Considering stakeholders in key Board decisionmaking Set out below are examples of important decisions taken during the year. These are decisions that are material to the Group but
also significant to any of our key stakeholders. In its decision making the Board considered the feedback from stakeholder engagement as well as the need to act fairly between shareholders and to maintain high standards of business conduct.
Actions
Support given to occupiers during the pandemic
The Board recognised that some occupiers were experiencing financial difficulties as a result of the restrictions imposed during the pandemic, and consequently their ability to meet their rent commitments. Requests from occupiers were considered on a case-by-case basis, with the aim of providing assistance while minimising the impact to capital values and cash flow. The Board is aware of the value of regular dividend payments to shareholders and reviews the level of dividend each quarter. At the start of the pandemic the Board took the difficult but prudent decision to reduce the level of dividend. Subsequently, the Board approved two increases in dividend, restoring much of the original reduction, as soon as it was considered appropriate. The Board is aware of the increasing risk of climate change to the environment and over the last year we have developed our sustainability action plan. The Board has decided that the next step is to set out our pathway to becoming a net zero carbon business, which will benefit all of our stakeholders. During the year the Board agreed that the business should move and upgrade its premises. We have taken a floor in one of our own buildings, which was previously retail space, and converted to office. This has removed the external lease costs associated with the former office and had the benefit of reducing the Group’s retail exposure. One of the issues raised in the employee survey in the previous year was the quality of occupied space, and the move to newly refurbished offices was positively received by the team. As described more fully in the Remuneration Report, we have carried out a consultation exercise with our largest shareholders regarding changes to our Directors’ Remuneration Policy, and this will be put to shareholders at this year’s Annual General Meeting.
Review and increase of dividend
Development of net zero carbon pathway
Officemove
Consultation on Remuneration Policy
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