Governance
Strategic Report
Financial Statements
Additional Information
Comparator group The Committee has agreed that the following companies will be used as a comparator group for the total shareholder return and total return metrics in determining variable remuneration for 2023/24 awards. A smaller group is used for the total return metric due to the different reporting periods of some companies.
Total shareholder return
Company
Total return
abrdn Property Income Trust Limited AEW UK REIT plc Balanced Commercial Property Trust Limited CT Property Trust Limited Custodian REIT plc Ediston Property Investment Company PLC NewRiver REIT PLC Regional REIT Limited Schroder Real Estate Investment Trust Limited Supermarket Income REIT PLC UK Commercial Property REIT Limited Urban Logistics REIT plc Warehouse REIT plc Workspace Group PLC The above group was also used for previous awards with the following amendments: ‒ Supermarket Income REIT and Warehouse REIT were added to the group for awards made from 2019 onwards; ‒ McKay Securities PLC was included in the group for awards made up to and including 2021; ‒ Hansteen Holdings plc and Mucklow (A.&J.) PLC were additionally included in the group for awards made up to and including 2019; and ‒ LondonMetric Property PLC and RDI REIT plc were additionally included in the group for awards made up to and including 2020. Statement of Directors’ shareholdings Directors and employees are encouraged to maintain a shareholding in the Company’s shares to provide alignment with investors. The numbers of shares beneficially held by each Director (including connected persons) as at 31 March 2023, were as follows: Beneficial holding 2023 Beneficial holding 2022 Holding as a % of salary Outstanding LTIP awards
Outstanding DBP awards
Michael Morris Andrew Dewhirst
740,717 471,758 30,000
537,673 332,113 30,000
155 1,150,087
346,221 235,431
145
688,212
Lena Wilson Mark Batten Maria Bentley Richard Jones
–
–
74,436 53,845
74,436 53,845
The percentage holding for the Executive Directors is based on base salaries as at 31 March 2023 and a share price of £0.693. The beneficial holdings of shares include any held by connected persons. Executive Directors are required to maintain a shareholding of 200% of base salary and both Directors are currently in the process of building up to that level. The Executive Directors intend to retain at least 50% of any share awards (post-tax) until the guidelines are met. There have been no changes in these shareholdings between the year-end and the date of this report. Payments to past Directors or payments for loss of office There were no payments to past Directors or payments for loss of office to Directors during the year ended 31 March 2023.
Picton Property Income Limited Annual Report 2023
119
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