BRL FIF RF CP IE RL
Cayman Islands
Maples Corporate Services Limited, Ugland House, PO Box 309, 
Grand Cayman, KY11-1104, Cayman Islands
China
Unit 33T52A, 33F Shanghai World Financial Center, 100 Century 
Avenue, Shanghai, China
Guernsey
PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey
Hong Kong
HBSC Institutional Trust Services (Asia) Limited, 1 Queen’s Road 
Central, Hong Kong
Japan
1-1 Chuo-ku, Saitama City, Saitama Shintoshin Godo Choushya 1st 
Building, Saitama Prefecture, 330-9716, Japan
Luxembourg
The registered office for the Luxembourg related undertakings is 
5 rue Höhenhof, L-1736 Senningerberg, Luxembourg, except for 
the following:
The registered office for the following related undertakings is
80, route d’Esch, L-1470 Luxembourg
Schroder Property Eurologistics Fund No.1 (B)
The registered office for the following related undertakings is
2 rue d’ Alsace, L-1122 Luxembourg
BlueOrchard LAC GDI
BlueOrchard COVID-19 Fund
The registered office for the following related undertakings is
15, Boulevard F.W. Raiffeisen L - 2411 Luxembourg
Schroders Capital Real Estate Debt Senior Loan EUR
United States
The registered office for the United States related undertakings is
7 Bryant Park, New York, New York, 10018, USA, except for the 
following:
The registered office for the following related undertakings is 690 
Lee Road, Wayne, Pennsylvania, 19087, USA
Hartford Schroders China A Fund
Hartford Schroders Commodity Strategy ETF
Hartford Schroders Diversified Emerging Markets Fund
Hartford Schroders International Contrarian Value Fund
Hartford Schroders Sustainable International Core Fund
The registered office for the following related undertakings is 
251 Little Falls Drive, Wilmington, DE 19808, USA
Hartford Schroders Private Opportunity Fund
The registered office for the following related undertakings is 
C/O Corporation Service Company, 251 Little Falls Drive, 
Wilmington, 19808, USA
Lincoln Inflation Plus I
Lincoln U.S. Equity Inc Maximizer I
Schroders plc financial statements continued
Schroders plc – Notes to the accounts continued
166
Schroders Annual Report and Accounts 2024

Independent auditor’s report to the 
members of Schroders plc
Opinion
In our opinion:
– Schroders plc’s Group financial statements and Parent company 
financial statements (the ‘financial statements’) give a true and 
fair view of the state of the Group’s and of the Parent company’s 
affairs as at 31 December 2024 and of the Group’s profit for the 
year then ended;
– the Group financial statements have been properly prepared in 
accordance with UK-adopted international accounting 
standards;
– the Parent company financial statements have been properly 
prepared in accordance with UK-adopted international 
accounting standards as applied in accordance with section 408 
of the Companies Act 2006; and
– the financial statements have been prepared in accordance with 
the requirements of the Companies Act 2006.
We have audited the financial statements of Schroders plc (the 
‘Parent company’) and its subsidiaries (the ‘Group’) for the year 
ended 31 December 2024 which comprise:
Group
Parent company
Consolidated income statement 
for the year ended 31 
December 2024
Schroders plc - Statement of 
financial position at 31 
December 2024
Consolidated statement of 
comprehensive income for the 
year ended 31 December 2024
Schroders plc - Statement of 
changes in equity for the year 
ended 31 December 2024
Consolidated statement of 
financial position at 31 
December 2024
Schroders plc - Cash flow 
statement for the year ended 
31 December 2024
Consolidated statement of 
changes in equity for the year 
ended 31 December 2024
Schroders plc – Notes to the 
accounts 29 to 37, including 
material accounting policy 
information
Consolidated cash flow 
statement for the year ended 
31 December 2024
Notes to the accounts 1 to 28, 
including Presentation of the 
financial statements and 
material accounting policy 
information
The financial reporting framework that has been applied in their 
preparation is applicable law and UK-adopted international 
accounting standards and, as regards the Parent company 
financial statements, as applied in accordance with section 408 of 
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International 
Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our 
responsibilities under those standards are further described in the 
‘Auditor’s responsibilities for the audit of the financial statements’ 
section of our report. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for 
our opinion.
Independence
We are independent of the Group and Parent company in 
accordance with the ethical requirements that are relevant to our 
audit of the financial statements in the UK, including the Financial 
Reporting Council’s (‘FRC’) Ethical Standard as applied to listed 
public interest entities, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard 
were not provided to the Group or the Parent company and we 
remain independent of the Group and the Parent company in 
conducting the audit. 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 
Directors’ use of the going concern basis of accounting in the 
preparation of the financial statements is appropriate. To evaluate 
the Directors’ assessment of the Group and Parent company’s 
ability to continue to adopt the going concern basis of accounting, 
we have:
– assessed the assumptions used in management’s five-year 
forecast by comparing to internal management information, 
external market sources and current market conditions. We also 
determined that the model is appropriate to enable 
management to make an assessment of the going concern 
status of the Group for a period of twelve months from the date 
the financial statements are approved. We also performed back-
testing on prior year forecasts by comparing them to the 
Group’s results over the same periods;
– evaluated the capital and liquidity position of the Group by 
reviewing the Internal Capital Adequacy Assessment Process, 
the Internal Liquidity Adequacy Assessment Process and the 
Recovery Plan; 
– assessed the appropriateness of the stress and reverse stress 
test scenarios by considering the key risks identified by 
management, our understanding of the business and the 
external market environment. We evaluated the assumptions 
used in the scenarios by comparing them to internal 
management information and external market sources, tested 
the clerical accuracy and assessed the conclusions reached in 
the stress and reverse stress test scenarios;
– assessed the plausibility of the available options identified by 
management to mitigate the impact of the key risks by 
comparing them to our understanding of the Group;
– performed enquiries of management and those charged with 
governance to identify risks or events that may impact the 
Group’s ability to continue as a going concern. We also reviewed 
management’s paper describing their assessment of going 
concern approved by the Board and minutes of meetings of the 
Board and its committees; and
– assessed the appropriateness of the going concern disclosures 
by comparing them to management’s assessment for 
consistency and for compliance with the relevant reporting 
requirements.
Based on the work we have performed, we have not identified 
any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the Group 
and Parent company’s ability to continue as a going concern for 
twelve months from the date the Annual Report and Accounts 
are approved.
In relation to the Group and Parent company’s reporting on how 
they have applied the UK Corporate Governance Code, we have 
nothing material to add or draw attention to in relation to the 
Directors’ statement in the financial statements about whether 
the directors considered it appropriate to adopt the going concern 
basis of accounting.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
167
Schroders Annual Report and Accounts 2024

Our responsibilities and the responsibilities of the Directors with 
respect to going concern are described in the relevant sections of 
this report. However, because not all future events or conditions 
can be predicted, this statement is not a guarantee as to the 
Group and Parent company’s ability to continue as a going 
concern.
Overview of our audit approach
Audit scope
– The Group is comprised of over 300 legal 
entities domiciled in 27 countries.
– We performed an audit of the complete 
financial information of six legal entities and 
audit procedures on specific balances for a 
further 26 legal entities.
– Certain of the Group’s processes over 
financial reporting are centralised in the 
finance operations hubs of London, 
Luxembourg, Singapore, Zurich and 
Horsham. Where appropriate, our testing 
was performed in these locations.
Key audit 
matters
– Improper recognition of revenue.
– Improper recognition of cost of sales.
Materiality
– Overall Group materiality of £32 million, 
which represents 5% of operating profit.
An overview of the scope of the Parent company 
and Group audits
Tailoring the scope
In the current year our audit scoping has been updated to reflect 
the new requirements of ISA (UK) 600 (Revised). We have followed 
a risk-based approach when developing our audit approach to 
obtain sufficient and appropriate audit evidence on which to base 
our audit opinion. We performed risk assessment procedures, with 
input from our component auditors, to identify and assess risks of 
material misstatement of the Group financial statements and 
identified significant accounts and disclosures. When identifying 
entities for which audit work needed to be performed to respond 
to the identified risks of material misstatement of the Group 
financial statements, we considered our understanding of the 
Group and its business environment, the potential impact of 
climate change, the applicable financial reporting framework, the 
Group’s system of internal control at the entity level, the existence 
of centralised processes, IT applications and any relevant internal 
audit results.
We identified 32 entities as individually relevant to the Group. This 
determination was based on one or more of the following factors 
applying to each of the entities identified:
– relevant events and conditions underlying the identified risks of 
material misstatement of the Group financial statements; 
– pervasive risks of material misstatement of the Group financial 
statements; or
– significant risk or an area of higher assessed risk of material 
misstatement of the Group financial statements. 
Of the 32 entities selected, we designed and performed audit 
procedures on the entire financial information of six entities (“full 
scope entities”). Four of those full scope entities were deemed 
relevant due to the materiality or financial size of the entity relative 
to the Group. The other two were deemed relevant due to the 
number and significance of in-scope accounts.
For 26 entities, we designed and performed audit procedures 
on specific significant financial statement account balances or 
disclosures of the financial information of the component 
(“specific scope entities”). For 43 entities, we performed 
specified audit procedures to obtain evidence for one or 
more relevant account assertions. 
We determined that centralised audit procedures can be 
performed across the identified entities in the following 
audit areas: 
Key audit area on which certain procedures were performed centrally
Entities subject to central procedures
Revenue
All relevant entities
Cost of sales
All relevant entities
Journal entries
All relevant entities
Taxation
All relevant entities
Variable compensation
All relevant entities
Defined benefit pension plan
Schroders plc only
Provisions
All relevant entities
Information technology
All relevant entities
Independent auditor’s report to the members of Schroders plc continued
168
Schroders Annual Report and Accounts 2024

We then considered whether the remaining Group significant 
account balances not yet subject to audit procedures, in 
aggregate, could give rise to a risk of material misstatement of 
the Group financial statements. We did not identify any additional 
components to be included in our audit scope. 
The table below illustrates the percentage of each account or 
financial statement item covered by the work performed by our 
audit teams.
Full 
scope
1
Specific 
scope
2
Specified 
procedures
3
Out of 
scope
Total 
Total assets
26%
70%
1%
3% 100%
Profit before tax 
64%
34%
N/A
2% 100%
Total revenue
64%
29%
N/A
7% 100%
1.
Full scope: audit procedures on all significant accounts.
2.
Specific scope: audit procedures on selected accounts.
3.
Specified procedures: audit procedures as designed by the Group audit team.
Our scoping to address the risk of material misstatement for each 
key audit matter is set out in the key audit matters section of our 
report.
Involvement with overseas teams 
In establishing our overall approach to the Group audit, we 
determined the type of work that needed to be undertaken at 
each of the components by us, as the Group audit engagement 
team, or by component auditors operating under our instruction.
The Group audit team continued to follow a programme of 
planned visits that has been designed to ensure that the Senior 
Statutory Auditor visits all full scope locations and key finance 
operation hubs. During the current year, visits were undertaken 
by the primary audit team to the component teams in 
Luxembourg, Singapore, Zurich and US. These visits involved 
gaining a greater understanding of the business issues faced in 
each location, discussing the audit approach with the local team 
and any issues arising from their work, reviewing relevant audit 
working papers, and attending meetings with local management. 
The Group audit team interacted regularly with the component 
teams where appropriate during various stages of the audit, 
reviewed relevant working papers and were responsible for the 
scope and direction of the audit process. Where relevant, the 
section on key audit matters details the level of involvement we 
had with component auditors to enable us to determine that 
sufficient audit evidence had been obtained as a basis for our 
opinion on the Group as a whole.
This, together with the additional procedures performed at Group 
level, gave us appropriate evidence for our opinion on the Group 
financial statements.
Climate change
The Group has determined that the majority of its climate-related 
risk lies in the assets it manages on behalf of its clients. This is 
primarily explained on page 10 in the Task Force for Climate 
related Financial Disclosures and on pages 28 to 31 in the Risk 
Management section of the Annual Report and Accounts. The 
Group has also explained their climate-related commitments on 
pages 24 to 25. All of these disclosures form part of the ‘Other 
information’. Our procedures on these unaudited disclosures 
therefore consisted solely of considering whether they are 
materially inconsistent with the financial statements, or our 
knowledge obtained in the course of the audit, or otherwise 
appear to be materially misstated, in line with our responsibilities 
in relation to ‘Other information’.
In planning and performing our audit, we assessed the potential 
impacts of climate change on the Group’s business and any 
consequential material impact on its financial statements.
As explained in the Estimates and Judgements section of the 
Presentation of the financial statements on page 143, climate risks 
have been considered in the preparation of the consolidated 
financial statements where management consider it appropriate. 
The principal areas of consideration by management include the 
measurement of financial assets and impairment assessments.
Our audit effort in considering the impact of climate change on 
the financial statements was focused on assessing whether the 
effects of potential climate risks have been appropriately reflected 
by management in reaching their judgments in relation to the 
measurement of financial assets and their impairment 
assessments. As part of this evaluation, we performed our own risk 
assessment, to determine the risks of material misstatement in the 
financial statements from climate change, which needed to be 
considered in our audit.
We also challenged the Directors’ considerations of climate change 
risks in their assessment of going concern and viability and 
associated disclosures.
Based on our work, we have not identified the impact of climate 
change on the financial statements to be a key audit matter or as a 
factor that impacts a key audit matter.
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements 
of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we 
identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the 
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial 
statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
169
Schroders Annual Report and Accounts 2024

Risk
Our response to the risk
Group only risk:
Improper recognition of revenue 
(£2,970.0 million, 2023: £2,936.7 million)
Refer to the Audit and Risk Committee report 
(page 54) and Note 2 of the Consolidated 
financial statements (pages 97 to 99)
Schroders manages mutual funds and 
private funds (collectively termed as ‘gross 
fund fees’) in numerous domiciles, which 
consist of many share classes. Schroders also 
manages segregated portfolios and unitised 
mandates for a range of institutions. In 
addition, Schroders provides wealth 
management services. The inputs and 
calculation methodologies that drive the fees 
vary significantly across this population. For 
example, performance fees, fees related to 
segregated accounts and fees generated 
from private assets have a range of bespoke 
calculation methodologies. For certain 
revenue streams, management must apply 
judgment in accordance with IFRS 15 – 
Revenue from contracts with customers (‘IFRS 
15’) to determine whether it is highly 
probable that a significant reversal will not 
occur in the future.
The following are identified as the key risks 
or subjective areas of revenue recognition:
– Not all agreements in place have been 
identified and accounted for;
– Fee terms have not been correctly 
interpreted or entered into the fee 
calculation and billing systems;
– Assets under management (‘AUM’) is not 
accurate and has not been properly 
attributed to fee agreements;
– Errors occur in externally calculated 
revenues and manually calculated 
revenues, such as performance fees, 
certain private assets fees and carried 
interest; and
– Inappropriate judgments are made by 
management in the calculation and 
recognition of carried interest.
There is also the risk that management may 
influence the timing or recognition of 
revenue in order to meet market 
expectations or net operating income-based 
targets.
We have:
– confirmed and updated our understanding of the procedures and controls in place 
throughout the revenue process, both at Schroders through walkthrough 
procedures, and at third party administrators (‘TPA’), through review of independent 
controls assurance reports;
– IT systems: tested the controls over access to, and changes to, the systems 
underpinning the revenue process, including testing controls over the flow of data 
between systems for completeness and accuracy;
– fee agreements: tested the controls over new and amended fee agreements. For a 
sample of fees, agreed the fee terms used in the calculation to investment 
management agreements (‘IMAs’), fee letters or fund prospectuses; 
– AUM: tested the controls in place for the calculation and existence of AUM used in the 
fee calculations. For a sample of fees, tested the completeness, existence and 
accuracy of AUM included in the fee calculation systems to administrator reports or 
Schroders’ investment management systems;
– review of other information: inspected the global operational incident log and 
complaints registers to identify significant errors in revenue or control deficiencies; 
and
– management override: in order to address the residual risk of management override 
we performed enquiries of management, read minutes of board and committee 
meetings held throughout the year and performed journal entry testing.
Segregated/unitised revenue
– tested automated controls over the arithmetical accuracy of a sample of fee 
calculations within the relevant systems; and
– tested controls over the billing and cash management process. For a sample of fees, 
compared the amounts recorded to the invoice sent to the client and the cash 
received, checking whether the revenue has been recorded in the correct period, and 
assessed the recoverability of debtors through the testing of subsequent cash 
receipts and inspection of the aged debtors report.
Gross fund fees
– for a sample of gross fund fees billed directly by the TPA, compared the revenue 
recorded by Schroders to reports provided by the TPA; and
– for a sample of gross fund fees billed directly by the TPA, assessed the recoverability 
of year end debtors through testing to cash receipts and inspection of the aged 
debtors report.
Manually calculated revenues
– carried interest: challenged management over the judgments and estimates used in 
the valuation of the carried interest receivable, including the constraints applied 
under IFRS 15; and
– for a sample of manually calculated revenues, such as performance fees, certain 
private assets fees and carried interest, agreed the inputs used in the relevant 
calculations to third party sources, where applicable, and legal agreements; 
recalculated the value of the relevant fee and compared the amount invoiced to the 
revenue recorded. Where applicable, we agreed revenue recorded to the cash 
receipts.
Key observations communicated to the Schroders Audit and Risk Committee
All transactions tested have been recognised in accordance with the underlying agreements or other supporting documentation. 
Revenue has been materially recorded in accordance with IFRS 15. 
Based on the procedures performed, we have no matters to report in respect of revenue recognition.
How we scoped our audit to respond to the risk 
We performed full and specific scope audit procedures over this risk area in six locations, which covered 93% of the total revenue. Due 
to the centralised nature of the revenue process, the majority of our testing was performed in London for Asset Management revenue, 
and London and Zurich for Wealth Management revenue.
Independent auditor’s report to the members of Schroders plc continued
170
Schroders Annual Report and Accounts 2024

Risk
Our response to the risk
Group only risk:
Improper recognition of cost of sales 
(£612.3 million, 2023: £602.3 million)
Refer to the Audit and Risk Committee report 
(page 54) and Note 2 of the Consolidated 
financial statements (pages 97 to 99)
Schroders has fee expense agreements in 
place with many parties. These expenses 
include commissions, carried interest 
payable, external fund manager fees, 
expenses paid on behalf of UK-managed 
funds, and distribution fees payable to 
financial institutions, investment platform 
providers and financial advisers. The 
expenses are generally based on AUM. 
The following are identified as the key risks 
or subjective areas in correctly recognising 
fee expenses:
– Not all agreements in place have been 
identified and accounted for;
– Fee expense terms have not been correctly 
interpreted;
– AUM has not been properly identified or 
attributed to clients or third parties with 
fee expense arrangements; and
– Inappropriate judgments are made by 
management in the calculation of carried 
interest payable.
There is also the risk that management may 
influence the recognition of cost of sales in 
order to meet market expectations or net 
operating income-based targets. 
We have:
– confirmed and updated our understanding of the procedures and controls in place 
throughout the cost of sales process, both at Schroders through walkthrough 
procedures, and at TPAs through review of independent controls assurance reports;
– IT systems: tested the controls over access to, and changes to, the systems 
underpinning the fee expense process, including testing controls over the flow of 
data between systems to test completeness and accuracy;
– review of other information: inspected the global operational incident log and 
complaints registers to identify significant errors in fee expenses or control 
deficiencies, and determined whether any fee expense risk events have been 
appropriately addressed; and
– management override: in order to address the residual risk of management override 
we performed enquiries of management, read minutes of board and committee 
meetings held throughout the year and performed journal entry testing.
Cost of sales processed on Group finance operations model:
– fee expense agreements: tested the controls over new agreements and amended fee 
expense agreements. For a sample of fee expenses calculated by Schroders and an 
additional sample calculated by third parties, agreed the fee expense terms used in 
the calculation to IMAs, fee letters or rebate agreements; 
– AUM: tested the controls in place over the calculation and existence of AUM used in 
the fee expense calculations. For a sample of fee expenses, tested the completeness 
and accuracy of the AUM included in the calculation to Schroders’ transfer agency or 
investment management systems;
– calculation: tested automated controls over the arithmetical accuracy of a sample of 
fee expense calculations within the relevant systems; and
– billing: tested controls over the cash management process. For a sample of fee 
expenses, compared the amount recorded to the rebate statement sent to the client 
and to the cash paid. 
Carried interest payable:
– challenged management over the judgments and estimates used in the valuation of 
the carried interest liability. For a sample of funds with carried interest arrangements: 
agreed the inputs used in the carried interest calculations to accounting records, 
third party sources and legal agreements; recalculated the value of the carried 
interest liability; and compared the discounted carried interest expense to the cost of 
sales recorded.
Key observations communicated to the Schroders Audit and Risk Committee
All transactions tested have been recognised in accordance with the underlying agreements or other supporting documentation. Cost 
of sales has been materially recorded in accordance with IAS 1 – Presentation of Financial Statements (‘IAS 1’). Based on the procedures 
performed, we have no matters to report in respect of cost of sales.
How we scoped our audit to respond to the risk 
We performed full and specific scope audit procedures over this risk area in six locations, which covered 96% of the total cost of sales.
Prior year comparison
There have been no significant changes to our overall risk assessment from the 2023 audit.
Our application of materiality 
We apply the concept of materiality in planning and performing 
the audit, in evaluating the effect of identified misstatements on 
the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in 
the aggregate, could reasonably be expected to influence the 
economic decisions of the users of the financial statements. 
Materiality provides a basis for determining the nature and extent of 
our audit procedures.
We determined materiality for the Group to be £32 million (2023: 
£33 million), which is 5% of operating profit (2023: 5% of operating 
profit). We believe that operating profit is the most relevant 
performance measure to the stakeholders of the Group.
We determined materiality for the Parent company to be £46 
million (2023: £47 million), which is 1% (2023: 1%) of net assets. 
The Parent company primarily holds investments in Group entities 
and, therefore, net assets is considered to be the key focus for 
users of the financial statements.
During the course of our audit, we reassessed initial materiality 
based on 31 December 2024 financial statement amounts and 
adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or balance 
level. It is set at an amount to reduce to an appropriately low level the 
probability that the aggregate of uncorrected and undetected 
misstatements exceeds materiality.
On the basis of our risk assessments, together with our 
assessment of the Group’s overall control environment, our 
judgment was that performance materiality was 75% (2023: 75%) 
of our planning materiality, namely £24 million (2023: £25 million). 
We have used a threshold consistent with 2023 due to our prior 
experience as to the low occurrence of material misstatements 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
171
Schroders Annual Report and Accounts 2024

and our conclusions as to the effectiveness of the control 
environment and accounting processes.
Audit work was undertaken at the entity level for the purpose of 
responding to the assessed risks of material misstatement of the 
Group financial statements. The performance materiality set for 
each entity is based on the relative scale and risk of the entity to 
the Group as a whole and our assessment of the risk of 
misstatement at that entity. In the current year, the range of 
performance materiality allocated to individual entities was £4.8 
million to £13.2 million (2023: £5.0 million to £13.6 million).
Reporting threshold
An amount below which identified misstatements are considered as 
being clearly trivial.
We agreed with the Audit and Risk Committee that we would 
report to them all uncorrected audit differences in excess of £1.6 
million (2023: £1.7 million), which is set at 5% of planning 
materiality, as well as differences below that threshold that, in our 
view, warranted reporting on qualitative grounds. 
We evaluate any uncorrected misstatements against both the 
quantitative measures of materiality discussed above and in light 
of other relevant qualitative considerations in forming our opinion.
Other information 
The other information comprises the information included in the 
Annual Report set out on pages 1 to 88 and 174 to 188, including 
the Strategic report, Governance, and Shareholder information 
sections, other than the financial statements and our auditor’s 
report thereon. The Directors are responsible for the other 
information in the Annual Report.
Our opinion on the financial statements does not cover the other 
information and, except to the extent otherwise explicitly stated in 
this report, we do not express any form of assurance conclusion 
thereon. 
Our responsibility is to read the other information and, in doing so, 
consider whether the other information is materially inconsistent 
with the financial statements or our knowledge obtained in the 
course of the audit, or otherwise appears to be materially 
misstated. If we identify such material inconsistencies or apparent 
material misstatements, we are required to determine whether 
this gives rise to a material misstatement in the financial 
statements themselves. If, based on the work we have performed, 
we conclude that there is a material misstatement of the other 
information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the 
Companies Act 2006
In our opinion, the part of the Directors’ Remuneration report to 
be audited has been properly prepared in accordance with the 
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the 
audit:
– the information given in the Strategic report and the Directors’ 
report for the financial year for which the financial statements 
are prepared is consistent with the financial statements; and 
– the Strategic report and the Directors’ report have been 
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by 
exception
In light of the knowledge and understanding of the Group and the 
Parent company and its environment obtained in the course of the 
audit, we have not identified material misstatements in the 
Strategic report or the Directors’ report.
We have nothing to report in respect of the following matters in 
relation to which the Companies Act 2006 requires us to report to 
you if, in our opinion:
– adequate accounting records have not been kept by the Parent 
company, or returns adequate for our audit have not been 
received from branches not visited by us; or
– the Parent company financial statements and the part of the 
Directors’ Remuneration report to be audited are not in 
agreement with the accounting records and returns; or
– certain disclosures of directors’ remuneration specified by law 
are not made; or
– we have not received all the information and explanations we 
require for our audit.
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going 
concern, longer-term viability and that part of the Corporate 
Governance Statement relating to the Group and Parent 
company’s compliance with the provisions of the UK Corporate 
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have 
concluded that each of the following elements of the Corporate 
Governance Statement is materially consistent with the financial 
statements or our knowledge obtained during the audit:
– Director’s statement on whether it has a reasonable expectation 
that the Group will be able to continue in operation and meets 
its liabilities, as set out on page 34;
– Directors’ statement with regards to the appropriateness of 
adopting the going concern basis of accounting and any 
material uncertainties identified, as set out on page 34;
– Directors’ explanation as to its assessment of the Parent 
company’s prospects, the period this assessment covers and 
why the period is appropriate, as set out on page 34;
– Directors’ statement on fair, balanced and understandable, as 
set out on page 88;
– Board’s confirmation that it has carried out a robust assessment 
of the emerging and principal risks, as set out on pages 28-31;
– the section of the Annual Report that describes the review of 
effectiveness of risk management and internal control systems, 
as set out on page 28-31; and
– the section describing the work of the Audit and Risk 
Committee, as set out on pages 54-61.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ 
responsibilities set out on page 88, the Directors are responsible 
for the preparation of the financial statements and for being 
satisfied that they give a true and fair view, and for such internal 
control as the Directors determine is necessary to enable the 
preparation of financial statements that are free from material 
misstatement, whether due to fraud or error. 
In preparing the financial statements, the Directors are 
responsible for assessing the Group and Parent company’s ability 
to continue as a going concern, disclosing, as applicable, matters 
related to going concern and using the going concern basis of 
accounting unless the Directors either intend to liquidate the 
Group or the Parent company or to cease operations, or have no 
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the 
financial statements 
Our objectives are to obtain reasonable assurance about whether 
the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinion. Reasonable assurance is 
a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with ISAs (UK) will always detect a 
material misstatement when it exists. Misstatements can arise 
Independent auditor’s report to the members of Schroders plc continued
172
Schroders Annual Report and Accounts 2024

from fraud or error and are considered material if, individually or 
in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these 
financial statements.
Explanation as to what extent the audit was 
considered capable of detecting irregularities, 
including fraud
Irregularities, including fraud, are instances of non-compliance 
with laws and regulations. We design procedures in line with our 
responsibilities, outlined above, to detect irregularities, including 
fraud. The risk of not detecting a material misstatement due to 
fraud is higher than the risk of not detecting one resulting from 
error, as fraud may involve deliberate concealment by, for 
example, forgery or intentional misrepresentations, or through 
collusion. The extent to which our procedures are capable of 
detecting irregularities, including fraud, is detailed below.
However, the primary responsibility for the prevention and 
detection of fraud rests with both those charged with governance 
of the Parent company and management. 
– We obtained an understanding of the legal and regulatory 
frameworks that are applicable to the Group and determined 
that the most significant are those that relate to the reporting 
framework (UK-adopted international accounting standards, the 
Companies Act 2006 and UK Corporate Governance Code) and 
relevant tax compliance regulations. In addition, we concluded 
that there are certain significant laws and regulations which may 
have an effect on the determination of the amounts and 
disclosures in the financial statements being the Listing Rules 
and relevant rules and regulations of the Prudential Regulation 
Authority (‘PRA’), Financial Conduct Authority (‘FCA’) and those of 
other applicable regulators around the world.
– We understood how Schroders plc is complying with those 
frameworks by making enquiries of senior management, 
including the Chief Financial Officer, General Counsel, Company 
Secretary, Chief Risk Officer, Head of Internal Audit and the 
Chairman of the Audit and Risk Committee. We corroborated 
our understanding through our review of board and committee 
meeting minutes, papers provided to the Audit and Risk 
Committee, and correspondence received from the PRA and 
FCA.
– We assessed the susceptibility of the Group’s financial 
statements to material misstatement, including how fraud might 
occur, by meeting with management to understand where they 
considered there was susceptibility to fraud. We also considered 
performance targets and their potential influence on efforts 
made by management to manage or influence the perceptions 
of analysts. We considered the controls that the Group has 
established to address risks identified, or that otherwise 
prevent, deter and detect fraud; and how senior management 
monitors these controls. Where the risk was considered to be 
higher, we performed audit procedures to address each 
identified fraud risk.
– Based on this understanding we designed our audit procedures 
to identify non-compliance with such laws and regulations 
identified in the paragraphs above. Our procedures involved: 
journal entry testing, with a focus on manual journals and 
journals indicating large or unusual transactions based on our 
understanding of the business; enquiries of senior 
management, including those at full and specific scope entities; 
and focused testing, as referred to in the key audit matters 
section above.
A further description of our responsibilities for the audit of the 
financial statements is located on the Financial Reporting Council’s 
website at https://www.frc.org.uk/auditorsresponsibilities. This 
description forms part of our auditor’s report.
Other matters we are required to address
– Following the recommendation from the Audit and Risk 
Committee, we were appointed by the Parent company on 9 
March 2018 to audit the financial statements for the year ending 
31 December 2018 and subsequent financial periods. Our 
appointment as auditor was approved by shareholders at the 
Annual General Meeting on 26 April 2018. 
– The period of total uninterrupted engagement including 
previous renewals and reappointments is seven years, covering 
the years ended 2018 to 2024.
– The audit opinion is consistent with the Audit Results Report to 
the Board Audit and Risk Committee. 
Use of our report
This report is made solely to the Parent company’s members, as a 
body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we might 
state to the Parent company’s members those matters we are 
required to state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do not accept 
or assume responsibility to anyone other than the Parent company 
and the Parent company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
James Beszant
Senior statutory auditor
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
5 March 2025
Notes:
1.
The maintenance and integrity of the Schroders plc website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration 
of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially 
presented on the website.
2.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
173
Schroders Annual Report and Accounts 2024

Shareholder and sustainability 
information 
Shareholder information
175
Five-year consolidated financial summary
176
Climate-related financial disclosures 
177
Governing our non-financial information
184
Glossary
185
Shareholder and sustainability information 
174
Schroders Annual Report and Accounts 2024

Shareholder 
Information
Schroders plc
Registered in England and Wales Company No. 3909886
Registered office
1 London Wall Place, London, EC2Y 5AU 
Tel: +44 (0) 207 658 6000
Email: companysecretary@schroders.com 
Website: www.schroders.com
Share Registrar
Computershare Investor Services plc 
The Pavilions
Bridgwater Road 
Bristol BS99 6ZZ
UK Shareholder helpline:
Freephone (UK callers only):  0800 923 1530
International: +44 117 378 8170
Email: WebCorres@computershare.co.uk 
Website: investorcentre.co.uk 
Financial calendar
Ex-dividend date
27 March 2025
Record date
28 March 2025
DRIP election date deadline
14 April 2025
Annual General Meeting
1 May 2025
Final dividend payment date
8 May 2025
Half-year results announcement
31 July 2025
Interim dividend paid*
September 2025
* Date to be confirmed.
Annual General Meeting
Our AGM will be held at 1 London Wall Place, London, EC2Y 5AU 
and electronically via a live broadcast on Thursday 1 May 2025 at 
11.30am.
Investor Centre
Computershare is the Company’s share registrar. Investor Centre 
is Computershare’s free, self-service website where shareholders 
can manage their interests online.
The website enables shareholders to:
– view share balances
– change address details
– view payment and tax information
– update payment instructions
– update communication instructions.
Shareholders can register their email address at 
investorcentre.co.uk to be notified electronically of events such as 
AGMs and can receive shareholder communications such as the 
Annual Report and Accounts and the Notice of Meeting online.
Enquiries and notifications concerning dividends, share certificates 
or transfers and address changes should be sent to the Registrar.
Dividends
Paying dividends into a bank or building society account helps 
reduce the risk of fraud and will provide you with quicker access to 
your funds than payment by cheque. Applications for an electronic 
mandate can be made by contacting the Registrar.
If your dividend is paid directly into your bank or building society 
account, you will receive an annual consolidated dividend 
confirmation, which will be sent to you in September each year 
at the time the interim dividend is paid.
Dividend confirmations are available electronically at 
investorcentre.co.uk to those shareholders who have their 
payments mandated to their bank or building society accounts, 
and who have expressed a preference for electronic 
communications.
The Company operates a Dividend Reinvestment Plan (DRIP), 
which provides shareholders with a way of increasing their 
shareholding in the Company by reinvesting their dividends. A 
copy of the DRIP terms and conditions and application form can 
be obtained from the Registrar.
Details of dividend payments can be found in the Directors’ report 
on page 85.
Schroders offers a service to shareholders in participating 
countries that enables dividends to be received in local currencies. 
You can check your eligibility and/or request a mandate form by 
contacting the Registrar.
Warning to shareholders
Companies are aware that their shareholders have received 
unsolicited telephone calls or correspondence concerning 
investment matters. These are typically from overseas-based 
“brokers” who target UK shareholders, offering to sell them what 
often turn out to be worthless or high-risk shares or investments. 
These operations are commonly known as “boiler rooms”. These 
“brokers” can be very persistent and extremely persuasive.
Shareholders are advised to be wary of any unsolicited advice, 
offers to buy shares at a discount, or offers of free company 
reports. If you receive any unsolicited investment advice:
– make sure you get the correct name of the person and 
organisation
– check that they are properly authorised by the FCA before 
getting involved by visiting register.fca.org.uk
– report the matter to the FCA by calling 0800 111 6768 or visiting 
fca.org.uk/consumers/report-scam-unauthorised-firm
– do not deal with any firm that you are unsure about.
If you deal with an unauthorised firm, you will not be eligible to 
receive payment under the Financial Services Compensation 
Scheme. The FCA provides a list of the unauthorised firms it is 
aware of, which can be accessed at fca.org.uk/consumers/warning-
list-unauthorised-firms.
More detailed information on this or similar activity can be found 
on the FCA website at fca.org.uk/consumers/protect-yourself-
scams.
Capital gains tax implications of simplification of 
the Schroders plc dual share class structure 
Information on capital gains tax relating to the Enfranchisement, 
Compensatory Bonus issue and Sub-Division of Schroders plc 
shares that took place in September 2022 can be found on the 
Company’s website.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
175
Schroders Annual Report and Accounts 2024

Five-year consolidated financial summary (unaudited)
2024
2023
2022
2021
2020
£m
£m
£m
£m
£m
Operating profit before tax
 
640.5  
661.0  
723.0  
841.0  
698.5 
Tax
 
(144.3)  
(128.0)  
(123.6)  
(147.4)  
(134.9) 
Operating profit after tax
 
496.2  
533.0  
599.4  
693.6  
563.6 
2024
2023
2022
2021
2020
£m
£m
£m
£m
£m
Profit before tax
 
558.1  
487.6  
586.9  
764.1  
610.5 
Tax
 
(125.1)  
(85.0)  
(100.7)  
(140.3)  
(124.5) 
Profit after tax
 
433.0  
402.6  
486.2  
623.8  
486.0 
2024
2023
2022
2021
2020
Operating earnings per share
Pence
Pence
Pence
Pence
Pence
Basic earnings per share
1
 
30.1  
32.5  
37.4  
43.0  
34.9 
Diluted earnings per share
1
 
29.6  
31.9  
36.7  
42.2  
34.3 
2024
2023
2022
2021
2020
Earnings per share
Pence
Pence
Pence
Pence
Pence
Basic earnings per share
1
 
26.4  
24.6  
30.4  
38.7  
30.2 
Diluted earnings per share
1
 
26.0  
24.2  
29.9  
38.1  
29.7 
Dividends
2024
2023
2022
2021
2020
Cost (£m)
 
334.2  
333.0  
332.1  
318.6  
311.7 
Pence per share
2
 
21.5  
21.5  
21.4  
20.4  
20.0 
Total equity (£m)
 
4,495.4  
4,463.7  
4,479.7  
4,425.7  
4,085.9 
Net assets per share (pence)
3
 
279  
277  
278  
275  
253 
2024
2023
2022
2021
2020
Group employees at year end 31 December
Number
Number
Number
Number
Number
United Kingdom
 
3,946  
3,897  
3,788  
3,329  
3,188 
Europe, Middle East and Africa
 
904  
1,016  
1,031  
940  
938 
Asia Pacific
 
1,090  
1,089  
1,188  
1,093  
1,066 
Americas
 
423  
436  
427  
388  
379 
 
6,363  
6,438  
6,434  
5,750  
5,571 
Exchange rates – closing 31 December
2024
2023
2022
2021
2020
Sterling:
Euro
 
1.21  
1.15  
1.13  
1.19  
1.12 
US dollar
 
1.25  
1.27  
1.20  
1.35  
1.37 
Swiss franc
 
1.13  
1.07  
1.11  
1.23  
1.21 
Australian dollar
 
2.02  
1.87  
1.77  
1.86  
1.77 
Hong Kong dollar
 
9.73  
9.95  
9.39  
10.56  
10.60 
Japanese yen
 
196.83  
179.72  
158.72  
155.97  
141.13 
Singaporean dollar
 
1.71  
1.68  
1.61  
1.83  
1.81 
Chinese renminbi
 
9.14  
9.04  
8.36  
8.63  
8.89 
Exchange rates – average
2024
2023
2022
2021
2020
Sterling:
Euro
 
1.18  
1.15  
1.17  
1.16  
1.13 
US dollar
 
1.28  
1.24  
1.24  
1.37  
1.29 
Swiss franc
 
1.12  
1.12  
1.18  
1.25  
1.21 
Australian dollar
 
1.94  
1.87  
1.78  
1.83  
1.87 
Hong Kong dollar
 
9.97  
9.74  
9.71  
10.68  
10.05 
Japanese yen
 
192.84  
175.10  
161.25  
151.02  
137.89 
Singaporean dollar
 
1.71  
1.67  
1.71  
1.84  
1.78 
Chinese renminbi
 
9.18  
8.81  
8.32  
8.86  
8.86 
1. See note 5 for the basis of this calculation. Prior year comparatives have been restated following the simplification of the Company’s dual share class structure in 
2022.
2. Dividends per share are those amounts approved by the shareholders to be paid within the year on a per share basis to the shareholders on the register at the 
specified dates. Prior year comparatives have been restated following the simplification of the Company’s dual share class structure in 2022.
3. Net assets per share are calculated by using the actual number of shares in issue at the year-end date. Prior year comparatives have been restated following the 
simplification of the Company’s dual share class structure in 2022.
Five-year consolidated financial summary
176
Schroders Annual Report and Accounts 2024

Climate-related 
financial 
disclosures
Our climate-related financial disclosures are introduced on 
pages 24 to 25. This section provides additional details on our 
climate-related financial disclosures, including our strategy, 
governance, risk management, and metrics and targets.
Strategy
Our sustainability strategy is embedded in our business. Our 
strategic and financial planning process includes an assessment 
of any changes needed to respond to climate-related risks and 
opportunities. Read more on our climate change strategy and 
targets on pages 24 to 25.
Risks and opportunities
We view the consideration of sustainability as fundamental to 
our fiduciary responsibilities to deliver long-term returns. The 
decarbonisation of the global economy presents various risks 
and opportunities. As a result of our climate change strategy, 
we expect the assets we invest in will be less exposed to the risks 
of the transition. Each investment desk considers climate-related 
risks and opportunities, which is reviewed as part of our internal 
annual accreditation.
The approach to identifying, assessing and managing climate risks 
and opportunities differs depending on the category of asset class 
and business: 
– For our Public Markets business, where a growing volume of 
data is available to assess companies, models support our 
investment teams in identifying climate-related risks and 
opportunities, augmenting their own company and industry 
insights.
– For our Schroders Capital business, data is typically more sparse 
and we rely more on our knowledge of, and engagement with, 
portfolio companies to assess climate-related risks and 
opportunities.
– For our Wealth Management business and multi-manager 
teams, we assess third-party managers on their alignment to 
the Paris Agreement and the extent to which they consider 
climate-related risks and opportunities in their investments. 
For our own operations, we identify and assess climate-related 
risks and opportunities by conducting an annual inventory of all 
relevant GHG emissions, monitoring transition risks and assessing 
physical risks using third-party risk analytics. Our key operational 
risks and opportunities are managed by the relevant business 
functions, supported by the Corporate Sustainability team.
The following tables outline the potential climate-related risks and 
opportunities that could have a material financial impact on the 
organisation, along with the time horizons in which we expect 
them to materialise. 
– Short term: 0–1 year. The current reporting period, which covers 
existing activities to manage climate risks and opportunities.
– Medium term: 1–5 years. Aligns with our strategic planning, 
business forecasting, and viability assessment. It also reflects 
the typical investment duration of our clients. Most of the 
climate transition risks and opportunities identified will 
materialise in this timeframe.
– Long term: 5–10 years. Reflects the period in which we expect 
material changes in the climate exposures of investee 
companies, including as a result of our engagement with their 
management teams.
– Extended long term: 10+ years. The physical impacts of climate 
change will intensify and the level of political action to address 
climate change will become clearer. Our business may be 
influenced by different climate scenarios over this extended 
timeframe.
Most of the climate-related risks and opportunities disclosed 
emerge across all time horizons; however, we have indicated 
the time horizon we consider most significant for each risk or 
opportunity. For the impact ratings, we have made basic 
assumptions across the different temperature scenarios, 
recognising that multiple factors could influence different 
impact outcomes. 
This analysis and framework support our ongoing strategic and 
business model resilience regarding our key risk of “sustainability 
including climate change”, and the appropriate mitigating actions.
Time horizon
Impact rating
Short term: 0–1 year
l Low
Medium term: 1–5 years
l Medium
Long term: 5–10 years
l High
Extended long term: 10+ years
Climate risks
Transition: 
“Market 
risk”
Failure to establish climate 
products to meet client demand, 
resulting in loss of market share 
and reduced revenues
Medium
l l l
Qualitative
We conduct client surveys, for institutional 
and retail clients, to assess product demand. 
We have developed a climate product 
framework, aligning our public and private 
market products with client decarbonisation 
objectives.
Transition:
“Reputation”
Client perception that our 
position on sustainability differs 
to theirs, or that we are not 
managing climate risks or 
opportunities appropriately, 
resulting in a reduction in AUM
Medium
l l l
Qualitative
Volume and sentiment of coverage in media 
publications across all markets in which we 
operate and on social media is measured 
and monitored on an ongoing basis. It is 
reported to our Group Risk Committee and 
Audit and Risk Committee. We take 
appropriate action to address areas that 
either have or may result in impaired 
reputation.
Risk
Description and business impact
Timeframe
Impact
Assessment
Actions to mitigate risk
1.5°C 2°C
3°C
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
177
Schroders Annual Report and Accounts 2024

Transition: 
“Policy and 
legal risk”
Regulatory breaches due to the 
increasing volume, complexity 
and scope of climate regulations 
and legal action arising from e.g. 
anti-ESG legislation, resulting in 
fines and reputational damage
Medium
l l l
Qualitative
We assess the impact of new climate 
regulation and implement a suitable 
operating model with processes and 
controls.
Transition: 
“Policy and 
legal risk”
New climate regulations impact 
investee company valuations, 
resulting in reduced profitability 
of investment portfolios
Medium
l l l
Quantitative
We have developed a climate insights 
dashboard for our investment teams, 
providing insights into the transition risks 
and opportunities their portfolio companies 
are exposed to. This includes assessments 
of a company's exposure to potential 
measures such as the introduction of a 
carbon tax.
Physical:
“Acute”
Extreme weather events 
impact investee companies 
and their value chains, 
affecting company valuations 
and reducing the profitability 
of investment portfolios
Medium
l l l
Quantitative
Where data is available, we undertake 
scenario analysis to assess the exposure 
of our investments to the physical risks of 
climate change. We assess our own global 
office sites using a physical risk analysis 
model.
Physical:
“Chronic”
Long-term climate change 
(e.g., temperature rise, sea-
level rise) impacts investee 
companies and their value 
chains, affecting company 
valuations and reducing the 
profitability of investment 
portfolios
Extended 
long
l l l
Quantitative
Where data is available, we undertake 
scenario analysis to assess the exposure 
of our investments to the physical risks of 
climate change. We assess our own global 
office sites using a physical risk analysis 
model.
Risk
Description and business impact
Timeframe
Impact
Assessment
Actions to mitigate risk
1.5°C 2°C
3°C
Time horizon
Impact rating
Short term: 0–1 year
l High
Medium term: 1–5 years
l Medium
Long term: 5–10 years
l Low
Extended long term: 10+ years
Climate opportunities 
Opportunity
Description and business impact
Timeframe
Impact
Assessment
Actions to take advantage of the opportunity 
1.5°C
2°C
3°C
“Products 
and 
services”
Climate mitigation investment 
strategies (e.g., renewable 
infrastructure and/or climate 
technology) are developed to 
meet client demand, resulting 
in increased market share and 
revenues
Short–
medium
l l l
Qualitative
We develop investment strategies to help 
clients achieve their sustainability goals, 
focusing on themes arising from the net 
zero transition, including the global energy 
transition strategy or Schroders Greencoat, 
our renewable infrastructure management 
business.
“Products 
and 
services”
Climate adaptation investment 
strategies (e.g., flood defences 
or nature-based solutions) are 
developed to meet client 
demand, resulting in increased 
market share and revenues
Medium–
long
l l l
Qualitative
We develop investment strategies to help 
clients achieve their sustainability goals, 
focusing on investing in infrastructure and 
technologies that aim to protect from the 
physical impacts of climate change, such as 
the sustainable food and water strategy.
“Market” 
and 
“Reputation”
Positive perception of our 
climate capabilities and 
solutions place us in a 
favourable position to serve 
clients’ climate commitments, 
leading to increased demand 
and revenues
Medium
l l l
Quantitative
We view sustainability as an important 
source of potential long-term investment 
performance. Our new tools help investment 
teams assess companies' exposures to the 
net zero transition, and we have established 
a decarbonisation group to support clients' 
investment objectives.
Climate-related disclosures continued
178
Schroders Annual Report and Accounts 2024

Our climate 
strategy
Our climate change strategy covers both the investments 
we manage and our own operations, leveraging four key 
capabilities: our insights, our influence, our innovation, and 
our ability to inspire others. A more detailed description of 
these levers of action can be found on our climate change 
strategy diagram on pages 24 to 25.
Investing sustainably
The investments we manage
1 Insights 
2 Influence
3 Innovate
Corporate sustainability
Our own operations
4 Inspire 
1
Insights: Measure and manage exposure 
in our clients’ investment portfolios
In 2024, both our near-term and long-term targets for our in-
scope
1 assets are broadly on track against our linear target 
pathways. Our mid-term Scope 1 and 2 temperature score was 
2.4°C, while our Scope 1, 2 and 3 temperature score in the long-
term was 2.8°C.  
The investments we manage are exposed to climate risks and 
opportunities and the net zero transition. This exposure is not 
consistent across asset class, region or sector, so being globally 
diversified puts us in a strong position to identify opportunities.  
Our exposure to a wide range of asset classes means we cannot 
take a single approach to integrating climate-related risks and 
opportunities, although we apply consistent principles and 
frameworks as far as possible. These frameworks cover Schroders’ 
public markets, private markets and wealth investments. Our ESG 
Accreditation framework assesses how all in-scope
2 investment 
desks consider climate risks and opportunities within their 
investment processes, in a way that is appropriate to their asset 
class.  
In 2024, we developed a Net Zero Alignment framework which 
could be applied to individual investments and aggregated to 
portfolio level across different asset classes. It is designed to 
assess the extent to which a company or asset is aligned to global 
decarbonisation goals based on its targets, actions and progress. 
We create a set of data and criteria for each investment type. We 
also create a maturity scale system to rate each investment type, 
providing a view of the maturity and strength of their climate 
strategies, ranging from “not aligned”, “aligning”, “aligned” through 
to “achieving net zero”.
The framework has been established for five main asset class 
types: listed equities and corporate bonds; private equities and 
corporate debt or loans; externally managed funds; and sovereign 
bonds, with further asset classes, such as real assets, planned.
2024 scenario analysis findings
Climate scenario analysis can be valuable tool for better 
understanding a range of possible future states. It can inform 
investment decision-making and strategy for enhancing risk-
adjusted returns, in light of expected climate-driven changes to 
the economy. We have analysed the exposure of our investment 
holdings to physical and transition climate risks under a range of 
climate scenarios. For the analysis shown below, we used Morgan 
Stanley Capital International’s (MSCI) aggregated Climate Value-at-
Risk (VaR) analysis, which combines physical and transition impacts 
under three representative temperature pathways. Scenarios vary 
from an orderly transition to net zero, limiting the global 
temperature rise to 1.5°C by 2050 through strict climate policies 
and innovation, to scenarios where climate change mitigation fails 
and temperatures rise further. 
The scenarios used are not intended to be predictions of the 
future, but rather highlight the risks and opportunities from 
different possible outcomes. The models assume no change or 
adaptation from companies over time. This analysis is based on a 
snapshot of current holdings and does not consider action to 
mitigate risk, such as engagement or portfolio changes. The 
analysis is based on our exposure to investments in publicly listed 
equity and corporate bonds. They are referred to here as “covered 
investments”.
Under the lens of aggregated climate VaR
3 in Figure 1, our 
covered investments are most exposed to climate risks under a 
1.5°C scenario, with a potential impact of −7.1% of current market 
value. This impact diminishes slightly under 2°C (−4.4%) and 3°C 
(−3.5%) scenarios. In general, the model shows that transition risks 
are greater than physical risk. It is important to note that the 
model outputs are one view of the world and do not necessarily 
reflect the potential longer-term physical implications of climate 
change, particularly given the complex and connected nature of 
physical risks, such as the catalytic effect of tipping points. The 
horizontal lines in Figure 1 represent the aggregated climate VaR 
of the covered investments, while the columns represent the value 
for each individual sector. There are marked differences in the 
profiles of different sectors of the economy, with aggregated 
climate risk becoming progressively more concentrated in sectors 
such as materials and energy under more aggressive transition 
scenarios.
The negative implications of physical climate impacts are 
outweighed by the transition risk impacts under the stringent 
policy scenario that will be needed to deliver global climate goals. 
The chart in Figure 2 summarises the sector exposures in a high-
risk scenario for both physical and transition risks. The size of the 
bubbles represents the share of our in-scope AUM invested in that 
sector.
Climate scenario analysis is more challenging for our private 
markets business, where a consistent quantitative approach is not 
feasible. Each asset class integrates climate differently, based on 
how climate change risks or opportunities impact investments and 
the availability of data and methodologies. Proprietary 
sustainability scorecards inform this approach, with climate 
change categories weighted based on their materiality for specific 
sectors, regions or asset types, and contribute to the overall ESG 
score for each investment.
1.
Directly managed listed equity, corporate bonds, real estate investment trusts, and exchange-traded funds.
2.
In-scope investment desks are those that are managing assets. Some desks operating on an advisory basis choose to accredit voluntarily. For certain businesses 
acquired more recently, we have not yet accredited the integration of ESG factors into investment decision-making. A small portion of our business where the 
integration of ESG factors is not practicable or possible is also excluded, for example, certain legacy businesses or investments in the process of being liquidated, 
and certain joint venture businesses.
3.
Aggregated climate Value at Risk (VaR) is an assessment of climate-related risks and opportunities across different climate scenarios developed by MSCI. 
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
179
Schroders Annual Report and Accounts 2024

Figure 1. Covered investments exposure to aggregated climate risk, broken down by sector
1
Energy
Materials
Utilities
Consumer 
Staples
Consumer 
Discretionary
Industrials
Healthcare
Real 
Estate
Communication 
Services
Information 
Technology Financials
Aggregated Climate VAR (%)
Net Zero 2050
Delayed Transition
NDCs
Net Zero 2050 Overall
Delayed Transition & NDCs Overall
-70
-60
-50
-40
-30
-20
-10
0
Figure 2. Covered investments physical and transition risk exposure, broken down by sector
2
Transition VAR - Net Zero by 2050 scenario (%)
Physical VAR – worst-case scenario³ 
(%)
Consumer Discretionary
Materials
Health Care
Consumer Staples
Utilities
Energy
Information Technology
Communication Services
Real Estate
Industrials
Financials
-70
-60
-50
-40
-30
-20
-10
0
10
-20
-15
-10
-5
0
Exposure scale l
$90bn
l
$9bn
1. Schroders’ aggregated sectoral climate risk analysis using MSCI Climate VaR. Certain information sourced from MSCI. Reproduced by permission.
2. Schroders’ sectoral analysis of extreme physical and transition risk scenarios using MSCI Climate VaR. Certain information sourced from MSCI. Reproduced by 
permission.
3. We use the Intergovernmental Panel on Climate Change’s (IPCC) Shared Socioeconomic Pathway (SSP) 3-7.0 to assess physical climate risks. It assumes emissions 
close to double due to lack of coordinated global mitigation policy, resulting in global temperature rise exceeding 3.5°C by the end of the century.
2
Influence: Encourage and support 
companies to act sustainably
We believe we can most effectively manage climate transition risk 
exposure by engaging with the most carbon-exposed companies 
among our largest holdings. We consider divestment a failure of 
engagement, rather than a starting point for portfolio 
decarbonisation. We apply this principle across both listed equities 
and corporate bond investments. 
Our approach is summarised in a five-point Climate Engagement 
and Escalation framework:
1. Climate expectations: the climate objectives we target for large 
and medium-sized companies to adopt.
2. Company prioritisation and selection: how we develop our 
climate engagement priority list.
3. Monitor progress: how we use our tools to monitor progress 
against our climate expectations.
4. Voting: we endorse resolutions that align with our assessment 
of our responsibilities to our clients or provide an explanation 
for our non-endorsement where they do not.
5. Escalation: where we see no meaningful progress towards our 
objectives, we have a framework for escalation.
In 2024, we engaged with 613 companies setting 266 objectives. 
The distinct characteristics of private asset investment strategies – 
typically longer investment horizons – provide us with an 
opportunity to build operational and financial value from 
origination to exit. In many cases for private markets, our first goal 
is to improve the quality and level of disclosure on climate 
exposure, emissions and decarbonisation, or to gain a deeper 
understanding of how potential risks have been considered, priced 
and mitigated. When we directly own a real asset, we look at how 
the asset’s exposure to climate change can be reduced, how the 
asset will evolve to ensure its resilience to climate risks, and how 
the asset interacts with local stakeholders.
Climate-related disclosures continued
180
Schroders Annual Report and Accounts 2024

In Wealth Management, for our direct investments (such as 
companies), we adopt the same engagement and escalation 
framework as Public Markets. However, given that we are one step 
removed from the underlying assets within our indirect 
investments (such as funds), our approach is slightly different. 
Much like we do for companies, we set climate expectations with 
the managers of our funds, but how that expectation is achieved is 
different. That means the way we prioritise engagement with 
funds also changes, but importantly, the way we systematically 
monitor their progress does not. Given that we do not own the 
assets directly, we cannot vote on them, but we do have a variety 
of other escalation tactics we can use. Finally, if we fail to see 
progress, we may divest or limit investment.
3
Innovate: Develop investment products and 
innovative solutions to meet clients’ needs
We understand that many of our clients are at different stages of 
their net zero transition journeys and have different views of the 
climate challenge. An increasing number of our clients have set 
their own climate objectives, which has translated into growing 
demand for strategies that can help them meet their own goals. 
On the other hand, we recognise that climate change is not a 
focus or objective for some others, and consideration of climate-
related factors may vary.
A solutions approach to net zero:
1. Lower carbon
Designed for clients with a decarbonisation objective and who 
want to invest in core strategies 
These strategies target specific emissions reduction, either 
relative to a benchmark or on an absolute basis.
2. Climate action
Designed for clients who want to invest in companies 
transitioning to net zero
These strategies invest in companies or assets that are 
actively transitioning to a lower-carbon business model 
and are reducing their exposure to GHG emissions. 
3. Climate solutions
Designed for clients who want to invest in solutions tackling 
climate change
These strategies invest in companies that have products and 
services that actively contribute to specific climate-related 
outcomes through technological development and 
innovation. 
4
Inspire: Lead by example in our own 
corporate actions
Our operational climate change strategy focuses on reducing GHG 
emissions and resource use across our operations. We are doing this 
by decreasing energy demand, increasing energy efficiency and 
transitioning to low-carbon sources of energy. We also aim to reduce 
our business travel and engage with our supply chain to encourage 
them to set their own science-based targets. 
In 2024, our total Scope 1 and 2 GHG emissions decreased by 39% 
from the 2019 base year and decreased by 6% compared with 2023. 
The SBTi defines a linear annual reduction of 4.2% in GHG emissions 
to align with a 1.5°C trajectory. Accordingly, our Scope 1 and 2 GHG 
emissions for 2024 should reflect at least a 21% decrease compared 
to our 2019 base year emissions. In 2024, we have maintained an 
average annual reduction greater than the minimum required, having 
already achieved a 39% reduction from 2019 levels. 
We have increased the annual sourcing of renewable electricity to 
100%, compared with 98% in 2023. This means that, based on our 
assessment, we have achieved our target one year ahead of schedule. 
Our 2024 figures are in line with the RE100 criteria, which will be 
assessed in our 2025 CDP submission. This increase was primarily due 
to enhanced purchasing capacity in markets where renewable energy 
certificates were previously unavailable.
We continue to develop site-specific net zero action plans and to 
attain ISO 14001 Environmental Management System certification 
across our largest office sites, as well as transition our company 
car fleet to hybrid or fully electric by the end of 2025 to support 
these targets.
Our operational Scope 3 value chain emissions (excluding our 
financed emissions) are about 39 times larger than our Scope 1 
and 2 emissions. As 97% of these Scope 3 emissions relate to 
business travel and our supply chain, we have chosen to set 
additional voluntary targets for these areas. Business travel 
emissions decreased by 39% from the 2019 base year and 
increased by 1% compared with 2023. We continue to assess 
methods that could reduce these emissions. 
Our supplier engagement strategy aims to encourage and support 
our suppliers to manage the climate risks and opportunities in 
their business models. In 2024, 33% of our suppliers in scope
1 (by 
GHG emissions) had set a science-based target. This is a 10% 
increase, compared with 2023. We are also seeing progress in the 
number of suppliers setting other types of climate targets or 
committing to set science-based targets within the next two years. 
However, challenges remain including an evolving spend profile, 
updated emissions factors, and our limited ability to influence a 
large and diverse global supply chain. In 2023, we launched a 
Supplier Climate Action Programme, providing advisory support 
and online tools to guide key suppliers in setting their own 
science-based targets. During 2024, we successfully guided our 
first cohort of three strategic suppliers through the process of 
setting science-based targets. 
1. Includes Scope 3 categories: 1 Purchased goods and services; 2 Capital goods; 
and 4 Upstream transportation and distribution.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
181
Schroders Annual Report and Accounts 2024

Governance
The Board is responsible for approving the Group’s strategy, which 
encompasses our sustainability strategy. The Board has delegated 
overall responsibility for the execution of this strategy to the Group 
Chief Executive, who has the authority to delegate further. The Group 
Chief Executive retains overall responsibility for the delivery of our 
strategic objectives. In fulfilling its responsibilities, the Board considers 
the interests of our stakeholders, including clients and wider society. 
Our Governance framework enables the Board to oversee the climate 
and nature-related risks and opportunities that impact our business.
In September 2024, the Board received a sustainability briefing and 
was updated on how sustainability trends are influencing our industry, 
highlighting climate and nature-related risks and opportunities and 
shifts in demand from our clients. This briefing also covered our 
response, exploring short- and long-term goals in light of emerging 
areas of client interest.The Board also received updates on progress in 
key areas including climate change, decarbonisation, biodiversity and 
human rights. 
At our annual Board strategy meeting, the Board discussed the role of 
sustainability and the extent to which it had been embedded within 
the Group, particularly within the strategy of Public Markets and 
Schroders Capital. Key developments were also noted over the course 
of the year, including an update on our approach to the Taskforce on 
Nature-related Financial Disclosures
1 recommendations and guidance 
as well as the upcoming Corporate Sustainability Reporting Directive
2. 
The Audit and Risk Committee receives reports from management 
on key risks to ensure they are considered at Board level. As 
“sustainability risk including climate change” is identified as a key 
business risk, the Audit and Risk Committee received information 
quarterly to assess how it is being managed. For more information on 
the Audit and Risk Committee, see pages 54 to 61.
Sustainability is integrated across our business segments and is 
supported by our governance structure via key management 
committees and working groups that assess, advise on and oversee 
climate and nature-related risks and opportunities. 
Our key sustainability management committee is the Group 
Sustainability and Impact (GSI) Committee. The GSI Committee 
provides advice to the Group Chief Executive to assist him in 
discharging his responsibilities regarding sustainability and 
impact. The GSI Committee monitors our climate and nature-
related targets with progress reported to the Board (for more 
information on our targets, see our Climate Report 2024)
3. The 
obligations of our Climate Transition Action Plan are monitored by 
the GSI Committee as part of reviewing our sustainability strategy. 
This includes monitoring progress towards our science-based 
targets. During 2024, the GSI Committee had four meetings. For 
further information on our climate and nature governance 
structure, see our Climate Report 2024
3.
Our remuneration structures reflect the importance of climate-
related issues. Executive Directors have sustainability-related 
measures included within their annual bonus scorecard. The 
measures are reviewed by the Remuneration Committee each year 
to align with our key priorities. Performance against these 
measures impacts their compensation outcomes. For further 
information on our remuneration structure, see the Remuneration 
report from page 62.
1. https://tnfd.global/
2. https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/
company-reporting-and-auditing/company-reporting/corporate-sustainability-
reporting_en#legislation 
3. www.schroders.com/tcfd
Risk management
Our principal risks are set out on pages 28 to 31. Given the 
importance of climate-related risks to our business, ‘’sustainability 
risk including climate change’’ has been identified as one of our 
principal risks. There is an accompanying risk appetite statement, 
approved by the Board, which enables us to provide an 
assessment of risk position versus our risk appetite on an annual 
basis, while monitoring performance throughout the year. 
Climate and nature-related risks are managed in accordance with 
the same “three lines of defence” model we use for all risks. The 
heads of each function are ultimately responsible for ensuring that 
risks are identified, assessed and managed. Independent 
monitoring is carried out by the second line of defence. Internal 
Audit provides independent assurance over the operation of 
controls. We recognise that climate change in particular is a 
pervasive risk across many of our key risk types.
Heads of functions across the Group are responsible for 
identifying these risks and assessing the impacts to their business 
areas in line with their functional responsibilities. 
Metrics and targets
We use a number of metrics and targets to track progress against 
our climate change strategy to make sure we respond effectively to the 
climate-related risks and opportunities facing our business. Please refer 
to page 25 for more detail on our climate targets. 
We have developed a dashboard to monitor financed emissions 
and portfolio risks. This is incorporated into the investment risk 
management processes and includes, among other sustainability 
metrics, a product’s carbon footprint weighted average carbon 
intensity (WACI) for Scope 1 and 2 emissions. 
We recognise that emissions data is frequently based on estimates 
or proxy data and, as a result, can provide an imperfect view of 
portfolio exposures or risks. The data we rely on can also change 
materially from one year to the next, as data quality improves or 
estimation methods evolve. We strive to ensure that the data we 
use is as accurate as possible, but highlight that any outputs 
should be interpreted as approximate and not precise.
Our global operations emissions inventory is reported using the 
Greenhouse Gas Protocol standard. We review our operational 
data internally and use an environmental accounting tool that 
enables us to log targets and track progress. This system employs 
the latest relevant emission factors in accordance with the 
Greenhouse Gas Protocol.
Our operational GHG emissions and progress towards targets are 
externally assured by Incendium Consulting Ltd.
The SBTi requires that targets be reviewed and, if necessary, 
recalculated and revalidated at least every five years to reflect 
material changes in climate science and business context. We 
review our GHG inventory annually and will restate our data or 
recalculate our science-based targets as needed.
Climate-related disclosures continued
182
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2024 metrics
Our financed GHG emissions for in-scope assets
2019
Metrics
Scope
2024
2023
(base year)
Units
Total carbon emissions
Scope 1 and 2
18.5
22.4
39.1
MtCO2e
Scope 3
141.9
149.6
223.1
MtCO2e
Carbon footprint
Scope 1 and 2
43.4
53.9
95.5
tCO2e/$m invested
Scope 3
331.2
360.3
550
tCO2e/$m invested
Weighted average carbon intensity (WACI)
Scope 1 and 2
95.5
105.7
176.7
tCO2e/$m invested
Portfolio temperature score
Scope 1 and 2
 
2.4 °C  
2.5 °C  
2.9 °C
Celsius
This table includes our Scope 3 category 15 carbon emissions and the implied temperature rise of our entire portfolio across all in-scope 
asset classes (listed equities, corporate bonds, real estate investment trusts (REITs) and exchange-traded funds (ETFs)). The table 
provides totals for our directly managed and externally managed corporate holdings. Where available, we use the estimates provided by 
our data vendor; and where not available, we use our own methodology, which is based on Partnership of Carbon Accounting Financials 
(PCAF) principles. The objective of estimation is to provide as complete and representative a picture of portfolio emissions as we believe 
is feasible. Carbon and climate data reported by companies is frequently incomplete and based on inconsistent assumptions. This data 
forms the basis of our financed emissions calculations, which should be considered estimates rather than precise figures. We have 
followed PCAF principles in calculating our financed emissions, but recognise that the underlying data can change materially as reported 
data increases and estimation methodologies change.
2024 metrics 
Our operational GHG emissions
2019
Greenhouse gas emissions (tCO2e)
2024
2023
(base year)
Total Scope 1 emissions
 
483  
661  
1,110 
Total Scope 2 emissions (location-based)
 
3,679  
3,748  
5,718 
Total Scope 2 emissions (market-based)
 
380  
504  
3,255 
Total Scope 1 and 2 emissions (location-based)
 
4,162  
4,409  
6,828 
Of which UK Scope 1 and 2 (location-based)
 
2,366  
2,725  
4,621 
Total Scope 1 and 2 emissions (market-based)
 
863  
1,165  
4,365 
Of which UK Scope 1 and 2 (market-based)
 
494  
625  
2,408 
Total Scope 3 operational emissions
 
161,948  
136,582  
115,048 
Metrics
Scope 1 and 2 (location-based) tCO₂e per employee
 
0.65  
0.69  
1.27 
Global energy consumption (kWhs)
Total energy consumption
 
17,710,047  
18,608,188  
26,265,797 
Of which UK energy consumption
 
12,036,727  
12,810,625  
18,495,195 
Streamlined Energy and Carbon Reporting (SECR)
Our 2024 operational metrics provide details on our total operational 
GHG emissions and energy data, in line with the Streamlined Energy 
and Carbon Reporting (SECR) requirements. These disclosures have 
been incorporated by reference in the Directors report on page 86. 
For more information on our operational emissions, please refer 
to our Climate Report 2024
1.
1. www.schroders.com/tcfd
Energy-efficiency measures
We are committed to minimising the environmental impact of our 
operations and continuously improving our environmental 
performance. We are doing this by reducing energy demand and 
switching to low-carbon electricity sources. Our office energy-efficiency 
measures in 2024 included upgrading lighting equipment, replacing 
gas catering appliances with electric equivalents, and commissioning a 
solar panel installation at the Schroders Campus in Horsham.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
183
Schroders Annual Report and Accounts 2024

Governing our non-financial 
information
The table below outlines Schroders’ policies across certain key, non-financial areas, with links to where further information on these 
topics can be found in this report.
Description of policies and policy outcomes
1
Climate and 
environment
Further information 
on pages 22 to 23, 24 to 
25, and 177 to 183.
We have made a number of climate and nature-related commitments to support achieving net zero by 2050, 
or sooner. Our Group Climate Change Position Statement and Group Nature and Biodiversity Position 
Statement outline our position in relation to environmental management, and on nature and biodiversity, for 
the investments we manage and our operations. 
Employees
Further information 
on pages 16 to 17, 53,
and 62 to 72. 
We seek to cultivate a purpose-led, high-performing culture that is inclusive and empowers all to have 
the opportunities to grow. Our guiding principles and values, and policy on Board diversity serve to achieve 
this outcome.
Our Directors’ Remuneration Policy outlines our approach for setting Directors’ remuneration. 
Furthermore, our Group Whistleblowing Policy outlines the process for staff and third parties to report any 
concerns in confidence and anonymously. 
We have a number of internal policies and standards that are not published externally. These policies cover our 
commitment to providing equal opportunities in employment and to prevent all forms of discrimination and sexual 
harassment as well as to encourage appropriate conduct and regulatory compliance. 
Social matters 
Further information 
on pages 17 and 32 to 33.
Community investment is a core part of our culture. We have an internal policy that provides a framework for 
volunteering at Schroders. 
Human rights
Further information 
on pages 32 to 33.
Schroders is committed to upholding human rights. Our Group Human Rights Position Statement outlines 
our stance on respecting human rights. 
Our Modern Slavery Statement includes details of the policies, processes and measures we have in place to 
assess and manage modern slavery risks across our business. 
Anti-bribery and anti-
corruption 
Further information 
on pages 28 to 29 and 54 
to 61.
We maintain a strict policy of zero tolerance towards acts of bribery and corruption. Our utmost priority is to 
safeguard the interests of our clients, shareholders, employees, third-party vendors and the wider community 
from any form of financial crime.
To reinforce this commitment, we have implemented a comprehensive set of internal policies, covering aspects 
such as financial crime (including bribery and corruption, inducements, money laundering, terrorist financing, 
tax evasion, proliferation financing, fraud and sanctions), gifts and entertainment, and conflicts of interest, all of 
which unequivocally prohibit any individual associated with our organisation from engaging in activities that 
promote, endorse or facilitate financial crime.
Group tax strategy: We aim to comply with both the spirit and letter of the law and are committed to 
conducting our tax affairs in an open and transparent way. Our tax strategy, available at 
www.schroders.com/tax-strategy, sets out our approach to tax matters across the Group more generally. This 
strategy is reviewed and approved annually by the Audit and Risk Committee. We disclose our total tax 
contribution, which shows the total amount of tax we pay and collect each year, at 
www.schroders.com/tax-contribution. 
The following policies and statements apply to multiple categories noted above: 
Our Group Sustainable Investment Policy establishes our overall approach to sustainable investing. It outlines the governance 
structure for managing sustainable investment activities in line with our guiding principles. The policy applies across our Public 
Markets, Schroders Capital and Wealth Management businesses and covers themes such as climate and environment (including 
nature and biodiversity) and human rights. 
Our Engagement Blueprint outlines our principles towards engaging with investee companies. It includes measures relating to 
climate and environment (including nature and biodiversity), human rights, employees and corporate governance. 
Our Supplier Code of Conduct outlines the standards and behaviours we expect from our suppliers, including on climate and 
environment, employees, human rights and anti-bribery and anti-corruption.
Our Statement of Compliance with the UN Principles of Responsible Investment further demonstrates our commitment to 
environmental, social and governance factors.
1. Across Schroders, policies and statements of intent are in place to foster consistent governance on a range of issues. For the purposes of the non-financial 
information statement, these include, but are not limited to, the policies and statements detailed in this report. 
Governing our non-financial information
184
Schroders Annual Report and Accounts 2024

Glossary
About our business areas
Schroders Capital
Gives investors access to opportunities in private markets, 
such as real estate, private equity and infrastructure, as well 
as alternatives.
Solutions
Provides complete solutions and partnerships, including 
liability offsets and risk mitigation.
Mutual Funds
Offers retail and institutional clients access to our investment 
capabilities through intermediary networks.
Institutional
Makes investment components available directly to 
institutions and includes sub-advisory mandates.
Wealth Management
Provides 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.
Alternative Performance Measures
An Alternative Performance Measure (APM) is a financial 
measure of historical or future financial performance, financial 
position, or cashflows, other than a financial measure defined 
or specified in the applicable financial reporting framework. 
The Group’s APMs are defined below.
Operating compensation ratio
Operating compensation costs divided by net operating 
income. By targeting an operating compensation ratio, we 
align the interests of shareholders and employees.
Operating earnings per share
Operating profit after tax excluding non-controlling operating 
earnings divided by the relevant weighted average number 
of shares (see note 5). The presentation of operating earnings 
per share provides transparency as to our operational 
activities to aid understanding of the financial performance.
Payout ratio
The total dividend per share in respect of the year (see note 6) 
divided by the basic operating earnings per share.
Active management
The management of investments based on active decision-making 
rather than with the objective of replicating the return of an index.
Adjusted operating profit/adjusted operating EPS
In 2025 we will redefine the structure of our income statement 
and associated performance measures. The most significant 
change under the revised presentation is that central costs, 
acquisition related items and one-off costs are to be included 
within statutory operating expenses and operating profit. We will 
separately present an adjusted operating profit measure that 
excludes acquisition related items and one-off costs. For more 
information see our year-end press release. www.schroders.com/
results2024
Adjusted cost:income ratio
See adjusted operating profit/adjusted operating EPS.This is 
adjusted operating expenses as a ratio of adjusted net operating 
income. 
Annualised net new revenue
The net fee income that would be earned over a one-year 
timeframe if the net new business was all transacted on the same 
day and there were no market movements or other changes to 
assets under management or fee rates over that year. It is 
calculated as gross new funds from clients multiplied by the 
applicable net fee margin for each flow, less gross funds 
withdrawn multiplied by the applicable net fee margin for each 
flow. This measure provides additional information to better 
assess the impact of net new business on the Group’s net 
operating revenue. Performance fees, carried interest and 
transactional fees are not included.
Assets under management (AUM)
AUM represents the aggregate value of client assets managed, 
advised or otherwise contracted, from which the Group, including 
joint ventures and associates, earns operating revenue.
Asset Management AUM includes investment management, OCIO, 
fiduciary management and liability management services. 
For Schroders Capital Private Equity, the aggregate value of assets 
managed includes client commitments on which we earn fees. 
This is changed to the lower of committed funds and net asset 
value, typically after seven years from the initial investment, in line 
with the fee basis. 
Wealth Management AUM comprises the aggregate value of 
assets where Schroders provides advice or discretionary 
management (Advised AUM), platform services (Platform AUM) 
and investment management services (Managed AUM). Advised 
AUM comprises assets where Schroders provides discretionary or 
advisory management services including assets where the client 
independently makes investment decisions. Platform AUM 
represents the value of assets on the Benchmark Fusion platform. 
The Fusion platform enables financial advisers to administer and 
manage their clients’ accounts by providing dealing and 
settlement services, valuation statements and custody services 
through a third party. Managed AUM includes assets where the 
client invests in Schroders’ funds.
Basis point (bps)
One one-hundredth of a percentage point (0.01%).
Carried interest
Carried interest is similar to the performance fees we may earn 
in our Public Markets business, but is part of Schroders 
Capital fee structures.
CDP
CDP is a global non-profit that runs an environmental disclosure 
system for companies, capital markets, cities, states and regions to 
manage their environmental impacts.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
185
Schroders Annual Report and Accounts 2024

Client Group 
The Client Group brings together our key client-facing functions, 
including Sales, Client Servicing, Product and Marketing. 
Client investment performance
Client investment performance is a measure of how investments 
are performing relative to a benchmark or other comparator. As 
an active asset manager, we prioritise consistently delivering 
positive investment outcomes for our clients, which is why our 
three-year investment performance is a key performance indicator 
for the Group. It is calculated internally by Schroders to give 
shareholders and financial analysts general guidance on how our 
invested assets are performing. The data is aggregated and is 
intended to provide information for comparison with prior 
reporting periods only. It is not intended for clients or potential 
clients investing in our products. All calculations for investment 
performance are made gross of fees with the exception of those 
for which the stated comparator is a net of fees competitor 
ranking. When a product’s investment performance is disclosed in 
product or client documentation, it is specific to the strategy or 
product. Performance will either be shown net of fees at the 
relevant fund share-class level or it will be shown gross of fees 
with a fee schedule for the strategy supplied.
The calculation includes applicable assets under management that 
have a complete track record over the one-year, three-year and 
five-year reporting periods, respectively. 
Applicable assets under management does not include our joint 
ventures and associates and excludes £87.1 billion of assets, 
principally comprising those managed by third parties or held 
on an execution-only basis, the majority of assets managed by 
Schroders Capital Real Estate Hotels, non-discretionary assets and 
assets held on a custody-only basis as well as Wealth Management 
platform assets on the Benchmark Fusion platform. 
Performance is calculated relative to the relevant comparator for 
each investment strategy, as summarised below. These fall into 
one of four categories, the percentages for each of which refer to 
the three-year calculation: 
– For 71% of assets included in the calculation, the comparator 
is the relevant benchmark. 
– If the relevant comparator is to competitor rankings, the relative 
position of the fund to its peer group on a like-for-like basis 
is used to calculate performance. This applies to 11% of assets 
in the calculation. 
– Assets for which the relevant comparator is an absolute return 
target are measured against that absolute target. This applies 
to 13% of assets in the calculation. 
– Assets with no specific outperformance objective, including 
those with a buy and maintain objective, are measured against 
a cash alternative, if applicable. This applies to 5% of assets 
in the calculation.
Clients
Within Asset Management, we work with institutional clients, 
including pensions funds, insurance companies and sovereign 
wealth funds, as well as intermediaries, including financial advisers, 
private wealth managers, distributors and online platforms. We 
also provide a range of wealth management services to private 
clients, family offices and charities.
At times, “client” is used to refer to investors in our funds or 
strategies, i.e. the end client.
We are increasingly focused on building closer relationships with 
the end client, whose money is invested with us, often via an 
intermediary or institution.
Defined benefit (DB) pension scheme
A pension benefit where the employer has an obligation to provide 
participating employees with pension payments that represent 
a specified percentage of their salary for each year of service.
Defined contribution (DC) pension scheme
A pension benefit where the employer’s contribution to an 
employee’s pension is measured as, and limited to, a specified 
amount, usually a percentage of salary. The value of the “pension 
pot” can go up or down depending on how the investments 
perform.
Dry powder and non-fee-earning dry powder
Within Schroders Capital, fundraising comprises new funds 
invested into our products and contractual commitments from 
clients to invest their capital in the future. These commitments are 
called upon once relevant investments have been identified and 
the capital is to be deployed. Uncalled commitments are referred 
to as dry powder. Depending on the applicable fee arrangements, 
dry powder may or may not attract management fees. Uncalled 
commitments that do not attract fees are referred to as non-fee-
earning dry powder.
Employee benefit trust
A type of discretionary trust established to hold cash or other 
assets for the benefit of employees, such as to satisfy share 
awards.
EPS
Earnings per share.
ESG
Environmental, social and governance.
Fiduciary management
A form of investing where pension scheme trustees delegate 
some or all of the investment decisions to a third-party “fiduciary 
manager”. This reduces the day-to-day governance burden on 
trustees. Fiduciary management offerings will often include 
investment advice and a portfolio which consists of a growth 
solution and a liability-driven investment (LDI) solution.
Financed emissions
Absolute carbon emissions that banks and investors finance 
through their loans and investments. Schroders’ in-scope financed 
emissions include all mandatory asset classes required by the 
Science Based Targets initiative, which consist of our listed equity, 
corporate bond, real estate investment trust and exchange-traded 
fund exposure.
Fundraising
This is a term used in Schroders Capital comprising new funds 
invested into our products and contractual commitments from 
clients to invest their capital in the future.
Greenhouse gas (GHG)
A gas that absorbs and emits radiation in the atmosphere, 
contributing to the greenhouse effect. The seven gases covered by 
the United Nations Framework Convention on Climate Change 
(UNFCCC) – carbon dioxide (CO2), methane (CH4), nitrous oxide 
(N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), 
sulphur hexafluoride (SF6), and nitrogen trifluoride (NF3). These 
gases trap heat close to the surface of the earth and are a key 
cause of climate change.
Group ExCo
The Group ExCo comprises senior management who have primary 
responsibility for the delivery and execution of the Group's 
strategy, and for operational performance. It is an advisory 
committee to the Group Chief Executive.
GRC
Group Risk Committee.
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Highly rated employees
Employees who have received an exceptional rating in their annual 
performance review.
ICAAP
Internal Capital Adequacy Assessment Process.
IFRS
International Financial Reporting Standards.
ILAAP
Internal Liquidity Adequacy Assessment Process.
Investee companies
The companies we invest in on behalf of our clients. 
Investment returns
The increase in AUM attributable to investment performance, 
market movements and foreign exchange.
In-scope assets
Current in-scope asset classes for SBTi include directly managed 
listed equities, corporate bonds, real estate investment trusts and 
exchange-traded funds. 
Liability-driven investment (LDI)
A form of investing where the main goal is to gain and maintain 
sufficient assets to meet known liabilities, both current and future. 
This form of investment is most prominent for defined benefit 
pension schemes.
Life Company
Schroder Pension Management Limited, a wholly owned 
subsidiary, which provides investment products through a life 
assurance wrapper.
Longevity
The indicative period, expressed in years, that a client invests their 
assets with us. This is calculated annually as the average AUM 
divided by gross outflows for the year. We typically present a 
three-year rolling average in order to allow for short-term 
fluctuations.
MSCI ESG rating
The Morgan Stanley Capital International ESG rating is designed 
to measure a company’s resilience to long-term, industry material 
ESG risks.
Net new business (NNB)
New funds from clients less funds withdrawn by clients. This is 
also described as net inflows (when positive) or net outflows 
(when negative). 
Net operating income
A sub-total comprising net operating revenue, share of profit 
of associates and joint ventures, and other operating income.
Net operating revenue
A sub-total consisting of revenue less cost of sales as defined 
in note 2 of the financial statements.
Net operating revenue margins
Net operating revenue excluding performance fees and net 
carried interest divided by the relevant average AUM.
Net zero
A state of balance between greenhouse gas emissions produced 
and greenhouse gas emission removals. According to the SBTi, 
achieving net zero refers to reducing emissions by a minimum of 
90% by 2050 and neutralising any remaining emissions through 
carbon removals.
Operating profit
Operating profit represents the profit before tax generated by the 
Group’s Asset Management and Wealth Management operating 
segments. It excludes central costs, gains and losses from capital 
management activities, as well as acquisition and restructuring 
related costs.
Other operating income
Other operating income primarily relates to gains and losses on 
co-investments and foreign exchange. 
Performance-based revenues
Includes fee types such as performance fees and net carried 
interest income. Performance fees are earned when contractually 
agreed performance levels are exceeded.
Physical risks
Reflect the risks associated with long-term changes in the climate 
and with more extreme weather events which may impact future 
business activities. In particular, the impacts on the value of 
investments held on behalf of clients, caused by direct or indirect 
physical climate changes and events; risk to our businesses and 
property assets; and risk to our suppliers and other partners 
caused by climate events.
Pillar 1, 2 and 3
Pillar 1 sets rule-based minimum capital standards. Pillar 2 
establishes the approach to supervisory review and the setting 
of individual capital requirements, taking into consideration the 
firm’s own assessment of how much capital is required to support 
the business. Pillar 3 sets disclosure requirements, which aim to 
promote market discipline by enabling market participants to 
access information relating to regulatory capital and risk 
exposures. See www.schroders.com/pillar3.
Platforms
Platforms in the UK savings market offer a range of investment 
products, such as unit trusts, individual saving accounts (ISAs), 
unit-linked life and pension bonds and self-invested personal 
pensions (SIPPs) to facilitate investment in many funds from 
different managers through one portal.
Portfolio temperature score
The method of interpreting an asset’s or portfolio’s exposure to 
abstract climate risk, and communicating it as an intuitive implied 
temperature score, measured in degrees Celsius. The temperature 
score is calculated in accordance with the CDP-WWF temperature 
rating methodology based on the carbon emissions reduction 
targets set by the companies in our portfolios and is intended to 
serve as an indication of our portfolio’s alignment to different 
levels of global warming.
Principal Shareholder Group
The Principal Shareholder Group comprises a number of private 
trustee companies (and investment companies controlled by those 
trustee companies), a number of Schroder family individuals, and a 
Schroder family charity, which, directly or indirectly, are 
shareholders of the Company. The Principal Shareholder Group 
currently holds 711,068,586 ordinary shares (44.28% of the issued 
ordinary shares excluding treasury shares) in the Company. 
Renewable energy
Energy collected from resources that are naturally replenished, 
such as sunlight, wind, water and geothermal heat.
Science Based Targets initiative (SBTi)
The Science Based Targets initiative defines and promotes best 
practice in science-based target setting. Offering a range of target-
setting resources and guidance, the SBTi independently assesses 
and approves companies’ targets in line with its criteria.
Strategic report
Governance
Financial statements
Shareholder and
sustainability information
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Science-based target
A science-based target provides a clearly defined pathway for 
companies to reduce their greenhouse gas emissions. The target 
is considered “science-based” if it is in line with what the latest 
climate science deems necessary to meet the goals of the Paris 
Agreement – limiting global warming to well below 2°C above pre-
industrial levels and pursuing efforts to limit warming to 1.5°C.
Scope 1 / Scope 2 / Scope 3
See GHG. Scope 1 is direct greenhouse gas emissions from 
sources owned or controlled by the company, such as emissions 
from gas, oil and company vehicles. Scope 2 is indirect 
greenhouse gas emissions from sources owned or controlled by 
the company, such as emissions from consumption of purchased 
electricity, heat or steam. Scope 3 is indirect greenhouse gas 
emissions from sources not owned or controlled by the company, 
such as emissions from business travel or investments. 
Seed and co-investment capital
Seed capital comprises an initial investment put into a fund or 
strategy to allow it to develop a performance track record before it 
is marketed to potential clients. Co-investment comprises an 
investment made alongside our clients.
Senior management
Senior management includes members of the Group ExCo, the 
direct reports of the Group ExCo (ExCo-1) and the direct reports 
one level below that (ExCo-2), in each case excluding 
administrative and other ancillary roles. 
Sustainability engagement
Sustainability engagement is the process by which we gain 
insights into our investee companies’ sustainability risks and 
opportunities and how they are managed. We seek to influence 
our investee companies by engaging with management teams to 
encourage and support them in areas where improvement may be 
required to deliver long-term value.
SustainEx™
Schroders’ proprietary tool used to estimate the net social and 
environmental “cost” or “benefit” of an investment portfolio having 
regard to certain sustainability measures in comparison to a 
product’s benchmark where relevant. The aim of the model is to 
enable our investors to assess the investments they may make, 
having regard to such measures, and the risks those issuers 
potentially face if the social and environmental “costs” they create 
were to be reflected in their own financial costs.
tCO2e
Tonnes of carbon dioxide (CO2) equivalent. A unit of measurement 
that is used to standardise the climate effects of various 
greenhouse gases on the basis of their global warming potential.
Total capital requirement
The requirement to hold the sum of Pillar 1 and Pillar 2A capital 
requirements. Pillar 2A capital requirements are supplementary 
requirements for those risk categories not captured by Pillar 1, 
depending on specific circumstances of a company, as set out 
by the Prudential Regulation Authority.
Total dividend per share
Unless otherwise stated, this is the total dividend in respect of 
the year, comprising the interim dividend and the proposed final 
dividend. This differs from the IFRS dividend, which comprises the 
prior-year final and current-year interim dividends declared and 
paid during the year.
Transition risks
Reflects the risks stemming from changes in the economy that will 
be required to limit long-run temperature rises, including higher 
or lower rates of demand growth, costs or risk profiles, to 
companies, sectors or asset classes. These may include new or 
enhanced corporate climate change laws and regulations, changes 
in investor demand for climate-focused products, and more 
volatility in financial markets as asset prices adjust to reflect the 
increasing regulation of carbon emissions. 
Morgan Stanley Capital International (MSCI) data
Certain information contained herein (the “Information”) is 
sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, 
or their affiliates (“MSCI”), or information providers (together 
the “MSCI Parties”) and may have been used to calculate 
scores, signals, or other indicators. The Information is for 
internal use only and may not be reproduced or disseminated 
in whole or part without prior written permission. The 
Information may not be used for, nor does it constitute, an 
offer to buy or sell, or a promotion or recommendation of, any 
security, financial instrument or product, trading strategy, or 
index, nor should it be taken as an indication or guarantee of 
any future performance. Some funds may be based on or 
linked to MSCI indexes, and MSCI may be compensated based 
on the fund’s assets under management or other measures. 
MSCI has established an information barrier between index 
research and certain Information. None of the Information in 
and of itself can be used to determine which securities to buy 
or sell or when to buy or sell them. The Information is 
provided “as is” and the user assumes the entire risk of any 
use it may make or permit to be made of the Information. No 
MSCI Party warrants or guarantees the originality, accuracy 
and/or completeness of the Information and each expressly 
disclaims all express or implied warranties. No MSCI Party 
shall have any liability for any errors or omissions in 
connection with any Information herein, or any liability for any 
direct, indirect, special, punitive, consequential or any other 
damages (including lost profits) even if notified of the 
possibility of such damages.
The paper used in this report is certified in accordance with the FSC® (Forest Stewardship Council®) and is recyclable and acid-free. It is 
made from 100% recycled post-consumer waste to FSC® standards and is manufactured without Chlorine bleaching (ECF) Pureprint Ltd is 
FSC certified and ISO 14001 certified showing that it is committed to all round excellence and improving environmental performance is an 
important part of this strategy. Pureprint Ltd aims to reduce at source the effect its operations have on the environment and is committed to 
continual improvement, prevention of pollution and compliance with any legislation or industry standards.
Pureprint Ltd is a Carbon / Neutral® Printing Company.
Report produced by Black Sun Global, part of the Positive Change Group.
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