British Land Co, 19 July 2019
Item 2: Approve the Remuneration ReportThe structure is unsatisfactory as the use of qualitative criteria exceeds guidelines and the pension is excessive. Qualitative criteria slightly exceeds ECGS guidelines. There is no disclosure of targets of the metrics for the STI and a bonus was paid though the Company made a loss for the year. A recruitment award was paid during the year. We recommend shareholders oppose.
Item 3: Approve the Remuneration PolicyGiven that the pension contribution will be reduced to within ECGS guidelines, the main concern at the Company is the use of qualitative criteria for the bonus and the lack of disclosure of performance targets. However, the qualitative criteria used are well described. In addition, the actual performance and the percentage payout are disclosed and the level of disclosure is not the most relevant factor in assessing the remuneration policy (it is taken into consideration on the remuneration report. Please see the previous item.) As there are no major concerns with the policy itself, we recommend shareholders vote in favor.
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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