Strategic Report
Financial Statements
Additional Information
Governance
The single figure of remuneration for the Directors for the year 2021/22 (in £ thousands) is:
Chief Executive
Finance Director
Non-Executive Directors
9
3
333
127
195
227
196
288
830
559
279
2
2
332
43
29
302
205
276
497
Salary
Benefits
Pension
Annual bonus
Long-term Incentive Pay
Total fixed
Total variable
The potential remuneration of the Executive Directors for the year to 31 March 2023 is:
Chief Executive
Finance Director
The following charts show the composition of the Executive Directors’ remuneration at three performance levels: ‒ Fixed pay – base salary from 1 April 2022, benefits and pension salary supplement of 15% of base salary ‒ On target – fixed pay plus target vesting for the annual bonus (at 50% of maximum opportunity for illustrative purposes) and threshold vesting for the LTIP (at 25% of maximum award) ‒ Maximum – fixed pay plus maximum vesting for both the annual bonus (155% of base salary) and the LTIP (125% (Chief Executive) and 110% (Finance Director) of base salary) ‒ Maximum with share price growth – maximum scenario incorporating assumption of 50% share price growth during LTIP vesting period Other than where stated, the charts do not incorporate share price growth or dividend equivalent awards.
100%
£382K
100%
£261K
53% 35% 12%
52% 34% 14%
£741K
£497K
29%
£1,307K
£856K
30% 41%
29% 39% 32%
25% 34% 27% 14%
£1,514K
27% 35% 25% 13%
£980K
Total fixed
Annual bonus
LTIP
Share growth
Percentage change in remuneration The table below shows the percentage change in total remuneration for each of the Directors between the years 2019/20 to 2020/21 and 2020/21 to 2021/22 compared to the average remuneration of the employees of the Group. Change from 31 March 2021 to 31 March 2022 Change from 31 March 2020 to 31 March 2021 Base salary/ Fees Benefits Annual bonus Base salary/ Fees Benefits Annual bonus Michael Morris 15.0% 15.8% -9.4% 0% 0.6% 14.4% Andrew Dewhirst 15.0% 16.1% -9.4% 0% 0.8% 8.6% Lena Wilson 11.2% – – n/a n/a n/a Mark Batten 10.5% – – 0% – – Maria Bentley 16.7% – – 0% – – Richard Jones 16.7% – – n/a n/a n/a Nicholas Thompson n/a n/a n/a 0% – – Roger Lewis n/a n/a n/a 0% – – Average of all other employees 6.4% 15.0% 13.2% 4.6% 8.1% 15.4% The Non-Executive Director fees were last reviewed in 2018, and then in 2021.
Picton Property Income Limited Annual Report 2022
97
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