Leadership and Purpose/Continued
Board activities in 2022/23 The Board met on ten occasions during the year, as well as having a more informal Strategy Day. Here we have set out the key activities and approvals over the year. Throughout the year we have maintained a programme of Board education within the schedule of regular meetings, with relevant external input. How the Board has engaged with all its stakeholders is set out on pages 92 and 93, and consideration of Section 172 matters is described on pages 90 and 91.
2022
April/May
June/July
September
The following recurring matters were considered and discussed at these meetings
– Review of quarterly management accounts – Review of portfolio activity
– Review of portfolio and financial forecasts – Market update from the Company’s brokers – Report from the Company Secretary – Review of quarterly management accounts – Review of portfolio activity – Health and safety matters across the portfolio
– Review of portfolio and financial forecasts – Market update from the Company’s brokers – Report from the Company Secretary
The Board considered and approved the following matters
– The quarterly dividend for the January to March 2022 period at the rate of 0.875 pence per share – Acceptance of the recommendation from the Property Valuation Committee in respect of the 31 March 2022 independent valuation – The Annual Report for the year ended 31 March 2022 and the Stock Exchange announcement of the results – The net zero carbon pathway – The salary and bonus awards for the year ended 31 March 2022
– Deferred Bonus and LTIP share awards for the team – The acquisition of 109–117 High Street, Cheltenham – The quarterly dividend for the April to June 2022 period at the rate of 0.875 pence per share – Acceptance of the recommendation from the Property Valuation Committee in respect of the 30 June 2022 independent valuation – Corporate bonus objectives for the Executive Directors for 2022/23
– The Company’s Modern Slavery Statement for the year ended 31 March 2022 – The updated Sustainability and Health and Safety policies – The updated Share Dealing Code – Capital expenditure at Madleaze Trading Estate, Gloucester
The Board discussed the following one-off items of business
– Initial salary review and bonus proposals for the team – Review of independent benchmarking report on market remuneration levels, both for employees and Directors
– Review of feedback received on corporate opportunity – Options for renewable energy within the Picton portfolio – Planning of the forthcoming Annual General Meeting – Actions from the previous Board evaluation
– Actions arising from the previous Board evaluation
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Picton Property Income Limited Annual Report 2023
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