Back to contents
Governance
Governance and advocacy Supplier and contractor responsibility
Leadership The Board has responsibility for the long-term success of the business, providing leadership and direction with due regard and consideration to all of our stakeholders. The Board comprises the Chair, two Executive Directors and three independent Non-Executive Directors. They have a range of skills and experience that are complementary and relevant to the business. The tables below set out the Board’s composition, tenure and diversity characteristics as at 31 March 2024.
More detail on the role and activities of the Board, including their biographies, and its Committees is set out in the Governance section. Read more in the Governance section on pages 78–130 Transparency and reporting We recognise that it is important to be transparent on sustainability issues, so that our stakeholders can make informed decisions. Also, we aim to ensure our data collection and management is in line with best practice to assist with our GRESB and EPRA reporting requirements. We have been reporting to GRESB since 2017. Our score for 2023 remained at 77, and three green stars. We scored in line with or ahead of the GRESB average in each of the Environmental, Social and Governance categories, and overall were ahead of the GRESB average. We have identified areas of improvement going forward, particularly around data coverage and certifications. We have continued to report in line with the EPRA Sustainability Best Practices Recommendations and received a Gold award for our 2023 reporting.
We are committed to conducting our business in a fair and honest manner and ensuring our suppliers operate in an ethical way and share our business principles in observing relevant laws and regulations. We seek to maintain productive and long-term relationships with our business partners. We have in place a Supplier Code of Conduct. This is designed to promote safe and fair working conditions and the responsible management of social, ethical and environmental issues in our supply chain. We are committed to ensuring supplier responsibility and particularly the issue of modern slavery within our supply chain. We have assessed the level of risk in our supplier base of exposure to modern slavery and human trafficking as low, as the vast majority of our suppliers are based in the UK. However, we recognise that there are certain activities within the real estate sector that are more susceptible to modern slavery risks, including construction and maintenance. New supplier terms now incorporate additional clauses reflecting the perceived level of risk. We are also using our supplier due diligence questionnaire for new suppliers. Sustainable thinking, positive change We aim to have in place high standards of sustainability governance and management and will undertake initiatives to promote greater environmental responsibility. This also includes a focus on business practices, which are activities relating to the way the business is run, including business ethics, compliance and tax principles.
Function
Number
%
Non-Executive Chair Executive Directors Independent Non-Executive Directors
1 17 2 33
3 50
Diversity
Number
%
Male
4 67 2 33
Female
Tenure
Number
%
3 to 6 years 6 to 9 years
4 67 2 33
Age
Number
%
50 to 54 years 60 to 64 years 65 to 69 years
1 17 4 67
1 16 The Board has full responsibility for the direction and control of the business, and sets and implements strategy within a framework of internal controls and risk management. The Board has established four Committees, comprising entirely Non-Executive Directors, to carry out specific functions on its behalf. In addition, there are three Management Committees with responsibility for certain operational matters, chaired by one of the Executive Directors and including other members of the Picton team. One of these Management Committees is the Responsibility Committee, which oversees all sustainability-related matters. As a Company listed on the London
Our Sustainability Data Performance Report is available on our website
Stock Exchange, we apply the principles of the UK Corporate Governance Code and report against the Code each year.
Picton Property Income Limited / Annual Report 2024 76
Powered by FlippingBook