Strategic Report
Financial Statements
Additional Information
Governance
Annual Report on Remuneration
The table below sets out the total remuneration receivable by each of the Directors who held office during the year to 31 March 2022, with a comparison to the previous financial year:
Pension salary supplement £000
Long-term Incentive Plan £000
Total fixed £000 333 290 227 198
Total variable £000
Salary/ fees £000
Annual bonus £000
Deferred bonus £000
Total £000
Benefits £000
Executive Michael Morris
497 830 546 836 332 559 351 549
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
288 2 250 2 196 2 170 2
43 38 29 26
151 151 195 167 166 213 103 102 127 113 113 125
Andrew Dewhirst
Non-Executive Lena Wilson
120 21
– – – – – – – – – – – – – –
120 21
117 3
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
21 53 48 53 45 53 26
– – – – – – – – – – – – –
53 48 53 45 53 26
53 48 53 45 53 26
Mark Batten
Maria Bentley
Richard Jones
–
–
Nicholas Thompson
–
82
82
82
–
–
Roger Lewis
–
22
22
22
–
–
Nicholas Wiles
–
6
6
6
Total (audited)
839 738
829 1,668
760 7 670 4
72 64
254 253 322 280 279 338
897 1,635 Lena Wilson and Richard Jones were new appointments to the Board during the financial year to 31 March 2021. Benefits for the Executive Directors comprise private medical insurance and life assurance. Non-Executive Directors are reimbursed expenses incurred in connection with travel and attendance at Board meetings. These expenses are taxable where the meetings take place at the Company’s main office. The Company settles the tax on behalf of the Non- Executive Directors. Executive Directors receive a salary supplement of 15% of base salary in lieu of company pension contributions. The above figures for 2021 for the Executive Directors for annual bonus and LTIP awards have been re-stated. The estimated figures for annual bonus included in last year’s report were £348,600 (Michael Morris) and £237,000 (Andrew Dewhirst). The estimates included an outcome of 100% for the relative total return metric. The final outcome was determined to be 82% and the awards were adjusted to £332,600 (Michael Morris) and £226,000 (Andrew Dewhirst). The above 2021 LTIP figures for the Executive Directors have been restated to reflect the actual share price at vesting (87.1 pence) rather than the average for the quarter ended 31 March 2021 (84.7 pence). This restatement represents an increase in the value of the 2021 LTIP awards of £5,000 for Michael Morris and of £3,000 for Andrew Dewhirst. The value of LTIP awards for 2022 is based on the number of shares to be awarded to the Executive Directors in respect of the June 2019 LTIP awards and the average share price over the quarter ended 31 March 2022 of 100.06 pence, and the estimated value of dividend equivalents.
Picton Property Income Limited Annual Report 2022
101
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