£3.5m package for Schroders chief
NEW Schroders chief executive Michael Dobson is in line for a performance-related pay package of up to £3.5m. A large portion of his reward will depend on hitting targets by 2003, according to specialist magazine Financial News.
He is already receiving £8m, mainly in shares, from the £33.5m sale of his investment boutique Beaumont. Schroders bought the firm in order to secure his services.
Dobson, who will earn a basic salary of £200,000, is highly regarded. A former head of Deutsche Asset Management, he has the job of turning around Schroders' fortunes after its half-year profits fell 68% to £41.5m and it lost £6bn of pension fund contracts.
His pay is likely to create discontent as analysts are already claiming Schroders paid a high price for Beaumont.
