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Composition, Succession and Evaluation / Continued
Tenure and re-election The tenure of Non-Executive Directors, including the Chair, is limited to nine years in accordance with the Corporate Governance Code. The provisions of the Corporate Governance Code recommend that all Directors be subject to annual re-election at the Annual General Meeting. The Board will follow this recommendation and all Directors with the exception of Maria Bentley, who will step down from the Board in July, will be proposed for re-election, or election in the case of Saira Johnston, at the Annual General Meeting in July 2024. Lena Wilson CBE Chair of the Nomination Committee 22 May 2024
This year, our Board evaluation was carried out internally, in line with the three-year review cycle. This consisted of a questionnaire prepared by the Company Secretary following discussion with the Chair. The questionnaire covered the following areas: / Board roles and responsibilities / Board composition, skills, knowledge and development / Board meeting conduct and operations The questionnaire was completed by the each of the Directors and the overall conclusions were that the Board and the Committees continued to operate very effectively. The key themes and actions arising from the review were: 1. Continue to consider opportunities for growth and increasing scale on Board agenda 2. Review and update the risk management framework 3. Review Board meeting schedule and allocation of topics for each meeting 4. Include a lessons learned Board agenda item on a regular basis, to cover both strategic and operational matters 5. Increase focus of Board reporting on what has changed since the previous Board meeting 6. Review how the Board considers stakeholders as part of its routine business and in the decision- making process 7. Ensure succession planning and diversity are regularly included for discussion at Nomination Committee meetings 8. Review Director induction and ongoing Director training ensuring this covers key areas such as sustainability
Picton Property Income Limited / Annual Report 2024 102
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