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Rothschild & Co | Annual Report 2017
Dear Shareholders,
I would like to thank the Supervisory Board, the
management team and the employees for their hard work
and dedication over this period allowing us to announce
another excellent set of financial results. The Managing
Partner, Rothschild & Co Gestion, represented by its
Chairman, David de Rothschild, its Executive Deputy
Chairman, Alexandre de Rothschild and the four Managing
Partners, Nigel Higgins, Marc-Olivier Laurent, Robert Leitão
and Olivier Pécoux, lead the Group with vision and energy.
Their successful strategy is committed to building long-term
value for shareholders and over the last five years they have
successfully diversified the Group’s sources of income,
creating some very exciting prospects.
At the Shareholders’ General Meeting held on
28 September 2017, shareholders gave their approval
for the change in our financial year end from 31 March
to 31 December. As a result of this change, the statutory
reporting for 2017 covers only nine months (April to
December 2017). To enable a better understanding of its
performance, Rothschild & Co has chosen to present its
results for the full 2017 calendar year versus the 2016
calendar year. From now on, our results will continue to
be presented on this twelve-month basis. Information
for the nine-month period, from April to December 2017,
can be found in the Consolidated Financial Statements.
As Chairman of the Supervisory Board, my role is to ensure
that the Company maintains a high level of corporate
governance. The Supervisory Board exercises permanent
oversight of the management of the Company, including
in particular the Company’s financial accounting reporting
system and its internal control mechanisms. This year has
been particularly active in France as the merger with Martin
Maurel has created significant, additional challenges.
The composition of the Supervisory Board has slightly
changed over the past twelve months, with the re-election
of Mr. André Levy Lang and myself, the departure
of Mr. Jacques Richier and the nomination of
Mrs. Suet-Fern Lee.
Message from the Chairman of the Supervisory Board
Mr. Jacques Richier, board member for the last six years,
decided to step down in 2017 in order to focus on his new
role within the Group as a member of Rothschild Martin
Maurel’s Supervisory Board. I would like to take this
opportunity to thank Mr. Richier for all the valuable
advice he has provided and I am pleased that the Group
will still benefit from his wisdom in his new position.
We were delighted to welcome Mrs. Suet-Fern Lee to the
Board following her appointment at the Shareholders
General Meeting last year. Mrs. Lee has significant
experience as senior partner of a law firm specialising in
mergers and acquisitions. With her deep understanding
of Southeast Asian markets, her appointment strengthens
the Board for the benefit of our shareholders. Six female
members sit on a board totalling fourteen members
and one non-voting member, and comprising nine
independent members.
In the present annual report and the Company’s website,
you will find more detailed information on the Board’s
composition. In addition, our Shareholders’ General Meeting
document to be published soon, will provide you detailed
information regarding those members whose re-election
will be on the agenda of the Shareholders’ General Meeting
this year.
Shareholders will also be asked to approve a dividend
of €0.68 per share at the same meeting, unchanged
compared to last year but for a nine-month period.
Last, but not least, I would like to thank you as always
for your loyal support for Rothschild & Co.
Eric de Rothschild
Chairman of the Supervisory Board of
Rothschild & Co