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Remuneration Report / Continued
Comparator group The Committee has agreed that the following companies will be used as a comparator group for the total shareholder return and total return metrics in determining variable remuneration for 2024/25 awards. A smaller group is used for the total return metric due to the different reporting periods of some companies.
Total shareholder return
Company
Total return
abrdn Property Income Trust Limited AEW UK REIT plc Balanced Commercial Property Trust Limited
Custodian REIT plc NewRiver REIT PLC Regional REIT Limited Schroder Real Estate Investment Trust Limited Supermarket Income REIT PLC Urban Logistics REIT plc Warehouse REIT plc Workspace Group PLC The above group was also used for previous awards with the following amendments: / Supermarket Income REIT and Warehouse REIT were added to the group for awards made from 2019 onwards; / McKay Securities PLC was included in the group for awards made up to and including 2021; / CT Property Trust Limited, Ediston Property Investment Company PLC and UK Commercial Property REIT Limited were additionally included in the group for awards made up to and including 2023; and / LondonMetric Property PLC and RDI REIT plc were additionally included in the group for awards made up to and including 2020. Statement of Directors’ shareholdings Directors and employees are encouraged to maintain a shareholding in the Company’s shares to provide alignment with investors. The numbers of shares beneficially held by each Director (including connected persons) as at 31 March 2024 were as follows: Beneficial holding 2024 Beneficial holding 2023 Holding as a % of salary Outstanding LTIP awards Outstanding DBP awards
Michael Morris Andrew Dewhirst
925,454 590,364 30,000 38,000
740,717 471,758 30,000
159 1,297,220
461,552 313,857
149
776,256
Lena Wilson Mark Batten Maria Bentley Richard Jones
–
74,436 53,845
74,436
53,845 The percentage holding for the Executive Directors is based on base salaries as at 31 March 2024 and a share price of £0.652. The beneficial holdings of shares include any held by connected persons. Executive Directors are required to maintain a shareholding of 200% of base salary and both Directors are currently in the process of building up to that level. The Executive Directors intend to retain at least 50% of any share awards (post-tax) until the guidelines are met. There have been no changes in these shareholdings between the year-end and the date of this report. Payments to past Directors or payments for loss of office There were no payments to past Directors or payments for loss of office to Directors during the year ended 31 March 2024. Andrew Dewhirst retired from the Board on 31 March 2024. He has been retained by the Company on a short-term employment contract until 30 June 2024, to ensure an orderly transition with Saira Johnston. At the end of this contract, assuming all conditions are satisfied, he will receive a final payment of £30,000 as compensation for termination of his employment and no other payments in relation to his outstanding notice period. The Remuneration Committee has determined that his outstanding share awards, as set out in the above table, will vest in accordance with the good leaver provisions in the relevant Plan rules. He will also receive costs relating to legal expenses of up to £750 (plus VAT).
Picton Property Income Limited / Annual Report 2024 124
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