Governance
Strategic Report
Financial Statements
Additional Information
Annual Report on Remuneration
The table below sets out the total remuneration receivable by each of the Directors who held office during the year to 31 March 2023, with a comparison to the previous financial year:
Long-term Incentive Plan £000
Total variable £000
Total fixed £000 384 333 262 227
Deferred bonus £000
Annual bonus £000
Pension salary supplement £000
Salary/ fees £000
Total £000
Benefits £000
Executive Michael Morris
438 822 483 816 287 549 323 550
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
331 288 225 196
3 2 3 2
50 43 34 29
120 151
181 151 123 102
137 181
Andrew Dewhirst
82
82
103
118
Non-Executive Lena Wilson
122 120
– – – – – – – –
122 120
117 117
5 3
– – – – – – – –
– – – – – – – –
– – – – – – – –
– – – – – – – –
53 53 53 53 53 53
53 53 53 53 53 53
Mark Batten
53 53 53 53 53 53
– – – – – –
Maria Bentley
Richard Jones
Total (audited)
927 839
725 1,652 806 1,645
832 11
84 72
202 254
304 253
219 299
760
7
Benefits for the Executive Directors comprise private medical insurance and life assurance. Non-Executive Directors are reimbursed expenses incurred in connection with travel and attendance at Board meetings. These expenses are taxable where the meetings take place at the Company’s main office. The Company settles the tax on behalf of the Non- Executive Directors. Executive Directors receive a salary supplement of 15% of base salary in lieu of company pension contributions. The above 2022 LTIP figures for the Executive Directors have been restated to reflect the actual share price at vesting (92.3 pence) rather than the average for the quarter ended 31 March 2022 (100.1 pence). This restatement represents a decrease in the value of the 2022 LTIP awards of £14,000 for Michael Morris and of £9,000 for Andrew Dewhirst. The value of LTIP awards for 2023 is based on the number of shares to be awarded to the Executive Directors in respect of the June 2020 LTIP awards and the average share price over the quarter ended 31 March 2023 of 74.41 pence, and the estimated value of dividend equivalents.
Picton Property Income Limited Annual Report 2023
115
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