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Remuneration Report / Continued
Directors’ Remuneration Policy
The current Directors’ Remuneration Policy was approved by our shareholders at the Annual General Meeting in 2021. Subject to shareholder approval, the updated Remuneration Policy will take effect immediately after the Annual General Meeting and will apply to the 2024/25 financial year. The updated Policy is essentially consistent with the Policy approved in 2021. The new Policy contains flexibility to pay additional fees to Non-Executive Directors for additional responsibilities such as Senior Independent Director or if their responsibilities incur significant additional time commitment. Subject to shareholder approval, the annual limit for Non-Executive Director fees will be increased for the first time since 2012 to £425,000. Principles The objective of the Group’s Remuneration Policy is to have a simple and transparent remuneration structure aligned with the Group’s strategy. The Group aims to provide a remuneration package which will retain Directors who possess the skills and experience necessary to manage the Group and maximise shareholder value on a long-term basis. The Remuneration Policy aims to incentivise Directors by rewarding performance through enhanced shareholder value. Executive Directors’ Remuneration Policy Table
Base salary Purpose
A base salary to attract and retain Executives of appropriate quality to deliver the Group’s strategy. Base salaries are normally reviewed annually with changes effective on 1 April. When setting base salaries the Committee will consider relevant market data, as well as the scope of the role and the individual’s skills and experience. No absolute maximum has been set for Executive Director base salaries. Any annual increase in salaries is set at the discretion of the Remuneration Committee taking into account the factors stated in this table and the following principles: / Salaries would typically be increased at a rate no greater than the average employee salary increase / Larger increases may be considered appropriate in certain circumstances (including, but not limited to, a change in an individual’s responsibilities or in the scale of their role or in the size and complexity of the Group) / Larger increases may also be considered appropriate if a Director has been initially appointed to the Board at a lower than typical salary
Operation
Maximum
Performance measures
None None
Clawback Pension Purpose Operation
Part of competitive remuneration package.
The Company has established defined contribution pension arrangements for all employees. For Executive Directors the Company currently pays a monthly salary supplement in lieu of Company pension contributions, although retains discretion to alternatively offer the defined contribution arrangements. A consistent rate of pension provision applies to all employees, including Executive Directors. In 2024/25, this is 15% of base salary.
Maximum
Performance measures
None None
Clawback
Picton Property Income Limited / Annual Report 2024 116
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