Strategic Report
Financial Statements
Additional Information
Governance
Comparator group The Committee has agreed that the following companies will be used as a comparator group for the total shareholder return and total return metrics in determining variable remuneration for 2022/23 awards. A smaller group is used for the total return metric due to the different reporting periods of some companies.
Total shareholder return
Company
Total return
AEW UK REIT plc BMO Commercial Property Trust Limited BMO UK Real Estate Investments Limited Capital & Regional plc Custodian REIT plc Ediston Property Investment Company PLC Industrial REIT Limited NewRiver REIT PLC Regional REIT Limited Schroder Real Estate Investment Trust Limited Standard Life Investments Property Income Trust Limited Supermarket Income REIT PLC UK Commercial Property REIT Limited Warehouse REIT plc The above group was also used for previous awards with the following amendments: ‒ Supermarket Income REIT and Warehouse REIT were added to the group for awards made from 2019 onwards; ‒ McKay Securities PLC was included in the group for awards made up to and including 2021; ‒ Hansteen Holdings plc and Mucklow (A.&J.) PLC were additionally included in the group for awards made up to and including 2019; and ‒ LondonMetric Property PLC and RDI REIT plc were additionally included in the group for awards made up to and including 2020. Statement of Directors’ shareholdings Directors and employees are encouraged to maintain a shareholding in the Company’s shares to provide alignment with investors. The numbers of shares beneficially held by each Director (including connected persons) as at 31 March 2022, were as follows: Beneficial holding 2022 Beneficial holding 2021 Holding as a % of salary Outstanding LTIP awards Outstanding DBP awards
Michael Morris Andrew Dewhirst
537,673 328,485 332,113 201,978
184 1,040,767 401,999 167 640,646 281,245
Lena Wilson Mark Batten Maria Bentley Richard Jones
30,000
30,000
–
–
74,436 53,845
74,436
53,845 The percentage holding for the Executive Directors is based on base salaries as at 31 March 2022 and a share price of £0.983. The beneficial holdings of shares include any held by connected persons. Executive Directors are required to maintain a shareholding of 200% of base salary and both Directors are currently in the process of building up to that level. The Executive Directors intend to retain at least 50% of any share awards (post-tax) until the guidelines are met. There have been no changes in these shareholdings between the year-end and the date of this report. Payments to past Directors or payments for loss of office There were no payments to past Directors or payments for loss of office to Directors during the year ended 31 March 2022.
Picton Property Income Limited Annual Report 2022
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