British Land Co PLC British Land appoints new Chief Financial Officer (0927M)
January 19 2021 - 01:00AM
UK Regulatory
TIDMBLND
RNS Number : 0927M
British Land Co PLC
19 January 2021
British Land appoints new Chief Financial Officer
19 January 2021
British Land is pleased to announce that Bhavesh Mistry has been
appointed Chief Financial Officer. Bhavesh is currently Deputy
Chief Financial Officer at Tesco PLC, a position he has held for
over two years. Prior to that he spent more than five years at
Whitbread PLC, where he was Finance Director of Whitbread Hotels
& Restaurants. He has previously held senior positions in
finance and strategy at Virgin Media and Anheuser-Busch InBev and
qualified as a Chartered Accountant at KPMG.
Bhavesh will become an Executive Director and join the Main
Board. He is expected to join British Land no later than 1 August
2021. Until Bhavesh joins, David Walker will continue in his role
as Interim Chief Financial Officer.
Simon Carter, Chief Executive said: "I am delighted Bhavesh is
joining British Land at this important time for our business. His
deep expertise in finance and wealth of experience in business
transformation in fast moving industries will be invaluable as we
continue to move our business forward and deliver against our
strategic priorities."
Bhavesh Mistry, incoming CFO said: "I am very pleased to be
joining British Land. The business benefits from high quality
assets with exciting opportunities for growth and development. I'm
looking forward to working with Simon and the team to realise this
potential."
There are no other disclosures to make pursuant to LR 9.6.13
R.
Enquiries:
Investors & Analysts: Joanna Waddingham 07714 901166
Media: Charlotte Whitley 07887 802535
Remuneration Arrangements for Bhavesh Mistry
Bhavesh Mistry's remuneration arrangements will be in accordance
with British Land's Directors' Remuneration Policy (the "Policy"),
which was approved by shareholders at the Annual General Meeting in
July 2019.
1. Salary and benefits
Bhavesh will receive a base salary of GBP490,000 and benefits
including a car allowance (or equivalent cash supplement) of
GBP16,700, be eligible for private health care for himself and
family, life assurance, ill health income protection and other
all-employee benefits. He will also receive a cash pension
allowance of 15% base salary, which is in line with the pension
rate applicable to the wider workforce.
2. Bonus
Bhavesh will be eligible to participate in the British Land
Annual Incentive Plan for the 2021/22 financial year with a maximum
bonus opportunity of 150% of base salary on a time prorated basis
payable in cash and with one third deferral into shares for 3 years
in accordance with the Policy.
3. Long Term incentives
Bhavesh will be eligible to participate in the British Land
Long-Term Incentive Plan (the "LTIP"), subject to performance
conditions being met which will be set in line with the Policy.
Whilst the maximum annual award under the Policy is 300% of base
salary, recent grants to Executive Directors have been within the
range of 225% to 250% of salary.
4. Replacement awards
In order to replace existing incentive awards from his current
employer that will lapse as a consequence of his appointment with
British Land, but were due to vest between 2021 and 2024, Bhavesh
will receive rights over British Land shares (but no cash) of
equivalent value to the amounts forfeit. The British Land shares
will vest when the forfeit amounts would have vested, subject
normally to being still employed, will be subject to minimum
additional holding periods and the BL share ownership requirements
of 200% of salary, including for 2 years post cessation of
employment and malus/clawback provisions. Where any of these
forfeit amounts are subject to performance hurdles these will
remain or be replaced by British Land performance requirements.
Notes to Editors
About British Land
Our portfolio of high quality UK commercial property is focused
on London Offices and Retail around the UK. We own or manage a
portfolio valued at GBP13.7bn (British Land share: GBP10.3bn) as at
30 September 2020 making us one of Europe's largest listed real
estate investment companies.
Our strategy is to provide places which meet the needs of our
customers and respond to changing lifestyles - Places People
Prefer. We do this by creating great environments both inside and
outside our buildings and use our scale and placemaking skills to
enhance and enliven them. This expands their appeal to a broader
range of occupiers, creating enduring demand and driving
sustainable, long term performance.
Our Offices portfolio comprises three office-led campuses in
central London as well as high quality standalone buildings and
accounts for 65% of our portfolio. Our Retail portfolio is focused
on retail parks and shopping centres, and accounts for 31% of our
portfolio. Increasingly our focus is on providing a mix of uses and
this is most evident at Canada Water, our 53 acre redevelopment
opportunity where we have plans to create a new neighbourhood for
London.
Sustainability is embedded throughout our business. Our places,
which are designed to meet high sustainability standards, become
part of local communities, provide opportunities for skills
development and employment and promote wellbeing. In April 2016
British Land received the Queen's Award for Enterprise: Sustainable
Development, the UK's highest accolade for business success for
economic, social and environmental achievements over a period of
five years.
Further details can be found on the British Land website at
www.britishland.com
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