Picton Property Income Limited Annual Report 2022

Leadership and Purpose continued

Board activities in 2021/22 The Board met on ten occasions during the year, as well as having a more informal Strategy Day. Here we have set out the key activities and approvals over the year. Throughout the year we have maintained a programme of Board education within the schedule of regular meetings, with relevant external input. How the Board has engaged with all its stakeholders is set out on pages 78 and 79, and consideration of Section 172 matters is described on pages 58 and 59.

2021

April/May

June/July

September

The following recurring matters were considered and discussed at these meetings

– Review of quarterly management accounts – Review of portfolio activity

– Review of portfolio and financial forecasts – Market update from the Company’s brokers – Report from the Company Secretary – Review of quarterly management accounts – Review of portfolio activity – Health and safety matters across the portfolio – The disposal of Victoria Street Huddersfield – The updated Health and Safety policy – Deferred Bonus and LTIP share awards for the team – The acquisition of Madleaze Trading Estate Gloucester – The quarterly dividend for the April to June 2021 period at an increased rate of 0.85 pence per share – Acceptance of the recommendation from the Property Valuation Committee in respect of the 30 June 2021 independent valuation – Corporate bonus objectives for the Executive Directors for 2021/22 – Consideration of a corporate transaction proposal and feedback received from financial adviser – Review of independent benchmarking report on market remuneration levels, both for employees and directors – The appointment of JLL as consultant for the net zero and TCFD projects

– Review of portfolio and financial forecasts – Market update from the Company’s brokers – Report from the Company Secretary

The Board considered and approved the following matters

– The quarterly dividend for the January to March 2021 period at the rate of 0.8 pence per share – Acceptance of the recommendation from the Property Valuation Committee in respect of the 31 March 2021 independent valuation – The significant rent review at Washington, Tyne and Wear. – The new fee rates for the Non-Executive Directors with effect from 1 April 2021. – The Annual Report for the year ended 31 March 2021 and the Stock Exchange announcement of the results – The Directors’ Remuneration Policy – The salary and bonus awards for the year ended 31 March 2021

– The Company’s Modern Slavery Statement for the year ended 31 March 2021

The Board discussed the following one-off items of business

– Actions arising from the previous Strategy Day and the agenda for the forthcoming Strategy Day – Initial salary review and bonus proposals for the team – Feedback from shareholders in relation to the Policy consultation

– Results and action points from the previous Board evaluation – Format of the forthcoming Annual General meeting

Picton Property Income Limited Annual Report 2022

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