Schroders chief warns companies not to forget responsibilities to climate and staff
◆ The boss of money manager Schroders has warned companies not to fall behind on their commitments to reduce climate change and eradicate modern slavery in a “lurch to shorttermism”, writes Michael O’Dwyer.
Peter Harrison said that investors will also hold companies to account where they see rank and file staff being treated less favourably than management during the pandemic.
He said: “When there’s not a symmetry of actions, you have to call those out. Everyone understands there are some industries that are really suffering, but that should be uniformly felt across the business and not just fall on the lowest.”
Schroders won £38.1bn of net new business in the first half of the year as its diversified business model helped it to weather the turmoil.
Assets under management increased 5pc to a record £525.8bn. Pre-tax profits fell 12.3pc compared to the first six months of last year as the company wrote down the value of some of its private investments.