Picton Property Income Limited Annual Report 2023


Strategic Report

Financial Statements

Additional Information

Terms of reference The principal functions of the Committee as set out in the terms of reference include the following matters: ‒ Review the ongoing appropriateness and relevance of the Directors’ Remuneration Policy; ‒ Determine the remuneration of the Chair, Executive Directors and such members of the executive management as it is designated to consider; ‒ Review the design of all share incentive plans for approval by the Board; and ‒ Appoint and set the terms of reference for any remuneration consultants.

Annual statement Dear Shareholders Introduction On behalf of the Board, I am pleased to introduce the Remuneration Committee report for the year ended 31 March 2023. This report comprises three sections: ‒ This annual statement; ‒ A Summary of the Directors’ Remuneration Policy; and ‒ The Annual Report on Remuneration for the year ended 31 March 2023. The Committee met five times during the year and set out below is a summary of its activity. Implementation of the Remuneration Policy in 2023/24 Our objective is to provide straightforward remuneration packages for our Executive Directors, fair and reasonable for all stakeholders, which are designed so as to attract and retain the right talent and to fairly reward delivery of strategic priorities and enhanced shareholder value. In 2021 we set out our new Remuneration Policy, including a three-year plan to transition the Executive Directors’ remuneration packages to more fairly represent their responsibilities as Directors of a listed company. The new Policy was overwhelmingly approved by shareholders that year (97% in favour) and the first two years of the transition plan have been implemented. Ahead of the 2022 Annual General Meeting, we contacted major shareholders about the second stage of the transition plan and I am delighted that shareholders approved the resulting Remuneration Report for the year ended 31 March 2022 by a large majority (97% in favour). The Committee has carefully considered whether the final stage of the transition plan should be implemented for 2023/24, taking into account the performance of the Company and of the Executive Directors over the past year.

The remuneration arrangements provide alignment with shareholders through the use of financial metrics and corporate objectives. Maria Bentley Chair of the Remuneration Committee

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Advisers During the year, Deloitte LLP has provided independent advice in relation to market data, share valuations, share plan administration and content of the Remuneration Report. Total fees for the year were £18,780 (calculated on a time spent basis). Deloitte LLP is a founding member of the Remuneration Consultants Group and, as such, voluntarily operates under the code of conduct in relation to executive remuneration consulting in the UK. In addition, Deloitte also provided taxation services and advice to the Company during the year. The Committee has reviewed the nature of this additional advice and is satisfied that it does not compromise the independence of the advice that it has received.

 Picton Property Income Limited  Annual Report 2023


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