Governance and Advocacy
Governance
The Board has full responsibility for the direction and control of the business, and sets and implements strategy within a framework of internal controls and risk management. The Board has established four Committees, comprising entirely Non-Executive Directors, to carry out specific functions on its behalf. In addition, there are three Management Committees with responsibility for certain operational matters, chaired by one of the Executive Directors and including other members of the Picton team. One of these Management Committees is the Responsibility Committee, which oversees all sustainability-related matters. As a company listed on the London Stock Exchange, we apply the principles of the UK Corporate Governance Code and report against the Code each year. More detail on the role and activities of the Board, including their biographies, and its Committees is set out in the Governance section. Read more in the Governance section on pages 78–125
Sustainable thinking, positive change We aim to have in place high
Transparency and reporting We recognise that it is important to be transparent on sustainability issues, so that our stakeholders can make informed decisions. Also we aim to ensure our data collection and management is in line with best practice to assist with our GRESB and EPRA reporting requirements. We have been reporting to GRESB since 2017. Our score for 2022 increased from 61 to 77, and from one green star to three. We improved our score in many areas, including improved data coverage and assurance, and were ranked second in our peer group. We were also ahead of the GRESB average for the first time. We have maintained our GRESB Public Disclosure score at 91, which is at the highest possible A grade rating. We were ranked second in our peer group for disclosure methods, disclosure of sustainability implementation and disclosure of stakeholder engagement practices. We have continued to report in line with the EPRA Sustainability Best Practices Recommendations and received a Gold award for our 2022 Sustainability Report.
standards of sustainability governance and management and will undertake initiatives to promote greater environmental responsibility. This also includes a focus on business practices, which are activities relating to the way the business is run, including business ethics, compliance and tax principles. Leadership The Board has responsibility for the long-term success of the business, providing leadership and direction with due regard and consideration to all of our stakeholders. The Board comprises the Chair, two Executive Directors and three independent Non-Executive Directors. They have a range of skills and experience that are complementary and relevant to the business. The tables below set out the Board’s composition, tenure and diversity characteristics.
Function
Number
%
Non-Executive Chair Executive Directors
1 17 2 33
Independent Non-Executive Directors
3 50
Our Sustainability Data Performance Report is available on our website
Diversity
Number
%
Male
4 67 2 33
Female
Tenure
Number
%
0 to 3 years 3 to 6 years 6 to 9 years
2 33 3 50 1 17
Age
Number
%
50 to 54 years 55 to 59 years 60 to 64 years 65 to 69 years
1 17 1 17 3 50 1 16
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Picton Property Income Limited Annual Report 2023
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