Awarded (% of maximum)
Awarded (% of salary) 35% (estimate)
Performance condition
Basis of calculation
Range
Actual
Not yet available
6.6% 100% (estimate)
Less than median – 0% Equal to median – 50% Equal to upper quartile – 100% Less than median – 0% Equal to median – 50% Equal to upper quartile – 100%
Total return versus comparator group Bonus weighting: 20% Total property return versus MSCI Index Bonus weighting: 20% Growth in EPRA EPS Bonus weighting: 20%
100% 35%
7.3% (above upper quartile)
Median 2.6% Upper quartile 4.9%
3.66p to 3.84p
3.67p
31% 10.8%
Less than 3.66p – 0% Equal to 3.66p – 25% Equal to or greater than 3.84p – 100%
The corporate objectives for the Executive Directors for the year to 31 March 2021 were determined by the Remuneration Committee and accounted for 40% of the maximum award. The corporate objectives applying to both Executives, and the assessment of performance against these, are as follows:
Awarded (%of maximum)
Awarded (%of salary)
Performance condition
Assessment
80%
7%
Throughout the pandemic there has been considerable engagement with occupiers, with positive feedback received. There has also been positive commentary from real estate analysts and from the Company’s brokers. Although the dividend was reduced at the start of the pandemic this was a smaller reduction than many other companies in the sector, and has been followed by two subsequent increases, earlier than others in the sector. The share price has been at a discount to net asset value, but this has narrowed over the latter half of the year, and compares favourably with the comparator group. Dividend cover for the year was in excess of 130%. The Group has not taken any form of Government support, nor placed any employees on furlough. The employee satisfaction score increased to 85% from 83%. There were no leavers during the year. There was positive feedback from the employees to the Non-Executive Directors, especially in the context of remote working. The office move to Stanford Building was successfully completed. There has been a high level of engagement with occupiers during the pandemic. Assistance has been given to support over 90 occupiers, either through monthly payments or rental assistance. A vacant unit was provided to London Ambulance Service during the pandemic. Loan covenants were complied with throughout the year, with no additional borrowing incurred. Cash balances remained positive throughout the year. Rent collection was consistently high, which enabled two dividend increases in the second half of the year. Administrative expenses, property and finance costs were all lower than the preceding year. The cost ratio was 1.0%, lower than the preceding year.
Strengthen Picton’s reputation through crisis Bonus weighting: 5%
80%
7%
Ensure team adequately resourced and working effectively Bonus weighting: 5%
80%
7%
Ensure Picton values maintained. Make progress on Picton Promise Bonus weighting: 5%
90% 7.9%
Mitigate risks, manage cash flow, maintain loan covenants Bonus weighting: 5%
91
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