Strategic Report
Financial Statements
Additional Information
Governance
Our people Our people are key to our success and we want them to succeed both as individuals and as a team. One of our Non-Executive Directors, Maria Bentley, has responsibility for employee engagement. As well as carrying out a further employee survey this year, Maria held a virtual meeting with the team without the Executive Directors present. A number of topics were discussed and the employees’ views were reported directly back to the rest of the Board. Local communities and environment We are committed to improving the impact of our buildings on local communities, whether providing space to local businesses, improving local areas or minimising the environmental impact of buildings themselves. The Board has established a Responsibility Committee, which is chaired by one of the Executive Directors, to deal with sustainability policy and initiatives on its behalf. The Board reviews progress on sustainability matters and has attended relevant workshops during the year.
Suppliers We have in place a framework for conducting business across the Group in a way that makes a positive contribution to society, while minimising any negative impact on people and the environment. The Board has agreed the overall business framework and delegated its implementation to the management team. Considering stakeholders in key Board decision making 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
Publication of net zero carbon pathway
The Board has been focused on sustainability issues throughout the year including the development of the net zero carbon pathway and assessment of climate-related risks to the business. The pathway has now been published with a target date of becoming net zero carbon by 2040. The Board also agreed that Picton would become a signatory to the Better Buildings Partnership Climate Commitment. The Board is aware of the value of regular dividend payments to shareholders and reviews the level of dividend each quarter. As the level of rent collection has increased during the year and returned to normal levels the Board has approved two increases in dividend, restoring it to its pre-pandemic level. Although the impacts of the pandemic were receding the Board maintained a policy of considering financial support to occupiers on a case-by-case basis.
Review and increase of dividend
Support given to occupiers during the pandemic
Flexible working
Following last year’s employee engagement the Board agreed that the team would be able to return to the office on a flexible basis, with some home working.
Consultation on Remuneration Policy
Subsequent to the Annual General Meeting the Board has engaged further with shareholders regarding the implementation of the Directors’ Remuneration Policy to understand their views.
Picton Property Income Limited Annual Report 2022
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