British Land - AGM 29 July 2020
Item 2: Remuneration report
The 2019/20 bonus is paid while the group reports a second year of net losses and shareholders lost 38% of their investment. There may be concerns as to whether the bonus targets as disclosed are sufficiently challenging. Historic payout levels, when viewed against Company performance, suggests that stretching bonus targets have generally not been set. Also, the STI includes discretionary or qualitative criteria that exceed 20% of the annual bonus.
Item 19: Share buyback
Leverage (net financial debt/equity) is high: at the end of FY19/20, the gearing stood at 48%. Net debt equals 110% of the company's market capitalisation. Debt to EBITDA ratio was 8.2 and Debt to FCF was 53.3. In view of the recent events relating to Covid-19, ECGS considers that it is not the right moment to proceed to a new share buyback programme especially when the Company suspended the dividend distribution.
British Land Company is a real estate investment trust. Co. is a U.K. commercial property company focused on retail and London offices. Co.'s Retail portfolio is focused on a network of multi-let Regional and Local centers, reflecting modern consumer lifestyles. Co. provides retail and leisure with services meeting a range of consumer needs. Co. provides places to shop, eat and be entertained. Co.'s Offices portfolio is focused on its London campuses which also include a mix of retail, leisure and residential.
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