Turning round an asset management group in the present environment is challenging, as Michael Dobson, chief executive of Schroders, would be first to testify. More than anyone, he is aware that Schroders' shares have gone nowhere since he took charge of the group in October 2001.

When Dobson signed his contract, he agreed to a five-year equity incentive package, which would be worth £2.5m (€3.6m) if non-voting shares in Schroders rose 50% from 666p. The maximum award would be £3.75m if they doubled.