Picton Property Income Limited Annual Report 2022

Strategic Report

Financial Statements

Additional Information

Governance

Our people and culture This year we have started to return to office working, whilst embracing more flexibility for our employees. The team are currently working in the office three days a week, with two from home. We will continue to keep this policy under review. In last year’s employee survey, it was clear that flexible arrangements were valued and that the team would like to see them continued. Returning to physical Board meetings has also given the Directors the opportunity to meet the whole team on an informal basis, for the first time since the pandemic started. I believe that this will help us to maintain strong working relationships across the whole team, including the Board. We have again carried out an employee engagement survey this year, and the feedback is set out on page 65. Due to the small number of employees it is possible that the results may be skewed from year-to-year, but overall the feedback was very positive. Our stakeholders Our occupier focused approach is a key part of our business culture. During the pandemic our engagement with occupiers was invaluable, ensuring that appropriate support was given when needed. We will continue to maintain this approach, which will become increasingly important as we seek to reduce carbon emissions, both our own and those of our occupiers, along our net zero carbon pathway. Reporting I am pleased to report that last year’s Annual Report and Sustainability Report both received an EPRA Gold award, reflecting our aim to report our activities and results clearly and concisely. Board evaluation This year we have carried out a Board evaluation, the results of which are set out in the Composition, Succession and Evaluation section. It was appropriate that this year should be an internal review, since I had recently joined as Chair and the pandemic had created unusual working conditions. Leading the evaluation myself also gave me the opportunity for in-depth conversations with each Director. We intend for the next Board evaluation to be carried out externally. Lena Wilson CBE Chair 25 May 2022

This year we will hold our Annual General Meeting in September, earlier than usual. Lena Wilson CBE Chair

Board activities Under the Leadership section of this Report we have set out the activities of the Board and its Committees during the year. We have had a busy and productive year, with a particular focus on sustainability issues and the development of our pathway to net zero carbon, which is discussed more fully elsewhere within this Report and our Sustainability Report. Board composition There have been no changes in the composition of the Board this year. UK Corporate Governance Code Our Statement of Compliance with the Corporate Governance Code is set out within the Directors’ Report. I am pleased to report that we have fully complied with the Code this year. The following sections describe the workings of the Board and the Committees and how these interact with the provisions of the Corporate Governance Code. Annual General Meeting At last year’s Annual General Meeting we put forward our new Directors’ Remuneration Policy to shareholders for their approval. Although the new Policy received over 96% of votes in favour, our Annual Remuneration Report for 2020/21, while still approved, received some 72% of votes in favour. We recognised that the new remuneration proposals for our Executive Directors were being made at a time of increased sensitivities around executive pay, but we believe that the proposals are fair and justified in our particular circumstances. We have published an update to the voting outcome, and within this year’s Remuneration Report there is a full response set out. This year we will hold our Annual General Meeting in September, earlier than usual, and we will provide further information on this shortly.

 Picton Property Income Limited  Annual Report 2022

69

Powered by