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Remuneration Report / Continued
Implementation of Remuneration Policy in 2024/25
Change from prior year
Executive Directors Base salaries
Michael Morris (Chief Executive) – £380,219 Saira Johnston (Chief Financial Officer) – £240,000 15% salary supplement in lieu of pension plus standard other benefits.
There is no change in the Executive Director base salaries for 2024/25. The average increase for the rest of the workforce is 3.2%. No change. All employees receive Company pension contributions at the rate of 15% of base salary or 15% salary supplement in lieu of Company contributions. No change. The maximum bonus potential for the Executive Directors will remain at 145%.
Pension and benefits
Annual bonus*
Maximum bonus of 145% of salary with at least 50% of any bonus deferred in shares for two years. 60% of bonus to be determined by corporate financial metrics of relative total return and relative total property return (using the same performance target ranges as in 2023/24) with the remaining 40% determined by corporate and personal measures.
LTIP*
Award of shares worth: / Michael Morris (Chief Executive) 93.75% of salary / Saira Johnston (Chief Financial Officer) 0% of salary
There is no change in the award to Michael Morris. Saira Johnston, who became a Director on 1 April 2024, does not receive an LTIP award this year as explained in the annual statement.
Shares released after three-year performance and two-year holding period. Vesting of shares based equally on relative total shareholder return, relative total property return and growth in EPRA earnings per share measures. Target ranges for the relative measures are as set out on page 122. Targets for the EPS measure for the year ended 31 March 2027 are: Less than 4.20 pence per share – 0% Equal to 4.20 pence per share – 25% Greater than 4.60 pence per share – 100% A result between 4.20 pence and 4.60 pence will be calculated on a straight-line basis between 25% and 100%. Chair – £124,500 Director – £48,000 Supplementary fee for Committee Chairs and for the Senior Independent Director – £8,000
Non-Executive Directors Fees
The fees payable from 1 April 2024 have increased by an average of 2.0%.
*The Remuneration Committee has discretion to override the formulaic outcomes in both the annual bonus and LTIP. The Committee also confirms that performance has been achieved within an acceptable risk profile before payouts are made. Incentive payouts are subject to malus and clawback provisions.
Picton Property Income Limited / Annual Report 2024 126
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