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Remuneration Report / Continued
Annual Report on Remuneration
The table below sets out the total remuneration receivable by each of the Directors who held office during the year to 31 March 2024, with a comparison to the previous financial year:
Pension salary supplement £000
Long-term Incentive Plan £000
Total fixed £000 441 384 302 262
Total variable £000
Annual bonus £000
Deferred bonus £000
Total £000
Salary/fees £000
Benefits £000
Executive Michael Morris
441 518 288 342
882 902 590 604
2024 2023 2024 2023
380 331 259 225
4 3 4 3
57 50 39 34
133 157
163 236 111 160
145 125
Andrew Dewhirst
90
87 75
107
Non-Executive Lena Wilson
128 122
– – – – – – – –
128 122
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
122 117
6 5
– – – – – – – –
– – – – – – – –
– – – – – – – –
– – – – – – – –
55 53 56 53 55 53
55 53 56 53 55 53
Mark Batten
55 53 55 53 55 53
– –
Maria Bentley
1
– – –
Richard Jones
Total (audited)
1,037 927
729 1,766
926 832
15 11
96 84
223 264
274 396
232 200
860 1,787 Benefits for the Executive Directors comprise private medical insurance and life assurance. Non-Executive Directors are reimbursed expenses incurred in connection with travel and attendance at Board meetings. These expenses are taxable where the meetings take place at the Company’s main office. The Company settles the tax on behalf of the Non-Executive Directors. Executive Directors receive a salary supplement of 15% of base salary in lieu of Company pension contributions. The above figures for 2023 for the Executive Directors for annual bonus and LTIP awards have been re-stated. The estimated figures for annual bonus included in last year’s report were £301,000 (Michael Morris) and £205,000 (Andrew Dewhirst). The estimates included an outcome of 0% for the relative total return metric. The final outcome was determined to be 60% and the awards were adjusted to £393,000 (Michael Morris) and £267,000 (Andrew Dewhirst). The Company’s total return for the year of (13.9)% was above the median return of (14.2)% but below the upper quartile return of (11.6)%. The above 2023 LTIP figures for the Executive Directors have been restated to reflect the actual share price at vesting (65.5 pence) rather than the average for the quarter ended 31 March 2023 (74.41 pence). This restatement represents a decrease in the value of the 2023 LTIP awards of £12,000 for Michael Morris and of £7,000 for Andrew Dewhirst. The value of LTIP awards for 2024 is based on the number of shares to be awarded to the Executive Directors in respect of the June 2021 LTIP awards and the average share price over the quarter ended 31 March 2024 of 62.63 pence, and the estimated value of dividend equivalents.
Picton Property Income Limited / Annual Report 2024 120
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