Picton Property Income Limited Annual Report 2023


Strategic Report

Financial Statements

Additional Information

Implementation of Remuneration Policy in 2023/24

Change from prior year

Executive Directors Base salaries

Michael Morris (Chief Executive) – £380,219 Andrew Dewhirst (Finance Director) – £258,549

As outlined in the 2021 Remuneration Report base salaries for the Executive Directors are being transitioned over a three-year period – 2023/24 will be the final year of that transition. The average increase for the rest of the workforce is 9.4%. No change. All employees receive company pension contributions at the rate of 15% of base salary or 15% salary supplement in lieu of company contributions. As outlined in the 2021 Remuneration Report the maximum bonus potential for Executive Directors will decrease from 155% of salary to 145% of salary this year.

Pension and benefits

15% salary supplement in lieu of pension plus standard other benefits

Annual bonus*

Maximum bonus of 145% of salary with 50% of any bonus deferred in shares for two years 60% of bonus to be determined by corporate financial metrics of relative total return and relative total property return (using the same performance target ranges as in 2022/23) with the remaining 40% determined by corporate and personal measures


Award of shares worth: ‒ Michael Morris (Chief Executive) 93.75% of salary ‒ Andrew Dewhirst (Finance Director) 82.5% of salary

Awards to the Executive Directors have been reduced by 25% this year to avoid the potential for windfall gains on vesting.

Shares released after three-year performance and two-year holding period. Vesting of shares based equally on relative total shareholder return, relative total property return and growth in EPRA earnings per share measures. Target ranges for the relative measures are as set out on page 117. Targets for the EPS measure for the year ended 31 March 2026 are: Less than 4.20 pence per share – 0% Equal to 4.20 pence per share – 25% Greater than 4.55 pence per share – 100% A result between 4.20 pence and 4.55 pence will be calculated on a straight-line basis between 25% and 100%

Non-Executive Directors Fees

Chair – £122,000 Director – £47,000 Supplementary fee for Committee Chairs – £8,000

The fees payable from 1 April 2023 have increased by an average of 4.6%.

* The Remuneration Committee has discretion to override the formulaic outcomes in both the annual bonus and LTIP. The Committee also confirms that performance has been achieved within an acceptable risk profile before payouts are made. Incentive payouts are subject to malus and clawback provisions.

 Picton Property Income Limited  Annual Report 2023


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