Governance
Financial Statements
Additional Information
Strategic Report
Our occupiers One of our key priorities is to work with our occupiers, so that we can understand their needs and aim to meet their current and future requirements. The Board has delegated responsibility for engaging with occupiers to the asset management team, who have ongoing communication with occupiers, and use this information when making proposals to the Board on investment transactions, such as refurbishment projects or leasing events. Our people Our people are key to our success and we want them to succeed both as individuals and as a team. One of our Non-Executive Directors, Maria Bentley, has responsibility for employee engagement. We carried out our annual employee survey this year using an independent third- party consultant which provided a more insightful view of the feedback
Suppliers We have in place a framework for conducting business across the Group in a way that makes a positive contribution to society, while minimising any negative impact on people and the environment. The Board has agreed the overall business framework and delegated its implementation to the management team. Considering stakeholders in key Board decision making The table below sets out several examples of important decisions taken by the Board during the year. These decisions are not only material to the Group but are also significant to any of our key stakeholders. As part of the decision making process, the Board considers the feedback from stakeholder engagement as well as the need to act fairly between shareholders and to maintain high standards of business conduct.
given which was then discussed by the Board. The Board has also been able to meet with the whole team informally when the quarterly in-person Board meetings have been held at Stanford Building. Local communities and environment We are committed to improving the impact of our buildings on local communities, whether providing space to local businesses, improving local areas or minimising the environmental impact of buildings themselves. The Board has established a Responsibility Committee, which is chaired by one of the Executive Directors, to manage sustainability initiatives on its behalf. The Board reviews progress on sustainability matters and against our net zero carbon pathway, and at this year’s strategy day received a presentation from the Better Buildings Partnership.
Actions
Evaluation of growth opportunities
The Board considered a number of potential corporate opportunities that would have enabled both earnings growth and provided increased scale. Growth would also bring further benefits to the team in the form of career progression. The Board has considered the changes in occupier demand within the office sector and where appropriate approved a strategy to secure more valuable alternative uses at selected office assets. The post-year-end sale of Angel Gate, London brings financial benefits to our shareholders allowing the Company to repay our debt and increase the dividend. The Board is aware of the value of regular dividend payments to shareholders and reviews the level of dividend each quarter. Whilst the dividend level was maintained throughout the year, following the sale of Angel Gate, the Board approved an increase in the dividend to shareholders in April. The Board agreed that occupier surveys should be carried out again this year to better understand the evolving requirements and areas of concern for our occupiers to ensure that satisfaction levels can be met or exceeded. The Board reviewed the Company’s Sustainability Policy and approved a new Biodiversity Policy this year, as part of our commitment to the wellbeing of the local communities in which we operate and to minimising the environmental impact of our buildings. The Board has approved a new Remuneration Policy for recommendation to shareholders at our Annual General Meeting, with the changes proposed consistent with our objective of providing remuneration packages for our Executive Directors which are fair and reasonable. The Board considered the timing of our Annual General Meeting and decided to bring forward the date to July 2024, being closer to the release of our Annual Results which the Board felt would be beneficial to shareholders.
Evolving occupational demand
Review of dividend
Occupier engagement
Sustainability and Biodiversity Policy
Remuneration Policy
Annual General Meeting
Picton Property Income Limited / Annual Report 2024
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