Schroder REIT shareholders greenlight fresh sustainability objective
In the trust’s extraordinary general meeting last week (15 December), 82.7% of votes were cast in favour of the proposal.
In an extraordinary general meeting last week (15 December), 82.7% of votes were cast in favour of the proposal.
The changes, which were proposed last month, will see the trust adopting a sustainability improvement and decarbonisation strategy focused on adapting existing buildings, enabling it to respond to the UK's net zero objectives.
Schroder REIT proposes investment objective change and variable fee structure
A change in fee structure for the investment manager will also be introduced, with a five basis point increase or decrease in management fee dependant on sustainability and income related KPIs being achieved.
Finally, the trust's investment management agreement was modified to prevent the trust from terminating the agreement before two years following the passing of the new changes.
SREI said the votes against the proposal in its EGM came principally from one shareholder, who was supportive of the new strategy but did not support the amendment to the managers' contractual notice period.
It added it was making «good progress» in conducting individual asset sustainability baseline assessments, stating it will provide a detailed update on how it will be delivered in future updates and its full year results next year.
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Chair Alastair Hughes said: «We thank shareholders for their support to our strategic evolution, which places sustainability at the centre of our investment proposition.
»It builds on our long-term track record of outperformance and leverages the broader sustainability resources within Schroders.
«We believe the changes to
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