Land Securities - AGM 09 July 2020
Item 2: Remuneration report
There will be no salary increase in 2020/21 and the Executive and Non-executive Directors have also agreed to waive 20% of base salary or fees for a three-month period commencing 1 May 2020. The bonus for the year is 100% deferred in shares. Also, the Executive Directors have agreed to waive their annual bonus related to financial measures for at least the first quarter of 2020/21.
The newly appointed CEO Mark Allan received a one-time relocation allowance of £200,000 and buyout award for incentive awards forfeited from his previous employer.
It comprised a forfeited bonus of £674,630 and three LTI awards with the total face value of £2,568,343. From these awards only one is subject to two-year Landsec's performance conditions (£1.04m). The value of the total buyout as disclosed is £3.24m or 405% of the base salary. This seems excessive, however, it corresponds to the UK practice when an executive director is hired from another company.
Land Securities Group is a real estate investment trust. Co. buys, sells, develops and manages commercial property in the U.K. Co.'s operations are organized into two operating segments, the London Portfolio and the Retail Portfolio. The London Portfolio includes all Co.'s London offices and central London shops and the Retail Portfolio includes all Co.'s shopping centers and shops (excluding central London shops), hotels and leisure assets and retail park properties.
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