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Hermes EOS opposes Michael Dobson's chairmanship at Schroders

Reuters - UK Focus

LONDON, April 28 (Reuters) - Investment advisory group Hermes EOS said it will oppose the appointment of Schroders ex-Chief Executive Michael Dobson to the position of Chairman at the fund firm, describing the plan as a breach of corporate governance best practice.

"While we recognise the significant contribution that Michael Dobson has made in his tenure as CEO, we are not able to support the decision to appoint him as Chair," Hermes said in a statement on Thursday.

"Although we recognise some of the key client, regulator and strategic partner relationships he holds, we do not believe that these justify a breach of a fundamental principle of UK corporate governance and best practice that a CEO should not become Chair of the company."

Hermes said it had advised its clients to vote against the re-election of the senior independent director who led the chairman selection process, but was supportive of the appointment of Peter Harrison to CEO that Dobson vacated earlier this year.

Schroders (LSE: SDR.L - news) is due to hold its annual investor meeting on Thursday. (Reporting By Sinead Cruise, editing by Carolyn Cohn)