Governance
Financial Statements
Additional Information
Strategic Report
Board evaluation In accordance with the requirements of the Code, the Board undertakes a review of the effectiveness of its performance and that of its Committees every year. An external review is normally carried out every three years, with internal reviews in the intervening years. In 2023, an external review of the Board’s effectiveness was carried out by Boardroom Review Limited. The following table sets out key actions that were identified following the review together with the progress made since the review.
Action
Progress
1.
Ensure opportunities for growth and increasing scale are fully considered Establish clear parameters on risk appetite Maintain occupier focus, especially around office working and technology Encourage more external perspectives, particularly ESG and technology
The Chair and the Chief Executive have regularly provided status updates. In addition, ad hoc meetings were arranged as appropriate throughout the year to discuss strategic initiatives as they were progressed. The Risk Management Policy (which includes the risk parameters) is reviewed annually by the Audit and Risk Committee. The risk radar and risk matrix, which form part of the risk management framework, are reviewed at each meeting of the Audit and Risk Committee. The roll-out of our occupier app at office properties has continued as a primary focus in the year. This has significantly enhanced our occupier engagement as evidenced by the recent survey. Several external presentations were arranged for the Board strategy day. These included an overview of economic outlook and trends given by Capital Economics and an insight into ESG initiatives and occupier engagement from the Better Buildings Partnership. Succession planning is included as a standing agenda item for the Nomination Committee for consideration annually or more frequently if required. The consideration of diversity and inclusion factors form part of our succession planning processes. Widening the depth and experience of the team is an ongoing consideration, and contributed to the appointment of our new in-house Company Secretary, Kathy Thompson in May 2023, and to the expansion of the office manager role to include the provision of executive assistant support to our Chief Executive, with the appointment of Lucinda Christopherson in December. This is an ongoing consideration for management as part of the annual review process for all employees. The plans to transition from Northern Trust to in-house provision of our company secretarial arrangements were completed successfully on 30 September 2023.
2.
3.
4.
5.
Consider future Board composition
6.
Improve diversity at Board level (and within the team) Consider expertise and resource within the team
7.
8.
Develop talent within the team
9.
Review existing company secretarial arrangements
10. Optimising internal audit BDO have been appointed as outsourced provider of Internal Audit services and have completed their second year of audit reviews covering asset, lease and property management. Recommendations from these reviews and from the first year round of audit reviews on cyber security and key financial controls have been progressed during the year. 11. Review cyber security and data BDO carried out a review of cyber security with several recommendations being actioned as a result, which included the Company achieving Cyber Essentials accreditation during the year.
Picton Property Income Limited / Annual Report 2024
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