Governance Remuneration Report continued
Remunerationat a glance
The components of remuneration for 2020/21 are:
Fixed Pay
Pension contributions
Base salary
Benefits
Read more on pages 90–97
Variable pay
The annual bonus for 2020/21 is determined by:
Personal and corporate objectives
Strengthen Picton’s reputation through crisis Ensure team adequately resourced and working effectively Ensure Picton values maintained. Make progress on Picton Promise Mitigate risks, manage cash flow, maintain loan covenants Work creatively to maintain income/value, increase occupancy Position the business for future opportunities Maximise rent collection while minimising arrears and write-offs Set sustainability commitments and targets
5%
5% 20%
5%
5%
5% 5%
20%
Up to 50% of the annual bonus is deferred into shares which will vest in two years’ time.
Annual (and deferred) bonus
5%
5%
20%
Total return Total property return Growth in EPRA earnings per share Financial conditions
The LTIP is based on three financial metrics, eachmeasured over three years:
Total shareholder return Total property return Growth in EPRA earnings per share
33%
33%
Long-term Incentive Plan (LTIP)
33%
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