Back to contents
Remuneration Report / Continued
Annual statement Dear Shareholders Introduction On behalf of the Board, I am pleased to introduce the Remuneration Committee Report for the year ended 31 March 2024. This report comprises three sections: / This annual statement; / The proposed new Directors’ Remuneration Policy; and / The Annual Report on Remuneration for the year ended 31 March 2024. The Committee met six times during the year and set out below is a summary of its activity. Revised Remuneration Policy Our objective is to provide straightforward remuneration packages for our Executive Directors, fair and reasonable for all stakeholders, which are designed so as to attract and retain the right talent and to fairly reward delivery of strategic priorities and enhanced shareholder value. The current Directors’ Remuneration Policy was set in 2021 and approved by shareholders at the Annual General Meeting that year. It is now approaching the end of its three- year life, and we are putting forward a revised Policy for approval by shareholders this year. Our existing Policy is already compliant with the Corporate Governance Code so there are only minor changes being made in the proposed new Policy. A summary of the changes is set out on page 113. New Executive Director During the year, the Committee considered and approved the remuneration of Saira Johnston, who joined the Board as Chief Financial Officer on 1 April 2024, replacing Andrew Dewhirst. The Committee agreed that the base salary for Saira Johnston would be £240,000. Details of her entitlement to incentives in 2024/25 are set out in the Implementation of Policy section of this statement. In addition, the Committee agreed that she would receive buy-out awards of £240,000 under the Deferred Bonus Plan in June 2024, payable in shares and vesting in two years’ time, and a cash payment of £35,000, both as compensation for the forfeit of awards from her previous employment.
Our objective is to provide straightforward remuneration packages for our Executive Directors, to fairly reward delivery of strategic priorities and enhanced shareholder value. Maria Bentley Chair of the Remuneration Committee
Terms of reference The principal functions of the
Committee as set out in the terms of reference include the following matters: / Review the ongoing appropriateness and relevance of the Directors’ Remuneration Policy; / Determine the remuneration of the Chair, Executive Directors and such members of the executive management as it is designated to consider; / Review the design of all share incentive plans for approval by the Board; and / Appoint and set the terms of reference for any remuneration consultants. Visit our website picton.co.uk Advisers During the year, Deloitte LLP has provided independent advice in relation to market data, share valuations, share plan administration and content of the Remuneration Report. Total fees for the year were £54,580 (calculated on a time spent basis). Deloitte LLP is a founding member of the Remuneration Consultants Group and, as such, voluntarily operates under the Code of Conduct in relation to executive remuneration consulting in the UK. In addition, Deloitte also provided taxation services and advice to the Company during the year. The Committee has reviewed the nature of this additional advice and is satisfied that it does not compromise the independence of the advice that it has received.
100% Team aligned through bonus deferral and LTIP
Picton Property Income Limited / Annual Report 2024 110
Powered by FlippingBook