IAM's Financial Overview and Growth Strategy
Cumulative dividends (£m)
Dividend policy
Since FY09, IAM has paid out £1.3bn in dividends
1,400
1,200
1,000
800
600
400
200
£1.3bn
FY09 FY10
FY11
FY12 FY13 FY14
FY15
FY16
FY17
FY18
FY19 HY20
Dividend Policy
Ordinary:
50% payout¹
Special:
Surplus capital²
43 Notes: Cumulative dividends excludes additional capital payments paid for acquisitions of IAM equity stakes between 2013 and 2018.
1. Expected to target an ordinary dividend payout ratio of at least 50% of operating earnings adjusted for tax; 2. Expected to only retain after tax earnings sufficient to meet current or expected changes in its regulatory capital requirements and investment needs, as well
as a reasonable buffer to protect against fluctuations in those requirements. Subject to the approval of the Ninety One Boards, it is expected that the remaining balance of after tax earnings, after taking into account any specific events, would be returned to Ninety One
Shareholders through the payment of a special dividend.View entire presentation