2024 Annual Report

Strategic report
2
The year in review
4
Delivering on our priorities
6
Impossible to replicate portfolio
in the heart of London’s West End
8
Why we invest in London’s West End
10
Our competitive strengths
12
Chief Executive’s statement
16
Our purpose-led strategy
17
Our business model
18
Business model in action
20
Measuring performance
22
Our portfolio
30
Creating consumer experiences across our
West End portfolio
32
Portfolio and operating review
44
Stakeholder engagement
50
Financial review
59
Risk management
66
Task Force on Climate-related Financial Disclosures
75
Viability statement
77
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪ
78
Sustainability
80
Our environment, community and sustainability
approach and strategy
82
Our ESC governance structure
84
Our ESC approach in action
88
Our ESC progress in 2024
100
Our people and culture
102
Health, safety and security
2024 EPRA
Sustainability Data Report
March 2025
Our TCFD
Report 2024
March 2025
2040 Net Zero
Carbon Pathway
March 2025
EPRA Sustainability Data Report
TCFD Report
Net Zero Carbon Pathway
https://www.shaftesburycapital.com/en/
responsibility/policies-and-reports.html
https://www.shaftesburycapital.com/en/
responsibility/policies-and-reports.html
https://www.shaftesburycapital.com/
en/responsibility/environment/net-zero-
carbon-pathway.html
The leading central
London mixed-use REIT
Corporate governance report
106
Board of Directors
110
Chairman’s introduction
113
How the Board monitors culture and employee
engagement
114
The role of the Board and its Committees
116
Principal Board activities in 2024
118
Our section 172(1) statement
124
Division of responsibilities
126
Board skills, experience and background
127
Nomination Committee report
132
Audit Committee report
138
Directors’ remuneration report
162
Directors’ report
Financial statements
166
Directors’ responsibilities
167
Independent auditors’ report
174
Financial statements
178
^ŁŪýţǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţ
213
ŁķŜØĸƊǹLJĸØĸóěØıǹţŪØŪýķýĸŪţ
Additional information
218
Alternative performance measures
221
EPRA measures
226
Analysis of property portfolio
227
Historical record
228
Board and advisers
229
Dividends
230
Glossary
234
Greenhouse gas emissions
235
Shareholder information
236
Cautionary statement
The sections of the Annual Report which make up the Strategic
Report are set out on the inside cover. The Strategic Report has been
approved for issue by the Board of Directors on 26 February 2025.
On behalf of the Board
Ian Hawksworth
Chief Executive

Shaftesbury Capital PLC is the leading
central London mixed-use REIT. Our property
portfolio extends to 2.7 million square feet of
lettable space across the most vibrant areas of
London’s West End. With a diverse mix of shops,
şýţŪØůşØĸŪţȀǹóØĐþţȀǹòØşţȀǹşýţěùýĸŪěØıǹØĸùǹŁDžóýţȀǹ
our destinations include the high footfall, thriving
neighbourhoods of Covent Garden, Carnaby,
Soho and Chinatown. Our properties are close
to the main West End Underground stations and
transport hubs for the Elizabeth Line.
At a glance
Who we are Diverse mixed-use portfolio
Read more on page 24 Read more on page 26 Read more on page 28
53% 32% 15%
£4.8 bn
£193 m
£203 m
£237 m
£251 m
£5.0 bn
Property valuation (billion)
Annualised gross income (million)
ERV (million)
2024
2023
]ýŪşěóţǹşýLjýóŪǹŜýşóýĸŪØđýǹŁĐǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁǹƃØıůýǿ
www.shaftesburycapital.com
1Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
The year in review
ŪşŁĸđǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹ
Excellent operating
performance
A sustainable business
ȟ Growth in rents, earnings, dividends and NTA
ȟ +16.2% underlying earnings driven by rental growth
and cost savings
ȟ +5.2% growth in EPRA NTA driven by +4.5% L-f-L
valuation growth
ȟ Dividend of 3.5p per share (2023: 3.15p)
ȟ ýLJĸØĸóěĸđǹØóŪěƃěŪƊǹýƉŪýĸùěĸđǹŪĘýǹùýòŪǹķØŪůşěŪƊǹŜşŁLJıýǹ
ȟ High footfall with +3% L-f-L customer sales growth
vs 2023
ȟ ěđĸěLJóØĸŪǹđşŁƄŪĘǹěĸǹ&¨ǹØĸùǹØĸĸůØıěţýùǹóØţĘǹşýĸŪţǹ
ȟ 473 leasing transactions completed, £48.7 million,
+9% vs Dec 2023 ERV
ȟ Converting reversion into contracted income
ȟ High occupancy, 2.6% ERV available to let
ȟ Active capital rotation, improving portfolio quality
ȟ Commitment to become Net Zero Carbon by 2040
ȟ 9ůŪůşýǹŜşŁŁLJĸđǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǹ
ȟ 88% of units have an EPC rating of A-C
ȟ Ongoing stakeholder and community engagement
ȟ Value the communities that make our places thrive
ȟ Our people are key to our success and achieving
our purpose
Read more on page 32
Read more on page 78
Read more on page 50
2 Shaftesbury Capital PLC | 2024 Annual Report

Financial strength
Operational performance
Sustainability performance
EPRA NTA
200.2p
(2023: 190.3p)
Low vacancy
2.6%
Underlying earnings per share
4.0p
(Pro forma FY 2023: 3.4p)
L-f-L ERV growth
+7.7%
2024 ERV £250.6m
Reduction in Scope 1 & 2 emissions
on published 2019 baseline
34%
(2023: 31%)
EPRA LTV
27%
(2023: 31%)
Underlying earnings growth
+16.2%
Basic earnings per share
13.8p
(2023: 45.5p)
L-f-L annualised gross income
+8.0%
2024 AGI £202.8m
Employee engagement
82%
Access to liquidity
£560m
(2023: £486m)
Dividend growth
+11.1%
Property valuation
£5.0bn
(2023: £4.8bn)
L-f-L valuation growth
+4.5%
2024 valuation £5.0bn
Carbon footprint reduction on
published 2019 baseline
50%
(2023: 45%)
Read more on page 50
Read more on page 32
Read more on page 78
3Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Delivering on our priorities
Deliver growth in rents, earnings and dividends
Leasing ahead of previous passing rents and cost discipline has
resulted in 16.2 per cent growth in underlying earnings
and progressive dividends.
Active asset rotation through capital recycling
£340.6 million of disposals completed since merger, including
sale of 50 per cent interest in Longmartin associate. £86 million
reinvested in acquisitions, including the freehold interests in
ǑǔțǒǐǹRØķýţǹŪşýýŪȀǹŁƃýĸŪǹ:ØşùýĸȀǹŜşýţýĸŪěĸđǹţěđĸěLJóØĸŪǹ
ØţţýŪǺķØĸØđýķýĸŪǹŁŜŜŁşŪůĸěŪěýţǹƄěŪĘǹýƉóýııýĸŪǹşýĸŪØıǹ
đşŁƄŪĘǺŜşŁţŜýóŪţǿ
Maintain a strong balance sheet with access
to liquidity
Completion of new £75 million unsecured loan facility,
extension of £350 million senior unsecured loan facility to
ǑǏǑǖȀǹØĸùǹşýLJĸØĸóěĸđǹŁĐǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹ
extending maturity to 2028.
Realise the long-term potential of our assets
Dynamic leasing and creative asset management activity has
resulted in 7.7 per cent L-f-L ERV growth and 4.5 per cent L-f-L
valuation growth during the year.
Our medium-term priorities
– Deliver growth in rents, earnings
and dividends
– Realise the long-term potential of our assets
– óóýıýşØŪýǹóŁţŪǹţØƃěĸđţǹØĸùǹŁŜýşØŪěĸđǹýDžóěýĸóěýţ
– Accretive investment into our portfolio
– Active asset rotation through capital recycling
– Maintain a strong balance sheet with access to
liquidity
– Deliver on our environmental commitments and
support our local communities and stakeholders
– Be a good partner for our people, customers and
stakeholders
4

Accelerate cost savings and operating
ýDžóěýĸóěýţ
ěđĸěLJóØĸŪǹóŁţŪǹţØƃěĸđţǹØóĘěýƃýùǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹ
ýDŽýóŪěƃýǹØĸùǹýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ&ǹóŁţŪǹşØŪěŁǹ
reduced to 37 per cent.
Deliver on our environmental commitments
and support our local communities and
stakeholders
&ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǹýŜŁşŪǹŜůòıěţĘýùǹěĸóıůùěĸđǹŪĘýǹLJşţŪǹ
year of combined data as Shaftesbury Capital and achieved
a Gold award for our reporting.
Be a good partner for our people, customers
and stakeholders
Our Community Investment Forum which comprises employees
from across the business oversees our programme of community
investment which totalled £0.9 million of value this year.
We carried out an employee survey, which had an overall
engagement score of 82 per cent, ahead of the global benchmark.
Accretive investment into our portfolio
Active asset management and refurbishment initiatives,
ěĸóıůùěĸđǹóŁķŜıýŪěŁĸǹŁĐǹŁDžóýǹţóĘýķýţǹØŪǹĘýǹAěùýȀǹ:ØĸŪŁĸǹ
Street and The Floral, delivering rents in excess of £100 per
square foot.
5Shaftesbury Capital PLC | 2024 Annual Report

Impossible
ŪŁǺşýŜıěóØŪýǹŜŁşŪĐŁıěŁǹ
in the heart of
London’s West End
c. 635
Buildings
c. 1,900
Lettable units
1
2.7m sq ft
Lettable space
£5.0bn
Portfolio valuation
Strategic report
33%
Food & beverage
18%
fDžóý
13%
Residential
36%
Retail
1. Excludes long-leasehold residential interests
Represents percentage of wholly-owned portfolio valuation
Carnaby Street
6 Shaftesbury Capital PLC | 2024 Annual Report

Map
is
for
indicative
purposes
only
as
at
31
December
2024
M
ap
i
s
f
o
r in
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r
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o
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ly
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at
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1 D
ece
m
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r 2
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24
Chinatown Covent Garden
Ownership
7Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
London is a leading global city and has long demonstrated its
enduring appeal as one of the world’s greatest cities, it has the
largest economy of any Western European city. Additionally,
there is a substantial population in south-east England within
easy commuting or visiting distance.
The breadth of its economy encompasses:
ȟ a leading global commercial centre
ȟ a major hub for creative industries, from technology to media
ȟ a globally-recognised location for education and research
ȟ home to world-class visual and performing arts facilities
ȟ diverse and vibrant residential communities
ȟ an unrivalled variety of heritage and cultural attractions which
draw large numbers of domestic and international visitors.
Why we invest in London’s
West End
Our property portfolio, valued at £5.0 billion, extends to 2.7 million square feet
of lettable space across the most vibrant areas of London’s West End.
At the heart of the city, the West End is a world-class
destination for innovative and accessible dining, shopping,
leisure, entertainment and culture with approximately 43
ŪĘýØŪşýţǹØĸùǹØǹţěđĸěLJóØĸŪǹĸůķòýşǹŁĐǹĘŁŪýıǹĮýƊţǹØóşŁţţǹŪĘýǹ
district, attracting approximately 200 million domestic
and international visitors per annum. Its huge working and
residential population provides a regular, daily customer base
for its hospitality, retail and leisure businesses.
We are invested in the heart of London’s West End,
ýţŪØòıěţĘěĸđǺØĸùǹýƉŪýĸùěĸđǹŁůşǹŁƄĸýşţĘěŜǹěĸǹĘěđĘțĐŁŁŪĐØııǹØşýØţȀǹ
which are close to major employment locations, transport
hubs and visitor attractions. We adopt a disciplined approach
to investment to deliver long-term income and value growth
through investment, curation and responsible stewardship,
òýĸýLJŪŪěĸđǹØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹţůóóýţţǹ
ŁĐǺŪĘýǹ©ýţŪǹ&ĸùǿ
The West End, and our portfolio in particular, provides the
prospect of high occupancy, low capital requirements and
şýıěØòıýȀǹđşŁƄěĸđǹıŁĸđțŪýşķǹóØţĘǹLjŁƄţǿǹ©ĘěıţŪǹŪĘýǹòůěıùěĸđţǹƄýǹ
buy tend to contain a mix of uses, we prefer those which either
have, or have the potential for, hospitality, retail or leisure-led
ůţýţǹŁĸǹŪĘýǹıŁƄýşǹLjŁŁşţǿ
At the heart of London’s transport network, our properties
ØşýǺóıŁţýǹŪŁǹŪĘýǹķØěĸǹ©ýţŪǹ&ĸùǹĸùýşđşŁůĸùǹţŪØŪěŁĸţȀǹƄěŪĘěĸ
ǐǏǹķěĸůŪýţȬǹƄØıĮǹŁĐǹŪĘýǹŪƄŁǹ©ýţŪǹ&ĸùǹŪşØĸţŜŁşŪǹĘůòţǹĐŁşǺŪĘýǹ
Elizabeth Line at Tottenham Court Road and Bond Street,
ȡƄĘýşýǺŜØţţýĸđýşǹŪşØDžóǹĘØţǹěĸóşýØţýùǹţěđĸěLJóØĸŪıƊȢȀǹØĸùǹĸýØşǹ
major main line transport including Charing Cross Station and
Waterloo Station.
Our iconic destinations provide a seven-days-a-week trading
environment and exposure to an extensive and diverse local,
domestic and international customer base which has proven to
be resilient throughout economic cycles. There is a broad pool
of domestic and international investors attracted to prime West
End real estate.
London’s West End
c.200m
1
West End visitors
c.220m
2
2024 Elizabeth Line journeys
1. NWEC
2. TfL
8 Shaftesbury Capital PLC | 2024 Annual Report

9

Our competitive strengths
Strategic report
Our people
– High-performance, professional, inclusive and
ýĸŪşýŜşýĸýůşěØıǹóůıŪůşýȀǹşýLjýóŪěƃýǹŁĐǹŁůşǹòůţěĸýţţǹ
strategy where creativity and innovation are
ŜşŁķŁŪýùǹØóşŁţţǹŪĘýǹòůţěĸýţţ
– ŁııØòŁşØŪěƃýǹýĸƃ캣ĸķýĸŪǹƄĘýşýǹŜýŁŜıýǹØşýǹ
ķŁŪěƃØŪýùǹŪŁǹđěƃýǹŪĘýěşǹòýţŪ
Strong capital structure
– ýţěıěýĸóýȀǹLjýƉěòěıěŪƊǹØĸùǹýDžóěýĸóƊ
– óóýţţǹŪŁǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊ
– Disciplined approach to capital allocation
– şůùýĸŪǹØŜŜşŁØóĘǹŪŁǹLJĸØĸóěØıǹıýƃýşØđýǹ
ØĸùǺşěţĮ
Our portfolio
– Concentrated in iconic, high-footfall
destinations in the West End
– ØıØĸóýǹŁĐǹůţýţǹƄěŪĘǹùěƃýşţěLJýùǹ
ěĸóŁķýǺţŪşýØķţ
– Long history of occupier demand
ýƉóýýùěĸđǺØƃØěıØòěıěŪƊ
– WŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹýƉóýŜŪěŁĸØıǹ
destinations
Read more on page 100
Read more on page 22
Read more on page 50
10 Shaftesbury Capital PLC | 2024 Annual Report

West End mixed-use
expertise
– ŪşŁĸđǹŪşØóĮǹşýóŁşùǹŁĐǹùýıěƃýşěĸđǹıŁĸđț
term value across the West End
– &ƉŪýĸţěƃýȀǹùýŪØěıýùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹ
©ýţŪǹ&ĸùǹŜşŁŜýşŪƊǺķØşĮýŪ
– Creative and active approach to asset
management to meet consumers’ and
ŁůşǺóůţŪŁķýşţȬǹýƃŁıƃěĸđǹĸýýùţ
Customer focus
and insights
– Placing our customers at the heart
ŁĐǹŁůşǺòůţěĸýţţǹŪŁǹŜşŁƃěùýǹòýţŪțěĸț
óıØţţǺţýşƃěóý
– Leveraging our deep understanding
ŁĐǹŁůşǺóůţŪŁķýşţǹØĸùǹóŁĸţůķýşţǹ
together with data-led insights to
ěĸĐŁşķǹŁůşǹòůţěĸýţţǺţŪşØŪýđƊ
Stakeholder
relationships
– Delivering positive environmental
and social outcomes to enhance
ƃØıůýǹĐŁşǹţŪØĮýĘŁıùýşţ
– ŁııØòŁşØŪěƃýǹØŜŜşŁØóĘȀǹ
ķØěĸŪØěĸěĸđǹđŁŁùǺşýıØŪěŁĸţĘěŜţǹ
ƄěŪĘǹŁůşǹóůţŪŁķýşţǹØĸùǺıŁóØıǹ
communities
– ŁķķěŪķýĸŪǹŪŁǹòýóŁķěĸđǹ^ýŪǹ
¸ýşŁǹØşòŁĸǺòƊǺǑǏǓǏ
Read more on page 8
Read more on page 30
Read more on page 44
11Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Ian Hawksworth
ĘěýĐǹ&ƉýóůŪěƃý
Chief Executive’s
statement
ȩ©ýǹØşýǹóŁĸLJùýĸŪǹƄýǹóØĸǹùýıěƃýşǹŁůşǹķýùěůķț
term growth targets and are well-positioned
ŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿȩǹ
Overview
Having set a clear and focused strategy, we have delivered
ýƉóýııýĸŪǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹŪĘşŁůđĘŁůŪǹǑǏǑǓǹƄěŪĘǹşýĸŪØıǹ
ěĸóŁķýǹØĸùǹƃØıůØŪěŁĸǹđşŁƄŪĘǿǹ9ŁŁŪĐØııǹØóşŁţţǹŁůşǹŜşěķýǹ©ýţŪǹ
&ĸùǹŜŁşŪĐŁıěŁǹěţǹĘěđĘȀǹƄěŪĘǹóůţŪŁķýşǹţØıýţǹůŜǹǒǿǐǹŜýşǹóýĸŪǹƊýØşǹ
ŁĸǹƊýØşǿǹĘýşýǹØşýǹýƉóýııýĸŪǹıýƃýıţǹŁĐǹØóŪěƃěŪƊȀǹıěķěŪýùǹƃØóØĸóƊǹ
ØĸùǹØǹĸůķòýşǹŁĐǹóůţŪŁķýşţǹŪØĮěĸđǹķůıŪěŜıýǹůĸěŪţǹØóşŁţţǹŪĘýǹ
ŜŁşŪĐŁıěŁǿǹĘýǹţŪşŁĸđǹıýØţěĸđǹØóŪěƃěŪƊǹØĸùǹŜěŜýıěĸýǹţůŜŜŁşŪţǹ
ŁůşǹķýùěůķțŪýşķǹđşŁƄŪĘǹŪØşđýŪţǿǹ
ĘěţǹƊýØşȀǹŁůşǹŜŁşŪĐŁıěŁǹƃØıůØŪěŁĸǹěţǹůŜǹòƊǹǓǿǔǹŜýşǹóýĸŪȀǹşýţůıŪěĸđǹ
ěĸǹǐǏǹŜýĸóýǹěĸóşýØţýǹěĸǹ&ǹ^ǹŜýşǹţĘØşýǹŪŁǹǑǏǏǹŜýĸóýǹŜýşǹ
ţĘØşýǿǹ"ýţŜěŪýǹŪĘýǹóĘØııýĸđěĸđǹķØóşŁțýóŁĸŁķěóǹòØóĮùşŁŜȀǹ
ƄýǹóŁĸŪěĸůýǹŪŁǹùýıěƃýşǹŜŁţěŪěƃýǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǿǹ
Leasing ahead of previous passing rents and cost discipline
ĘØţǹşýţůıŪýùǹěĸǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǿǹWěĮýțĐŁşțıěĮýǹ
şýĸŪØıǹđşŁƄŪĘǹƄØţǹǔǿǖǹŜýşǹóýĸŪǹØĸùǹůĸùýşıƊěĸđǹýØşĸěĸđţǹĘØƃýǹ
ěĸóşýØţýùǹòƊǹǐǕǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǿǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹØĸùǹţěđĸěLJóØĸŪǹ
ıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹıŪĘŁůđĘǹŪĘýǹ
ƄěùýşǹóýĸŪşØıǹWŁĸùŁĸǹěĸƃýţŪķýĸŪǹķØşĮýŪǹĐŁşǹıØşđýşǹıŁŪǹţěƓýţǹĘØţǹ
òýýĸǹşýıØŪěƃýıƊǹŞůěýŪȀǹŪĘýǹ©ýţŪǹ&ĸùǹķØşĮýŪǹĐŁşǹţķØııýşǹıŁŪǹţěƓýţǹ
ĘØţǹòýýĸǹØóŪěƃýǿǹěĸóýǹķýşđýşȀǹŜşŁóýýùţǹŁĐǹŁƃýşǹɏǑǓǕǿǕǹķěııěŁĸǹ
ĘØƃýǹòýýĸǹşýØıěţýùǹĐşŁķǹŜşŁŜýşŪƊǹùěţŜŁţØıţǹØĸùǹɏǘǓǹķěııěŁĸǹ
şýØıěţýùǹĐşŁķǹýƉěŪěĸđǹŁůşǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹ
ĪŁěĸŪǹƃýĸŪůşýǿǹɏǗǕǹķěııěŁĸǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸǹŪØşđýŪýùǹ
ØóŞůěţěŪěŁĸţǹŁĸǹóŁşýǹţŪşýýŪţǹƄěŪĘǹýƉóýııýĸŪǹşýĸŪØıǹđşŁƄŪĘǹ
ŜşŁţŜýóŪţǿǹĘýǹŜěŜýıěĸýǹŁĐǹØţţýŪǹØóŞůěţěŪěŁĸţǹěţǹýĸóŁůşØđěĸđȀǹ
ƄěŪĘǹØǹĸůķòýşǹŁĐǹòůěıùěĸđţǹóůşşýĸŪıƊǹůĸùýşǹşýƃěýƄǿ
We are committed to reducing the impact of our operations on
ŪĘýǹýĸƃ캣ĸķýĸŪǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹŪØĮýǹØǹşýţŜŁĸţěòıýǹØŜŜşŁØóĘȀǹ
ŁŜýşØŪěĸđǹěĸǹØĸǹýĸƃ캣ĸķýĸŪØııƊǹţůţŪØěĸØòıýǹķØĸĸýşǹØĸùǹ
ýĸđØđěĸđǹƄěŪĘǹŁůşǹţŪØĮýĘŁıùýşţǹŪŁǹòýĸýLJŪǹŪĘýǹ©ýţŪǹ&ĸùǿ
ŁĸLJùýĸóýǹěĸǹŪĘýǹţŪşýĸđŪĘǹŁĐǹŁůşǹ
©ýţŪǺ&ĸùǹŜŁşŪĐŁıěŁ
London and particularly our West End portfolio continues to
ùěţŜıØƊǹěŪţǹýĸùůşěĸđǹØŜŜýØıǹØţǹØǹıýØùěĸđǹđıŁòØıǹùýţŪěĸØŪěŁĸȀǹƄěŪĘǹ
ěĸŪýşĸØŪěŁĸØıǹØşşěƃØıţǹĸŁƄǹØĘýØùǹŁĐǹǑǏǐǘǹıýƃýıţǿǹ¨ØóØĸóƊǹşØŪýţȀǹ
ĸŁŪǹŁĸıƊǹěĸǹŁůşǹŜŁşŪĐŁıěŁǹòůŪǹØóşŁţţǹŜşěķýǹ©ýţŪǹ&ĸùǹşýŪØěıǹůĸěŪţǹ
óŁĸŪěĸůýǹŪŁǹşýùůóýǹØĸùǹØşýǹØıţŁǹòØóĮǹěĸǹıěĸýǹƄěŪĘǹŜşýțŜØĸùýķěóǹ
ıýƃýıţǹóşýØŪěĸđǹóŁķŜýŪěŪěƃýǹŪýĸţěŁĸǹĐŁşǹŜşěķýǹţŜØóýǿǹ9ŁŁŪĐØııǹ
ĘØţǹòýýĸǹóŁĸţěţŪýĸŪıƊǹĘěđĘȀǹƄěŪĘǹŪĘýǹ&ıěƓØòýŪĘǹWěĸýǹýĸĘØĸóěĸđǹ
ŪşØĸţŜŁşŪǹóŁĸĸýóŪěƃěŪƊǹĐŁşǹƃěţěŪŁşţȀǹţĘŁŜŜýşţȀǹƄŁşĮýşţǹØĸùǹ
ŪŁůşěţŪţǹØıěĮýǿǹfůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁǹěţǹŪĘýǹùýţŪěĸØŪěŁĸǹŁĐǹóĘŁěóýǹ
ĐŁşǹòŁŪĘǹķØşĮýŪǹýĸŪşƊǹØĸùǹýƉŜØĸţěŁĸȀǹƄěŪĘǹŁóóůŜěýşţǹţýýĮěĸđǹ
ţůŜýşěŁşǹŞůØıěŪƊȀǹţůţŪØěĸØòıýǹţŜØóýǹƄěŪĘǹĘěđĘǹØķýĸěŪƊǹƃØıůýǿǹ
We are well-positioned to deliver on our medium-term targets
ŁĐǹǔǹŪŁǹǖǹŜýşǹóýĸŪǹ&¨ǹđşŁƄŪĘȀǹØĸùǹƄěŪĘǹţŪØòıýǹƊěýıùţȀǹǗǹŪŁǹ
ǐǏǹŜýşǹóýĸŪǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹŜýşǹØĸĸůķǿǹ"ýţŜěŪýǹŪĘýǹ
well-documented macro-economic uncertainty, the West
&ĸùǹóŁĸŪěĸůýţǹŪŁǹŜýşĐŁşķǿǹĘşŁůđĘǹŁůşǹØóŪěƃýǹØŜŜşŁØóĘǹ
to leasing and asset management, we continue to deliver
&¨ǹđşŁƄŪĘǹƄěŪĘǹŁĸđŁěĸđǹŜŁţěŪěƃýǹķŁķýĸŪůķǿǹǓǖǒǹıýØţěĸđǹ
ŪşØĸţØóŪěŁĸţǹóŁķŜıýŪýùǹùůşěĸđǹŪĘýǹƊýØşȀǹǘǿǐǹŜýşǹóýĸŪǹØĘýØùǹ
ŁĐǹ"ýóýķòýşǹǑǏǑǒǹ&¨ȀǹěĸǹŪůşĸǹùýıěƃýşěĸđǹǖǿǖǹŜýşǹóýĸŪǹ&¨ǹ
đşŁƄŪĘǿǹĘýǹěĸóşýØţýùǹţóØıýǹØĸùǹùýŜŪĘǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹŜşŁƃěùýǹ
opportunities to support the growth of our customers with over
ǒǏǹóůţŪŁķýşţǹĘØƃěĸđǹůŜţěƓýùǹŁşǹýƉŜØĸùýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹ
ţěĸóýǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿǹ
ĘýşýǹěţǹţěđĸěLJóØĸŪǹŜŁŪýĸŪěØıǹĐşŁķǹýØóĘǹŁĐǹŁůşǹıŁóØŪěŁĸţǹƄěŪĘǹ
şýĸŪØıǹşýƃýşţěŁĸǹýķòýùùýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹƄěŪĘǹóůşşýĸŪǹ
&¨ǹǑǓǹŜýşǹóýĸŪǹØòŁƃýǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǿǹ©ýǹØşýǹţýýěĸđǹ
ŪĘýǹòýĸýLJŪǹŁĐǹěĸóŁşŜŁşØŪěĸđǹýƃýĸǹ"ěØıţǹØĸùǹfŜýşØǹůØşŪýşǹ
ƄěŪĘǹŪĘýǹŁƃýĸŪǹ:ØşùýĸǹěØƓƓØȀǹůĸěĐƊěĸđǹŪĘýǹŁƃýĸŪǹ:Øşùýĸǹ
ùěţŪşěóŪȀǹŪĘşŁůđĘǹŁůşǹıýØţěĸđȀǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹķØşĮýŪěĸđǹ
ØóŪěƃěŪƊǿǹfůşǹóůţŪŁķýşţǹØşýǹşýţŜŁĸùěĸđǹŜŁţěŪěƃýıƊǹƄěŪĘǹùýķØĸùǹ
ĐŁşǹØƃØěıØòıýǹţĘŁŜţǹØĸùǹşýţŪØůşØĸŪţǿǹ©ýǹĘØƃýǹòýýĸǹØòıýǹŪŁǹ
ķØĮýǹóĘØĸđýţǹěĸǹýƃýĸǹ"ěØıţǹØŪǹŜØóýȀǹşýěĸĐŁşóěĸđǹóŁĸţůķýşǹ
interest in the wider Covent Garden area and delivering leasing
ŜýşĐŁşķØĸóýǹØĸùǹóůţŪŁķýşǹţØıýţǹđşŁƄŪĘǿǹǒǒǹĸýƄǹóŁĸóýŜŪţǹ
ĘØƃýǹòýýĸǹěĸŪşŁùůóýùǹŪŁǹŪĘýǹùěţŪşěóŪǹŪĘěţǹƊýØşǿǹ
12 Shaftesbury Capital PLC | 2024 Annual Report

ǹ ŁƃýĸŪǹ:ØşùýĸǹěØƓƓØ
ĘýşýǹĘØţǹòýýĸǹđŁŁùǹŜşŁđşýţţǹŁĸǹýƃŁıƃěĸđǹŁůşǹŁDŽýşǹěĸǹ
ŁĘŁȀǹěĸóıůùěĸđǹØşĸØòƊǹŪşýýŪȀǹŪĘşŁůđĘǹŁůşǹŪØşđýŪýùǹıýØţěĸđǹ
ŜşŁđşØķķýȀǹěĸŪşŁùůóěĸđǹùěDŽýşýĸŪěØŪýùǹóŁĸóýŜŪţȀǹşýıýƃØĸŪǹŪŁǹ
ŪĘýǹóŁĸţůķýşǹƄěŪĘǹǑǐǹĸýƄǹţěđĸěĸđţǹŁƃýşǹŪĘýǹƊýØşǿǹfůşǹòşØĸùǹ
and category selection criteria are designed to generate
ĘěđĘýşǹŜşŁùůóŪěƃěŪƊȀǹƄĘěıţŪǹŪØĮěĸđǹěĸţŜěşØŪěŁĸǹĐşŁķǹŪĘýǹØşýØȬţǹ
şěóĘǹĘýşěŪØđýǿǹØţýùǹŁĸǹŁůşǹóŁĸţůķýşǹùØŪØǹØĸùǹýƉŜýşěýĸóýȀǹ
ŪĘýǹØƃýşØđýǹţŜýĸùǹØĸùǹùƄýııǹŪěķýǹĘØţǹŪĘýǹŜŁŪýĸŪěØıǹŪŁǹòýǹ
ţěđĸěLJóØĸŪıƊǹĘěđĘýşǿǹóóŁşùěĸđıƊȀǹƄýǹØşýǹěĸŪşŁùůóěĸđǹóŁĸóýŜŪţǹěĸǹ
ØşĸØòƊǹƄĘěóĘǹţĘŁůıùǹòýǹţůŜŜŁşŪěƃýǹŁĐǹşýĸŪØıǹđşŁƄŪĘǹŁƃýşǹŪěķýǿ
In Chinatown we are introducing more variety, choice and new
óŁĸóýŜŪţǹŪŁǹŪĘýǹØşýØǹěĸóşýØţěĸđǹŪĘýǹŜØĸțţěØĸǹŁDŽýşěĸđǹØŪǹØǹ
şØĸđýǹŁĐǹŜşěóýǹŜŁěĸŪţȀǹƄĘěóĘǹěţǹùýıěƃýşěĸđǹđŁŁùǹşýĸŪØıǹđşŁƄŪĘǿǹ
ĘýǹŁDžóýǹŜŁşŪĐŁıěŁǹěţǹŜýşĐŁşķěĸđǹƄýııȀǹƄěŪĘǹşŁòůţŪǹùýķØĸùǹĐŁşǹ
ƄýııțLJŪŪýùǹţŜØóýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóŁķŜıýŪýùǹØǹţěđĸěLJóØĸŪǹ
ŁDžóýǹşýĐůşòěţĘķýĸŪǹŜěŜýıěĸýǹØóşŁţţǹǖǖȀǏǏǏǹţŞůØşýǹĐýýŪȀǹƄěŪĘǹ
şýĸŪţǹĐŁşǹƄýııțLJŪŪýùȀǹĘěđĘțŞůØıěŪƊǹţŜØóýǹşýđůıØşıƊǹØóĘěýƃěĸđǹķŁşýǹ
ŪĘØĸǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǿǹfůşǹşýţěùýĸŪěØıǹŁDŽýşǹóŁĸŪěĸůýţǹŪŁǹ
ØŜŜýØıǹŪŁǹØǹòşŁØùǹşØĸđýǹŁĐǹŁóóůŜěýşţǹùýıěƃýşěĸđǹşýĸŪØıǹđşŁƄŪĘǹ
ØĸùǹıěķěŪýùǹƃØóØĸóƊǿǹ
Placing the customer at the heart of
our business
We continue to place the customer at the heart of our
òůţěĸýţţȀǹđşýØŪǹØóóŁķķŁùØŪěŁĸǹØĸùǹţýşƃěóýȀǹĐŁóůţěĸđǹŁĸǹ
ŜşŁƃěùěĸđǹıěƃýıƊȀǹùěDŽýşýĸŪěØŪýùǹýƉŜýşěýĸóýţǹĐŁşǹƃěţěŪŁşţȀǹıŁóØıǹ
ƄŁşĮýşţǹØĸùǹşýţěùýĸŪţǿǹfůşǹķØşĮýŪěĸđǹŜşŁđşØķķýǹØóşŁţţǹ
ŪĘýǹŜŁşŪĐŁıěŁǹĐŁóůţýţǹŁĸǹŪĘýǹóŁĸţůķýşǹóØıýĸùØşȀǹòýţŪǹěĸǹóıØţţǹ
ýƉŜýşěýĸóýţǹØĸùǹùěđěŪØıǹşýØóĘȀǹØııǹŁĐǹƄĘěóĘǹţůŜŜŁşŪţǹŪĘýǹĐŁŁŪĐØııǹ
ØĸùǹţØıýţǹŜşŁţŜýóŪţǹěĸǹŁůşǹùýţŪěĸØŪěŁĸţǿǹĘýǹŜŁşŪĐŁıěŁǹĘØùǹØǹ
very successful Christmas trading period with a programme
of festive events and shopping evenings; footfall across the
ŜŁşŪĐŁıěŁǹěĸǹŪĘýǹıØţŪǹŞůØşŪýşǹƄØţǹůŜǹǕǿǕǹŜýşǹóýĸŪǹóŁķŜØşýùǹŪŁǹ
ǓǹǑǏǑǒǿǹfůşǹùěđěŪØıǹýĸđØđýķýĸŪǹØĸùǹĐŁııŁƄýşţǹóŁĸŪěĸůýǹŪŁǹ
grow across all destinations, and we have launched new Soho
ØĸùǹØşĸØòƊǹŪşýýŪǹòşØĸùěĸđǹƄĘěóĘǹĘØţǹòýýĸǹƄýııǹşýóýěƃýùȀǹ
ØıěđĸěĸđǹŪĘýţýǹıŁóØŪěŁĸţǹķŁşýǹóıŁţýıƊǿǹfůşǹóŁııØòŁşØŪěƃýǹ
ØŜŜşŁØóĘǹŜşŁƃěùýţǹòşØĸùţǹƄěŪĘǹØĸǹŁŜŜŁşŪůĸěŪƊǹŪŁǹŜØşŪěóěŜØŪýǹ
ěĸǹŪĘýǹķØşĮýŪěĸđǹŁĐǹŪĘýǹýţŪØŪýţȀǹŜØşŪěóůıØşıƊǹŪĘşŁůđĘǹùěđěŪØıǹ
óĘØĸĸýıţǹØĸùǹØóŪěƃØŪěŁĸţǿǹĘşŁůđĘǹýƃýĸŪţǹØĸùǹòşØĸùǹ
óŁııØòŁşØŪěŁĸţȀǹƄýǹĘØƃýǹěĸóşýØţýùǹşýƃýĸůýǹĐşŁķǹŁůşǹĸŁĸț
ıýØţýùǹěĸóŁķýǹØóŪěƃěŪěýţȀǹƄĘěıţŪǹòýĸýLJŪěĸđǹţŪØĮýĘŁıùýşţǹØóşŁţţǹ
ŪĘýǹƄěùýşǹ©ýţŪǹ&ĸùǿǹ
As well as maintaining close contact and presence on our
estates, during the year, we launched a customer survey
to identify improvements across our operating platform to
ŜşŁƃěùýǹýĸĘØĸóýùǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǿǹ©ýǹĘØƃýǹěķŜşŁƃýùǹ
our data environment and are now proactively utilising our
ùØŪØǹţŁůşóýţǹØĸùǹěĸţěđĘŪţǹŁĸǹóůţŪŁķýşǹŪşýĸùţǹķŁşýǹýDŽýóŪěƃýıƊǹ
to support leasing activity and identify opportunities across
ŪĘýǹŜŁşŪĐŁıěŁǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŁůşǹŜşŁóýţţýţǹØĸùǹ
ýƉŜıŁşýǹŪĘýǹůţýǹŁĐǹDǹØĸùǹýķýşđěĸđǹŪýóĘĸŁıŁđƊǿǹ
13Shaftesbury Capital PLC | 2024 Annual Report

7.6%
ŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸ
7.0%
ŁŪØıǹØóóŁůĸŪěĸđǹşýŪůşĸ
Strategic report ɁǹĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪ
Leasing and asset management
translating into valuation growth
ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěĸóşýØţýùǹ
òƊǹǓǿǔǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹěĸǹŪĘýǹƊýØşǹŪŁǹɏǔǿǏǹòěııěŁĸȀǹěķŜıƊěĸđǹ
ØǹóØŜěŪØıǹƃØıůýǹýŞůěƃØıýĸŪǹŪŁǹɏǐȀǗǒǒǹŜýşǹţŞůØşýǹĐŁŁŪǹŁĸǹ
ØƃýşØđýȀǹƄýııǹòýıŁƄǹşýŜıØóýķýĸŪǹóŁţŪǿǹ&¨ǹěĸóşýØţýùǹØóşŁţţǹ
ØııǹůţýţǹòƊǹǖǿǖǹŜýşǹóýĸŪǹòıýĸùýùǹȡıěĮýțĐŁşțıěĮýȢǹƄěŪĘǹŜØşŪěóůıØşıƊǹ
ţŪşŁĸđǹşýĸŪØıǹđşŁƄŪĘǹěĸǹŜşěķýǹşýŪØěıǿǹ
ĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýLjýóŪěĸđǹǐǒǹòØţěţǹ
ŜŁěĸŪţǹŁĐǹıěĮýțĐŁşțıěĮýǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁƃýşǹŪĘýǹƊýØşǹȡɓǘǹ
òØţěţǹŜŁěĸŪţǹAǐǹǑǏǑǓȀǹɓǓǹòØţěţǹŜŁěĸŪţǹAǑǹǑǏǑǓȢǿǹĘýǹýŞůěƃØıýĸŪǹ
ƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹȡýƉóıůùěĸđǹşýţěùýĸŪěØıȢǹěţǹ
ØŜŜşŁƉěķØŪýıƊǹǓǿǕǹŜýşǹóýĸŪǿǹŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹ
ƄØţǹǖǿǕǹŜýşǹóýĸŪǹƃýşţůţǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹDĸùýƉǹƄĘěóĘǹ
şýóŁşùýùǹǖǿǏǹŜýşǹóýĸŪǿǹ
DĸŪýşýţŪǹşØŪýţǹØşýǹķŁùýşØŪěĸđȀǹØıòýěŪǹķŁşýǹţıŁƄıƊǹƄĘěóĘǹĘØţǹ
ěķŜØóŪýùǹŪĘýǹòşŁØùýşǹěĸƃýţŪķýĸŪǹķØşĮýŪȀǹĘŁƄýƃýşǹěĸƃýţŪķýĸŪǹ
yields in prime West End, which comprise predominantly
ĐşýýĘŁıùǹŜşŁŜýşŪěýţǹØĸùǹŁĐŪýĸǹţķØııýşǹıŁŪǹţěƓýţȀǹşýķØěĸǹ
şýıØŪěƃýıƊǹţŪØòıýǿǹĘýşýǹěţǹØǹòşŁØùǹŜŁŁıǹŁĐǹùŁķýţŪěóǹØĸùǹ
international investors attracted to prime West End real estate,
where investment can provide the prospect of high occupancy,
đŁŁùǹùýķØĸùǹĐŁşǹţŜØóýǹØĸùǹşýıěØòıýǹđşŁƄŪĘǹěĸǹıŁĸđțŪýşķǹóØţĘǹ
LjŁƄţǹØţǹùýķŁĸţŪşØŪýùǹòƊǹşýóýĸŪǹţØıýţǹØŪǹŁşǹØòŁƃýǹƃØıůØŪěŁĸǿǹ
Investment activity
fůşǹěĸƃýţŪķýĸŪǹØóŪěƃěŪƊǹěţǹĐŁóůţýùǹŁĸǹŁůşǹŪĘşýýǹóŁşýǹıŁóØŪěŁĸţȀǹ
ŁƃýĸŪǹ:ØşùýĸȀǹØşĸØòƊǹɁǹŁĘŁǹØĸùǹĘěĸØŪŁƄĸǿǹ©ýǹķØěĸŪØěĸǹ
an active and disciplined approach to capital allocation and
ıŁŁĮǹØŪǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹýƉŜØĸùǹţýıýóŪěƃýıƊȀǹØùùěĸđǹŪŁǹŁůşǹ
đşŁƄŪĘǹŜşŁţŜýóŪţǿǹfůşǹØŜŜşŁØóĘǹěţǹŪŁǹØţţýţţǹŪĘýǹķýşěŪţǹŁĐǹ
all capital decisions including investment in our portfolio and
şýŜŁţěŪěŁĸěĸđǹŁŜŜŁşŪůĸěŪěýţȀǹØóóşýŪěƃýǹØóŞůěţěŪěŁĸţȀǹŪĘýǹùěţŜŁţØıǹ
of non-strategic assets and the return of surplus capital to
ţĘØşýĘŁıùýşţǹØţǹØŜŜşŁŜşěØŪýǿǹ
©ýǹØşýǹƄýııțŜŁţěŪěŁĸýùǹƄěŪĘǹØóóýţţǹŪŁǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊǹ
ŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹƄěııǹşŁŪØŪýǹ
óØŜěŪØıǹØţǹØŜŜşŁŜşěØŪýȀǹýĸĘØĸóěĸđǹŪĘýǹŞůØıěŪƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǿǹ
ěĸóýǹķýşđýşȀǹƄýǹĘØƃýǹşýØıěţýùǹɏǑǓǕǿǕǹķěııěŁĸǹØŪǹØǹŜşýķěůķǹ
ŁƃýşØııǹŪŁǹƃØıůØŪěŁĸȀǹķýýŪěĸđǹŁůşǹŁòĪýóŪěƃýǹŪŁǹěĸěŪěØııƊǹşýóƊóıýǹ
ØŜŜşŁƉěķØŪýıƊǹǔǹŜýşǹóýĸŪǹŁĐǹŜŁşŪĐŁıěŁǹƃØıůýǿǹDĸǹØùùěŪěŁĸȀǹ
ƄýǹóŁķŜıýŪýùǹŪĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹŪĘýǹ
Longmartin investment to the joint venture partner for net
óØţĘǹóŁĸţěùýşØŪěŁĸǹŁĐǹɏǘǓǹķěııěŁĸǿǹ
ŁǹùØŪýǹƄýǹĘØƃýǹùýŜıŁƊýùǹɏǗǕǹķěııěŁĸǹěĸǹØóŞůěţěŪěŁĸţȀǹØĸùǹŪĘýǹ
ŜěŜýıěĸýǹŁĐǹØţţýŪǹØóŞůěţěŪěŁĸţǹěţǹýĸóŁůşØđěĸđȀǹƄěŪĘǹØǹĸůķòýşǹ
ŁĐǹòůěıùěĸđţǹóůşşýĸŪıƊǹůĸùýşǹşýƃěýƄǿǹfůşǹĐŁóůţǹěţǹŁĸǹØóŞůěşěĸđǹ
ŜşŁŜýşŪěýţǹƄĘěóĘǹýĸĘØĸóýǹØĸùǹóŁķŜıýķýĸŪǹŁůşǹýƉěţŪěĸđǹ
ŁƄĸýşţĘěŜǹØĸùǹĘØƃýǹŪĘýǹŜŁŪýĸŪěØıǹŪŁǹđýĸýşØŪýǹţůţŪØěĸØòıýǹ
ıŁĸđțŪýşķǹđşŁƄŪĘǹěĸǹěĸóŁķýǹØĸùǹóØŜěŪØıǹƃØıůýţǿǹ
óŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹşýĐůşòěţĘķýĸŪǹěĸěŪěØŪěƃýţǹ
óŁĸŪěĸůýǹƄěŪĘǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǐǹŜýşǹóýĸŪǹ
of portfolio value per annum on average to enhance value and
ýĸƃ캣ĸķýĸŪØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹŪĘýǹýţŪØŪýǿǹ
Growth in rents, underlying earnings,
dividends and EPRA NTA
ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŪŁŪØıǹØóóŁůĸŪěĸđǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹƄØţǹ
ǖǿǏǹŜýşǹóýĸŪǿǹ^ǹěĸóşýØţýùǹòƊǹǔǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǹ
ŪŁǹǑǏǏǹŜýĸóýǹŜýşǹţĘØşýǹȡ"ýóǹǑǏǑǒȁǹǐǘǏǹŜýĸóýǹŜýşǹţĘØşýȢǿǹ
ĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹěĸóşýØţýùǹòƊǹǗǿǏǹŜýşǹóýĸŪǹŪŁǹɏǑǏǑǿǗǹ
ķěııěŁĸǿǹ&¨ǹěĸóşýØţýùǹòƊǹǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹ
ķěııěŁĸȀǹǑǓǹŜýşǹóýĸŪǹØòŁƃýǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǿǹ9ŁşǹŪĘýǹ
LJşţŪǹŪěķýǹŜŁşŪĐŁıěŁǹ&¨ǹěţǹØĘýØùǹŁĐǹŜşýțŜØĸùýķěóǹıýƃýıţǹěĸǹ
ØòţŁıůŪýǹŪýşķţȀǹĘŁƄýƃýşǹşýŪØěıǹ&¨ţǹşýķØěĸǹǕǹŜýşǹóýĸŪǹòýıŁƄǹ
ǑǏǐǘǹıýƃýıţǿǹ&ǹƃØóØĸóƊǹĘØţǹşýùůóýùǹŪŁǹǒǿǘǹŜýşǹóýĸŪǹȡ"ýóǹ
ǑǏǑǒȁǹǓǿǘǹŜýşǹóýĸŪȢǹƄěŪĘǹǑǿǕǹŜýşǹóýĸŪǹØƃØěıØòıýǹŪŁǹıýŪǹØĸùǹŪĘýǹ
òØıØĸóýǹůĸùýşǹŁDŽýşǿǹ
ĘýşýǹĘØƃýǹòýýĸǹţěđĸěLJóØĸŪǹóŁţŪǹţØƃěĸđţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ
ØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýDŽýóŪěƃýǹØĸùǹýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹ
ţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýǿǹĘýǹ&ǹóŁţŪǹşØŪěŁǹěţǹǒǖǹŜýşǹóýĸŪǹ
ȡ"ýóǹǑǏǑǒȁǹǓǏǹŜýşǹóýĸŪȢȀǹĘØƃěĸđǹşýùůóýùǹĐşŁķǹŁƃýşǹǔǏǹŜýşǹóýĸŪǹ
at merger and we are targeting a reduction towards 30 per
óýĸŪǿǹĸùýşıƊěĸđǹØùķěĸěţŪşØŪěŁĸǹóŁţŪţǹƄýşýǹɏǒǘǿǓǹķěııěŁĸǹĐŁşǹ
ŪĘýǹƊýØşȀǹĘØƃěĸđǹşýùůóýùǹţěđĸěLJóØĸŪıƊǹţěĸóýǹķýşđýşǿǹĸùýşıƊěĸđǹ
ýØşĸěĸđţǹĐŁşǹŪĘýǹƊýØşǹØşýǹɏǖǒǿǏǹķěııěŁĸȀǹýŞůěƃØıýĸŪǹŪŁǹǓǿǏǹŜýĸóýǹ
ŜýşǹţĘØşýǹØĸùǹŪĘýǹŁØşùǹĘØţǹŜşŁŜŁţýùǹØǹLJĸØıǹùěƃěùýĸùǹŁĐǹ
ǐǿǗǹŜýĸóýǹŜýşǹţĘØşýǹŪØĮěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹĐŁşǹŪĘýǹƊýØşǹŪŁǹ
ǒǿǔǹŜýĸóýǹŜýşǹţĘØşýȀǹůŜǹǐǐǹŜýşǹóýĸŪȀǹşýLjýóŪěĸđǹŪĘýǹŜşŁđşýţţěŁĸǹ
ěĸǹůĸùýşıƊěĸđǹØĸùǹóØţĘǹýØşĸěĸđţǿ
14 Shaftesbury Capital PLC | 2024 Annual Report

©ýǹķØěĸŪØěĸǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹƄěŪĘǹØǹĐŁóůţǹŁĸǹLjýƉěòěıěŪƊǹ
ØĸùǹýDžóěýĸóƊǿǹ&ǹW¨ǹěţǹǑǖǹŜýşǹóýĸŪǹØĸùǹŪĘýǹěĸŪýşýţŪǹóŁƃýşǹ
şØŪěŁǹěţǹǑǿǘǹŪěķýţȀǹƄěŪĘǹØķŜıýǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǿǹ
"ůşěĸđǹŪĘýǹƊýØşȀǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊǹƄØţǹ
ýĸŪýşýùǹěĸŪŁȀǹŪĘýǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ
ţýĸ죺ǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹĘØţǹòýýĸǹýƉýşóěţýùǹØĸùǹƄýǹ
óŁķŜıýŪýùǹŪĘýǹşýLJĸØĸóěĸđǹŁĐǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹ
ĐØóěıěŪƊǹýƉŪýĸùěĸđǹŪĘýǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǿǹDĸǹóŁķòěĸØŪěŁĸǹƄěŪĘǹ
óØţĘǹùýŜŁţěŪţȀǹŪĘýǹ:şŁůŜǹĘØţǹØóóýţţǹŪŁǹɏǔǕǏǹķěııěŁĸǹıěŞůěùěŪƊǹ
ýĸţůşěĸđǹěŪǹěţǹƄýııțŜŁţěŪěŁĸýùǹŪŁǹØóŪǹŁĸǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹ
Our people, values and culture
fůşǹŜýŁŜıýǹØşýǹŁĸýǹŁĐǹŁůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţǿǹDǹØķǹ
ŜşŁůùǹŁĐǹŪĘýǹóşýØŪěƃěŪƊǹØĸùǹýĸŪĘůţěØţķǹţĘŁƄĸǹòƊǹŪĘýǹŪýØķǹ
demonstrating our corporate values whilst delivering high
ŜýşĐŁşķØĸóýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóØşşěýùǹŁůŪǹØĸǹýķŜıŁƊýýǹ
ţůşƃýƊȀǹƄěŪĘǹØǹƃýşƊǹĘěđĘǹŜØşŪěóěŜØŪěŁĸǹşØŪýǹŁĐǹǘǑǹŜýşǹóýĸŪǹØĸùǹ
ØĸǹŁƃýşØııǹýĸđØđýķýĸŪǹţóŁşýǹŁĐǹǗǑǹŜýşǹóýĸŪȀǹØĘýØùǹŁĐǹŪĘýǹ
đıŁòØıǹòýĸóĘķØşĮǿǹfƃýşØııȀǹŪĘýǹýķŜıŁƊýýǹĐýýùòØóĮǹşýóýěƃýùǹ
within the survey was positive and where areas of improvement
ĘØƃýǹòýýĸǹěùýĸŪěLJýùȀǹØóŪěŁĸţǹØşýǹòýěĸđǹŪØĮýĸǹŪŁǹěķŜıýķýĸŪǹ
óĘØĸđýǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹěĸƃýţŪǹěĸǹŪĘýǹŜýşţŁĸØıǹùýƃýıŁŜķýĸŪǹ
ŁĐǹŁůşǹŜýŁŜıýǹØĸùǹĘØƃýǹěĸŪşŁùůóýùǹØǹĸůķòýşǹŁĐǹěĸěŪěØŪěƃýţǹŪŁǹ
support our colleagues, providing greater career development
ŁŜŜŁşŪůĸěŪěýţǹŁƃýşǹŪěķýǿǹ
Our sustainable approach
fůşǹ&ĸƃ캣ĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹţŪşØŪýđƊǹ
ùýıěƃýşţǹƃØıůýǹĐŁşǹŁůşǹţŪØĮýĘŁıùýşţǹŪĘşŁůđĘǹŁůşǹıŁĸđțŪýşķȀǹ
şýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǿǹfůşǹţůţŪØěĸØòěıěŪƊǹ
ţŪşØŪýđƊǹěţǹĐŁůĸùýùǹěĸǹĐůŪůşýǹŜşŁŁLJĸđǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǹØĸùǹ
óşýØŪěĸđǹţůţŪØěĸØòıýǹØĸùǹĘýØıŪĘƊǹŜıØóýţǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹ
ƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿǹ©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹķýýŪěĸđǹŁůşǹ
ǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹĘØƃýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹŪØşđýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŪĘýǹóěýĸóýǹØţýùǹØşđýŪţǹ
ěĸěŪěØŪěƃýǹȡȩěȪȢǹıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţȀǹØóĘěýƃěĸđǹ
ěǹƃØıěùØŪěŁĸǹěĸǹRØĸůØşƊǹǑǏǑǔǿ
©ýǹĘØƃýǹØışýØùƊǹķØùýǹđşýØŪǹŜşŁđşýţţǹěĸǹşýùůóěĸđǹŁůşǹóØşòŁĸǹ
ýķěţţěŁĸţǹØĸùȀǹƄŁşĮěĸđǹƄěŪĘǹŁůşǹóůţŪŁķýşţȀǹƄěııǹóŁĸŪěĸůýǹŪŁǹ
ùýóØşòŁĸěţýǹýĸýşđƊǹƄĘýşýǹŜşØóŪěóØıǹòƊǹşýŜıØóěĸđǹđØţǹƄěŪĘǹ
ýıýóŪşěóěŪƊǿǹfůşǹóůţŪŁķýşǹţůşƃýƊǹØıţŁǹóŁƃýşýùǹţůţŪØěĸØòěıěŪƊȀǹěĸǹ
ŁşùýşǹŪŁǹŜşŁƃěùýǹóůţŪŁķýşǹěĸţěđĘŪţǹŁĸǹŁůşǹţůţŪØěĸØòěıěŪƊǹØóŪěŁĸţǹ
ØĸùǹòýŪŪýşǹůĸùýşţŪØĸùǹŪĘýěşǹŜşěŁşěŪěýţǿǹ
©ýǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹŪŁƄØşùţǹŁůşǹØěķǹŪŁǹòýǹØǹıýØùýşǹ
ěĸǹţůţŪØěĸØòıýǹĘýşěŪØđýǹòůěıùěĸđţǿǹĘşŁůđĘǹŁůşǹŁĸđŁěĸđǹ
şýĐůşòěţĘķýĸŪǹŜşŁđşØķķýȀǹƄýǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹ
ýDžóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǹòƊǹ
&¨ǹĘØţǹ&ǹşØŪěĸđţǹŁĐǹțǹØĸùǹǖǏǹŜýşǹóýĸŪǹŁĐǹóŁķķýşóěØıǹ
ØţţýŪţǹĘØƃýǹ&ǹşØŪěĸđǹŁĐǹțǿǹUýƊǹţůţŪØěĸØòěıěŪƊǹØóŪěƃěŪěýţǹ
ěĸóıůùýǹěĸƃýţŪķýĸŪǹěĸǹŁůşǹòůěıùěĸđţȀǹŜşěŁşěŪěţěĸđǹŜýùýţŪşěØĸţǹ
ƄĘýşýǹŜŁţţěòıýǹŪĘşŁůđĘǹěĸěŪěØŪěƃýţǹŪŁǹýĸĘØĸóýǹŪĘýǹŜůòıěóǹşýØıķȀǹ
ěķŜşŁƃěĸđǹØěşǹŞůØıěŪƊǹØĸùǹŁůşǹýƉŪýĸţěƃýǹđşýýĸěĸđǹŜşŁđşØķķýǿǹ
ţǹƄýǹıŁŁĮǹØĘýØùȀǹƄýǹƄěııǹůŪěıěţýǹŪýóĘĸŁıŁđƊǹØĸùǹěĸĸŁƃØŪěŁĸǹ
ŪŁǹýĸĘØĸóýǹŁůşǹØóŪěƃěŪěýţǹØĸùǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹ
óůţŪŁķýşţǹØĸùǹŁŪĘýşǹţŪØĮýĘŁıùýşţǹŪŁǹĘýıŜǹùýıěƃýşǹţĘØşýùǹ
ţůţŪØěĸØòěıěŪƊǹđŁØıţǿǹ
Community engagement
ţǹØǹşýţŜŁĸţěòıýȀǹıŁĸđțŪýşķǹěĸƃýţŪŁşȀǹóŁķķůĸěŪƊǹýĸđØđýķýĸŪǹ
ØĸùǹóŁııØòŁşØŪěŁĸǹØşýǹěĸŪýđşØıǹŪŁǹŁůşǹţŪşØŪýđƊǹØĸùǹØóŪěƃěŪěýţǿǹ
ţǹØĸǹØóŪěƃýǹŜØşŪǹŁĐǹŪĘýǹóŁķķůĸěŪƊȀǹòýěĸđǹØǹđŁŁùǹĸýěđĘòŁůşǹ
ěţǹěķŜŁşŪØĸŪǹŪŁǹůţǿǹ©ýǹƃØıůýǹŪĘýǹóŁķķůĸěŪěýţǹŪĘØŪǹķØĮýǹŁůşǹ
ŜıØóýţǹŪĘşěƃýǿǹfůşǹóŁķķůĸěŪƊǹŜşŁđşØķķýǹŜşěŁşěŪěţýţǹěĸěŪěØŪěƃýţǹ
ØĸùǹóĘØşěŪƊǹŜØşŪĸýşţǹěĸǹŪĘýǹòŁşŁůđĘţǹŁĐǹ©ýţŪķěĸţŪýşǹØĸùǹ
ØķùýĸǿǹĘěţǹěĸóıůùýţǹLJĸØĸóěØıǹţůŜŜŁşŪȀǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹ
ţŜØóýǹØĸùǹýķŜıŁƊýýǹƃŁıůĸŪýýşěĸđǹŪěķýǿǹfůşǹØŜŜşŁØóĘǹěĸóıůùýţǹ
supporting charities focused on education and employment
opportunities, addressing issues of homelessness and food
hardship, veterans and connecting older people in the local
óŁķķůĸěŪƊǿǹ©ýǹĘØƃýǹŜØşŪĸýşţĘěŜţǹƄěŪĘǹĘŁţŜěŪØıěŪƊȀǹóůıŪůşØıǹØĸùǹ
şýŪØěıǹĐŁůĸùØŪěŁĸţǿǹ
©ěŪĘǹŁůşǹýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùȀǹƄýǹķØĮýǹ
ØĸǹěķŜŁşŪØĸŪǹóŁĸŪşěòůŪěŁĸǹŪŁǹţØĐýđůØşùěĸđǹěŪţǹıŁĸđțŪýşķǹØŜŜýØıǹ
ØĸùǹŜşŁţŜýóŪţǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹƄěŪĘǹŁůşǹıŁóØıǹØůŪĘŁşěŪěýţǹ
ØĸùǹşýţěùýĸŪţǹŪŁǹķØĮýǹŜůòıěóǹşýØıķǹýĸĘØĸóýķýĸŪţǹŪŁǹěķŜşŁƃýǹ
ŪĘýǹýƉŜýşěýĸóýǹØĸùǹØŜŜýØıǹŁĐǹŁůşǹƃěòşØĸŪǹùýţŪěĸØŪěŁĸţǹĐŁşǹ
ƃěţěŪŁşţȀǹƄŁşĮýşţȀǹşýţěùýĸŪţȀǹòůţěĸýţţýţǹØĸùǹóŁķķůĸěŪěýţǿǹ
Outlook
©ýǹØşýǹóŁĸLJùýĸŪǹěĸǹŪĘýǹđşŁƄŪĘǹŜşŁţŜýóŪţǹŁĐǹŁůşǹ©ýţŪǹ&ĸùǹ
ŜŁşŪĐŁıěŁǹƄĘěóĘǹóŁĸŪěĸůýţǹŪŁǹùýķŁĸţŪşØŪýǹěŪţǹýĸùůşěĸđǹØŜŜýØıǿǹ
Despite the well-documented macro-economic uncertainty, the
©ýţŪǹ&ĸùǹóŁĸŪěĸůýţǹŪŁǹŜýşĐŁşķǿǹ9ŁŁŪĐØııǹěţǹĘěđĘȀǹƄěŪĘǹóŁĸŪěĸůýùǹ
customer sales growth, limited vacancy and a strong leasing
ŜěŜýıěĸýǿǹ©ýǹĘØƃýǹùýıěƃýşýùǹđşŁƄŪĘǹěĸǹóØţĘǹşýĸŪţȀǹ&¨ǹØĸùǹ
ƃØıůØŪěŁĸȀǹØĸùǹƄýǹýƉŜýóŪǹóŁĸŪěĸůýùǹŜýşĐŁşķØĸóýǹƄěŪĘǹŁůşǹşýĸŪţǹ
and valuation well underpinned and are positioned for further
đşŁƄŪĘǿǹţǹıŁĸđțŪýşķǹşýţŜŁĸţěòıýǹŁƄĸýşţȀǹƄýǹØşýǹóŁķķěŪŪýùǹŪŁǹ
ěķŜıýķýĸŪěĸđǹŁůşǹýĸƃ캣ĸķýĸŪØıȀǹţůţŪØěĸØòěıěŪƊǹØĸùǹóŁķķůĸěŪƊǹ
ţŪşØŪýđƊǿǹ
Prime central London real estate continues to attract capital,
ØĸùǹƄýǹţýýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹěĸƃýţŪķýĸŪǹØĸùǹýƉŜØĸţěŁĸǹƄěŪĘěĸǹ
ØĸùǹØıŁĸđţěùýǹŁůşǹŜŁşŪĐŁıěŁǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹţŪşŁĸđǹ
òØıØĸóýǹţĘýýŪǹØĸùǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹ
ķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹĘýǹŞůØıěŪƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹŁůşǹØóŪěƃýǹ
ØŜŜşŁØóĘǹØĸùǹŪĘýǹŜŁţěŪěƃýǹķØşĮýŪǹĐůĸùØķýĸŪØıţǹŁĐǹŪĘýǹ©ýţŪǹ
&ĸùǹđěƃýǹůţǹóŁĸLJùýĸóýǹěĸǹŁůşǹŪØşđýŪǹŁĐǹǔǹŪŁǹǖǹŜýşǹóýĸŪǹşýĸŪØıǹ
đşŁƄŪĘȀǹƄĘěóĘǹƄěŪĘǹţŪØòıýǹƊěýıùţȀǹƄŁůıùǹùýıěƃýşǹŪŁŪØıǹØóóŁůĸŪěĸđǹ
şýŪůşĸţǹŁĐǹǗǹŪŁǹǐǏǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹķýùěůķțŪýşķǿǹĘşŁůđĘǹ
ØóŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹŁĐǹŁůşǹěşşýŜıØóýØòıýǹŜşěķýǹ©ýţŪǹ
End portfolio together with the competitive advantage of our
ŁŜýşØŪěĸđǹŜıØŪĐŁşķȀǹƄýǹØşýǹĐŁóůţýùǹŁĸǹùýıěƃýşěĸđǹţůţŪØěĸØòıýǹ
ıŁĸđțŪýşķǹşýĸŪØıǹěĸóŁķýȀǹƃØıůýȀǹýØşĸěĸđţǹØĸùǹùěƃěùýĸùǹđşŁƄŪĘǿǹ
Ian Hawksworth
ĘěýĐǹ&ƉýóůŪěƃýǹ
ǑǕǹ9ýòşůØşƊǹǑǏǑǔ
15Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Our purpose-led strategy
ŁǹùýıěƃýşǹıŁĸđțŪýşķǹěĸóŁķýǹØĸùǹƃØıůýǹđşŁƄŪĘǹĐşŁķǹŁůşǹůĸěŞůýǹŜŁşŪĐŁıěŁǹ
ŁĐǹŜşŁŜýşŪěýţǹŪĘşŁůđĘǹěĸƃýţŪķýĸŪȀǹóůşØŪěŁĸǹØĸùǹşýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜȀǹ
òýĸýLJŪŪěĸđǹØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿ
Our values
ØĮýǹØǹşýţŜŁĸţěòıýȀǹ
long-term view
Act with integrity ØĮýǹØǹóşýØŪěƃýǹ
approach
Listen and
óŁııØòŁşØŪý
]ØĮýǹØǹùěDŽýşýĸóý
Place our customers at the heart of
ŪĘýǺòůţěĸýţţ
– "ýıěƃýşǹòýţŪǹěĸǹóıØţţǹţýşƃěóýǹŪŁǹŁůşǹ
customers
– Leverage deep understanding of consumers
ØĸùǺóŁķķýşóěØıǹùØŪØ
"ěţóěŜıěĸýùǹLJĸØĸóěØıǹķØĸØđýķýĸŪ
– şůùýĸŪȀǹóŁĸţýşƃØŪěƃýǹØŜŜşŁØóĘǹŪŁǹLJĸØĸóěØıǹ
ıýƃýşØđýǺØĸùǺşěţĮ
– ]ØěĸŪØěĸǹóŁţŪǹØĸùǹóØŜěŪØıǹùěţóěŜıěĸý
Creative and active approach
– DĸƃýţŪǹěĸǹØĸùǹĸůşŪůşýǹşýķØşĮØòıýǹùýţŪěĸØŪěŁĸţ
ěĸǹWŁĸùŁĸȬţǺ©ýţŪǹ&ĸù
– Dynamic leasing strategy
– ýțůţýȀǹşýțŜůşŜŁţýǹØĸùǹěķŜşŁƃýǹŁůşǹòůěıùěĸđţ
– &ĸĘØĸóýǹŜůòıěóǹşýØıķ
Sustainable and community-minded
– şŁØùǹóŁķķůĸěŪƊǹØĸùǹţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
– ýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜ
– Commitment to the environment and clear
ţůţŪØěĸØòěıěŪƊǺđŁØıţ
Our strategy
Underpinned by our talented team and dynamic culture
Investing to create thriving destinations in London’s West End
ƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿ
Our purpose
16

For more on our stakeholder engagement: see pages 44 to 49
Our business model
Creating value for our stakeholders
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Impossible-to-
replicate portfolio
ǹùěƃýşţýǹķěƉýùțůţýǹ
portfolio of scale in
ŪĘýǹĘýØşŪǹŁĐǹWŁĸùŁĸɻţǹ
West End
Experienced,
creative team
With a deep
understanding of
ŁůşǹķØşĮýŪţǹØĸùǹ
ŪşØóĮǹşýóŁşùǹŁĐǹ
value creation
Strong capital
structure
Resilient and
LjýƉěòıýǹóØŜěŪØıǹ
structure with
a prudent
approach to
LJĸØĸóěØıǹıýƃýşØđýǹ
ØĸùǹşěţĮ
&DŽýóŪěƃýǹđŁƃýşĸØĸóýǹ
and risk management
A governance structure
that supports and helps
the delivery of strategic
ŁòĪýóŪěƃýţǹƄěŪĘǹŪşØĸţŜØşýĸóƊ
How we deliver
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Value Creation
Create, grow
and deliver long-
ŪýşķǹţůţŪØěĸØòıýǹ
economic and
social value
People
Attract, develop
and retain
talented people
Sustained long-
term growth
Deliver long-term
growth in portfolio
value, earnings, cash
LjŁƄǹØĸùǹùěƃěùýĸùţ
Impact
ǹ]ěĸěķěţýǹŪĘýǹ
environmental impact
of our operations
and engage with
ţŪØĮýĘŁıùýşţ
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17Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Place our customers at the
heart of the business
As well as maintaining close contact and
presence on our estates, we launched
a customer survey with a focus on
delivering improvements across our
ŁŜýşØŪěĸđǹŜıØŪĐŁşķǹŪŁǹŜşŁƃěùýǹýƉóýııýĸŪǹ
ţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǿǹ©ýǹØıţŁǹ
enhanced our data environment,
ƄĘěóĘǹĘØţǹýĸØòıýùǹŪĘýǹØůŪŁķØŪěŁĸǹŁĐǹ
data processing and reporting of our
óůţŪŁķýşǹţØıýţǿǹĘýǹķŁĸŪĘıƊǹşýŜŁşŪěĸđǹ
ŪěķýţǹĘØƃýǹěķŜşŁƃýùǹţěđĸěLJóØĸŪıƊȀǹ
providing more timely insights to our
óŁķķýşóěØıǹùýóěţěŁĸțķØĮěĸđǿǹ
Sustainable and community minded
©ýǹĘØƃýǹØóĘěýƃýùǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹ
ƃØıěùØŪěŁĸǹĐŁşǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţȀǹ
increased the proportion of assets rated EPC A-C
ȡòƊǹ&¨ȢǹŪŁǹǗǗǹŜýşǹóýĸŪǹØĸùǹţěđĸěLJóØĸŪıƊǹěķŜşŁƃýùǹ
ŁůşǹùØŪØǹóŁııýóŪěŁĸǹƄěŪĘǹǕǖǹŜýşǹóýĸŪǹŁĐǹıØĸùıŁşùǹ
ķýŪýşţǹĸŁƄǹşýŜŁşŪěĸđǹØůŪŁķØŪěóØııƊǿǹ©ýǹóŁĸŪěĸůýǹ
ŁůşǹýƉŪýĸţěƃýǹţůŜŜŁşŪǹĐŁşǹØĸùǹěĸƃŁıƃýķýĸŪǹěĸǹıŁóØıǹ
óŁķķůĸěŪěýţȀǹØĸùǹýĸđØđýǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǿǹ
EPC rating of A-C
88%
Business model in action
18 Shaftesbury Capital PLC | 2024 Annual Report

"ěţóěŜıěĸýùǹLJĸØĸóěØıǹķØĸØđýķýĸŪ
©ýǹóŁĸŪěĸůýǹŪŁǹķØěĸŪØěĸǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪȀǹ
ƄěŪĘǹØóóýţţǹŪŁǹɏǔǕǏǹķěııěŁĸǹıěŞůěùěŪƊǹØĸùǹ&ǹ
W¨ǹŁĐǹǑǖǹŜýşǹóýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹØǹĸýƄǹɏǖǔǹ
million unsecured term loan was entered into,
ŪĘýǹLJşţŪǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ
ţýĸ죺ǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹƄØţǹýƉýşóěţýùǹ
ØĸùǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýLJĸØĸóěĸđǹŁĐǹŪĘýǹşýƃŁıƃěĸđǹ
óşýùěŪǹĐØóěıěŪƊǹƄØţǹóŁķŜıýŪýùȀǹýƉŪýĸùěĸđǹŪĘýǹ
ùýòŪǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǹěĸěŪěØııƊǿǹ
Creative and
active approach
Dynamic approach to
ıýØţěĸđȀǹƄěŪĘǹǓǖǒǹıýØţěĸđǹ
transactions completed
during the year, representing
ɏǓǗǿǖǹķěııěŁĸǹŁĐǹóŁĸŪşØóŪýùǹ
şýĸŪȀǹǘǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹ
"ýóýķòýşǹǑǏǑǒǹ&¨ǹØĸùǹǐǓǹ
per cent ahead of previous
ŜØţţěĸđǹşýĸŪţǿǹ
ERV growth
+7.7%
19

©ýǹķýØţůşýǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹĮýƊǹŜýşĐŁşķØĸóýǹěĸùěóØŪŁşţǹƄĘěóĘǹØşýǹ
ţýıýóŪýùǹŪŁǹşýLjýóŪǹ:şŁůŜǹţŪşØŪýđƊǿǹ]ØĸƊǹŁĐǹŪĘýţýǹķýŪşěóţǹØşýǹŜýşĐŁşķØĸóýǹ
measures under Group remuneration arrangements, ensuring alignment with
ţĘØşýĘŁıùýşǹěĸŪýşýţŪţǿ
Measuring performance
Total property return
]ýØţůşýţǹđØěĸţǹØĸùǹıŁţţýţǹŁĸǹŜŁşŪĐŁıěŁǹ
valuation including disposals, and rents
şýóýěƃýùǹıýţţǹØţţŁóěØŪýùǹóŁţŪţǿǹýĸóĘķØşĮýùǹ
ØđØěĸţŪǹŪĘýǹ]DǺŁŪØıǹýŪůşĸǹııǹşŁŜýşŪƊǹ
DĸùýƉǹȡóŁķŜØşØŪŁşǺđşŁůŜȢǿ
"ůşěĸđǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹđýĸýşØŪýùǹǹŁĐǹ
ǖǿǕǺŜýşǺóýĸŪȀǹŁůŪŜýşĐŁşķěĸđǹěŪţǹòýĸóĘķØşĮǹ
ŁĐǹǖǿǏǺŜýşǹóýĸŪǹòƊǹǏǿǕǹŜýşóýĸŪØđýǹŜŁěĸŪţǿǹ
ȡØşđýŪȁǺǏǿǔǹŪŁǹǐǿǔǹŜýşǹóýĸŪǹŜýşǹØĸĸůķǹ
ŁůŪŜýşĐŁşķØĸóýǿȢ
]ýØţůşýţǹđşŁƄŪĘǹěĸǹ&ǹ^ǹŜýşǹţĘØşýǹŜıůţǹ
ùěƃěùýĸùţǹŜýşǹţĘØşýǹŜØěùǹùůşěĸđǹŪĘýǹƊýØşǿǹ
ýĸóĘķØşĮýùǹØđØěĸţŪǹŪĘýǹ9&ǹǒǔǏǹýØı
&ţŪØŪýǹóŁķŜØĸěýţǹȡóŁķŜØşØŪŁşǹđşŁůŜȢǿ
Ęýǹ:şŁůŜǹđýĸýşØŪýùǹØǹŪŁŪØıǹØóóŁůĸŪěĸđǹ
şýŪůşĸǹŁĐǹǖǿǏǹŜýşǹóýĸŪǹěĸǹŪĘýǹƊýØşǹŁůŪŜýşĐŁşķěĸđǹ
ŪĘýǹķýùěØĸǹŁĐǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹòƊǹ
ǑǿǕǹŜýşóýĸŪØđýǹŜŁěĸŪţǿ
Total accounting return
Total shareholder return
]ýØţůşýţǹţĘØşýĘŁıùýşǹƃØıůýǹóşýØŪěŁĸǹȡţĘØşý
price movement plus dividend per share
ŜØěùǹùůşěĸđǹŪĘýǹƊýØşȢǿǹýĸóĘķØşĮýùǹØđØěĸţŪǹ
ŪĘýǹ9&ǹǒǔǏǹýØıǹ&ţŪØŪýǹóŁķŜØĸěýţǹ
ȡóŁķŜØşØŪŁşǹđşŁůŜȢǿ
Ęýǹ:şŁůŜǹđýĸýşØŪýùǹŪŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹ
ŁĐǹțǕǿǘǹŜýşǹóýĸŪǹěĸǹŪĘýǹƊýØşȀǹŁůŪŜýşĐŁşķěĸđǹ
ŪĘýǹķýùěØĸǹŁĐǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹòƊǹ
ǕǿǏǹŜýşóýĸŪØđýǹŜŁěĸŪţǿ
+7.6%
+7.0%
-6.9%
Strategic report
1 year
+4.4%
+7.0%
+2.6%
Comparator group
Outperformance
Shaftesbury Capital
+7.6%
+7.0%
+0.6%
Comparator group
Outperformance
Shaftesbury Capital
1 year
1 year
-6.9%
-12.9%
+6.0%
Comparator group
Outperformance
Shaftesbury Capital
ĘýǹĐŁııŁƄěĸđǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØşýǹŜØşŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţĘŁşŪțŪýşķǹŁşǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØşşØĸđýķýĸŪţǿǹ
ýØùǺķŁşýǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹşýŜŁşŪǹĐşŁķǹŜØđýǹǐǒǗǹŪŁǹǐǕǐǿ
20 Shaftesbury Capital PLC | 2024 Annual Report

Other measures
©ýǹØıţŁǹķýØţůşýǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹşØĸđýǹŁĐǹŁŪĘýşǹLJĸØĸóěØıǹØĸùǹĸŁĸțLJĸØĸóěØıǹķýØţůşýţǹěĸóıůùěĸđǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹ
ŜýşĐŁşķØĸóýȀǹAǹţŪØŪěţŪěóţǹØĸùǹýĸƃ캣ĸķýĸŪØıǹŪØşđýŪţǿǹĘěţǹěĸóıůùýţǹķýØţůşěĸđǹŪĘýǹ&ǹşØŪěĸđţǹŁĐǹŁůşǹŜşŁŜýşŪěýţǿ
Read more within our Sustainability reporting from page 78.
EPRA net tangible assets per share
1
ĘýǹĸýŪǹØţţýŪţǹØţǹØŪǹŪĘýǹýĸùǹŁĐǹŪĘýǹƊýØşǹ
ěĸóıůùěĸđǹŪĘýǹýƉóýţţǹŁĐǹŪĘýǹĐØěşǹƃØıůýǹŁĐǹ
trading property over its cost and revaluation
ŁĐǹŁŪĘýşǹĸŁĸțóůşşýĸŪǹěĸƃýţŪķýĸŪţȀǹýƉóıůùěĸđǹ
ŪĘýǹĐØěşǹƃØıůýǹŁĐǹLJĸØĸóěØıǹěĸţŪşůķýĸŪţǹØĸùǹ
ùýĐýşşýùǹŪØƉǹŁĸǹşýƃØıůØŪěŁĸţȀǹùěƃěùýùǹòƊǹŪĘýǹ
ùěıůŪýùǹĸůķòýşǹŁĐǹŁşùěĸØşƊǹţĘØşýţǿ
&ǹ^ǹŜýşǹţĘØşýǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹ
ƄØţǹǑǏǏǿǑǹŜýĸóýȀǹØǹǔǿǑǹŜýşǹóýĸŪǹěĸóşýØţýǹ
ĐşŁķǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿ
]ýØţůşýţǹŪĘýǹĸůķòýşǹŁĐǹŁůşǹŜşŁŜýşŪěýţǹƄěŪĘ
ØĸǹǹŪŁǹǹ&ǹşØŪěĸđǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹŁůşǹ
ŜşŁŜýşŪěýţǹòƊǹ&¨ǹĘØƃýǹØĸǹ&ǹşØŪěĸđǹŁĐǹǹŪŁǹ
ȀǹØĸǹěĸóşýØţýǹŁĐǹǗǹŜýşóýĸŪØđýǹŜŁěĸŪţǹĐşŁķǹ
ǒǐǺ"ýóýķòýşǹǑǏǑǒǿ
ǐǿ Underlying earnings per share for 2023 reflects the standalone performance of Capco for the period 1 January to 5 March 2023 and the performance of
the merged business, Shaftesbury Capital, from the completion date to 31 December 2023. The 2022 comparative information for underlying earnings
per share and EPRA NTA per share relates to Capco pre-merger.
Properties with an EPC rating of A to C
We are proud of the following environmental benchmarks and accreditations:
200.2p
Underlying earnings per share
1
]ýØţůşýţǹěĸóŁķýǹđýĸýşØŪěŁĸǹØĸùǹóŁţŪǹóŁĸŪşŁıǿ
During 2024, the Group generated
ůĸùýşıƊěĸđǹ&ǹŁĐǹǓǿǏǹŜýĸóýǹŜýşǹţĘØşýǿ
4.0p
ǐǿ ǑǏǑǑǹķýØţůşýǹşýLjýóŪţǹŪĘýǹóŁķòěĸýùǹŜŁşŪĐŁıěŁǹòØţýùǹ
Łĸǹ&¨ǿ
2023
2022
2024
2.2p
3.7p
4.0p
2023
2022
2024
182.1p
190.3p
200.2p
68%
80%
88%
2023
2022
1
2024
21Shaftesbury Capital PLC | 2024 Annual Report

Our portfolio
Strategic report
22

Summary:
– Total property valuation growth of +4.5 per cent L-f-L to £5.0 billion
(2023: £4.8 billion)
– 8.0 per cent growth in annualised gross income to £202.8 million
(2023: £192.8 million)
– 7.7 per cent L-f-L ERV growth to £250.6 million (2023: £236.9 million)
– 473 leasing transactions completed 9.1 per cent ahead of December
2023 ERV and 14.4 per cent ahead of previous passing rent
– High occupancy, 2.6 per cent of ERV available to let
– £246.6 million property disposals since merger, with £86 million
reinvested in acquisitions
– In addition, sale of 50 per cent interest in Longmartin joint venture
for £94 million
Strategy:
– Deliver long-term sustainable rental income and value growth
– Creative and active approach to asset management across the portfolio
– Place our customer at the heart of the business to deliver best in class
service to our customers
– Leverage deep understanding of consumers and commercial data
– Attract the best brands and concepts to meet evolving consumer demand
– Invest in and nurture our remarkable destinations in London’s West End
– Dynamic leasing strategy
– Re-use, re-purpose and improve our buildings
– Enhance public realm
– Responsible stewardship; minimising our environmental impact
– Broad community and stakeholder engagement
53% 32% 15%
]ýŪşěóţǹşýLjýóŪǹŜýşóýĸŪØđýǹŁĐǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁǹƃØıůýǿ
23Shaftesbury Capital PLC | 2024 Annual Report

A world-class
mixed-use
destination
Covent Garden is a world-class global destination in the heart
of the West End, steeped in history with a rich heritage, made
up of unique neighbourhoods including the iconic Piazza,
Market Building and surrounding streets, together with Seven
Dials, a seventeenth-century network of streets and courtyards.
ŁƃýĸŪǹ:ØşùýĸǹŁDŽýşţǹůĸěŞůýǹţĘŁŜŜěĸđǹØĸùǹùěĸěĸđǹýƉŜýşěýĸóýţǹ
óŁķŜıýķýĸŪýùǹòƊǹŁDžóýţǹØĸùǹØǹĘěđĘțŞůØıěŪƊǹşýţěùýĸŪěØıǹ
neighbourhood. These sit alongside historic architecture and
cultural institutions including the world-renowned Royal Opera
House and more than half of London’s West End theatres,
attracting both domestic and international visitors alike.
ĘěţǹýƉóýŜŪěŁĸØıǹķěƉýùțůţýǹŜŁşŪĐŁıěŁǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǐǿǓǹķěııěŁĸǹ
square feet provides a broad range of unit sizes, attracting a
wide spectrum of retail and hospitality customers.
Strategic report | Our portfolio
42%
Retail
32%
Food and
beverage
13%
fDžóýţǹ
13%
Residential
Percentage of portfolio valuation as at 31 December 2024
24 Shaftesbury Capital PLC | 2024 Annual Report

1.4m
Sq. ft. of
lettable space
+3.7%
Valuation £2.7bn
+9.1%
ERV £134m
+7.2%
Annualised gross
income £104m
25Shaftesbury Capital PLC | 2024 Annual Report

A globally
recognised,
vibrant district
Carnaby Street is a true London original. Constantly evolving,
it continues to challenge convention with its world-class culture,
game-changing culinary scene, and trendsetting style, courtesy
ŁĐǹķŁùýşĸǹĐØţĘěŁĸǹLjØđţĘěŜţǹØĸùǹŁĸýțŁĐțØțĮěĸùǹŜşýķěůķǹ
boutiques. The diverse and vibrant character of Carnaby Street
ěţǹţĘŁƄóØţýùǹěĸǹěŪţǹķěƉǹŁĐǹĐØķŁůţǹţĘŁŜŜěĸđǹýƉŜýşěýĸóýǹıěĸýțůŜǹ
paired with the pedestrianised streets.
Our portfolio in central Soho focused on Berwick, Beak and
şŁØùƄěóĮǹţŪşýýŪţǹŁDŽýşţǹØǹùěƃýşţýǹØşşØƊǹŁĐǹóşýØŪěƃýǹØĸùǹ
independent businesses, iconic restaurants and entertainment
ƃýĸůýţǿǹfůşǹØşĸØòƊǹɁǹŁĘŁǹŜŁşŪĐŁıěŁǹóŁķŜşěţýţǹØŜŜşŁƉěķØŪýıƊǹ
0.9 million square feet with over 100 hospitality concepts across
which are a key ingredient to the vibrancy within the area.
Strategic report | Our portfolio
35%
Retail
23%
Food and
beverage
9%
Residential
33%
fDžóýţǹ
Percentage of portfolio valuation as at 31 December 2024
26 Shaftesbury Capital PLC | 2024 Annual Report

0.9m
Sq. ft. of
lettable space
+6.4%
Valuation £1.6bn
+7.1%
ERV £82m
+12.1%
Annualised gross
income £66m
27

Strategic report | Our portfolio
Europe’s
premier
Chinatown
Europe’s premier Chinatown is in the heart of the West End’s
entertainment district. Its twelve predominately pedestrianised
ØĸùǹěĸŪýşóŁĸĸýóŪýùǹţŪşýýŪţȀǹıěĸýùǹƄěŪĘǹěóŁĸěóǹşýùǹıØĸŪýşĸţȀǹŁDŽýşǹ
ØĸǹýƉóýŜŪěŁĸØıǹóŁĸóýĸŪşØŪěŁĸǹŁĐǹşýţŪØůşØĸŪţǹƄěŪĘǹØǹƄěùýǹşØĸđýǹ
of Chinese and East Asian dining choices.
Equally thriving day and night, the area’s restaurants, bars, shops
ØĸùǹóØĐþţȀǹØţǹƄýııǹØţǹěŪţǹůĸěŞůýǹķěƉǹŁĐǹŁşěýĸŪØıǹţůŜýşķØşĮýŪţǹ
and authentic Asian retail stores, attract large numbers of
WŁĸùŁĸýşţȀǹŪŁůşěţŪţȀǹĘěĸýţýǹţŪůùýĸŪţǹØĸùǹıŁóØıǺƄŁşĮýşţǿǹ
16%
Retail
3%
fDžóýţ
61%
Food and
beverage
20%
Residential
Percentage of portfolio valuation as at 31 December 2024
28 Shaftesbury Capital PLC | 2024 Annual Report

0.4m
Sq. ft. of
lettable space
+3.7%
Valuation £0.7bn
+4.1%
ERV £34m
+2.8%
Annualised gross
income £32m
29Shaftesbury Capital PLC | 2024 Annual Report

Creating consumer experiences
across our West End portfolio
Strategic report
125k
new followers in 2024
We enliven and enhance our vibrant, predominantly pedestrianised, thriving
destinations through a thoughtful programme of events, campaigns and engaging
consumer experiences.
Creating unique consumer experiences
across our predominantly pedestrianised
destinations throughout the year enhances
operating metrics such as footfall,
conversion and spend which, through close
collaboration with our customers, in turn
supports our rental growth prospects.
©ýǹóŁĸŪěĸůýǹŪŁǹţýýǹţěđĸěLJóØĸŪǹđşŁƄŪĘǹØóşŁţţǹ
our digital platforms including social media,
email newsletters and website. During the
year, our level of engagement and number
of followers increased by 9 per cent in
aggregate across all destinations. We have
direct engagement with over 1.3 million
consumers across our channels and in
November 2024 launched a new consumer
website for Carnaby Street and Soho.
1.3m
total social audience
260k
email subscribers
30 Shaftesbury Capital PLC | 2024 Annual Report

In 2024 we launched new Christmas
lighting schemes for Carnaby Street
and for Covent Garden’s Seven Dials
neighbourhood. Across the portfolio,
a series of festive shopping evening
and pop up performances were held,
including charity partnerships with
ØƃýǺĘýǹĘěıùşýĸǹØĸùǹ:ıŁòØıȬţǹ]ØĮýǹ
Some Noise.
Chinatown continues to see strong
engagement and growth across both
its Chinese and Western social media
óĘØĸĸýıţǿǹĘýǺØĸĸůØıǹĘěĸýţýǹ^ýƄǹ¯ýØşǹ
ŜØşØùýȀǹŪĘýǹıØşđýţŪǹŁůŪţěùýǹŁĐǹţěØȀǹŪŁŁĮǹ
place in February 2025 celebrating the
ƊýØşǹŁĐǹŪĘýǹĸØĮýǿ
31Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
ŁşŪĐŁıěŁǹòƊǹůţýǺØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓ ýŪØěı 9ŁŁùǹØĸùǹòýƃýşØđýǺ fDžóýţ ŁķķýşóěØı ýţěùýĸŪěØı Wholly-owned portfolio
Valuation (£m)
1
1,784.2 1,664.8 877.9 4,326.9 644.7 4,971.6
Valuation (%) 36% 33% 18% 87% 13% 100%
WțĐțWǹƃØıůØŪěŁĸǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +7.5% +4.7% +3.1% +5.5% -1.6% +4.5%
L-f-L valuation movement (H2 2024) +6.5% +2.2% +1.2% +3.7% -1.0% +3.1%
Annualised gross income (£m) 73.2 73.0 33.6 179.8 23.0 202.8
Annualised gross income (%) 36% 36% 17% 89% 11% 100%
WțĐțWǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹđşŁƄŪĘǹȡ9¯ǹǑǏǑǓȢ +9.1% +4.2% +18.3% +8.6% +3.9% +8.0%
L-f-L annualised gross income growth (H2 2024) +5.3% - +12.0% +4.2% +2.9% +4.1%
ERV (£m) 90.2 85.0 50.5 225.7 24.9 250.6
ERV (%) 36% 34% 20% 90% 10% 100%
WțĐțWǹ&¨ǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +11.2% +7.2% +6.1% +8.4% +1.4% +7.7%
L-f-L ERV movement (H2 2024) +8.8% +3.4% +1.5% +5.0% +1.6% +4.7%
ERV psf (£) 126 91 79 98 60 92
Net initial yield 3.8% 4.0% 3.3% 3.8% 2.9% 3.6%
ŁŜŜýùǹůŜǹĸýŪǹěĸěŪěØıǹƊěýıù 4.0% 4.3% 3.8% 4.1% N/A 3.9%
Equivalent yield 4.5% 4.7% 4.9% 4.6% 3.1% 4.4%
©W 3.0 8.1 2.7 4.8 1.1 4.4
Floor Area (sq ft m)
2
0.7 1.0 0.6 2.3 0.4 2.7
Unit Count
2
415 394 404 1,213 656 1,869
1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary).
2. Excluding long-leasehold residential interests.
ŁşŪĐŁıěŁǹòƊǹıŁóØŪěŁĸǺØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓ ŁƃýĸŪǹ:Øşùýĸ ØşĸØòƊǹɁǹŁĘŁǺ ĘěĸØŪŁƄĸ 9ěŪƓşŁƃěØ Wholly-owned portfolio
Valuation (£m)
1
2,652.7 1,597.1 716.3 5.5 4,971.6
Valuation (%) 53% 32% 15% - 100%
WțĐțWǹƃØıůØŪěŁĸǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +3.7% +6.4% +3.7% -7.1% +4.5%
L-f-L valuation movement (H2 2024) +2.8% +4.3% +2.0% -6.1% +3.1%
Annualised gross income (£m) 104.3 66.2 32.0 0.3 202.8
Annualised gross income (%) 51% 33% 16% - 100%
WțĐțWǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹđşŁƄŪĘǹȡ9¯ǹǑǏǑǓȢ +7.2% +12.1% +2.8% -5.3% +8.0%
L-f-L annualised gross income growth (H2 2024) +2.7% +8.4% +0.4% -6.0% +4.1%
ERV (£m) 134.0 81.9 34.4 0.3 250.6
ERV (%) 53% 33% 14% - 100%
WțĐțWǹ&¨ǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +9.1% +7.1% +4.1% - +7.7%
L-f-L ERV movement (H2 2024) +5.5% +4.5% +2.0% - +4.7%
ERV psf (£) 96 92 81 58 92
Net initial yield 3.6% 3.6% 4.0% 5.0% 3.6%
ŁŜŜýùǹůŜǹĸýŪǹěĸěŪěØıǹƊěýıù 3.8% 4.0% 4.1% 5.0% 3.9%
Equivalent yield 4.5% 4.5% 4.3% 4.4% 4.4%
©W 4.4 4.0 5.6 6.1 4.4
Floor Area (sq ft m)
2
1.4 0.9 0.4 - 2.7
Unit Count
2
853 660 350 6 1,869
1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary).
2. Excluding long-leasehold residential interests.
Portfolio and operating review
+4.5%
Valuation
+7.7%
ERV
+8.0%
Annualised gross income
473
Leasing transactions
2.6%
ERV available to let
ŁĸLJùýĸóýǹěĸǹŪĘýǹţŪşýĸđŪĘǹŁĐǹŁůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁǹ
Overview
Shaftesbury Capital owns an impossible to replicate portfolio
that extends to 2.7 million square feet of lettable space across
ŪĘýǹķŁţŪǹƃěòşØĸŪǹØşýØţǹŁĐǹWŁĸùŁĸȬţǹ©ýţŪǹ&ĸùǿǹĘýǹ:şŁůŜȬţǹ
ŜŁşŪĐŁıěŁǹŁĐǹØùØŜŪØòıýǹķěƉýùțůţýǹòůěıùěĸđţǹŜşŁƃěùýţǹùěƃýşţěLJýùǹ
income streams with a long history of occupier demand
exceeding availability of space. With a diverse mix of shops,
şýţŪØůşØĸŪţȀǹóØĐþţȀǹòØşţȀǹşýţěùýĸŪěØıǹØĸùǹŁDžóýţȀǹŁůşǹùýţŪěĸØŪěŁĸţǹ
include the high footfall, thriving neighbourhoods of Covent
Garden, Carnaby Street, Soho and Chinatown. Our properties
are located at the heart of the West End’s entertainment and
óůıŪůşØıǹØŪŪşØóŪěŁĸţȀǹòýĸýLJŪŪěĸđǹĐşŁķǹýƉóýııýĸŪǹóŁĸĸýóŪěƃěŪƊǹ
through close proximity to the main West End Underground
stations and transport hubs for the Elizabeth Line.
32 Shaftesbury Capital PLC | 2024 Annual Report

ȩĘýǹ&¨ǹØĸùǹěĸóŁķýǹđşŁƄŪĘǹ
delivered is underscored by the
óşýØŪěƃýǹØĸùǹØóŪěƃýǹØŜŜşŁØóĘǹƄýǹŪØĮýǹ
when managing our portfolio which
alongside our ability to invest in and
recycle capital from select assets has
positioned us for long term success.”
Michelle McGrath
Executive Director
Delivering valuation growth
ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěĸóşýØţýùǹ
òƊǹǓǿǔǹŜýşǹóýĸŪǹŁĸǹØǹıěĮýțĐŁşțıěĮýǹòØţěţǹŪŁǹɏǔǿǏǹòěııěŁĸȀǹýŞůěƃØıýĸŪǹ
to £1,833 per square foot on average (Dec 2023: £1,680 per
ţŞůØşýǹĐŁŁŪȢǿǹĘýǹƃØıůØŪěŁĸǹđØěĸǹĘØţǹòýýĸǹùşěƃýĸǹòƊǹıýØţěĸđǹØĸùǹ
asset management activity particularly in the retail portfolio.
Leasing activity was on average 9 per cent ahead of Dec 23
ERV, resulting in an overall increase in portfolio ERV by 7.7 per
óýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹȡ"ýóǹǑǏǑǒȁǹɏǑǒǕǿǘǹķěııěŁĸȢǿǹ
ĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýLjýóŪěĸđǹØǹķØşđěĸØıǹ
ŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹŜŁěĸŪţǹıěĮýțĐŁşțıěĮýȀǹƄĘěıţŪǹŪĘýǹ
portfolio net initial yield is 3.6 per cent. Including rent from
leases currently in rent free periods, the topped-up initial yield
of the portfolio at 31 December 2024 was 3.9 per cent (Dec 2023:
ǒǿǗǹŜýşǹóýĸŪȢǿǹĘýǹýŞůěƃØıýĸŪǹƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹ
(excluding residential) is 4.6 per cent (Dec 2023: 4.6 per cent).
ĘýǹĸýŪǹěĸěŪěØıǹƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹȡýƉóıůùěĸđǹ
residential) is 3.8 per cent.
Prime West End property yields have stabilised supported
òƊǹŁóóůŜØŪěŁĸØıǹØĸùǹěĸƃýţŪķýĸŪǹŪşØĸţØóŪěŁĸØıǹýƃěùýĸóýǿǹĘýǹ
ěĸƃýţŪķýĸŪǹķØşĮýŪǹóŁĸŪěĸůýţǹŪŁǹòýǹķŁşýǹØóŪěƃýǹĐŁşǹţķØııýşǹ
lot sizes in the West End, with transactions demonstrating
demand for high quality, prime central London real estate.
ĘěţǹķØşĮýŪȀǹƄĘěóĘǹěţǹóĘØşØóŪýşěţýùǹòƊǹĘěđĘǹŁóóůŜØĸóƊȀǹıŁƄǹ
óØŜěŪØıǹşýŞůěşýķýĸŪţǹØĸùǹşýıěØòıýǹđşŁƄěĸđǹıŁĸđțŪýşķǹóØţĘǹLjŁƄţȀǹ
óŁĸŪěĸůýţǹŪŁǹØŪŪşØóŪǹţěđĸěLJóØĸŪǹěĸŪýşýţŪǹĐşŁķǹòŁŪĘǹěĸŪýşĸØŪěŁĸØıǹ
and domestic investors.
Overall portfolio ERV is 3 per cent ahead of 2019 levels on a
ıěĮýțĐŁşțıěĮýǹòØţěţǿǹýŪØěıǹ&¨ţǹěķŜşŁƃýùǹòƊǹǐǐǿǑǹŜýşǹóýĸŪǹŁƃýşǹ
the year and are now 6 per cent below pre-pandemic levels,
ƄĘěıţŪǹĐŁŁùǹȺǹòýƃýşØđýȀǹŁDžóýǹØĸùǹşýţěùýĸŪěØıǹ&¨ţǹØşýǹØĘýØùǹ
of pre-pandemic levels in nominal terms.
Covent Garden generated ERV growth of 9.1 per cent driven
by leasing and asset management activity across the retail
and food & beverage space, with 33 new brands introduced
to the district during the year. 76 new commercial leases and
renewals were agreed during the year, 7.3 per cent ahead of
ERV. Across Carnaby | Soho, ERV growth was 7.1 per cent
during the year, as a result of 83 new commercial leases and
renewals agreed 12.7 per cent ahead of ERV, primarily driven
òƊǹŁDžóýǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹıýŪŪěĸđţǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹ
activity. During the year, 15 new commercial leases and
renewals were agreed in Chinatown, 22.5 per cent ahead of
ERV. ERV growth in Chinatown was 4.1 per cent over the year,
driven by food & beverage letting activity.
ŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹƄØţǹǖǿǕǹŜýşǹóýĸŪǹóŁķŜØşýùǹ
ƄěŪĘǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹDĸùýƉǹƄĘěóĘǹşýóŁşùýùǹǖǿǏǹŜýşǹóýĸŪǿǹ
Independent valuations of the wholly-owned portfolio are
ůĸùýşŪØĮýĸǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹŁƊØıǹDĸţŪěŪůŪěŁĸǹŁĐǹĘØşŪýşýùǹ
ůşƃýƊŁşţǹđůěùýıěĸýţǹòƊǹ&ǹØĸùǹůţĘķØĸǹȺǹ©ØĮýLJýıùǿǹĘýǹ
valuations represent the aggregated value of predominantly
ĐşýýĘŁıùǹŜşŁŜýşŪěýţǿǹĘýşýǹěţǹĸŁǹşýLjýóŪěŁĸǹŁĐǹØĸƊǹŜşýķěůķǹŁşǹ
discount which some potential investors may ascribe to the
comprehensive ownership of a combination of some, or all,
parts of the portfolio.
Our interests comprise a combination of properties which
ØşýǺƄĘŁııƊțŁƄĸýùǹØĸùǹØǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŁĐǹŜşŁŜýşŪƊǹĘýıùǹěĸǹ
the Lillie Square joint venture, and Longmartin associate until
fóŪŁòýşǹǑǏǑǓǿǹĘýǹóŁĸţŁıěùØŪýùǹLJĸØĸóěØıǹţŪØŪýķýĸŪţȀǹŜşýŜØşýùǹ
under IFRS, include the Group’s interest in the joint venture
as one-line items in the Income Statement and Balance Sheet.
Investment in joint ventures account for an additional £65
million of property interests (our 50 per cent share).
33Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Portfolio and operating review
“Our refurbishment initiatives
óŁĸŪěĸůýǹŪŁǹůĸıŁóĮǹěĸóŁķýǹØĸùǹ
value growth as well as enhance
environmental performance of
our buildings.”
Andrew Price
Executive Director
Well-positioned to act on investment
ŁŜŜŁşŪůĸěŪěýţǺ
We aim to maximise the potential from investment opportunities
in our existing portfolio and acquisition opportunities which
deliver attractive long-term rental growth and total returns.
Capital expenditure of approximately 1 per cent of portfolio
value is expected per annum. We are well-positioned with
ØóóýţţǹŪŁǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹ
opportunities and will rotate capital as appropriate enhancing
the quality of our portfolio.
Since merger, proceeds of £246.6 million have been realised
from property sales. ERV and contracted rent of disposals
were both £14.8 million. £158.4 million of property sales
completed during 2024, including the Fitzrovia portfolio.
ɏǗǕǹķěııěŁĸǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸǹŪØşđýŪýùǹØţţýŪţǿǹDĸǹ]ØşóĘǹ
2024, we completed the acquisition of 25-31 James Street,
ŁƃýĸŪǹ:ØşùýĸǹĐŁşǹɏǖǔǿǐǹķěııěŁĸǹȡòýĐŁşýǹóŁţŪţȢǿǹĘýǹŜşŁŜýşŪěýţǹ
had a contracted rent of £3.9 million, and comprise 21,000
square feet of lettable area, including 12,000 square feet
ŁĐǹşýŪØěıǹØĸùǹǘȀǏǏǏǹţŞůØşýǹĐýýŪǹŁĐǹşýţěùýĸŪěØıǹØĸùǹŁDžóýǹ
ØóóŁķķŁùØŪěŁĸǿǹĘěţǹØóŞůěţěŪěŁĸǹŜşýţýĸŪţǹØţţýŪǹķØĸØđýķýĸŪǹ
and rental growth opportunities as well as complementing our
existing ownership on James Street, a prime retail street and
ĮýƊǹđØŪýƄØƊǹěĸŪŁǹŪĘýǹŁƃýĸŪǹ:ØşùýĸǹěØƓƓØǿǹ©ýǹĘØƃýǹØóŞůěşýùǹ
ŪƄŁǹØţţýŪţǹŁĸǹşŁØùƄěóĮǹŪşýýŪǹØĸùǹ]ØşţĘØııǹŪşýýŪǹĐŁşǹ
£7.8 million (before costs). In February 2025, we completed the
acquisition of a small property on Neal Street for £6.0 million
(before costs). Alongside organic investments inherent in the
portfolio, the pipeline of asset acquisitions is encouraging,
with a number of buildings currently under review.
In addition, in October 2024 the Company completed the
sale of its 50 per cent interest in the Longmartin investment to
its joint venture partner. Completion of the merger between
Capital & Counties Properties PLC and Shaftesbury PLC
triggered the right for the partner to require the Company
ŪŁǹŁDŽýşǹŪŁǹţýııǹěŪţǹţĘØşýţǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹěĸƃýţŪķýĸŪǿǹĘýǹ
partner elected to acquire the Company’s shares for net cash
consideration of £94 million.
Excellent leasing activity across all uses
ĘýǹŜŁşŪĐŁıěŁǹşýŜşýţýĸŪţǹǑǿǖǹķěııěŁĸǹţŞůØşýǹĐýýŪǹŁĐǹıýŪŪØòıýǹ
space, comprising 1.7 million square feet of retail, food and
òýƃýşØđýǹţŜØóýǹŪŁđýŪĘýşǹƄěŪĘǹǏǿǕǹķěııěŁĸǹţŞůØşýǹĐýýŪǹŁĐǹŁDžóýţǹ
and 656 residential apartments.
During the year, 473 leasing transactions were concluded with
a combined rental value of £48.7 million, comprising:
ȟ 175 commercial lettings and renewals: £37.5 million, 10.7
per cent ahead of 31 Dec 2023 ERV and 17.8 per cent ahead
of previous passing rents; and
ȟ 298 residential lettings: £11.2 million, 4.2 per cent ahead
of 31 Dec 2023 ERV and 7.1 per cent ahead of previous
passing rents.
In addition, 71 commercial rent reviews with a rental value of
£18.1 million were concluded on average 8.3 per cent ahead
of previous passing rents.
Leasing transactions by use concluded
during the year
ţýǺ şØĸţØóŪěŁĸţǺ
^ýƄǹ
óŁĸŪşØóŪýùǹ
şýĸŪǹȡɏķȢǺ
ɬǹØòŁƃýǹ
"ýóțǑǏǑǒǹ
&¨Ǻ
ɬǹØòŁƃýǹ
ŜşýƃěŁůţǹ
ŜØţţěĸđǹşýĸŪ
ýŪØěıǺ 69 14.5 9.3 20.2
Food and beverage 39 8.2 14.8 19.3
fDžóýţǺ 67 14.8 9.8 13.2
ýţěùýĸŪěØıǺ 298 11.2 4.2 7.1
ŁŪØıǺ 473 48.7 9.1 14.4
Leasing transactions by destination
óŁĸóıůùýùǹùůşěĸđǹŪĘýǺƊýØş
"ýţŪěĸØŪěŁĸǹ şØĸţØóŪěŁĸţǺ
^ýƄǹ
óŁĸŪşØóŪýùǹ
şýĸŪǹȡɏķȢǺ
ɬǹØòŁƃýǹ
"ýóțǑǏǑǒǹ
&¨Ǻ
ɬǹØòŁƃýǹ
ŜşýƃěŁůţǹ
ŜØţţěĸđǹşýĸŪ
Covent Garden 219 23.5 6.4 16.3
Carnaby | Soho 163 19.7 11.4 11.2
Chinatown 87 5.3 13.2 15.8
Fitzrovia 4 0.2 7.4 4.4
ŁŪØıǺ 473 48.7 9.1 14.4
34 Shaftesbury Capital PLC | 2024 Annual Report

Annualised gross income and ERV
At 31 December 2024, annualised gross income had increased
òƊǹǗǿǏǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǏǑǿǗǹķěııěŁĸǿǹ&¨ǹƄØţǹ
ɏǑǔǏǿǕǹķěııěŁĸȀǹůŜǹǖǿǖǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǹȡıěĮýțĐŁşțıěĮýȢǿǹ
Our creative approach enables the business to deliver rental
growth through converting the portfolio’s reversionary potential
ěĸŪŁǹóŁĸŪşØóŪýùǹěĸóŁķýǹØĸùǹóØţĘǹLjŁƄȀǹƄĘěıţŪǹýţŪØòıěţĘěĸđǹĸýƄǹ
şýĸŪØıǹŪŁĸýţȀǹŪĘýǹòýĸýLJŪǹŁĐǹƄĘěóĘǹěţǹŁĐŪýĸǹóŁķŜŁůĸùýùǹØóşŁţţǹ
nearby buildings.
As at 31 December 2024, the portfolio’s reversion was
£47.8 million, with the opportunity to grow annualised gross
ěĸóŁķýǹòƊǹǑǓǹŜýşǹóýĸŪǹòýĐŁşýǹŪØĮěĸđǹěĸŪŁǹØóóŁůĸŪǹØĸƊǹĐůşŪĘýşǹ
&¨ǹđşŁƄŪĘǿǹĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘěţǹşýƃýşţěŁĸǹØşýǹţýŪǹŁůŪǹ
as follows.
Components of the reversion
ǑǏǑǓ
ɏķ
ǹǑǏǑǒ
ɏķ
Annualised gross income 202.8 192.8
Contracted 14.9 17.3
ĸùýşǹŁDŽýş 3.0 6.2
Available-to-let 6.3 4.7
Under refurbishment 13.5 13.9
Net under-rented 10.1 2.0
ERV 250.6 236.9
35Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Portfolio and operating review
High occupancy
Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹ&ǹƃØóØĸóƊǹȡěĸóıůùěĸđǹůĸěŪţǹůĸùýşǹŁDŽýşȢǹ
was 3.9 per cent of portfolio ERV (2023: 4.9 per cent); 1.3 per
óýĸŪǹƄØţǹůĸùýşǹŁDŽýşǹØĸùǹǑǿǕǹŜýşǹóýĸŪǹƄØţǹØƃØěıØòıýțŪŁțıýŪǿ
ĸùýşǹŁDŽýş
ţýǺ
% of
portfolio
ERV &¨ǹȡɏķȢǺ
şýØǹ
ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ
ýŪØěıǺ 0.2 0.3 6
Food and beverage 0.6 1.5 16
fDžóýţǺ 0.2 0.5 5
ýţěùýĸŪěØıǺ 0.3 0.7 12
Total
1
1.3 3.0 39
1. Includes 12 units let on a temporary basis with an ERV of £1.5 million
(Dec 2023: £0.7 million).
Available-to-let space
ţýǺ
% of
portfolio
ERV &¨ǹȡɏķȢǺ
şýØǹ
ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ
ýŪØěıǺ 0.3 0.8 8
Food and beverage 0.6 1.5 37
fDžóýţǺ 1.4 3.3 39
ýţěùýĸŪěØıǺ 0.3 0.7 13
ŁŪØıǺ 2.6 6.3 97
Refurbishment activity
Active asset management and refurbishment initiatives continue
ŪŁǹůĸıŁóĮǹěĸóŁķýǹØĸùǹƃØıůýǹØţǹƄýııǹØţǹýĸĘØĸóýǹýĸƃ캣ĸķýĸŪØıǹ
ŜýşĐŁşķØĸóýǿǹĘýǹ&¨ǹŁĐǹţŜØóýǹůĸùýşǹşýĐůşòěţĘķýĸŪǹØķŁůĸŪţǹ
to £13.5 million across 161,000 square feet, representing
5.4 per cent of portfolio ERV (2023: 5.9 per cent) which will be
delivered over the next 12-18 months. 47 per cent is already
pre let representing £6.4 million rental income. Normalised
refurbishment activity is expected to represent approximately
5 per cent of the portfolio by ERV.
During the year, £43.1 million of capital expenditure has been
incurred, and capital commitments amounted to £24.1 million
ØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘěţǹěţǹěĸǹıěĸýǹƄěŪĘǹŁůşǹđůěùØĸóýǹŁĐǹ
approximately 1 per cent of portfolio value expected to be
invested per annum in refurbishment, asset management and
repositioning opportunities, including actions to improve energy
performance.
Under refurbishment
ţýǺ
% of
portfolio
ERV &¨ǹȡɏķȢǺ
şýØǹ
ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ
ýŪØěıǺ 1.2 3.1 25
Food and beverage 1.4 3.5 44
fDžóýţǺ 2.5 6.1 77
ýţěùýĸŪěØıǺ 0.3 0.8 15
ŁŪØıǺ 5.4 13.5 161
Joint Venture
Shaftesbury Capital owns 50 per cent of the Lillie Square joint
venture, a residential estate and consented land located in
©ýţŪǹWŁĸùŁĸǿǹııǹLJđůşýţǹşýŜşýţýĸŪǹŁůşǹǔǏǹŜýşǹóýĸŪǹţĘØşýǿǹĘýǹ
property valuation as at 31 December 2024 was £65.3 million,
in line with the 31 December 2023 valuation of £65.2 million. In
addition, Shaftesbury Capital owns £1.9 million of other related
assets adjacent to the Lillie Square estate.
In total, 355 Phase 1 and 2 residential apartments have been
sold. Over 60 apartments have been leased on a short-term
basis generating annual contracted rental income of £3.8 million.
ĘýǹĪŁěĸŪǹƃýĸŪůşýǹěţǹěĸǹØǹóØţĘǹŜŁţěŪěŁĸǹŁĐǹɏǘǿǖǹķěııěŁĸǹȡɏǓǿǘǹķěııěŁĸǹ
Shaftesbury Capital share). During the year £4.0 million was
distributed to each partner.
Commitment to sustainability and
environmental stewardship
We are committed to reducing the impact of our operations
on the environment, whilst engaging and collaborating with
ŁůşǹƄěùýǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹĐůŪůşýǹŜşŁŁĐǹ
our West End heritage buildings recognising our buildings they
represent substantial long-term carbon stores. We reduce
ĐůŪůşýǹŁŜýşØŪěŁĸØıǹóØşòŁĸǹòƊǹěķŜşŁƃěĸđǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹ
minimising embodied carbon emissions through the retention
and re-use of structure, façade and materials.
We have reset our comprehensive Net Zero Carbon target
ŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŁůşǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹ
ȡȩěȪȢǹƃØıěùØŪýùǹıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǿǹfůşǹ
şŁııěĸđǹŜşŁđşØķķýǹŁĐǹýĸýşđƊǹýDžóěýĸŪǹşýĐůşòěţĘķýĸŪţǹùýıěƃýşţǹ
ěĸóşýķýĸŪØıǹýĸýşđƊǹŜýşĐŁşķØĸóýǹòýĸýLJŪţǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹ
properties are EPC grade A to C by ERV, representing an 8
percentage points increase from the prior year. Furthermore,
70 per cent of commercial EPCs are A or B, which is up
14 percentage points in the year. We continue to focus on
ıŁƄțóØşòŁĸǹşýĐůşòěţĘķýĸŪȀǹØŪǹķŁùýţŪǹLJĸØĸóěØıǹŁůŪıØƊǹƄĘěóĘǹ
ěķŜşŁƃýţǹýĸýşđƊǹýDžóěýĸóƊȀǹØĸùǹØěķǹĐŁşǹØǹķěĸěķůķǹşØŪěĸđǹŁĐǹǹ
on all new commercial refurbishment projects.
"ýŪØěıýùǹØıěđĸýùǹýĸýşđƊǹýDžóěýĸóƊǹØĸØıƊţěţǹĘØţǹòýýĸǹóŁķŜıýŪýùǹ
on a selection of our assets, representative of the portfolio.
Findings have then been used to assess performance against
ØşòŁĸǹěţĮǹýØıǹ&ţŪØŪýǹ]ŁĸěŪŁşǹȡȩ&]ȪȢǹùýóØşòŁĸěţØŪěŁĸǹ
trajectories and identify actions that will be required to reduce
óØşòŁĸǹýķěţţěŁĸţǹěĸóıůùěĸđǹýıýóŪşěLJóØŪěŁĸǹŁĐǹŁůşǹòůěıùěĸđţǿǹ©ýǹ
have continued to improve the coverage and accuracy of our
sustainability data, with 67 per cent of landlord supplies on
smart meters, an increase from 19 per cent at the end 2023.
36 Shaftesbury Capital PLC | 2024 Annual Report

©ýǹŜØşŪěóěŜØŪýǹěĸǹØǹşØĸđýǹŁĐǹýƉŪýşĸØıǹòýĸóĘķØşĮţǹØĸùǹěĸùěóýţǹ
ŪŁǹŜşŁƃěùýǹěĸùýŜýĸùýĸŪǹƃýşěLJóØŪěŁĸǹŁĐǹŁůşǹţůţŪØěĸØòěıěŪƊǹ
progress and help identify opportunities. During the year, we
ŜůòıěţĘýùǹŁůşǹLJşţŪǹ&ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǹýŜŁşŪǹěĸóıůùěĸđǹ
ŁůşǹLJşţŪǹƊýØşǹŁĐǹóŁķòěĸýùǹùØŪØǹØţǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹ
achieved a gold award for our reporting. Recognised indices
şØŪěĸđţǹěĸóıůùýǹ"ǹŁĐǹǹĐŁşǹŁůşǹóıěķØŪýǹùěţóıŁţůşýȀǹ]DǹŁĐǹ
BBB and GRESB of 66.
Active community engagement
As an active member of the community, we are committed to
ýĸđØđěĸđǹƄěŪĘǹţŪØĮýĘŁıùýşţǹØóşŁţţǹŪĘýǹ©ýţŪǹ&ĸùǿǹ"ůşěĸđǹŪĘýǹ
ƊýØşȀǹƄýǹůĸùýşŪŁŁĮǹØǹŪĘŁşŁůđĘǹýƃØıůØŪěŁĸǹŁĐǹŁůşǹóŁķķůĸěŪƊǹ
ěĸƃýţŪķýĸŪǹØóŪěƃěŪƊȀǹùýƃýıŁŜěĸđǹŁůşǹţŪşØŪýđƊǹŪŁǹşýLjýóŪǹıŁóØıǹ
ĸýýùţǹØĸùǹòýŪŪýşǹţůŜŜŁşŪǹŪĘýǹƃěòşØĸŪǹóŁķķůĸěŪěýţǹŪĘØŪǹķØĮýǹ
our places thrive. Our impact extends beyond our buildings,
and we continue to enhance the public realm within and
ØşŁůĸùǹŁůşǹŜŁşŪĐŁıěŁǿǹĘşŁůđĘǹŜıØóýţĘØŜěĸđǹƄýǹĘýıŜǹóşýØŪýǹ
ĘýØıŪĘƊȀǹƄýıóŁķěĸđǹØĸùǹŪĘşěƃěĸđǹıŁóØŪěŁĸţǿǹĘýţýǹěĸóıůùýǹ
pedestrianisation, streetscape improvements, providing
ŁůŪùŁŁşǹţýØŪěĸđǹØĸùǹţóĘýķýţǹŪŁǹşýùůóýǹŪşØDžóǹóŁĸđýţŪěŁĸǹ
and pollution.
©ýǹţůŜŜŁşŪǹóŁķķůĸěŪƊțıýùǹěĸěŪěØŪěƃýţǹƄĘěóĘǹƄŁşĮǹƄěŪĘǹıŁóØıǹ
people contributing to a diverse range of charitable and
community initiatives across Camden and Westminster, with
ØǹţŜýóěLJóǹĐŁóůţǹŁĸǹţůŜŜŁşŪěĸđǹýùůóØŪěŁĸØıǹØĸùǹýķŜıŁƊķýĸŪǹ
opportunities for young people and addressing the issues
of homelessness and food hardship. Our support includes
sponsorship of a student at Westminster University through our
óĘŁıØşǹşŁđşØķķýȀǹ¯Łůĸđǹ©ýţŪķěĸţŪýşǹ9ŁůĸùØŪěŁĸȬţǹşěđĘŪýşǹ
9ůŪůşýţǹ9ůĸùȀǹØĸùǹ¯ŁůĸđǹØķùýĸǹ9ŁůĸùØŪěŁĸȬţǹAýØùţǹŜǹ
]ýĸŪØıǹAýØıŪĘǹ9ůĸùǿǹýıýòşØŪěĸđǹDĸŪýşĸØŪěŁĸØıǹ©ŁķýĸȬţǹ"ØƊȀǹ
ŜŁŜǹůŜǹţŜØóýǹƄØţǹŜşŁƃěùýùǹŁĸǹØşĸØòƊǹŪşýýŪǹŪŁǹķØşŪǹ©ŁşĮţȀǹ
ØǹUǹóĘØşěŪƊȀǹĐŁóůţěĸđǹŁĸǹđýŪŪěĸđǹŁůŪǹŁĐǹƄŁşĮǹƄŁķýĸǹòØóĮǹěĸŪŁǹ
ŪĘýǹƄŁşĮŜıØóýǿ
We have a Community Investment Forum (“CIF”) comprising
employees from across the business which is responsible
for overseeing our programme of community investment. It
enables us to review our community investments and consider
applications for our community grants.
©ýǹØıţŁǹĘØƃýǹØĸǹýţŪØòıěţĘýùǹđşØĸŪţǹĐůĸùǹŪĘØŪǹŁDŽýşţǹıŁóØıǹ
charities and groups the opportunity to apply for funding for
initiatives which align with our community investment focus
ØşýØţǿǹ:şØĸŪǹşýóěŜěýĸŪţǹěĸóıůùýǹŪĘýǹWŁĸùŁĸǹ¯ŁůŪĘǹĘýØŪşýǹØĸùǹ
^ØŪěƃýǹóěýĸŪěţŪţǹƄĘěóĘǹƄěııǹţůŜŜŁşŪǹýùůóØŪěŁĸØıǹƄŁşĮţĘŁŜţǹ
at three Camden schools, connecting pupils with scientists.
We continue our support of culture and the arts, including
ŪĘýǹŜØŪşŁĸØđýǹŁĐǹŪĘýǹ"ŁĸķØşǹĘýØŪşýǹěĸǹýƃýĸǹ"ěØıţȀǹØţǹƄýııǹ
ØţǹŜØşŪĸýşţĘěŜţǹƄěŪĘǹŪĘýǹŁóěýŪƊǹŁĐǹWŁĸùŁĸǹĘýØŪşýţȀǹşěŪěţĘǹ
Fashion Council and London & Partners.
Supporting local community initiatives
37Shaftesbury Capital PLC | 2024 Annual Report

Occupational demand
continues to polarise
to the best locations,
with retailers placing
greater emphasis on
global location, consumer
experience, service and
LjØđţĘěŜǹşýŪØěıěĸđǿǹ
Valuation growth driven
by +11.2 per cent ERV
đşŁƄŪĘǹŁDŽţýŪǹòƊǹţŁķýǹ
yield movement.
ýLjýóŪěĸđǹţŪşŁĸđǹùýķØĸùǹ
during the year, we
completed 69 new lettings
and renewals with a rental
value of £14.5 million,
9 per cent ahead of 31
"ýóýķòýşǹǑǏǑǒǺ&¨ǿ
24 retail rent reviews with
rental value of £5.1 million
were concluded, 14 per
cent ahead of previous
passing rents.
Retail
Our retail portfolio of 0.7 million square feet is primarily located in Covent Garden,
ØşĸØòƊǹØĸùǹŁĘŁǹƄěŪĘǹØǹòşŁØùǹşØĸđýǹŁĐǹůĸěŪǹţěƓýţǹØĸùǹşýĸŪØıǹŪŁĸýţǹŁĸǹŁDŽýşǿ
Strategic report | Portfolio and operating review
415
Shops
+7.5%
Valuation £1.8bn
+9.1%
Annualised gross
income £73m
+11.2%
ERV £90m
Flagship retail in Covent Garden
Occupational retail demand continues to gravitate to the
best locations with the West End’s vibrancy and consumer
óĘØşØóŪýşěţŪěóţǹķØĮěĸđǹěŪǹØǹĘěđĘıƊǹţŁůđĘŪǹØĐŪýşǹķØşĮýŪǿǹşØùěĸđǹ
conditions across our portfolio are positive, with customer
sales in aggregate up 3 per cent versus 2023 with particularly
strong performance in luxury, lifestyle and accessories.
ýŪØěıýşţǹØşýǹØŪŪşØóŪýùǹòƊǹŪĘýǹţýƃýĸțùØƊţțØțƄýýĮǹĐŁŁŪĐØııǹØĸùǹ
trading environment. Our portfolio includes 415 shops with an
average ERV of £126 per square foot, up from £108 per square
foot in December 2023.
fůşǹŜŁşŪĐŁıěŁǹşýķØěĸţǹØǹŜşýĐýşşýùǹùýţŪěĸØŪěŁĸǹĐŁşǹķØşĮýŪǹýĸŪşƊǹ
and retail expansion with 47 new openings during the year. Our
broad range of unit sizes and rental tones provide scope for
óůţŪŁķýşţǹŪŁǹđşŁƄǹƄěŪĘěĸǹŁůşǹŜŁşŪĐŁıěŁǿǹķŁĸđţŪǹŪĘýǹòýĸýLJŪţǹŁĐǹ
our portfolio of scale is our ability to provide additional space
for our customers as they expand and grow.
DĸǹŁƃýĸŪǹ:ØşùýĸȀǹŁůŪùŁŁşǹòşØĸùǹýØĮǹýşĐŁşķØĸóýǹŁŜýĸýùǹěŪţǹ
debut UK store on Long Acre, following the upsizing of its sister
òşØĸùǹşóȬŪýşƊƉȀǹŪŁǹØǹLjØđţĘěŜǹŁĸǹUěĸđǹŪşýýŪǿǹWůƉůşƊǹķØĮýůŜǹ
ØĸùǹţĮěĸóØşýǹóŁĸóýŜŪǹĘØşıŁŪŪýǹěıòůşƊǹůŜţěƓýùǹţěđĸěLJóØĸŪıƊǹŪŁǹ
ØǹĸýƄǹLjØđţĘěŜǹţŪŁşýǹŁƃýşıŁŁĮěĸđǹŪĘýǹ]ØşĮýŪǹůěıùěĸđȀǹĐŁııŁƄěĸđǹ
the success of its James Street store. Nespresso will open a
ĸýƄǹLjØđţĘěŜǹŁĸǹŪĘýǹóŁşĸýşǹŁĐǹAýĸşěýŪŪØǹŪşýýŪǹěĸǹŪĘýǹţŜØóýǹ
ŜşýƃěŁůţıƊǹŁóóůŜěýùǹòƊǹ^ØŪ©ýţŪǹòØĸĮǿǹƄěţţǹƄØŪóĘķØĮýşǹ
Longines opened on James Street and English heritage brand
ţŜěĸØıǹĘØţǹŪØĮýĸǹţŜØóýǹěĸǹŪĘýǹ]ØşĮýŪǹůěıùěĸđǿǹ
Excellent progress has been made evolving the customer
ŁDŽýşǹØŪǹýƃýĸǹ"ěØıţǹØţǹŜØşŪǹŁĐǹŁůşǹţŪşØŪýđƊǹŪŁǹůĸěĐƊǹŪĘýǹŁƃýĸŪǹ
:ØşùýĸǹùěţŪşěóŪǿǹĘýşýǹĘØţǹòýýĸǹØǹţýşěýţǹŁĐǹĮýƊǹØùùěŪěŁĸţǹŪŁǹŪĘýǹ
neighbourhood, with 33 new brands introduced this year, with
ØǹƃýşƊǹýĸóŁůşØđěĸđǹŜěŜýıěĸýǿǹWůƉůşƊǹØóŪěƃýƄýØşǹòşØĸùȀǹıŁǹ¯ŁđØǹ
has been introduced at the entrance of Neal Street which is a
ĮýƊǹđØŪýƄØƊǹěĸŪŁǹýƃýĸǹ"ěØıţǹĐşŁķǹŁƃýĸŪǹ:ØşùýĸǿǹƄýùěţĘǹ
ĐŁŁŪƄýØşǹòşØĸùȀǹƉýıǹşěđØŪŁǹĘØţǹŁŜýĸýùǹěŪţǹţŪŁşýǹŁƃýşıŁŁĮěĸđǹ
ŪĘýǹ"ěØıǹěŪţýıĐȀǹķØşĮěĸđǹěŪţǹţýóŁĸùǹĘØĐŪýţòůşƊǹØŜěŪØıǹıŁóØŪěŁĸǿǹ
38

Further to redevelopment of a combination of sites, Vivobarefoot
has doubled the size of its store, relocating on Neal Street, and
outdoor retailer, Finisterre has upsized from its store on Earlham
Street. Sustainable menswear brand NN.07, boutique retailer
ØěĸŪǹɓǹŁLJØǹØĸùǹØŜŜØşýıǹóŁĸóýŜŪǹ:ØĸùƊȬţǹDĸŪýşĸØŪěŁĸØıǹĘØƃýǹ
all recently opened.
ĘýşýǹĘØţǹòýýĸǹđŁŁùǹŜşŁđşýţţǹŁĸǹýƃŁıƃěĸđǹŪĘýǹŁDŽýşǹŁĸǹØĸùǹ
around Carnaby Street through our targeted leasing activity,
with 13 retail signings over the year. Global lifestyle brand
PANGAIA, has opened on the southern end of Carnaby Street
ķØşĮěĸđǹěŪţǹLJşţŪǹ&ůşŁŜýØĸǹţŪØĸùØıŁĸýǹţŪŁşýǹŁDŽýşěĸđǹØŜŜØşýıǹ
from innovative tech and bio-engineered materials. Brazilian
fashion brand Farm Rio and top-rated Korean beauty store Pure
Seoul will open shortly strengthening the customer line up on
ØşĸØòƊǹŪşýýŪǿǹ9ŁůòýşŪȬţǹıØóýǹƄýıóŁķýùǹØǹĸýƄǹLjØđţĘěŜǹţŪŁşýǹ
ĐşŁķǹóŁĸŪýķŜŁşØşƊǹĪýƄýııýşǹţŪşěùǹȺǹ]ěƊůȀǹýƊýƄýØşǹòşØĸùȀǹ
RěķķƊǹ9ØěşıƊǹØĸùǹ]ØĸđŁǹýýĸǿǹĘýşýǹĘØƃýǹòýýĸǹØǹĸůķòýşǹ
of introductions across Soho including outdoor sportswear
òşØĸùǹØıŁķŁĸǹŁŜýĸěĸđǹŁĸǹşŁØùƄěóĮǹŪşýýŪǿǹŜŜØşýıǹòşØĸùǹ
ØşĘØşŪŪǹ©DǹŁŜýĸýùǹØǹĸýƄǹLjØđţĘěŜǹŁĸǹşýƄýşǹŪşýýŪǿǹŁĘŁǹĘØţǹ
ØıţŁǹƄýıóŁķýùǹĐØţĘěŁĸǹşýŪØěıýşȀǹŁĸĸěĸđȀǹØĸùǹóşØĐŪǹĪýØĸǹķØĮýşǹ
ıØóĮĘŁşţýǹWØĸýǹŪýıěýşţȀǹòŁŪĘǹŁĸǹýşƄěóĮǹŪşýýŪǿ
ýLjýóŪěĸđǹţŪşŁĸđǹùýķØĸùǹùůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóŁķŜıýŪýùǹǕǘǹşýŪØěıǹ
lettings and renewals with a rental value of £14.5 million. Rents,
on average, were 9.3 per cent above December 2023 ERV and
20.2 per cent ahead of previous passing rents.
ȟ H1 2024: 40 lettings and renewals: £9.3 million, 5.4 per cent
ahead of 31 Dec 2023 ERV; and 17.7 per cent ahead of
previous passing rents
ȟ H2 2024: 29 lettings and renewals: £5.2 million, 11.1 per cent
ahead of 30 June 24 ERV; and 26.7 per cent ahead of previous
passing rents
24 retail rent reviews with rental value of £5.1 million were
concluded, 14 per cent ahead of previous passing rents.
63%31%
6%
ERV by village
Covent Garden
Carnaby | Soho
Chinatown
39Shaftesbury Capital PLC | 2024 Annual Report

Food and beverage
Strategic report | Portfolio and operating review
Diverse range of food
concepts, from accessible
casual to premium with
òşýØĮĐØţŪǹŪŁǹıØŪýǹĸěđĘŪǹ
ùěĸěĸđǹŁDŽýşěĸđǿ
Valuation growth driven
by 7.2 per cent ERV
đşŁƄŪĘǹŁDŽţýŪǹòƊǹţŁķýǹ
yield movement.
39 food and beverage
leasing transactions
completed with a rental
value of £8.2 million,
14.8 per cent ahead of
December 2023 ERV.
45 rent reviews totalled
£11.6 million, 6.5 per cent
above previous passing
rents.
fůşǹĐŁŁùǹØĸùǹòýƃýşØđýǹŁDŽýşǹýƉŪýĸùţǹŪŁǹǐǿǏķǹţŞůØşýǹĐýýŪǹŁĐǹţŜØóýǹěĸǹŪĘýǹ©ýţŪǹ
&ĸùȀǹƄěŪĘǹĘěđĘțŜşŁLJıýǹùýţŪěĸØŪěŁĸţǹţůóĘǹØţǹŁƃýĸŪǹ:ØşùýĸȀǹĘěĸØŪŁƄĸȀǹUěĸđıƊǹ
Court and Soho.
394
Restaurants, cafés, bars
and pubs
+4.7%
Valuation £1.7bn
+4.2%
Annualised gross income
£73m
+7.2%
ERV £85m
Kingly Court
It has been an active year for food and beverage leasing
with 39 leasing transactions completed, 14.8 per cent ahead
of December 2023 ERV. In 2024, our West End portfolio
ƄýıóŁķýùǹǑǓǹĸýƄǹŁDŽýşěĸđţȀǹşØĸđěĸđǹĐşŁķǹěĸùýŜýĸùýĸŪǹŪŁǹ
ěĸŪýşĸØŪěŁĸØıǹŁŜýşØŪŁşţǿǹĘýţýǹŁŜýşØŪŁşţǹŜşŁƃěùýǹØǹƃØşěýŪƊǹŁĐǹ
óůěţěĸýţǹØĸùǹŜşěóýǹŜŁěĸŪţȀǹòşěĸđěĸđǹţŁķýŪĘěĸđǹùěDŽýşýĸŪǹŪŁǹŪĘýǹ
evolving dining mix, across our popular dining destinations.
ĘýǹĐŁŁùǹȺǹòýƃýşØđýǹŜŁşŪĐŁıěŁǹýƉŪýĸùţǹŪŁǹǒǘǓǹůĸěŪţǿǹţǹěţǹŪƊŜěóØıȀǹ
there have been a small number of failures during the year,
however ongoing leasing demand has resulted in the available
ţŜØóýǹòýěĸđǹLJııýùǹŞůěóĮıƊǿǹƃØěıØòěıěŪƊǹŁĐǹşýţŪØůşØĸŪǹØĸùǹıýěţůşýǹ
space is very limited given the vibrancy of these locations
together with constrained planning and licensing policies.
ĘýşýǹěţǹŜØşŪěóůıØşıƊǹŜŁţěŪěƃýǹŜýşĐŁşķØĸóýǹĐşŁķǹŁůşǹŁĘŁǹĐŁŁùǹ
& beverage portfolio. Kingly Court continues to attract interest
ĐşŁķǹķůıŪěŜıýǹĐŁŁùǹȺǹòýƃýşØđýǹŁŜýşØŪŁşţǿǹĘýǹŪýØķǹòýĘěĸùǹ
renowned Soho concept, Blanchette, have launched Goldies,
ŪĘýěşǹıØŪýţŪǹóŁĸóýŜŪǹěĸǹUěĸđıƊǹŁůşŪǿǹ]ýùěŪýşşØĸýØĸǹóŁĸóýŜŪǹ
Alta has signed following the redevelopment of units across two
LjŁŁşţȀǹóşýØŪěĸđǹØǹıØşđýşǹùýţŪěĸØŪěŁĸǹùěĸěĸđǹŁŜŜŁşŪůĸěŪƊǿǹUěĸđıƊǹ
ŪşýýŪǹĘØţǹòŁıţŪýşýùǹěŪţǹýƃýĸěĸđǹŁDŽýşȀǹƄěŪĘǹŪĘýǹŁŜýĸěĸđţǹŁĐǹĘýǹ
ŁůĸŪýşǹØĸùǹĘýǹWěŪŪıýǹ¨ěŁıýŪǹ"ŁŁşǹĪŁěĸěĸđǹĐŁŁùǹȺǹòýƃýşØđýǹ
óŁĸóýŜŪǹƄŁǹ9ıŁŁşţǹƄĘěóĘǹĘØţǹýƉŜØĸùýùǹěŪţǹŜşýţýĸóýǹĐŁııŁƄěĸđǹ
şýĐůşòěţĘķýĸŪǿǹĘýýţýóØĮýǹţŜýóěØıěţŪǹWØǹ]ØşěŪƉůǹţěđĸýùǹ
on Kingly Street, while the opening of Donutelier has been
introduced on Carnaby Street at the gateway to Kingly Court.
10 new concepts have been introduced to Covent Garden
ěĸóıůùěĸđǹ&ØţŪýşĸǹ]ýùěŪýşşØĸýØĸǹóŁĸóýŜŪǹ"ýıØķěĸØǹŁŜýĸýùǹŁĸǹ
ØƃěţŪŁóĮǹŪşýýŪǹƄĘěıýǹ:şýýĮǹòŁůŪěŞůýǹĘŁŪýıȀǹ&:f^ǹAŁůţýǹěţǹ
set to open in a newly refurbished heritage building, anchoring
King Street over the coming months. Luxury French pâtisserie
òşØĸùȀǹWØùůşþýǹĘØţǹýƉŜØĸùýùǹěŪţǹŪýØşŁŁķǹěĸǹěŪţǹLjØđţĘěŜǹţŪŁşýǹěĸǹ
ŪĘýǹ]ØşĮýŪǹůěıùěĸđǿǹ&WȺ^ǹ"ýıěǹȺǹØĮýşƊȀǹĐşŁķǹóØĐþǹØĸùǹıěĐýţŪƊıýǹ
òşØĸùǹ&WȺ^ȀǹĘØţǹØıţŁǹŁŜýĸýùǹěĸǹŪĘýǹ]ØşĮýŪǹůěıùěĸđȀǹƄĘěıýǹ
đůØķěýıȀǹWŁĸùŁĸɻţǹLJşţŪǹȩóĘůşşýşěØȪȀǹŁDŽýşěĸđǹŪşØùěŪěŁĸØıǹ]ýƉěóØĸǹ
dessert opened on Wellington Street.
40

Chinatown is a highly sought-after location in the heart of the
West End’s entertainment district. Last month, Chinatown
WŁĸùŁĸǹƄØţǹØŪǹŪĘýǹóýĸŪşýǹŁĐǹŪĘýǹĘěĸýţýǹ^ýƄǹ¯ýØşǹĐýţŪěƃěŪěýţǹ
ĐŁşǹŪĘýǹ¯ýØşǹŁĐǹŪĘýǹĸØĮýȀǹŪĘýǹıØşđýţŪǹóýıýòşØŪěŁĸǹěĸǹŪĘýǹƄŁşıùǹ
outside of China, welcoming thousands of visitors over the
15-day celebration period. Interest in Chinatown, especially
from new international entrants is healthy and demand from
existing customers is active. Signings include Pan-Asian
şýţŪØůşØĸŪǹóŁĸóýŜŪȀǹØĸAØŁǹŁDŽýşěĸđǹĘØĸùțŜůııýùǹĸŁŁùıýţǹ
and soups. Suzhou Noodle and Noodle & Beer will open new
restaurants in the coming months.
39 food and beverage leasing transactions completed with a
rental value of £8.2 million, 14.8 per cent ahead of December
2023 ERV. 45 rent reviews totalled £11.6 million, 6.5 per cent
above previous passing rents.
ȟ H1 2024: 20 lettings and renewals: £4.0 million, 8.6 per cent
ahead of 31 Dec 2023 ERV; and 20.2 per cent ahead of
previous passing rents
ȟ H2 2024: 19 lettings and renewals: £4.2 million, 21.1 per
cent ahead of 30 June 2024 ERV; and 18.0 per cent ahead
ŁĐǺŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪţǿǹ
22%
53%
25%
ERV by village
Covent Garden
Carnaby | Soho
Chinatown
Flagship hospitality concepts
41Shaftesbury Capital PLC | 2024 Annual Report

57%
41%
2%
fDžóýţ
©ýǹØşýǹØǹŜşŁƃěùýşǹŁĐǹóĘØşØóŪýşĐůıǹŁDžóýǹţŜØóýǹŪŁŪØııěĸđǹǏǿǕǹķěııěŁĸǹţŞůØşýǹĐýýŪǹ
ěĸǹŪĘýǺ©ýţŪǺ&ĸùǿǹfDžóýǹŁóóůŜěýşţǹŜşŁƃěùýǹØǹşýđůıØşǹţŁůşóýǹŁĐǹóŁĸţůķýşţǹŪŁǹ
ŁůşǺùýţŪěĸØŪěŁĸţǿ
Strategic report | Portfolio and operating review
ěĸǹýƉóýţţǹŁĐǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǹØşýǹLJşķıƊǹýţŪØòıěţĘýùǹØóşŁţţǹ
ŁůşǹŜşěķýǹŜŁşŪĐŁıěŁǿǹĘěţǹěĸóıůùýţǹǕǗțǖǑǹşŁØùƄěóĮǹŪşýýŪǹ
ØĸùǹĘýǹ9ıŁşØıǹƄĘěóĘǹĘØƃýǹØĸǹØƃýşØđýǹLjŁŁşǹŜıØŪýǹŁĐǹǐǏȀǏǏǏǹ
ţŞůØşýǹĐýýŪǿǹĘýǹ9ıŁşØıȀǹěţǹ&&]ǹ&ƉóýııýĸŪǹØĸùǹěţǹĘěđĘıƊǹ
ýĸýşđƊǹýDžóěýĸŪǿǹDŪǹěţǹĐůııƊǹŜşýțıýØţýùǹěĸǹǹǹóŁĸùěŪěŁĸȀǹØĘýØùǹ
ŁĐǹóŁķŜıýŪěŁĸǹŪŁǹŪƄŁǹŁóóůŜěýşţǹěĸǹŪĘýǹLJĸØĸóěØıǹţýóŪŁşǿǹfŪĘýşǹ
şýóýĸŪǹţěđĸěĸđţǹěĸóıůùýǹǹǹşýĐůşòěţĘķýĸŪţǹØŪǹǑǑǹ:ØĸŪŁĸǹ
ŪşýýŪǹØĸùǹĘýǹAěùýȀǹØŪǹşýĸŪţǹěĸǹýƉóýţţǹŁĐǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǿǹ
"ůşěĸđǹŪĘýǹƊýØşȀǹǕǖǹŁDžóýǹıýØţěĸđǹŪşØĸţØóŪěŁĸţǹƄěŪĘǹØǹşýĸŪØıǹ
value of £14.8 million were concluded 9.8 per cent ahead of
December 2023 ERV and 13.2 per cent ahead of previous
passing rents. Rent reviews with rental value of £1.4 million
completed, 4.0 per cent ahead of previous passing rents.
ȟ H1 2024: 39 lettings and renewals: £10.5 million, 10.3 cent
ahead of 31 Dec 2023 ERV; and 17.6 per cent ahead of
previous passing rents
ȟ H2 2024: 28 lettings and renewals: £4.3 million, 5.6 per
cent ahead of 30 June 24 ERV; and 8.6 per cent ahead of
previous passing rents
fůşǹùěƃýşţýǹŁDžóýǹ
ŜŁşŪĐŁıěŁǹŁDŽýşţǹØǹşØĸđýǹŁĐǹ
LjŁŁşǹŜıØŪýţǹŜşŁƃěùěĸđǹŪĘýǹ
opportunity for occupier
expansion.
ƊŜěóØııƊȀǹŁDžóýǹ
accommodation is
occupied by media,
creative, technology and
professional services
businesses.
We are continuing to
increase the range
ŁĐǹLJŪŪýùțŁůŪǹţŜØóýǹŪŁǹ
maximise rental income.
Long history of high
occupancy and good
retention rates.
404
Suites
+3.1%
Valuation £0.9bn
+18.3%
Annualised gross income
£34m
+6.1%
ERV £51m
ERV by village
Covent Garden
Carnaby | Soho
Chinatown
22 Ganton Street 27 Wardour Street
Leasing momentum for our prime West End space continues,
ƄěŪĘǹŁóóůŜěýşţǹØŪŪşØóŪýùǹŪŁǹĘěđĘǹŞůØıěŪƊȀǹƄýııțLJŪŪýùǹŜşŁùůóŪȀǹ
supported by good building and estate amenity. When
refurbishing our buildings we aim to meet the evolving
requirements of occupiers across a broad variety of sectors,
ĐşŁķǹòýţŪțěĸțóıØţţǹŁDžóýţǹØŪǹŪĘýǹıØşđýşǹýĸùȀǹŪŁǹLjýƉěòıýǹţĘŁşŪýşț
ŪýşķȀǹLJŪŪýùǹţŜØóýǹØŪǹŪĘýǹţķØııýşǹýĸùǿǹ©ěŪĘǹŪĘýǹƄěùýǹşØĸđýǹŁĐǹ
ŁDžóýǹţůěŪýţǹŁĸǹŁDŽýşȀǹƄýǹóØŪýşǹŪŁǹØǹòşŁØùǹşØĸđýǹŁĐǹóůţŪŁķýşǹ
needs and provide opportunity for expansion.
fůşǹŁDžóýǹŜŁşŪĐŁıěŁǹòýĸýLJŪţǹĐşŁķǹůĸşěƃØııýùǹŜůòıěóǹŪşØĸţŜŁşŪǹ
óŁĸĸýóŪěŁĸţȀǹØǹţĘŁşŪǹƄØıĮǹŪŁǹØǹĸůķòýşǹŁĐǹ©ýţŪǹ&ĸùǹŪůòýǹ
stations including Covent Garden, Charing Cross, Oxford Circus
ØĸùǹŁŪŪýĸĘØķǹŁůşŪǹŁØùǿǹfóóůŜěýşţǹƄěţĘǹŪŁǹòýǹţůşşŁůĸùýùǹ
by the buzz of London together with important leisure, retail,
and dining amenities adding to employee well-being.
ĘýşýǹěţǹıýØţěĸđǹùýķØĸùǹĐŁşǹŁůşǹŜşěķýǹ©ýţŪǹ&ĸùǹţŜØóýǹ
with increasing levels of customers relocating from other
óýĸŪşØıǹWŁĸùŁĸǹıŁóØŪěŁĸţȀǹØţǹŁDžóýǹŁóóůŜěýşţǹşýóŁđĸěţýǹŪĘýǹ
importance of a vibrant atmosphere in attracting and retaining
ţŪØDŽǿǹØşĸØòƊǹØĸùǹŁƃýĸŪǹ:ØşùýĸǹØşýǹóØŜŪůşěĸđǹŪĘěţǹùýķØĸùȀǹ
ƄěŪĘǹşýóýĸŪǹıýŪŪěĸđţǹŪŁǹŁóóůŜěýşţǹĐşŁķǹŪĘýǹLJĸØĸóěØıǹØĸùǹşýØıǹ
estate sectors, with occupiers attracted to the space with high
amenity value and excellent environmental credentials. Rents
42

Residential
Residential homes, across 0.4m square feet, are an important part of our
ùýţŪěĸØŪěŁĸţȀǹòşěĸđěĸđǹŜýŁŜıýǹŪŁǹţĘŁŜȀǹùěĸýȀǹţŁóěØıěţýǹØĸùǺýĸĪŁƊǹŪĘýǺŜıØóýţǹ
we curate.
ĘýǹşýţěùýĸŪěØıǹŜŁşŪĐŁıěŁǹěţǹŜýşĐŁşķěĸđǹƄýııȀǹƄěŪĘǹóŁĸŪěĸůýùǹ
leasing activity and high renewal rates across the portfolio of
656 residential apartments. Our proposition of characterful
ŜýşěŁùǹòůěıùěĸđţǹƄěŪĘǹķŁùýşĸǹţŜýóěLJóØŪěŁĸǹıŁóØŪýùǹěĸǹƃěòşØĸŪȀǹ
well-managed areas attracts interest from a broad range of
customers. During 2024, there has been competitive demand,
minimal voids and short leasing windows observed.
During the year 298 residential lettings and renewals with a
rental value of £11.2 million completed, 7.1 per cent ahead of
previous passing rents. At 31 December 2024 13 units were
available to let.
ȟ H1 2024: 118 lettings and renewals: £4.3 million, 3.9 per cent
ahead of 31 Dec 2023 ERV; and 7.3 per cent ahead of previous
passing rents
ȟ H2 2024: 180 lettings and renewals: £6.9 million, 5.4 per
cent ahead of 30 June 2024 ERV; and 6.9 per cent ahead
ŁĐǺŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪţǹ
]ŁţŪıƊǹĘýşěŪØđýǹòůěıùěĸđţǹ
with a unique character
ŁDŽýşěĸđȁ
– studios, one or two-
bedroom apartments
that are largely
unfurnished.
Rolling upgrade
programme continues,
improving energy
performance and
ůŜđşØùěĸđǹţŜýóěLJóØŪěŁĸţǿ
Occupancy traditionally
high (> 98 per cent);
şýıěØòıýǹóØţĘǹLjŁƄ
©WȁǹŜŜşŁƉěķØŪýıƊǹ
ǐǺƊýØşǿ
Available space
ŪƊŜěóØııƊǺıýŪǹƄěŪĘěĸǹØǹ
ķØŪŪýşǹŁĐǹùØƊţȀǺŁĐŪýĸǹ
ƄěŪĘǺóŁķŜýŪěŪěƃýǺòěùùěĸđǿ
656
Apartments
-1.6%
Valuation £0.6bn
+3.9%
Annualised gross income
£23m
+1.4%
ERV £25m
Covent Garden
Carnaby | Soho
Chinatown
27%
50%
23%
ERV by village
43Shaftesbury Capital PLC | 2024 Annual Report

Stakeholder
engagement
44 Shaftesbury Capital PLC | 2024 Annual Report

45Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Stakeholder engagement
&ĸđØđěĸđǹƄěŪĘǹŁůşǹţŪØĮýĘŁıùýşţǹěţǹĐůĸùØķýĸŪØıǹŪŁǹŁůşǹòůţěĸýţţǿǹýLjýóŪěĸđǹŁůşǹ
ƃØıůýţȀǹƄýǹØşýǹóŁķķěŪŪýùǹŪŁǹòůěıùěĸđǹıŁĸđțŪýşķǹşýıØŪěŁĸţĘěŜţǹĐŁůĸùýùǹŁĸǹşýţŜýóŪȀǹ
ěĸŪýđşěŪƊǹØĸùǹŪşØĸţŜØşýĸóƊǿǹ
Stakeholders Priorities Why we engage
Customers
fůşǹóůţŪŁķýşţǹØşýǹŪĘýǹƄěùýǹşØĸđýǹŁĐǹşýŪØěıýşţȀǹ
ĐŁŁùǹØĸùǹòýƃýşØđýǹŁŜýşØŪŁşţȀǹŁDžóýǹŁóóůŜěýşţǹ
and residents throughout our portfolio of
óǿǹǕǒǔǹòůěıùěĸđţǿ
– şŁƃěùěĸđǹØĸùǹŜşŁķŁŪěĸđǹĘěđĘțŞůØıěŪƊȀǹƃěòşØĸŪȀǹ
ţØĐýǹØĸùǹƄýııțķØěĸŪØěĸýùǹùýţŪěĸØŪěŁĸţǹŪŁǹ
ØııŁƄǹŁůşǹóůţŪŁķýşţǹŪŁǹŜşŁţŜýşǹØĸùǹLjŁůşěţĘǿ
– &ĸĘØĸóěĸđǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţǿ
– şŁƃěùěĸđǹŜşŁØóŪěƃýǹØĸùǹşýţŜŁĸţěƃýǹóůţŪŁķýşǹ
ţýşƃěóýȀǹƄěŪĘǹŪĘýǹóůţŪŁķýşǹŜıØóýùǹØŪǹŪĘýǹ
heart of our business.
– ýěĸđǹķěĸùĐůıǹŁĐǹţŁóěŁýóŁĸŁķěóǹØĸùǹŜŁıěŪěóØıǹ
ĐØóŪŁşţǹěķŜØóŪěĸđǹĐŁŁŪĐØııȀǹşýóşůěŪķýĸŪǹØĸùǹ
şýŪýĸŪěŁĸǹŁĐǹţŪØDŽȀǹţŪØŪůŪŁşƊǹóŁĸţýĸŪţǹØĸùǹ
ŜůòıěóǹŁşùýşǿ
– ŁǹĐůşŪĘýşǹŪĘýǹţŪşØŪýđěóǹØěķǹŁĐǹŜıØóěĸđǹŪĘýǹ
óůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŁůşǹòůţěĸýţţǿǹůóóýţţǹ
is based on our ability to listen, understand
ØĸùǹşýţŜŁĸùǹŪŁǹŁůşǹóůţŪŁķýşţȬȀǹØĸùǹŜŁŪýĸŪěØıǹ
óůţŪŁķýşţȬȀǹĸýýùţǿǹ
– ŁǹýĸţůşýǹŁůşǹŁDŽýşǹýƃŁıƃýţǹŪŁǹØùùşýţţǹóĘØĸđěĸđǹ
óůţŪŁķýşǹØĸùǹóŁĸţůķýşǹŪşýĸùţǹØĸùǹşýŞůěşýķýĸŪţǿǹ
– ŁǹĮýýŜǹŁůşǹóůţŪŁķýşţǹěĸĐŁşķýùǹŁĐǹØóŪěƃěŪěýţǹŁĐǹ
ěĸŪýşýţŪǹŪŁǹŪĘýķǹØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ
Visitors
fůşǹƃěţěŪŁşţǹØşýǹŪĘŁţýǹƄĘŁǹóŁķýǹŪŁǹŁůşǹ
destinations or engage with us through our 24
ţŁóěØıǹķýùěØǹóĘØĸĸýıţǹØĸùǹóŁĸţůķýşǹƄýòţěŪýţǿ
– Providing a vibrant mix of retail and food
and beverage, innovative street installations,
đşýýĸěĸđǹØĸùǹƄØƊLJĸùěĸđǹØóşŁţţǹŁůşǹ
destinations.
– Promoting our destinations and our
óůţŪŁķýşţǹŪĘşŁůđĘǹŁůşǹţŁóěØıǹķýùěØǹ
óĘØĸĸýıţǹØĸùǹóŁĸţůķýşǹƄýòţěŪýţǹěĸǹØĸǹ
informative and engaging manner.
– &ĸóŁůşØđěĸđǹƃěţěŪŁşţǹŪĘşŁůđĘǹŁůşǹ
engagement with international and
ùŁķýţŪěóǹŪŁůşěţķǹķØşĮýŪţǿ
– şŁƃěùěĸđǹØǹóıýØĸǹØĸùǹţýóůşýǹýĸƃ캣ĸķýĸŪǹ
ØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ
– ŁǹóŁĸŪşěòůŪýǹŪŁǹŪĘýǹƃěŪØıěŪƊǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹØĸùǹ
ŪĘýǹţůóóýţţǹŁĐǹŁůşǹóůţŪŁķýşţǿ
– ŁǹŜşŁķŁŪýǹŪĘýǹØŪŪşØóŪěƃýĸýţţǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǹ
ØĸùǹŁůşǹůĸěŞůýǹķěƉǹŁĐǹşýŪØěıǹØĸùǹĐŁŁùǹØĸùǹòýƃýşØđýǿ
Employees
fůşǹýķŜıŁƊýýţǹØşýǹŪĘŁţýǹƄĘŁǹØşýǹùěşýóŪıƊǹýķŜıŁƊýùǹ
òƊǹůţǹŁĸǹŜýşķØĸýĸŪǹŁşǹLJƉýùțŪýşķǹóŁĸŪşØóŪţǿ
– ůěıùěĸđǹŁůşǹùƊĸØķěóǹóůıŪůşýǿ
– ŁĸŪěĸůěĸđǹŪŁǹØŪŪşØóŪȀǹùýƃýıŁŜǹØĸùǹşýŪØěĸǹ
talented people who share our values.
– &ĸţůşěĸđǹŁŜýĸǹØĸùǹóŁııØòŁşØŪěƃýǹěĸŪýşĸØıǹ
óŁķķůĸěóØŪěŁĸţǹŪĘØŪǹĐØóěıěŪØŪýǹŪĘýǹķŁţŪǹ
ýDŽýóŪěƃýǹƄØƊţǹŁĐǹƄŁşĮěĸđǿ
– şŁķŁŪěĸđǹýķŜıŁƊýýǹƄýııțòýěĸđǿ
– Empowering our employees to take
opportunities for development
and progression.
– ŁǹùýıěƃýşǹŁůşǹţŪşØŪýđěóǹŁòĪýóŪěƃýţǹŪĘşŁůđĘǹŁůşǹ
ýķŜıŁƊýýţȬǹěĸùěƃěùůØıǹØĸùǹóŁııýóŪěƃýǹĮĸŁƄıýùđýȀǹ
ýƉŜýşěýĸóýǹØĸùǹóŁķķěŪķýĸŪǿ
– To foster motivated ambassadors for
our organisation.
– To keep employees informed about business
ŜýşĐŁşķØĸóýǹØĸùǹóĘØĸđýţǹØĸùǹŪŁǹţýýĮǹŪĘýěşǹěĸŜůŪǹ
where relevant.
– ŁǹóŁĸŪěĸůŁůţıƊǹěķŜşŁƃýǹŁůşǹƄØƊţǹŁĐǹƄŁşĮěĸđǿ
Suppliers
fůşǹţůŜŜıěýşţǹØşýǹŪĘŁţýǹƄĘŁǹĘØƃýǹØǹùěşýóŪǹ
óŁĸŪşØóŪůØıǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹůţȀǹěĸóıůùěĸđǹŁůşǹ
ķØĸØđěĸđǹØđýĸŪţȀǹŁůŪţŁůşóýùǹţýşƃěóýǹŜşŁƃěùýşţȀǹ
òůěıùěĸđǹóŁĸŪşØóŪŁşţȀǹŜşŁĪýóŪǹķØĸØđýşţȀǹóŁĸţůıŪØĸŪţǹ
ØĸùǹØǹşØĸđýǹŁĐǹŜşŁŜýşŪƊǹØĸùǹóŁşŜŁşØŪýǹØùƃěţýşţǹ
ØóşŁţţǹŜşŁĐýţţěŁĸØıǹùěţóěŜıěĸýţǿ
– "ýƃýıŁŜěĸđǹØĸùǹķØěĸŪØěĸěĸđǹóŁĸţŪşůóŪěƃýǹ
şýıØŪěŁĸţĘěŜţǹØĸùǹƄŁşĮěĸđǹóŁııØòŁşØŪěƃýıƊǹ
with suppliers.
– ĸùýşŪØĮěĸđǹØŜŜşŁŜşěØŪýǹØĸùǹşýţŜŁĸţěòıýǹ
ŜşŁóůşýķýĸŪǹŁĐǹĘěđĘțŞůØıěŪƊǹđŁŁùţǹØĸùǹ
ţýşƃěóýţǹƄěŪĘǹţůŜŜıěýşţǹƄĘŁǹØşýǹØıěđĸýùǹƄěŪĘǹ
ŁůşǹƃØıůýţȀǹěĸóıůùěĸđǹŪĘşŁůđĘŁůŪǹŪĘýěşǹŁƄĸǹ
ţůŜŜıƊǹóĘØěĸţǿ
– ýóýěƃěĸđǹţýşƃěóýţǹŪĘØŪǹķýýŪǹŪĘýǹ
agreed standards.
– Providing fair payment terms to
our suppliers.
– ŁǹùýıěƃýşǹØĸǹØŜŜşŁŜşěØŪýǹĘěđĘțŞůØıěŪƊǹıýƃýıǹ
ŁĐǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǹòƊǹ
ıýƃýşØđěĸđǹŁůşǹıŁĸđțŪýşķǹóŁĸţŪşůóŪěƃýǹØĸùǹŁŜýĸǹ
şýıØŪěŁĸţĘěŜţǹƄěŪĘǹŁůşǹţůŜŜıěýşţȀǹƄĘěóĘǹØşýǹòØţýùǹ
ŁĸǹķůŪůØıǺŪşůţŪǿ
46 Shaftesbury Capital PLC | 2024 Annual Report

How we engage Outcomes of our engagement Further information
– fůşǹŪýØķţǹıěØěţýǹùěşýóŪıƊǹƄěŪĘǹŁůşǹ
óůţŪŁķýşţȀǹØĸùǹŜŁŪýĸŪěØıǹóůţŪŁķýşţȀǹ
ƄěŪĘǹŪĘýǹØěķǹŁĐǹóşýØŪěĸđǹóŁııØòŁşØŪěƃýǹ
business partnerships.
– ©ýǹĘØƃýǹıØůĸóĘýùǹØĸǹØĸĸůØıǹóůţŪŁķýşǹ
ţůşƃýƊǹŪŁǹŁòŪØěĸǹĐŁşķØıǹĐýýùòØóĮǹĐşŁķǹ
ŁůşǹóůţŪŁķýşţǹşýđØşùěĸđǹŪĘýǹţýşƃěóýţǹ
we provide.
– ©ýǹůţýǹŁĸıěĸýǹŜŁşŪØıţȀǹƄĘýşýǹØŜŜıěóØòıýȀǹ
ŪŁǹŜşŁƃěùýǹùýţŪěĸØŪěŁĸțǹØĸùǹŁóóůŜěýşț
ţŜýóěLJóǹěĸĐŁşķØŪěŁĸǹŪŁǹýĸØòıýǹŁůşǹ
óůţŪŁķýşţǹŪŁǹěĸŪýşØóŪǹƄěŪĘǹůţǿǹ©ýǹØěķǹŪŁǹ
ýƉŪýĸùǹŁůşǹóůţŪŁķýşǹŜŁşŪØıǹŪŁǹóŁƃýşǹØııǹ
properties within our portfolio.
– ŁĸŪěĸůýùǹóØşýĐůıǹóůşØŪěŁĸǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǿ
– ŪşŁĸđǹŜØşŪĸýşţĘěŜţǹØşýǹóşýØŪýùǹƄěŪĘǹŁůşǹóŁķķýşóěØıǹ
óůţŪŁķýşţȀǹƄĘěóĘǹØııŁƄǹůţǹŪŁǹůĸùýşţŪØĸùǹŪĘýěşǹĸýýùţǹØĸùǹ
ŜşŁƃěùýǹŪĘýǹţýşƃěóýţǹØĸùǹýĸƃ캣ĸķýĸŪǹşýŞůěşýùǹŪŁǹţůŜŜŁşŪǹ
ŪĘýěşǹóŁķķýşóěØıǹţůóóýţţǿ
– ůØıěŪƊǹıěƃěĸđǹýƉŜýşěýĸóýţǹĐŁşǹŁůşǹşýţěùýĸŪěØıǹóůţŪŁķýşţǿ
– ǓǖǒǹĸýƄǹıýŪŪěĸđţǹØĸùǹşýĸýƄØıţȀǹěĸóıůùěĸđǹUțLJşţŪǹţŪŁşýţǹØĸùǹ
şýıŁóØŪěŁĸǹŁşǹýƉŜØĸţěŁĸǹŁĐǹØǹĸůķòýşǹŁĐǹóůţŪŁķýşţǹŪŁǹţůěŪǹ
ŪĘýěşǹóĘØĸđěĸđǹĸýýùţǿ
– fůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţȁǹŜØđýǹǐǏ
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ
– ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ
– ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǺǐǐǏ
– ©ýǹùýıěƃýşǹØǹóŁķŜşýĘýĸţěƃýǹóØıýĸùØşǹŁĐǹ
óØķŜØěđĸţȀǹýƃýĸŪţǹØĸùǹķØşĮýŪěĸđǹěĸěŪěØŪěƃýţǿ
– ©ýǹùşěƃýǹşýđůıØşǹěĸŪýşØóŪěŁĸǹƃěØǹŁůşǹ
ǑǓǹţŁóěØıǹķýùěØǹóĘØĸĸýıţȀǹØóşŁţţǹØııǹ
our destinations.
– ©ýǹůĸùýşŪŁŁĮǹóŁĸţůķýşǹýĸđØđýķýĸŪǹ
surveys for Covent Garden and
ØşĸØòƊǹɁǹŁĘŁǹýķØěıǹØĸùǹşýƄØşùǹ
óØşùǹţůòţóşěòýşţǹěĸǹǑǏǑǓȀǹŪŁǹòýŪŪýşǹ
ůĸùýşţŪØĸùǹŪĘýěşǹƃěýƄţǹŁĸǹŁůşǹóůşşýĸŪǹ
ØĸùǹĐůŪůşýǹŁDŽýşěĸđţǿ
– "ůşěĸđǹǑǏǑǓǹƄýǹůĸùýşŪŁŁĮǹØǹƄěùýǹƃØşěýŪƊǹŁĐǹóØķŜØěđĸţǹ
ØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ
– ©ýǹØùùýùǹǐǑǔȀǏǏǏǹķŁşýǹĐŁııŁƄýşţǹŪŁǹŁůşǹţŁóěØıǹóĘØĸĸýıţǿ
– ©ýǹşýóýěƃýùǹŁƃýşǹǐȀǖǏǏǹşýţŜŁĸţýţǹŪŁǹŪĘýǹóŁĸţůķýşǹ
ýĸđØđýķýĸŪǹţůşƃýƊǹĐŁşǹŁƃýĸŪǹ:ØşùýĸȀǹƄěŪĘǹŁƃýşǹǘǏǹŜýşǹóýĸŪǹ
ŁĐǹŪĘŁţýǹşýţŜŁĸùěĸđǹţØƊěĸđǹŪĘýƊǹƄýşýǹıěĮýıƊǹŪŁǹşýóŁķķýĸùǹ
Covent Garden to a friend.
– ©ýǹşýóýěƃýùǹŁƃýşǹǑȀǓǏǏǹşýţŜŁĸţýţǹŪŁǹŪĘýǹóŁĸţůķýşǹ
ýĸđØđýķýĸŪǹţůşƃýƊǹĐŁşǹØşĸØòƊǹɁǹŁĘŁȀǹƄěŪĘǹǗǔǹŜýşǹóýĸŪǹŁĐǹ
ŪĘŁţýǹşýţŜŁĸùěĸđǹţØƊěĸđǹŪĘýƊǹƄýşýǹıěĮýıƊǹŪŁǹşýóŁķķýĸùǹŪĘýǹ
area to a friend.
– ©ĘƊǹƄýǹěĸƃýţŪǹěĸǹWŁĸùŁĸȬţǹ©ýţŪǹ&ĸùȁǹ
ŜØđýǹǗ
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– şýØŪěĸđǹóŁĸţůķýşǹýƉŜýşěýĸóýţǹ
ØóşŁţţǹŁůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁȁǹŜØđýǹǒǏ
– ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ
– ©ýǹıØůĸóĘýùǹŁůşǹLJşţŪǹýķŜıŁƊýýǹţůşƃýƊǿ
– We hold regular townhall meetings led
òƊǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿ
– fůşǹĘěýĐǹ&ƉýóůŪěƃýǹķýýŪţǹěĸĐŁşķØııƊǹ
with small groups of employees.
– Our Employee Engagement Forum is
ØŪŪýĸùýùǹòƊǹěóĘØşùǹĮýşţȀǹŁůşǹýĸ죺ǹ
DĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǿ
– ĘýǹŪŁƄĸĘØııǹķýýŪěĸđţǹěĸǹǑǏǑǓǹóŁƃýşýùǹŪŁŜěóţǹţůóĘǹØţǹŪĘýǹ
ŁķŜØĸƊȬţǹLJĸØĸóěØıǹşýţůıŪţȀǹŪĘýǹØĸĸůØıǹŁØşùǹŪşØŪýđƊǹ"ØƊǹ
ØĸùǹŪĘýǹùěDŽýşýĸŪǹĐůĸóŪěŁĸţǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǹȝǹýĸØòıěĸđǹ
ýķŜıŁƊýýţǹŪŁǹıýØşĸǹķŁşýǹØòŁůŪǹŪĘýţýǹŪŁŜěóţǿ
– 9ýýùòØóĮǹĐşŁķǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǹØĸùǹ&ķŜıŁƊýýǹ
Engagement Forum was provided to the Board over the
óŁůşţýǹŁĐǹŪĘýǹƊýØşǿ
– ŁţěŪěƃýǹşýţůıŪţǹĐşŁķǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊȀǹěĸóıůùěĸđǹØĸǹ
ŁƃýşØııǹýĸđØđýķýĸŪǹţóŁşýǹŁĐǹǗǑǹŜýşǹóýĸŪǿ
– ©ýǹţůóóýţţĐůııƊǹùýıěƃýşýùǹŪşØěĸěĸđǹŪŁǹŁůşǹýķŜıŁƊýýţǹ
on behaviours and values, as well as leadership and
ùýƃýıŁŜķýĸŪǹŪşØěĸěĸđǹØŪǹØǹĸůķòýşǹŁĐǹıýƃýıţǹØóşŁţţǹ
the business.
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ
– fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ
– fůşǹŜýŁŜıýǹØĸùǹóůıŪůşýȁǹŜØđýǹǐǏǏ
– ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǺǐǐǏ
– AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹ
ýķŜıŁƊýýǹýĸđØđýķýĸŪȁǹŜØđýǹǐǐǒ
– AŁƄǹƄýǹòýĘØƃýȁǹŜØđýǹǐǑǑ
– ©ýǹķŁĸěŪŁşǹŪĘýǹŜşŁđşýţţǹØĸùǹŜýşĐŁşķØĸóýǹ
ŁĐǹŁůşǹţůŜŜıěýşţǹØđØěĸţŪǹØđşýýùǹţýşƃěóýǹ
ıýƃýıţȀǹěĸóıůùěĸđǹĘŁıùěĸđǹĐşýŞůýĸŪǹěĸĐŁşķØıǹ
and formal meetings.
– We operate a tendering and onboarding
ŜşŁóýţţǹŪĘØŪǹŜşŁķŁŪýţǹĘěđĘǹţŪØĸùØşùţǹ
ØĸùǹşýţŜŁĸţěòıýǹòůţěĸýţţǹŜşØóŪěóýţǹěĸǹ
ŁůşǹţůŜŜıƊǹóĘØěĸǿ
– fůşǹŪýØķǹùýıěƃýşţǹŜýşěŁùěóǹţýķěĸØşţǹ
that give us an opportunity to share with
ţůŜŜıěýşţǹŁůşǹŁòĪýóŪěƃýţǹØĸùǹƃØıůýţǿ
– We established new relationships and strengthened existing
ŁĸýţǹòƊǹóŁķķůĸěóØŪěĸđǹŁůşǹýƉŜýóŪØŪěŁĸţǹŪŁǹţůŜŜıěýşţǿǹĘěţǹ
ĘØţǹĐŁţŪýşýùǹıŁĸđțŪýşķǹóŁııØòŁşØŪěŁĸǹØĸùǹŪşůţŪǿ
– ©ýǹşýLJĸýùǹØĸùǹşýıØůĸóĘýùǹŁůşǹěĸŪýşĸØıǹŜşŁóůşýķýĸŪǹ
ŜŁıěóƊǹØĸùǹŜşŁóýţţȀǹŜşŁƃěùěĸđǹØǹşŁòůţŪǹĐşØķýƄŁşĮǹĐŁşǹ
supplier management.
– fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ
– fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ
– ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ
– AýØıŪĘȀǹţØĐýŪƊǹØĸùǹţýóůşěŪƊȁǹŜØđýǹǐǏǑ
– AŁƄǹƄýǹòýĘØƃýȁǹŜØđýǹǐǑǑ
fůşǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪȀǹƄĘěóĘǹýƉŜıØěĸţǹĘŁƄǹŪĘýǹŁØşùǹóŁĸţěùýşýùǹ
ţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹŪĘýǹŁŪĘýşǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţýóŪěŁĸǹǐǖǑȡǐȢǹŁĐǹŪĘýǹ
ŁķŜØĸěýţǹóŪǹǑǏǏǕȀǹóØĸǹòýǹĐŁůĸùǹěĸǹŁůşǹŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪǹŁĸǹ
ŜØđýţǹǐǐǗǹØĸùǹǐǑǏǿ
47Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
Stakeholders Priorities Why we engage
Partners
fůşǹŜØşŪĸýşţǹěĸóıůùýǹŁůşǹıŁóØıǹØůŪĘŁşěŪěýţǹØĸùǹ
òůţěĸýţţǹěķŜşŁƃýķýĸŪǹùěţŪşěóŪţȀǹĸýěđĘòŁůşěĸđǹ
ıØĸùŁƄĸýşţȀǹŪŁůşěţķǹŜØşŪĸýşţȀǹıŁóØıǹØķýĸěŪƊǹ
ţŁóěýŪěýţǹØĸùǹòůţěĸýţţǹØţţŁóěØŪěŁĸţȀǹØĸùǹØǹƃØşěýŪƊǹ
ŁĐǹóůıŪůşØıǹŜØşŪĸýşţǿǹŪǹØǹĸØŪěŁĸØıǹıýƃýıȀǹŁůşǹ
ŜØşŪĸýşţǹěĸóıůùýǹđŁƃýşĸķýĸŪǹòŁùěýţȀǹşýđůıØŪŁşţǹ
and industry bodies.
– &ĸđØđěĸđǹƄěŪĘǹØĸùǹţůŜŜŁşŪěĸđǹŁůşǹŜØşŪĸýşţȬǹ
ıŁóØıǹţŪØŪůŪŁşƊǹØĸùǹýóŁĸŁķěóǹŜıØĸţǹØĸùǹ
ŜůòıěóǹşýØıķǹěĸěŪěØŪěƃýţǹěĸǹØǹŜşŁØóŪěƃýǹķØĸĸýşǹ
ŪŁǹýĸţůşýǹŪĘýǹóŁĸŪěĸůýùǹØŪŪşØóŪěƃýĸýţţǹŁĐǹŪĘýǹ
©ýţŪǺ&ĸùǿ
– ©ŁşĮěĸđǹóŁŁŜýşØŪěƃýıƊǹƄěŪĘǹØǹşØĸđýǹŁĐǹ
government bodies and regulators to ensure
that we adhere to all relevant laws and
şýđůıØŪěŁĸţȀǹĐŁţŪýşěĸđǹŪşØĸţŜØşýĸóƊǹØĸùǹ
ØóóŁůĸŪØòěıěŪƊǹěĸǹŁůşǹŁŜýşØŪěŁĸţǿ
– ŁǹýĸţůşýǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹ
as a lively, safe and preferred destination for
those who live, work and visit, by being a good
ĸýěđĘòŁůşǹØĸùǹŜşØóŪěţěĸđǹşýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǿ
Local communities
fůşǹóŁķķůĸěŪěýţǹØşýǹŪĘŁţýǹƄĘŁǹƄŁşĮȀǹıěƃýǹØĸùǹ
study in or around our destinations, as well as
ıŁóØıǹŁşđØĸěţØŪěŁĸţȀǹěĸóıůùěĸđǹòůţěĸýţţǹØĸùǹţŁóěØıǹ
ýĸŪýşŜşěţýţȀǹţóĘŁŁıţǹØĸùǹóĘØşěŪěýţǿ
– ĸùýşţŪØĸùěĸđǹŪĘýǹƄěùýǹƃØşěýŪƊǹŁĐǹĸýýùţǹ
ØóşŁţţǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǹØĸùǹĘŁƄǹƄýǹ
óØĸǹòýţŪǹţůŜŜŁşŪǹŪĘýķǹØţǹØǹşýţŜŁĸţěòıýȀǹ
ıŁĸđțŪýşķǹěĸƃýţŪŁşǹěĸǹŁůşǹùýţŪěĸØŪěŁĸţǿ
– UýýŜěĸđǹŁůşǹóŁķķůĸěŪěýţǹşýđůıØşıƊǹěĸĐŁşķýùǹ
ŁĐǹŁůşǹØóŪěƃěŪěýţǹØĸùǹěĸěŪěØŪěƃýţǿ
– ŁǹýĸĘØĸóýǹŪĘýǹƃěòşØĸóƊǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǹ
ŪĘşŁůđĘǹóŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǿ
– ŁǹĮýýŜǹŁůşǹóŁķķůĸěŪěýţǹşýđůıØşıƊǹěĸĐŁşķýùǹŁĐǹ
ŁůşǹØóŪěƃěŪěýţǹØĸùǹěĸěŪěØŪěƃýţǹØĸùǹŪŁǹşýţŜŁĸùǹŪŁǹ
their views and needs.
– ŁǹŜşŁƃěùýǹŁĸđŁěĸđǹţůŜŜŁşŪǹŪŁǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹ
ŪŁǹØùùşýţţǹıŁóØıǹěţţůýţǹţůóĘǹØţǹýķŜıŁƊķýĸŪǹØĸùǹ
training, in order to play our part as a responsible
investor in the West End.
Joint ventures and associates
fůşǹóůşşýĸŪǹĪŁěĸŪǹƃýĸŪůşýǹěţǹŁůşǹǔǏȁǔǏǹWěııěýǹŞůØşýǹ
ĪŁěĸŪǹƃýĸŪůşýǹƄěŪĘǹĘýǹUƄŁĮǹ9ØķěıƊǹDĸŪýşýţŪţǿǹŜǹ
ŪŁǹfóŪŁòýşǹǑǏǑǓȀǹƄýǹØıţŁǹĘØùǹØǹǔǏȁǔǏǹWŁĸđķØşŪěĸǹ
ØţţŁóěØŪýǹƄěŪĘǹĘýǹ]ýşóýşţȬǹŁķŜØĸƊǿ
– đşýýěĸđǹţŪşØŪýđěýţǹŪŁǹýĸĘØĸóýǹŁůşǹŜŁşŪĐŁıěŁţǿǹ
– Ensuring the estates are well managed.
– :şŁƄěĸđǹıŁĸđțŪýşķǹşýıØŪěŁĸţĘěŜţǹƄěŪĘǹ
our partners.
– ŁǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹŁůşǹŜØşŪĸýşţǹěĸǹŁşùýşǹ
ŪŁǹùýıěƃýşǹţůóóýţţĐůıǹŁůŪóŁķýţǹŪĘØŪǹòýĸýLJŪǹ
òŁŪĘǹŜØşŪěýţǹØĸùǹØùùǹıŁĸđțŪýşķǹƃØıůýǹŪŁǹŁůşǹ
şýţŜýóŪěƃýǹĘŁıùěĸđţǿ
Finance providers
fůşǹLJĸØĸóýǹŜşŁƃěùýşţǹěĸóıůùýǹŁůşǹıýĸùěĸđǹ
òØĸĮţȀǹţýóůşýùțùýòŪǹŜşŁƃěùýşţȀǹýƉóĘØĸđýØòıýǹ
òŁĸùĘŁıùýşţǹØĸùǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹ
note holders.
– ]ØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹ
ƄěŪĘǹØóóýţţǹŪŁǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊǿǹ
– ŁĸŪěĸůěĸđǹóŁķŜıěØĸóýǹƄěŪĘǹŁůşǹ
LJĸØĸóěØıǹóŁƃýĸØĸŪţǿ
– To give value to the strong and transparent
şýıØŪěŁĸţĘěŜţǹƄýǹĘØƃýǹƄěŪĘǹØııǹŁůşǹLJĸØĸóýǹ
ŜşŁƃěùýşţȀǹƄĘěóĘǹØşýǹòØţýùǹŁĸǹķůŪůØıǹ
understanding and regular engagement.
– ŁǹýĸţůşýǹŪĘØŪǹŁůşǹLJĸØĸóýǹŜşŁƃěùýşţǹØşýǹĮýŜŪǹ
ůŜùØŪýùǹØòŁůŪǹŁůşǹòůţěĸýţţǹŜýşĐŁşķØĸóýǹØĸùǹ
ØóŪěƃěŪěýţȀǹŁůşǹóŁķŜıěØĸóýǹƄěŪĘǹLJĸØĸóěØıǹóŁƃýĸØĸŪţǹ
ØĸùǹŁůşǹŜşŁŜŁţýùǹØóŪěŁĸţǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹ
ůĸùýşıƊěĸđǹţýóůşýùǹØţţýŪţǿ
Shareholders
Our shareholders are the owners of our business.
– ŁķķůĸěóØŪěĸđǹŁůşǹěĸƃýţŪķýĸŪǹóØţýǿǹ
– "ýıěƃýşěĸđǹŁĸǹŁůşǹŜůşŜŁţýǹØĸùǹŁůşǺţŪşØŪýđƊǿ
– óĘěýƃěĸđǹŁůşǹķýùěůķțŪýşķǹŪØşđýŪţǿ
– ]ØĮěĸđǹØǹıŁĸđțŪýşķǹŜŁţěŪěƃýǹěķŜØóŪǿ
– To strengthen our relationships with our
existing shareholders, potential investors and
ţýııțţěùýǹØĸØıƊţŪţȀǹýĸţůşěĸđǹŪĘØŪǹƄýǹůĸùýşţŪØĸùǹ
their priorities.
– ŁǹŜşŁƃěùýǹůŜùØŪýţǹŁĸǹŁůşǹØóŪěƃěŪěýţȀǹěĸƃýţŪķýĸŪǹ
óØţýǹØĸùǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮǿ
48 Shaftesbury Capital PLC | 2024 Annual Report

How we engage Outcomes of our engagement Further information
– Our engagement takes many forms,
ěĸóıůùěĸđǹķýýŪěĸđţȀǹŜıØĸĸěĸđǹóŁĸţůıŪØŪěŁĸţȀǹ
ƄŁşĮěĸđǹđşŁůŜţǹØĸùǹşýţŜŁĸţýţǹŪŁǹŜŁıěóƊǹ
óŁĸţůıŪØŪěŁĸţǹØĸùǺţůşƃýƊţǿ
– ©ýǹŪØĮýǹØĸǹØóŪěƃýǹşŁıýǹěĸǹŪĘýǹıŁóØıǹěĸŪýşýţŪǹ
groups where we have membership or
representation.
– ©ýǹóŁĸŪşěòůŪýǹŪŁǹěĸěŪěØŪěƃýţǹŪĘØŪǹŜşŁķŁŪýǹ
ŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹòýƊŁĸùǹ
our destinations.
– ©ýǹŜØşŪěóěŜØŪýǹěĸǹĸýěđĘòŁůşĘŁŁùǹ
óŁțŁşùěĸØŪěŁĸǺđşŁůŜţȀǹƄĘěóĘǹĘýıŜǹ
şýţŜŁĸùǹŪŁǹıŁóØıǹţŁóěØıǹóĘØııýĸđýţǿ
– &ĸđØđýùǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹƄěŪĘǹŪĘýǹŜŁıěŪěóØıǹıýØùýşţĘěŜǹØĸùǹ
ŁDžóýşţǹŁĐǹ©ýţŪķěĸţŪýşǹěŪƊǹŁůĸóěıǹØĸùǹŪĘýǹWŁĸùŁĸǹŁşŁůđĘǹ
ŁĐǹØķùýĸǹŁůĸóěıǹŪŁǹůĸùýşţŪØĸùǹĘŁƄǹƄýǹóØĸǹóŁĸŪşěòůŪýǹŁůşǹ
ŜşØóŪěóØıǹĮĸŁƄıýùđýǹØĸùǹýƉŜýşěýĸóýǹěĸǹŁşùýşǹŪŁǹØóĘěýƃýǹŁůşǹ
shared goals.
– ØşŪěóěŜØŪýùǹěĸǹŁşǹţůŜŜŁşŪýùǹıŁóØıǹěĸěŪěØŪěƃýţȀǹěĸóıůùěĸđǹØǹŪşěØıǹ
ŁĐǹýțţóŁŁŪýşǹØĸùǹýțòěĮýǹŜØşĮěĸđǹòØƊţȀǹŪĘýǹůŜđşØùýǹŁĐǹŜůòıěóǹ
óŁĸƃýĸěýĸóýţǹěĸǹķůıŪěŜıýǹıŁóØŪěŁĸţǹƄěŪĘěĸǹŪĘýǹŁĘŁǹùěţŪşěóŪȀǹ
ØĸùǹţŪşýýŪţóØŜýǹěķŜşŁƃýķýĸŪţǹŪŁǹAýĸşěýŪŪØǹŪşýýŪǿ
– ýţŜŁĸùýùǹŪŁǹŜŁıěóƊǹóŁĸţůıŪØŪěŁĸţǹòƊǹıŁóØıǹØĸùǹşýđěŁĸØıǹ
ØůŪĘŁşěŪěýţǹŁĸǹķØŪŪýşţǹţůóĘǹØţǹŪşØĸţŜŁşŪǹţŪşØŪýđƊȀǹĸěđĘŪıěĐýǹ
ØĸùǹŪĘýǹŜůòıěóǹşýØıķǿ
– óŪěƃýǹķýķòýşţǹŁĐǹěĸùůţŪşƊǹđşŁůŜţǹěĸóıůùěĸđǹŪĘýǹUǹ:şýýĸǹ
ůěıùěĸđǹŁůĸóěıǹØĸùǹýŪŪýşǹůěıùěĸđţǹØşŪĸýşţĘěŜǿ
– ůŜŜŁşŪýùǹWŁĸùŁĸǹ9ØţĘěŁĸǹ©ýýĮǹØĸùǹşěŪěţĘǹýØůŪƊǹ©ýýĮǹ
ƃěØǹŁůşǹØţţŁóěØŪěŁĸţǹƄěŪĘǹŪĘýǹşýıýƃØĸŪǹěĸùůţŪşƊǹóŁůĸóěıţǿ
– ]ØěĸŪØěĸýùǹŁůşǹıŁƄțşěţĮǹŪØƉǹşØŪěĸđǹƄěŪĘǹA]ǿ
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ
– ©ýǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹŁůşǹóŁķķůĸěŪƊǹ
ŜØşŪĸýşţȀǹıŁóØıǹýĸŪýşŜşěţýţǹØĸùǹŁŪĘýşţǹ
ŪŁǹţůŜŜŁşŪǹŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǹŪĘØŪǹ
òýĸýLJŪǹıŁóØıǹóŁķķůĸěŪěýţǹěĸǹØĸùǹØşŁůĸùǹ
our destinations.
– ©ýǹóŁĸŪşěòůŪýǹŁůşǹŪěķýȀǹţŜØóýǹØĸùǹ
knowledge to, and made donations towards,
ıŁóØıǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǿ
– fůşǹóŁķķůĸěŪƊǹđşØĸŪţǹŜşŁđşØķķýǹ
ŜşŁƃěùýţǹĐůĸùěĸđǹŪŁƄØşùţǹŪĘýǹóŁţŪǹŁĐǹıŁóØıǹ
ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿ
– fůşǹùýţŪěĸØŪěŁĸǹşýƄØşùǹóØşùţǹŁDŽýşǹ
ùěţóŁůĸŪţǹØóşŁţţǹıŁóØıǹòůţěĸýţţýţǹĐŁşǹ
those that live, work and study within
our destinations.
– ĸǹůŜùØŪýùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǹĐŁşǹŪĘýǹĸýƉŪǹŪĘşýýǹ
ƊýØşţǹŪŁǹşýLjýóŪǹıŁóØıǹĸýýùţǹØĸùǹòýŪŪýşǹķýØţůşýǹŁůşǹěķŜØóŪǿ
– DĸǹǑǏǑǓȀǹŪĘýǹƃØıůýǹŁĐǹŁůşǹŪŁŪØıǹóŁĸŪşěòůŪěŁĸţǹŪŁǹóĘØşěŪěýţȀǹ
ŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǹƄěŪĘěĸǹŁůşǹıŁóØıǹóŁķķůĸěŪƊǹŪŁŪØııýùǹ
ɏǏǿǘǹķěııěŁĸǿǹĘěţǹěĸóıůùýùȁ
– "ěşýóŪǹLJĸØĸóěØıǹóŁĸŪşěòůŪěŁĸţǹŪŁǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹ
ØĸùǹđşŁůŜţǹţůóĘǹØţǹĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǿǹ]ØşŪěĸţǿ
– ɏǗǖȀǓǓǑǹěĸǹŪŁŪØıǹěĸǹóŁķķůĸěŪƊǹđşØĸŪţǹŪŁƄØşùţǹǐǘǹıŁóØıǹ
ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿ
– ǔǑǏǹýķŜıŁƊýýǹĘŁůşţǹƃŁıůĸŪýýşýùǹŪŁǹıŁóØıǹóŁķķůĸěŪƊǹ
ŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǿ
– ŜǹŪŁǹØǹƃØıůýǹŁĐǹɏǏǿǒǹķěııěŁĸǹŁĐǹěĸțĮěĸùǹţŜØóýǹĐŁşǹóĘØşěŪěýţǹ
ØĸùǹóĘØşěŪØòıýǹýƃýĸŪţǿ
– ţǹØǹşýţůıŪǹŁĐǹĐýýùòØóĮǹĐşŁķǹıŁóØıǹóŁķķůĸěŪěýţȀǹƄýǹƄěŪĘùşýƄǹ
ŁůşǹŜıØĸĸěĸđǹØŜŜıěóØŪěŁĸǹŪŁǹşýŜØěĸŪǹŪĘýǹ9ıŁşØıǹŪşýýŪǹòŁııØşùţǿ
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ
– fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ
– ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ
– 9ŁşǹWěııěýǹŞůØşýȀǹƄýǹýĸđØđýǹĐşýŞůýĸŪıƊǹ
ƄěŪĘǹŁůşǹŜØşŪĸýşȀǹěĸóıůùěĸđǹşýđůıØşǹùěØıŁđůýǹ
between operational and management
teams, outside Board meetings.
– Prior to the sale of our interest in the
WŁĸđķØşŪěĸǹØţţŁóěØŪýȀǹƄýǹĘýıùǹşýđůıØşǹ
ŁØşùǹķýýŪěĸđţǹØĸùǹĐşýŞůýĸŪǹØùǹĘŁóǹ
engagement during the year to oversee
ùØƊțŪŁțùØƊǹŁŜýşØŪěŁĸţǿ
– đşýýùǹŪĘýǹØĸĸůØıǹòůţěĸýţţǹŜıØĸǹĐŁşǹWěııěýǹŞůØşýȀǹƄĘěóĘǹ
óŁƃýşţǹŜşěŁşěŪěýţǹĐŁşǹǑǏǑǔǿ
– ĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹĘŁıùěĸđǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹØţţŁóěØŪýǿ
– ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ
– We engage through regular meetings.
– We provide tours led by the Chief
&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹ
ţýĸ죺ǹķØĸØđýķýĸŪǹØóşŁţţǹŁůşǹŜŁşŪĐŁıěŁȀǹ
where appropriate.
– &ĸŪýşýùǹěĸŪŁǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹLJƃýțƊýØşǹůĸţýóůşýùǹŪýşķǹĐØóěıěŪƊǿ
– &ƉýşóěţýùǹØǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ
ţýĸ죺ǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǿǹ
– ýŜØěùǹɏǘǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹůĸţýóůşýùǹıŁØĸǹĸŁŪýţǿ
– ýLJĸØĸóýùǹØĸùǹýƉŪýĸùýùǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹ
óşýùěŪǹĐØóěıěŪƊǿ
– fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ
– fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ
– 9ěĸØĸóěØıǹşýƃěýƄȁǹŜØđýǹǔǏ
– Our investor relations programme
provides regular updates on our results
ØĸùǹØóŪěƃěŪěýţȀǹØĸùǹóŁķķůĸěóØŪýţǹŁůşǹ
ěĸƃýţŪķýĸŪǹóØţýǿǹĘěţǹěĸóıůùýţǹşýţůıŪţǹ
and reporting, regular press releases,
ŁĸýțŪŁțŁĸýǹķýýŪěĸđţȀǹşŁØùţĘŁƄţǹØĸùǹ
óŁĸĐýşýĸóýţȀǹŜşŁŜýşŪƊǹŪŁůşţǹØĸùǹŁůşǹ
Annual General Meeting.
– ŁţěŪěƃýǹĐýýùòØóĮǹĐşŁķǹØǹşØĸđýǹŁĐǹěĸƃýţŪŁşţǹùůşěĸđǹŁůşǹ
ýĸđØđýķýĸŪǹØóŪěƃěŪěýţǿ
–
DĸƃýţŪŁşǹĐýýùòØóĮǹĐŁııŁƄěĸđǹķýýŪěĸđţǹØĸùǹŪŁůşţǹěţǹţĘØşýùǹƄěŪĘǹ
ŪĘýǹŁØşùǹØĸùǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĐŁşǹóŁĸţěùýşØŪěŁĸǹěĸǹ
ŪĘýěşǹùýóěţěŁĸțķØĮěĸđǿ
– All resolutions at our 2024 Annual General Meeting passed
ƄěŪĘǹţůŜŜŁşŪǹěĸǹýƉóýţţǹŁĐǹǗǘǹŜýşǹóýĸŪǿ
– ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ
– fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ
– fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ
– ŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪȁǹ
ŜØđýǹǐǏǓ
– ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǹǐǐǏ
– "ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪȁǹ
ŜØđýǹǐǒǗ
49Shaftesbury Capital PLC | 2024 Annual Report

Financial
review
50 Shaftesbury Capital PLC | 2024 Annual Report

51Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Financial review
Situl Jobanputra
ĘěýĐǹ9ěĸØĸóěØıǹfDžóýş
“2024 has been a year of progress with a focus on
delivering rental growth, cost and capital discipline,
and maintaining a strong balance sheet, which has
resulted in growing earnings, dividends, valuation and
net asset value. The Company is well-positioned, with
ØóóýţţǹŪŁǹţěđĸěLJóØĸŪǹıěŞůěùěŪƊǹŪŁǹùýıěƃýşǹĐůşŪĘýşǹđşŁƄŪĘǹ
and long-term value creation.”
Financial results
£167.1m :şŁţţǹŜşŁLJŪ
£252.1m şŁLJŪǹĐŁşǹŪĘýǹƊýØş
£73.0m Underlying earnings
4.0p Underlying earnings per share
3.5p Dividend per share
£4,973m Total portfolio market value
£3,674m Net assets
200.2p EPRA NTA per share
27.4% EPRA loan-to-value
£559.8m Cash and undrawn facilities
7.6% Total property return
7.0% Total accounting return
-6.9% Total shareholder return
Financial highlights
ĘěţǹLJĸØĸóěØıǹƊýØşǹƄýǹùýıěƃýşýùǹóŁĸŪěĸůýùǹţŪşŁĸđǹŁŜýşØŪěŁĸØıǹ
ØĸùǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹŪĘýǹ:şŁůŜǿǹóŪěƃěŪƊǹıýƃýıţǹ
across our portfolio have remained consistently high, including in
ŪĘýǹěķŜŁşŪØĸŪǹĐŁůşŪĘǹŞůØşŪýşǹĐŁşǹŁůşǹşýŪØěıǹØĸùǹ9ȺǹóůţŪŁķýşţȀǹ
as evidenced by the vibrancy of our estates, footfall, customer
sales, leasing volumes and the strong pipeline. A number of
properties and investments were sold at or around valuation
with the proceeds being reinvested into our portfolio, property
ØóŞůěţěŪěŁĸţǹØĸùǹůţýùǹĐŁşǹùýòŪǹşýŜØƊķýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýşýǹ
has been growth in rental income, earnings, dividends, property
valuations and net tangible assets per share.
ĸùýşıƊěĸđǹýØşĸěĸđţǹĐŁşǹŪĘýǹƊýØşǹƄýşýǹɏǖǒǿǏǹķěııěŁĸȀǹýŞůěƃØıýĸŪǹ
to 4.0 pence per share, driven primarily by higher net rental
income on a like-for-like basis. The Directors have proposed
ØǹLJĸØıǹùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹƄĘěóĘǹƄĘýĸǹóŁķòěĸýùǹ
ƄěŪĘǹŪĘýǹěĸŪýşěķǹùěƃěùýĸùǹŁĐǹǐǿǖǹŜýĸóýǹşýţůıŪţǹěĸǹØǹŪŁŪØıǹùěƃěùýĸùǹ
per share in respect of the year of 3.5 pence per share.
The wholly-owned portfolio has been independently valued at
ɏǓȀǘǖǒǿǔǹķěııěŁĸȀǹşýLjýóŪěĸđǹǓǿǔǹŜýşǹóýĸŪǹıěĮýțĐŁşțıěĮýǹđşŁƄŪĘǿǹ&¨ǹ
increased by 7.7 per cent (like-for-like) to £250.6 million and
ØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹƄØţǹůŜǹǗǿǏǹŜýşǹóýĸŪǹıěĮýțĐŁşțıěĮýǹŪŁǹ
ɏǑǏǑǿǗǹķěııěŁĸǿǹĘýǹýŞůěƃØıýĸŪǹƊěýıùǹŁĸǹŪĘýǹŜŁşŪĐŁıěŁǹƄØţǹ
ǓǿǓǔǹŜýşǹóýĸŪȀǹşýLjýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹ
points over the year.
The sale of selected properties was completed in the year for
ŪŁŪØıǹŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǹƄěŪĘǹØĸǹØùùěŪěŁĸØıǹɏǘǿǗǹķěııěŁĸǹ
ĘØƃěĸđǹýƉóĘØĸđýùǹØĸùǹùůýǹŪŁǹóŁķŜıýŪýǹěĸǹŪĘýǹLJşţŪǹŞůØşŪýşǹŁĐǹ
2025. Since the merger, total asset disposals of £246.6 million
have completed at an overall premium to valuation (before
óŁţŪţȢȀǹşýŜşýţýĸŪěĸđǹØŜŜşŁƉěķØŪýıƊǹLJƃýǹŜýşǹóýĸŪǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǿǹ
In addition, in October 2024 the Company sold its 50 per cent
shareholding in the Longmartin investment. Total proceeds of
ɏǘǓǿǔǹķěııěŁĸǹƄýşýǹşýóýěƃýùȀǹóŁķŜşěţěĸđǹɏǗǑǿǘǹķěııěŁĸǹĐŁşǹŪĘýǹ
ţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹýŞůěŪƊǹěĸŪýşýţŪǹØĸùǹɏǐǐǿǕǹķěııěŁĸǹěĸǹ
respect of repayment of the interest-bearing loan.
"ůşěĸđǹŪĘýǹƊýØşȀǹɏǗǒǿǐǹķěııěŁĸǹȡòýĐŁşýǹóŁţŪţȢǹƄØţǹşýěĸƃýţŪýùǹěĸŪŁǹ
ØţţýŪǹØóŞůěţěŪěŁĸţǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹŪØĮěĸđǹØóŞůěţěŪěŁĸţǹţěĸóýǹ
ķýşđýşǹŪŁǹɏǗǕǿǏǹķěııěŁĸǿǹ
Overall EPRA NTA (net tangible assets) per share increased by
ǔǿǑǹŜýşǹóýĸŪǹĐşŁķǹǐǘǏǿǒǹŜýĸóýǹŪŁǹǑǏǏǿǑǹŜýĸóýǿǹŁķòěĸýùǹƄěŪĘǹ
the 3.35 pence per share dividend paid to shareholders during
the year, the total accounting return for the year is 7.0 per
cent. Total shareholder return for the year was -6.9 per cent,
şýLjýóŪěĸđǹùěƃěùýĸùţǹŜØěùǹØĸùǹŪĘýǹóĘØĸđýǹěĸǹŪĘýǹţĘØşýǹŜşěóýǹĐşŁķǹ
ǐǒǗǿǐǹŜýĸóýǹŪŁǹǐǑǔǿǔǹŜýĸóýǹŜýşǹţĘØşýǹȡØıŪĘŁůđĘǹŪĘýǹţĘØşýţǹ
ƄýşýǹŪşØùěĸđǹƄýııǹØòŁƃýǹǐǔǏǹŜýĸóýǹěĸǹýŜŪýķòýşǹǑǏǑǓȢǿǹŁŪØıǹ
property return was 7.6 per cent, representing 0.6 percentage
points of outperformance against the MSCI total return index.
©ýǹĘØƃýǹķØùýǹţěđĸěLJóØĸŪǹŜşŁđşýţţǹùýıěƃýşěĸđǹóŁţŪǹţØƃěĸđţǹ
ØóşŁţţǹŪĘýǹòůţěĸýţţǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýDŽýóŪěƃýǹØĸùǹ
ýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýǿǹ9ůşŪĘýşǹěĸóŁķýǹ
đşŁƄŪĘǹĐşŁķǹıýØţěĸđǹØóŪěƃěŪƊǹØĸùǹŁŜýşØŪěŁĸØıǹýDžóěýĸóěýţǹěţǹ
expected to be achieved in the year ahead, with the EPRA cost
ratio (which measures property level and administration costs
relative to gross rental income) targeted to reduce towards 30
per cent over the medium-term. The adjusted Company EPRA
óŁţŪǹşØŪěŁǹěţǹǒǖǿǒǹŜýşǹóýĸŪȀǹĘØƃěĸđǹòýýĸǹşýùůóýùǹţěđĸěLJóØĸŪıƊǹ
since the merger.
9ěĸØĸóýǹóŁţŪţǹşýLjýóŪǹƄýěđĘŪýùǹØƃýşØđýǹóŁţŪǹŁĐǹĸýŪǹùýòŪǹŁĐǹ
ǒǿǖǹŜýşǹóýĸŪǹòØţýùǹŁĸǹØƃýşØđýǹĸýŪǹùýòŪǹŁĐǹɏǐǿǔǹòěııěŁĸǹĐŁşǹ
the year.
52 Shaftesbury Capital PLC | 2024 Annual Report

The Group has a strong balance sheet. The EPRA loan-to-value
şØŪěŁǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹǑǖǿǓǹŜýşǹóýĸŪǿǹĘýşýǹěţǹ
ţěđĸěLJóØĸŪǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǹØĸùǹØóóýţţǹŪŁǹ
ıěŞůěùěŪƊȀǹóŁķŜşěţěĸđǹóØţĘǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţȀǹóůşşýĸŪıƊǹ
ɏǔǔǘǿǗǹķěııěŁĸǹȡǒǐǹ"ýóýķòýşǹǑǏǑǒȁǹɏǓǗǔǿǖǹķěııěŁĸȢǿ
"ůşěĸđǹŪĘýǹƊýØşǹƄýǹóŁķŜıýŪýùǹØǹşØĸđýǹŁĐǹLJĸØĸóěĸđǹØóŪěƃěŪƊȀǹ
ěĸóıůùěĸđȁ
ȟ ůŪŪěĸđǹěĸǹŜıØóýǹØǹĸýƄǹLJƃýțƊýØşǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹ
loan facility;
ȟ Novation and extension of the £300 million revolving credit
ĐØóěıěŪƊǹŪŁǹ"ýóýķòýşǹǑǏǑǗȂ
ȟ &ØşıƊǹýƉýşóěţýǹŁĐǹŪĘýǹLJşţŪǹǐǑǹķŁĸŪĘǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹ
ŪĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹȡɏǐǔǏǹķěııěŁĸǹŁĐǹƄĘěóĘǹěţǹ
undrawn), taking its maturity to December 2027; and
ȟ Repayment of £95 million of private placement debt which
matured in the year.
^ýŪǹùýòŪǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹɏǐǿǓǹòěııěŁĸǹȡǒǐǹ"ýóýķòýşǹ
ǑǏǑǒȁǹɏǐǿǔǹòěııěŁĸȢǿǹşěŁşěŪěýţǹŁƃýşǹŪĘýǹĐŁşŪĘóŁķěĸđǹŜýşěŁùǹØşýǹ
ŪŁǹşýƃěýƄǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹşýLJĸØĸóýǹķýùěůķțŪýşķǹķØŪůşěŪěýţǹ
ØţǹƄýııǹØţǹóŁĸţěùýşØŪěŁĸǹŁĐǹıŁĸđýşțŪýşķǹLJĸØĸóěĸđǹŁŜŪěŁĸţǹŪŁǹ
evolve our capital structure, taking advantage of the Group’s
ýĸĘØĸóýùǹóşýùěŪǹŜşŁLJıýǿ
ǑǏǑǓǹŜýşĐŁşķØĸóýǹşýØDžşķţǹŁůşǹóŁĸLJùýĸóýǹěĸǹŁůşǹţŪşØŪýđƊȀǹ
portfolio and business plan. We are focused on delivering
our priorities, including sustainable long-term rental growth,
đşŁƄěĸđǹóØţĘǹşýĸŪţȀǹŜşŁđşýţţěĸđǹĐůşŪĘýşǹŪŁƄØşùţǹØĸǹýDŽýóŪěƃýǹ
ØĸùǹýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýȀǹØĸùǹ
maintaining a strong capital structure.
Alternative performance measures
As is usual practice in the real estate sector, alternative
performance measures (“APMs”) are presented for certain
indicators, including earnings, earnings per share and EPRA
net tangible assets, making adjustments set out by EPRA in its
ýţŪǹşØóŪěóýǹýóŁķķýĸùØŪěŁĸţǿǹĘýţýǹşýóŁķķýĸùØŪěŁĸţǹØşýǹ
ùýţěđĸýùǹŪŁǹķØĮýǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĐǹŜůòıěóǹşýØıǹýţŪØŪýǹ
companies more comparable across Europe, enhancing the
transparency, comparability and coherence of the sector.
One of the key performance measures which the Group uses is
ůĸùýşıƊěĸđǹýØşĸěĸđţǿǹĘýǹůĸùýşıƊěĸđǹýØşĸěĸđţǹķýØţůşýǹşýLjýóŪţǹ
ŪĘýǹůĸùýşıƊěĸđǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ:şŁůŜȬţǹ©ýţŪǹ&ĸùǹ
property rental business and is a relevant metric in determining
dividends. The measure aligns with the main principles of EPRA
earnings. EPRA earnings excludes valuation movements on the
ƄĘŁııƊțŁƄĸýùȀǹĪŁěĸŪǹƃýĸŪůşýǹØĸùǹØţţŁóěØŪýǹŜşŁŜýşŪěýţȀǹŜşŁLJŪǹ
or loss on disposal of investment properties and investment
ěĸǹØţţŁóěØŪýţȀǹĐØěşǹƃØıůýǹóĘØĸđýţǹŁĐǹLJĸØĸóěØıǹěĸţŪşůķýĸŪţǹØĸùǹ
listed investments, cost of early close out of debt, gain on
bargain purchase, IFRS 3 merger-related transaction costs
and, following updated guidance issued by EPRA in 2024,
adjustments in relation to any other non-operating and
ýƉóýŜŪěŁĸØıǹěŪýķţǿǹĘýţýǹěĸóıůùýȁ
ȟ The fair value movement of the option component of the
ýƉóĘØĸđýØòıýǹòŁĸùǹØţǹţůóĘǹķŁƃýķýĸŪţǹùŁǹĸŁŪǹşýLjýóŪǹŪĘýǹ
underlying performance of the Group.
ȟ ɏǒǿǒǹķěııěŁĸǹȡǒǐǹ"ýóýķòýşǹǑǏǑǒȁǹɏǗǿǖǹķěııěŁĸȢǹŁĐǹķýşđýşț
related integration and other non-underlying costs have been
incurred, which do not relate to the ongoing operations
of the Group.
ȟ Following the completion of the all-share merger in March
2023, a fair value exercise was performed on the Shaftesbury
PLC balance sheet as at 6 March 2023, resulting in the fair
value of the debt determined to be £945.6 million compared
ŪŁǹŪĘýǹĸŁķěĸØıǹƃØıůýǹŁĐǹɏǐȀǏǐǘǿǗǹķěııěŁĸǹȡěĸóıůùěĸđǹØĸǹ
adjustment to the investment in Longmartin arising from the
fair value adjustment of the underlying debt in the associate).
The outstanding balance of the fair value adjustment will be
ØķŁşŪěţýùǹŪŁǹŁŪĘýşǹLJĸØĸóýǹóŁţŪţǹŁƃýşǹŪĘýǹşýķØěĸěĸđǹŪýşķǹ
of the debt facilities. In the prior year, EPRA earnings were
ØùĪůţŪýùǹòƊǹɏǑǓǿǕǹķěııěŁĸȀǹŪŁǹşýLjýóŪǹŪĘýǹØóóýıýşØŪýùǹůĸƄěĸùǹ
of the fair value adjustment following the early redemption
of the Chinatown and Carnaby bonds in April 2023. The
current year amortisation of the fair value adjustment for
ŪĘýǹŁŪĘýşǹùýòŪǹĐØóěıěŪěýţǹŁĐǹɏǕǿǐǹķěııěŁĸǹȡǑǏǑǒȁǹɏǔǿǑǹķěııěŁĸȢǹĘØţǹ
been adjusted from EPRA earnings. On the sale of our 50 per
óýĸŪǹţĘØşýǹŁĐǹWŁĸđķØşŪěĸȀǹŪĘýǹɏǐǿǓǹķěııěŁĸǹĐØěşǹƃØıůýǹòØıØĸóýǹ
remaining has been recognised in the loss on sale of associate.
In calculating underlying earnings, additional adjustments are
ķØùýǹŪŁǹ&ǹýØşĸěĸđţǹŪŁǹýƉóıůùýǹŪĘýǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŁĐǹ
ŪĘýǹWěııěýǹŞůØşýǹĪŁěĸŪǹƃýĸŪůşýȀǹØţţŁóěØŪýùǹŪØƉǹØùĪůţŪķýĸŪţǹØĸùǹ
the interest receivable on the loan issued to the joint venture
òƊǹŪĘýǹ:şŁůŜǿǹWěııěýǹŞůØşýǹěţǹĸŁŪǹóŁĸţěùýşýùǹŪŁǹòýǹØǹóŁşýǹŜØşŪǹ
of the operations of the Group and therefore its results are not
included in underlying earnings.
Further details on APMs used and how they reconcile to IFRS are
set out on page 218.
Presentation of information
ĘýǹØııțţĘØşýǹķýşđýşǹŁĐǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ
(“Capco”) and Shaftesbury PLC to create Shaftesbury Capital
PLC (“Shaftesbury Capital”) completed on 6 March 2023. The
LJĸØĸóěØıǹşýƃěýƄǹţýŪţǹŁůŪǹŪĘýǹşýţůıŪţǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹƄěŪĘǹ
the statement of comprehensive income for the prior period
şýLjýóŪěĸđǹŪĘýǹţŪØĸùțØıŁĸýǹŜýşĐŁşķØĸóýǹŁĐǹØŜóŁǹĐŁşǹŪĘýǹŜýşěŁùǹ
ĐşŁķǹǐǹRØĸůØşƊǹŪŁǹǕǹ]ØşóĘǹØĸùǹŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹķýşđýùǹ
business, Shaftesbury Capital, between the completion date of
Ǖǹ]ØşóĘǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ
ýLjýóŪěĸđǹŪĘýǹŁķŜØĸƊȬţǹĐŁóůţǹŜşěķØşěıƊǹŁĸǹŪĘýǹƄĘŁııƊțŁƄĸýùǹ
portfolio, all information is presented on an IFRS basis.
53Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Financial review
Financial performance
Summary statement of comprehensive
income
The 2023 summary statement of comprehensive income
represents the standalone performance of Capco for the
period to 6 March 2023 and that of Shaftesbury Capital
ĐşŁķǹŪĘØŪǹùØŪýǹŪŁǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ
2024
£m
2023
£m
:şŁţţǹŜşŁLJŪ 167.1 ǐǓǐǿǘ
Gain/(loss) on revaluation and sale of investment
property 194.6 (65.0)
ĘØĸđýǹěĸǹĐØěşǹƃØıůýǹŁĐǹıěţŪýùǹýŞůěŪƊǹěĸƃýţŪķýĸŪ – 52.0
Other income – 2.7
Administration expenses
ǐ
(42.7) ȡǗǒǿǗȢ
^ýŪǹLJĸØĸóýǹóŁţŪţ
2
(57.2) ȡǔǐǿǘȢ
şŁLJŪǹĐşŁķǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹØţţŁóěØŪýţ 4.5 0.2
Loss on sale of associates (4.0) –
Taxation (0.3) (0.2)
Other
3
(9.9) ȡǔǐǿǏȢ
252.1 ȡǔǔǿǐȢ
Gain on bargain purchase – ǗǏǔǿǔ
şŁLJŪǹĐŁşǹŪĘýǹƊýØşǹ 252.1 750.4
ØţěóǹýØşĸěĸđţǹŜýşǹţĘØşý 13.8p 45.5p
EPRA earnings
4
75.3 67.9
EPRA earnings per share
4
4.1p ǓǿǐŜ
Underlying earnings
4
72.0 60.4
Underlying earnings per share
4
4.0p 3.7p
Weighted average number of shares
5
1,821.7m ǐȀǕǓǗǿǘķ
ǐǿǹ Administration expenses include £3.3 million of non-underlying costs
ȡǑǏǑǒȁǹɏǓǓǿǔǹķěııěŁĸȢȀǹţůòţŪØĸŪěØııƊǹşýıØŪýùǹŪŁǹķýşđýşțşýıØŪýùǹŪşØĸţØóŪěŁĸǹ
and integration costs, which are considered non-recurring in nature.
2. &ƉóıůùýţǹŁŪĘýşǹLJĸØĸóýǹěĸóŁķýǹØĸùǹóŁţŪţǹØĸùǹóĘØĸđýǹěĸǹĐØěşǹƃØıůýǹŁĐǹùýşěƃØŪěƃýǹ
LJĸØĸóěØıǹěĸţŪşůķýĸŪţǹȡěĸóıůùýùǹěĸǹȫfŪĘýşȬǹØòŁƃýȢǿ
3. DĸóıůùýţǹěķŜØěşķýĸŪǹŁĐǹŁŪĘýşǹşýóýěƃØòıýţȀǹŁŪĘýşǹLJĸØĸóýǹěĸóŁķýǹØĸùǹóŁţŪţǹ
including the change in fair value of derivatives and amortisation of the fair
value adjustment relating to the Shaftesbury debt.
4. Further details regarding EPRA and Underlying earnings are disclosed in note
ǒǹȫýşĐŁşķØĸóýǹķýØţůşýţȬǿǹĘýǹǑǏǑǒǹóŁķŜØşØŪěƃýǹĐŁşǹ&ǹýØşĸěĸđţǹØĸùǹ
EPRA earnings per share has been restated from £45.0 million, 2.7 pence per
ţĘØşýȀǹŪŁǹɏǕǖǿǘǹķěııěŁĸȀǹǓǿǐǹŜýĸóýǹŜýşǹţĘØşýȀǹĐŁııŁƄěĸđǹŪĘýǹóĘØĸđýţǹŪŁǹŪĘýǹ&ǹ
ýØşĸěĸđţǹùýLJĸěŪěŁĸǹùůşěĸđǹǑǏǑǓǿ
5. DĸǹŪŁŪØıȀǹǐȀǘǔǒǿǑǹķěııěŁĸǹţĘØşýţǹƄýşýǹěĸǹěţţůýǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹǑǏǑǓǿǹ
ĘýǹƄýěđĘŪýùǹØƃýşØđýǹĸůķòýşǹŁĐǹţĘØşýţǹŁĐǹǐȀǗǑǐǿǖǹķěııěŁĸǹţĘØşýţǹýƉóıůùýţǹ
ǐǑǗǿǓǹķěııěŁĸǹŁƄĸǹţĘØşýţȀǹŁĐǹƄĘěóĘǹǐǑǖǿǏǹķěııěŁĸǹØşýǹĘýıùǹØţǹóŁııØŪýşØıǹĐŁşǹ
ŪĘýǹýƉóĘØĸđýØòıýǹòŁĸùǹØĸùǹǒǿǐǹķěııěŁĸǹţĘØşýţǹĘýıùǹòƊǹŪĘýǹ:şŁůŜȬţǹØŜŜşŁƃýùǹ
&ķŜıŁƊýýǹýĸýLJŪǹşůţŪǹȡòŁŪĘǹŁĐǹƄĘěóĘǹĐŁşķǹŜØşŪǹŁĐǹŪĘýǹŁƃýşØııǹĸůķòýşǹŁĐǹ
ţĘØşýţǹěĸǹěţţůýǹŁĐǹǐȀǘǔǒǿǑǹķěııěŁĸȢǿ
:şŁţţǹŜşŁLJŪ
Ǻ 2024
£m
2023
£m
Rent receivable 197.2 ǐǖǐǿǘ
Straight lining of tenant lease incentives
ǐ
7.8 3.9
Service charge income 22.1 ǐǘǿǒ
Revenue 227.1 ǐǘǔǿǐ
Expected credit loss provision (3.9) (2.0)
Property expenses
ǐ
(33.1) ȡǒǐǿǐȢ
Service charge expenses (22.1) ȡǐǘǿǒȢ
Impairment of tenant lease incentives (0.9) ȡǏǿǗȢ
:şŁţţǹŜşŁLJŪ 167.1 ǐǓǐǿǘ
ǐǿǹ ǑǏǑǒǹěĸóıůùýţǹɏǔǿǐǹķěııěŁĸǹóĘØşđýǹşýıØŪěĸđǹŪŁǹŪĘýǹóĘØĸđýǹěĸǹØóóŁůĸŪěĸđǹŜŁıěóƊǹ
ŪŁǹşýLjýóŪǹŪĘýǹØùĪůţŪķýĸŪǹŪŁǹØķŁşŪěţØŪěŁĸǹŜýşěŁùǹĐŁşǹŪýĸØĸŪǹıýØţýǹěĸóýĸŪěƃýţǹØĸùǹ
ùýĐýşşýùǹıýŪŪěĸđǹĐýýţǿǹɏǓǿǐǹķěııěŁĸǹŁĐǹŪĘýǹØùĪůţŪķýĸŪǹƄØţǹşýóŁđĸěţýùǹŪĘşŁůđĘǹŪĘýǹ
ţŪşØěđĘŪǹıěĸěĸđǹŁĐǹŪýĸØĸŪǹıýØţýǹěĸóýĸŪěƃýţǹØĸùǹɏǐǿǏǹķěııěŁĸǹěĸǹŜşŁŜýşŪƊǹýƉŜýĸţýţǿ
Rent receivable has increased by 5.7 per cent like-for-like
óŁķŜØşýùǹƄěŪĘǹŪĘýǹŜşŁǹĐŁşķØǹǐǑǹķŁĸŪĘǹŜýşěŁùǹĐŁşǹǑǏǑǒǹ
şýLjýóŪěĸđǹŪĘýǹŜŁţěŪěƃýǹıýŪŪěĸđǹØóŪěƃěŪƊǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǿǹýĸŪØıǹ
income receivable has been reduced in the year by £2.9 million
şýLjýóŪěĸđǹŪĘýǹěķŜØóŪǹŁĐǹùěţŜŁţØıţǹěĸǹǑǏǑǒǹØĸùǹǑǏǑǓȀǹŁDŽţýŪǹòƊǹ
ØǹɏǑǿǖǹķěııěŁĸǹóŁĸŪşěòůŪěŁĸǹĐşŁķǹØóŞůěţěŪěŁĸţǿǹØţĘǹóŁııýóŪěŁĸţǹ
ĘØƃýǹóŁĸŪěĸůýùǹŪŁǹòýǹţŪşŁĸđǹƄěŪĘǹǘǗǹŜýşǹóýĸŪǹóŁııýóŪýùǹěĸǹŪĘýǹ
year. However the expected credit loss provision has increased
during the year to £3.9 million due to a limited number of
customer administration or anticipated failures in early 2025.
ĘýǹđşŁţţǹŪŁǹĸýŪǹŜşŁLJŪǹķØşđěĸȀǹýƉóıůùěĸđǹţýşƃěóýǹóĘØşđýǹ
ěĸóŁķýǹØĸùǹýƉŜýĸţýȀǹěţǹǗǐǿǕǹŜýşǹóýĸŪǹĘØƃěĸđǹěĸóşýØţýùǹĐşŁķǹ
ǗǏǿǖǹŜýşǹóýĸŪǹěĸǹǑǏǑǒǿǹĘýǹěķŜşŁƃýķýĸŪǹşýLjýóŪţǹŪĘýǹđşŁƄŪĘǹěĸǹ
income as well as cost savings delivered in the year. Further
enhancements are expected in the medium-term.
Gain/(loss) on revaluation and sale of
investment property
The market valuation of the wholly-owned portfolio has
increased by 4.5 per cent like-for-like since December 2023
ŪŁǹɏǓȀǘǖǒǿǔǹķěııěŁĸǿǹ&¨ǹěĸóşýØţýùǹòƊǹǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşț
ıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹØĸùǹŪĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹ
óýĸŪȀǹşýLjýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹŜŁěĸŪţǿǹ
ĘěţǹşýŜşýţýĸŪţǹØĸǹýŞůěƃØıýĸŪǹƊěýıùǹŁĐǹǓǿǕǹŜýşǹóýĸŪǹŁĸǹŪĘýǹ
commercial portfolio, excluding residential properties.
The gain on revaluation of £202.9 million, is based on the
carrying value of the property portfolio after adjustments
for lease incentives and capital expenditure.
Several properties, including the majority of the Fitzrovia
portfolio, have been disposed of during the year for gross
ŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǿǹØţýùǹŁĸǹŪĘýǹŁŜýĸěĸđǹòŁŁĮǹƃØıůýǹ
ØĸùǹţØıýǹóŁţŪţȀǹØǹıŁţţǹŁĐǹɏǗǿǒǹķěııěŁĸǹĘØţǹòýýĸǹşýóŁđĸěţýùǹ
during the year, although on an overall basis since the merger,
a premium has been achieved (before costs).
54 Shaftesbury Capital PLC | 2024 Annual Report

Administration expenses
Ǻ 2024
£m
2023
£m
Depreciation 0.3 0.4
Other administration expenses 39.1 ǒǗǿǘ
Underlying administration expenses 39.4 39.3
Merger-related transaction costs – ǒǔǿǗ
Merger-related integration and non-underlying
administration expenses 3.3 Ǘǿǖ
Administration expenses 42.7 ǗǒǿǗ
Underlying administration expenses of £39.4 million have been
ěĸóůşşýùǹùůşěĸđǹŪĘýǹƊýØşǿǹţǹŜØşŪǹŁĐǹùýıěƃýşěĸđǹóŁţŪǹýDžóěýĸóěýţȀǹ
ŁĸýțŁDŽǹěĸŪýđşØŪěŁĸǹØĸùǹŁŪĘýşǹóŁţŪţǹŁĐǹɏǒǿǒǹķěııěŁĸǹĘØƃýǹòýýĸǹ
incurred in the year. The administrative cost base has been
şýùůóýùǹţěđĸěLJóØĸŪıƊǹţěĸóýǹŪĘýǹķýşđýşȀǹŜşěķØşěıƊǹØţǹØǹşýţůıŪǹŁĐǹ
ýDžóěýĸóěýţȀǹşýķŁƃØıǹŁĐǹØşýØţǹŁĐǹùůŜıěóØŪěŁĸǹØĸùǹŁƃýşıØŜȀǹØĸùǹ
headcount reduction.
ěķěıØşıƊǹŪĘýǹ&ǹóŁţŪǹşØŪěŁǹĘØţǹòýýĸǹşýùůóýùǹţěđĸěLJóØĸŪıƊǹ
from its pro forma level of over 50 per cent at the time of the
merger. However over the medium-term the Group is targeting
further improvements towards 30 per cent from its current
level of 37.3 per cent, driven by growth in rental income and
rigorous management of irrecoverable property costs and
administration expenses.
^ýŪǹLJĸØĸóýǹóŁţŪţ
Finance costs of £72.0 million have been incurred in the
ƊýØşǹƄěŪĘǹŪĘýǹØƃýşØđýǹùşØƄĸǹùýòŪǹòØıØĸóýǹòýěĸđǹɏǐǿǕǹòěııěŁĸȀǹ
şýùůóěĸđǹŪŁǹɏǐǿǔǹòěııěŁĸǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹǹ
9ěĸØĸóýǹěĸóŁķýǹŁĐǹɏǐǓǿǗǹķěııěŁĸǹěĸǹŪĘýǹƊýØşǹóŁķŜşěţýţǹɏǘǿǗǹķěııěŁĸǹ
in relation to interest rate hedging arrangements and £5.0 million
interest on cash held on deposit. Protection is currently in
place in relation to the interest rate exposure on the Group’s
expected drawn variable rate debt until the end of 2025
through caps and collars. It is expected that further interest
rate hedging arrangements will be put into place in due course
in relation to variable rate exposure for future years.
şŁLJŪǹĐşŁķǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹ
associates
fůşǹţĘØşýǹŁĐǹWŁĸđķØşŪěĸȬţǹŜŁţŪțŪØƉǹŜşŁLJŪǹƄØţǹɏǓǿǔǹķěııěŁĸǹĐŁşǹ
the period up to sale of our 50 per cent interest. Our share of
ŪĘýǹşýƃØıůØŪěŁĸǹđØěĸǹƄØţǹɏǒǿǘǹķěııěŁĸȀǹŁDŽţýŪǹòƊǹØǹùýĐýşşýùǹŪØƉǹ
ķŁƃýķýĸŪǹŁĐǹɏǐǿǑǹķěııěŁĸǿǹ&ƉóıůùěĸđǹŪĘýǹşýƃØıůØŪěŁĸǹØĸùǹĐØěşǹ
value adjustment on debt of £0.6 million, and including the
£0.4 million interest received on the interest-bearing loan
provided to the associate, our share of underlying earnings
ĐşŁķǹWŁĸđķØşŪěĸǹƄØţǹɏǑǿǗǹķěııěŁĸǿǹɏǐǿǑǹķěııěŁĸǹŁĐǹùěƃěùýĸùţǹ
were received during the period prior to sale.
Loss on sale of associates
Pursuant to the terms of the Longmartin investment (previously
forming three per cent of the Group’s property portfolio),
ŪĘýǹķýşđýşǹŪşěđđýşýùǹŪĘýǹşěđĘŪǹĐŁşǹŪĘýǹŜØşŪĸýşǹŪŁǹşýŞůěşýǹŪĘýǹ
ŁķŜØĸƊǹŪŁǹŁDŽýşǹŪŁǹţýııǹěŪţǹţĘØşýţǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹěĸƃýţŪķýĸŪǹ
ŪŁǹŪĘýķǹȡŁşǹŪŁǹØǹŪĘěşùțŜØşŪƊǹŜůşóĘØţýşǹěùýĸŪěLJýùǹòƊǹŪĘýķȢǿǹ
ĘýǹŜØşŪĸýşǹýıýóŪýùǹŪŁǹØóŞůěşýǹŪĘýǹŁķŜØĸƊȬţǹţĘØşýţǹěĸǹŪĘýǹ
Longmartin investment with the sale completing in October
2024. Total proceeds of £94.5 million were received with
ɏǐǐǿǕǹķěııěŁĸǹşýŜØƊķýĸŪǹŁĐǹŪĘýǹěĸŪýşýţŪțòýØşěĸđǹıŁØĸǹŜşŁƃěùýùǹ
ŪŁǹŪĘýǹØţţŁóěØŪýǹØĸùǹɏǗǑǿǘǹķěııěŁĸǹĐŁşǹŪĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹ
óýĸŪǹţĘØşýǿǹØţýùǹŁĸǹŪĘýǹěĸƃýţŪķýĸŪǹƃØıůýǹØţǹØŪǹǑǓǹfóŪŁòýşǹ
2024, and including disposal costs, a loss of £4.0 million has
been recorded.
Taxation
Ęýǹ:şŁůŜǹóŁĸŪěĸůýţǹŪŁǹţØŪěţĐƊǹŪĘýǹşýŞůěşýķýĸŪţǹŪŁǹŞůØıěĐƊǹĐŁşǹ
REIT status. As the Group’s income is derived substantially from
ŞůØıěĐƊěĸđǹŜşŁŜýşŪƊǹşýĸŪØıǹòůţěĸýţţǹØóŪěƃěŪěýţǹƄěŪĘěĸǹŪĘýǹ&Dǹ
regime, the majority of its income is exempt from tax. There is a
ŪØƉǹóĘØşđýǹŁĐǹɏǏǿǒǹķěııěŁĸǹěĸǹŪĘýǹƊýØşǹȡǑǏǑǒȁǹɏǏǿǑǹķěııěŁĸȢȀǹØşěţěĸđǹ
ķØěĸıƊǹěĸǹşýţŜýóŪǹŁĐǹLJĸØĸóýǹěĸóŁķýǿ
Dividends
ĘýǹŁØşùǹĘØţǹŜşŁŜŁţýùǹØǹLJĸØıǹùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹ
òşěĸđěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŪŁǹǒǿǔǹŜýĸóýǹŜýşǹţĘØşýǹşýLjýóŪěĸđǹ
progression in underlying earnings and cash generation. The
ŪŁŪØıǹđşŁţţǹùěƃěùýĸùǹŜØƊØòıýǹěţǹɏǒǔǿǐǹķěııěŁĸǹŁĐǹƄĘěóĘǹɏǑǿǒǹķěııěŁĸǹ
şýıØŪýţǹŪŁǹŪĘýǹ:şŁůŜǹýĸŪěŪƊǹƄĘěóĘǹĘŁıùţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹěĸǹ
relation to the exchangeable bonds. The entity has provided
an undertaking not to exercise its voting rights in respect of
such ordinary shares but will receive the proposed dividend,
ŪĘýǹķØĪŁşěŪƊǹŁĐǹƄĘěóĘǹţĘŁůıùǹţůòţýŞůýĸŪıƊǹòýǹşýŪØěĸýùǹòƊǹŪĘýǹ
Group following the dividend threshold test as set out in the
exchangeable bond conditions. In addition, the dividend will not
òýǹŜØěùǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹǒǿǐǹķěııěŁĸǹţĘØşýţǹĘýıùǹòƊǹŪĘýǹ:şŁůŜȬţǹ
ØŜŜşŁƃýùǹ&ķŜıŁƊýýǹýĸýLJŪǹşůţŪǿ
The dividend is to be paid wholly as a PID on 30 May 2025 to
shareholders on the register at 25 April 2025.
55Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Financial review
Summary balance sheet
Ǻ
31 December
2024
£m
31 December
2023
£m
Property portfolio
ǐ
4,929.0 4,760.4
Investments in joint ventures and associates – ǗǒǿǓ
Net debt
2
(1,405.0) ȡǐȀǓǘǘǿǐȢ
Other assets and liabilities 150.3 ǐǒǔǿǔ
Net assets 3,674.3 ǒȀǓǗǏǿǑ
EPRA net tangible assets 3,671.1 3,479.4
EPRA net tangible assets per share (pence) 200.2p ǐǘǏǿǒŜ
ùĪůţŪýùȀǹùěıůŪýùǹĸůķòýşǹŁĐǹţĘØşýţ
3
1,833.3m ǐȀǗǑǗǿǗķ
ǐǿǹ DĸóıůùýţǹɏǑǏǿǐǹķěııěŁĸǹȡǑǏǑǒȁǹɏǑǏǿǑǹķěııěŁĸȢǹØóóŁůĸŪýùǹĐŁşǹØţǹŁƄĸýşțŁóóůŜěýùǹ
ŜşŁŜýşŪƊǹØĸùǹɏǘǿǗǹķěııěŁĸǹȡǑǏǑǒȁǹɏĸěıȢǹØóóŁůĸŪýùǹĐŁşǹØţǹĘýıùǹĐŁşǹţØıýǿǹĘýǹķØşĮýŪǹ
ƃØıůýǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěţǹɏǓȀǘǖǒǿǔǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓȀǖǘǔǿǒǹķěııěŁĸȢǿ
2. Net debt based on nominal value of debt drawn less cash, excluding tenant
ùýŜŁţěŪţǹŁĐǹɏǐǓǿǑǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǓǿǔǹķěııěŁĸȢǿ
3. ^ůķòýşǹŁĐǹţĘØşýţǹýƉóıůùýţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹĘýıùǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹ
ýƉóĘØĸđýØòıýǹòŁĸùǹØĸùǹǒǿǐǹķěııěŁĸǹƄěŪĘěĸǹØĸǹØŜŜşŁƃýùǹ&ķŜıŁƊýýǹýĸýLJŪǹşůţŪǿǹ
ŁŪØıǹţĘØşýţǹěĸǹěţţůØĸóýȀǹěĸóıůùěĸđǹŪĘýţýǹóŁķŜŁĸýĸŪţȀǹƄØţǹǐȀǘǔǒǿǑǹķěııěŁĸǹţĘØşýţǿ
EPRA NTA
EPRA NTA per share increased by 5.2 per cent to 200.2 pence,
due primarily to the like-for-like increase in the valuation of the
property portfolio.
Following the completion of the merger in 2023, the Shaftesbury
ùýòŪǹƄĘěóĘǹĘØùǹØĸǹŁƃýşØııǹĸŁķěĸØıǹƃØıůýǹŁĐǹɏǒǗǓǿǗǹķěııěŁĸǹ
ȡǑǏǑǒȁǹɏǓǓǓǿǗǹķěııěŁĸǹțǹěĸóıůùýùǹŪĘýǹùýòŪǹěĸǹşýıØŪěŁĸǹŪŁǹŁůşǹţĘØşýǹ
of the Longmartin investment), was fair valued and was held at
EPRA net tangible assets per share +5.2% to 200.2 pence
180
190
200
210
December
2023
190.3p
10.6p
4.0p
(3.3)p
(3.3)
(0.3)p
(1.1)p
200.2p
10.6
Gain on revaluation
ØĸùǹŜşŁLJŪȌȡıŁţţȢǹ
ŁĸǹţØıý
"ěƃěùýĸùţǹ
paid
Underlying
ýØşĸěĸđţ
December
2024
Other Fair value
of debt
ɏǒǓǗǿǔǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡǑǏǑǒȁǹɏǓǏǏǿǓǹķěııěŁĸȢǿǹ
ĘěţǹùěDŽýşýĸóýǹŁĐǹɏǒǕǿǒǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓǓǿǓǹķěııěŁĸȢȀǹŁşǹǑǿǏǹŜýĸóýǹ
ȡǑǏǑǒȁǹǑǿǓǹŜýĸóýȢǹěĸǹŪýşķţǹŁĐǹ&ǹ^ǹŜýşǹţĘØşýȀǹƄěııǹşýƃýşţýǹØţǹ
the balance sheet value of the debt accretes to nominal value
over the remaining term of the debt. The impact of this unwind is
excluded from underlying earnings.
Property portfolio
The carrying value of the wholly-owned portfolio as at
ǒǐǹ"ýóýķòýşǹǑǏǑǓǹěţǹɏǓȀǘǑǘǿǏǹķěııěŁĸȀǹěĸóıůùěĸđǹɏǑǏǿǐǹķěııěŁĸǹ
ØĸùǹɏǘǿǗǹķěııěŁĸǹóıØţţěLJýùǹØţǹŁƄĸýşțŁóóůŜěýùǹØĸùǹĘýıùǹĐŁşǹ
sale respectively. During the year, a number of properties have
òýýĸǹţŁıùǹƄěŪĘǹØĸǹŁŜýĸěĸđǹóØşşƊěĸđǹƃØıůýǹŁĐǹɏǐǕǒǿǗǹķěııěŁĸǹĐŁşǹ
đşŁţţǹŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǿǹ
ɏǗǒǿǐǹķěııěŁĸȀǹòýĐŁşýǹŪşØĸţØóŪěŁĸǹóŁţŪţȀǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸŪŁǹ
ØţţýŪǹØóŞůěţěŪěŁĸţǿǹDĸǹ]ØşóĘǹǑǏǑǓȀǹƄýǹóŁķŜıýŪýùǹŪĘýǹØóŞůěţěŪěŁĸǹ
ŁĐǹŪĘýǹǑǔțǒǐǹRØķýţǹŪşýýŪȀǹŁƃýĸŪǹ:ØşùýĸǹĐŁşǹɏǖǔǿǐǹķěııěŁĸǿǹ
DĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹØóŞůěşýùǹŪƄŁǹŜşŁŜýşŪěýţǹŁĸǹşŁØùƄěóĮǹ
ŪşýýŪǹØĸùǹ]ØşţĘØııǹŪşýýŪǹĐŁşǹɏǗǿǏǹķěııěŁĸǿǹůòţýŞůýĸŪǹóØŜěŪØıǹ
expenditure during the year on the wholly-owned portfolio was
ɏǓǒǿǐǹķěııěŁĸǹŜşýùŁķěĸØĸŪıƊǹĐŁşǹŁDžóýǹşýĐůşòěţĘķýĸŪǹØóŪěƃěŪƊǹěĸǹ
Covent Garden.
The market valuation of the wholly-owned property portfolio
of £4,973.5 million was 4.5 per cent higher on a like-for-like
òØţěţǹóŁķŜØşýùǹƄěŪĘǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ&¨ǹěĸóşýØţýùǹòƊǹ
ǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹØĸùǹŪĘýǹýŞůěƃØıýĸŪǹ
ƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýLjýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹ
òØţěţǹŜŁěĸŪţȀǹŪƄŁțŪĘěşùţǹŁĐǹƄĘěóĘǹƄØţǹěĸǹŪĘýǹLJşţŪǹĘØıĐǿǹ
56 Shaftesbury Capital PLC | 2024 Annual Report

Total property return for the year was 7.6 per cent. The MSCI
Total Return Index recorded performance of 7.0 per cent for
the year, resulting in outperformance of 0.6 percentage points.
DĸƃýţŪķýĸŪǹěĸǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹ
associates
Following the sale of our 50 per cent investment in the
Longmartin associate in October 2024, the remaining
ěĸƃýţŪķýĸŪǹĘýıùǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹěţǹŁůşǹǔǏǹŜýşǹóýĸŪǹ
ĪŁěĸŪǹƃýĸŪůşýǹěĸŪýşýţŪǹěĸǹWěııěýǹŞůØşýǿ
ĘýǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹ
ɏǕǔǿǒǹķěııěŁĸȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹƃØıůØŪěŁĸǹŁĐǹ
£65.2 million. The majority (65 per cent) of this value relates
ŪŁǹóŁķŜıýŪýùǹØŜØşŪķýĸŪţǹěĸǹŜĘØţýţǹǐǹØĸùǹǑǹŁĐǹŪĘýǹŜşŁĪýóŪȀǹ
with the balance representing investment properties and
consented land. Over 60 apartments have been leased on a
short-term basis generating annual contracted rental income
ŁĐǹɏǒǿǗǹķěııěŁĸǿǹfůşǹţĘØşýǹŁĐǹĸýŪǹóØţĘǹěĸǹŪĘýǹĪŁěĸŪǹƃýĸŪůşýǹƄØţǹ
£4.9 million and there is no external debt. During the year a
repayment of £4.0 million of the interest-bearing loan provided
ŪŁǹWěııěýǹŞůØşýǹƄØţǹşýóýěƃýùǿǹ
Debt and gearing
Ęýǹ:şŁůŜǹķØěĸŪØěĸţǹØǹţŪşŁĸđǹLJĸØĸóěØıǹŜŁţěŪěŁĸȀǹƄěŪĘǹùěƃýşţěLJýùǹ
ţŁůşóýţǹŁĐǹĐůĸùěĸđȀǹØǹţŜşýØùǹŁĐǹùýòŪǹķØŪůşěŪěýţȀǹţěđĸěLJóØĸŪǹ
ĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţȀǹØóóýţţǹŪŁǹıěŞůěùěŪƊȀǹķŁùýţŪǹ
capital commitments, substantial unencumbered asset value
and interest rate hedging in place for 2025.
The Group’s cash and undrawn committed facilities as at
ǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄýşýǹɏǔǔǘǿǗǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓǗǔǿǖǹķěııěŁĸȢǿǹ
ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØùǹóØŜěŪØıǹóŁķķěŪķýĸŪţǹ
ŁĐǹɏǑǓǿǐǹķěııěŁĸǿǹ
Ǻ
31 December
2024
£m
31 December
2023
£m
ØţĘǹØĸùǹóØţĘǹýŞůěƃØıýĸŪţ
ǐ
109.8 ǐǗǔǿǖ
Undrawn committed facilities 450.0 300.0
Cash and undrawn committed facilities 559.8 ǓǗǔǿǖ
Commitments (24.1) ȡǑǓǿǗȢ
Available resources 535.7 460.9
ǐǿǹ &ƉóıůùýţǹŪýĸØĸŪǹùýŜŁţěŪţǹŁĐǹɏǐǓǿǑǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǓǿǔǹķěııěŁĸȢǿ
ĘýǹıŁØĸțŪŁțƃØıůýǹȡȩW¨ȪȢǹşØŪěŁǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹ
ǑǗǿǑǹŜýşǹóýĸŪǹØĸùǹ&ǹW¨ǹƄØţǹǑǖǿǓǹŜýşǹóýĸŪǿǹĘěţǹěţǹ
comfortably within the Group’s limit of no more than 40 per
óýĸŪǿǹ^ýŪǹùýòŪǹŪŁǹ&D"ǹĘØţǹşýùůóýùǹĐşŁķǹǐǒǿǘǹŪŁǹǐǏǿǘǹŪěķýţǿǹ
Ǻ
31 December
2024
£m
31 December
2023
£m
ØţĘǹØĸùǹóØţĘǹýŞůěƃØıýĸŪţ 109.8 ǐǗǔǿǖ
Debt at nominal value (1,514.8) ȡǐȀǕǗǓǿǗȢ
Net debt (1,405.0) ȡǐȀǓǘǘǿǐȢ
Loan-to-value 28.2% ǒǐǿǒɬ
EPRA loan-to-value 27.4% ǒǏǿǘɬ
^ýŪǹùýòŪǹŪŁǹ&D" 10.9x ǐǒǿǘƉ
Interest cover 292.1% ǑǗǗǿǓɬ
Interest cover excluding non-underlying
admin costs 223.3% ǑǐǑǿǖɬ
Weighted average debt maturity – drawn facilities 4.6 years 5.0 years
Weighted average cost of debt – gross
ǐ
4.0% ǓǿǑɬ
Weighted average cost of debt – net 3.7% ǒǿǓɬ
Drawn debt with interest rate protection
2
100% ǐǏǏɬ
ǐǿǹ ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹŪĘýǹƄýěđĘŪýùǹØƃýşØđýǹóŁţŪǹŁĐǹùýòŪǹşýùůóýţǹŪŁǹØĸǹ
ýDŽýóŪěƃýǹşůĸĸěĸđǹóØţĘǹóŁţŪǹŁĐǹǒǿǖǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǒǿǓǹŜýşǹóýĸŪȢǹŪØĮěĸđǹØóóŁůĸŪǹ
of interest on cash deposits and interest rate caps and collars.
2. Taking account of interest on cash deposits and interest rate caps and collars.
Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹ:şŁůŜǹĸýŪǹùýòŪǹƄØţǹɏǐǿǓǹòěııěŁĸǿǹ"ůşěĸđǹ
the year a new £75 million unsecured loan facility was entered
ěĸŪŁǹØţǹƄýııǹØţǹşýLJĸØĸóěĸđǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹ
ĐØóěıěŪƊȀǹýƉŪýĸùěĸđǹŪĘýǹùýòŪǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǿǹDĸǹØùùěŪěŁĸȀǹŪĘýǹ
LJşţŪǹǐǑǹķŁĸŪĘǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹ
ıŁØĸǹȡɏǐǔǏǹķěııěŁĸǹŁĐǹƄĘěóĘǹěţǹůĸùşØƄĸȢǹĘØţǹòýýĸǹýƉýşóěţýùǹ
early, taking its maturity to December 2027. £95 million of
private placement debt matured during the year.
The current weighted average cash cost of drawn debt is
ǓǿǏǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǓǿǑǹŜýşǹóýĸŪȢǹƄĘěóĘǹşýùůóýţǹŪŁǹØĸǹýDŽýóŪěƃýǹ
óØţĘǹóŁţŪǹŁĐǹǒǿǖǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǒǿǓǹŜýşǹóýĸŪȢǹŪØĮěĸđǹěĸŪŁǹ
ØóóŁůĸŪǹěĸŪýşýţŪǹěĸóŁķýǹŁĸǹóØţĘǹùýŜŁţěŪţǹØĸùǹŪĘýǹòýĸýLJŪǹŁĐǹ
ěĸŪýşýţŪǹşØŪýǹĘýùđěĸđǿǹţǹķØŪůşěĸđǹùýòŪǹěţǹşýŜØěùǹŁşǹşýLJĸØĸóýùȀǹ
it is currently anticipated that the weighted average cost of
debt will increase.
ııǹŁĐǹŪĘýǹ:şŁůŜȬţǹùşØƄĸǹùýòŪǹěţǹØŪǹLJƉýùǹşØŪýţǹŁşǹóůşşýĸŪıƊǹĘØţǹ
interest rate protection in place until the end of 2025, taking
into account interest on cash deposits. £250 million of hedging
is in place until the end of 2025 which provides for a cap of
ǒǿǏǹŜýşǹóýĸŪǹØĸùǹØǹLjŁŁşǹŁĐǹǑǿǏǹŜýşǹóýĸŪǹŁĸǹf^DǹýƉŜŁţůşýǿ
şěŁşěŪěýţǹŁƃýşǹŪĘýǹĐŁşŪĘóŁķěĸđǹŜýşěŁùǹØşýǹŪŁǹşýLJĸØĸóýǹķýùěůķț
term debt maturities as well as consideration of longer-term
LJĸØĸóěĸđǹŁŜŪěŁĸţǹŪŁǹýƃŁıƃýǹŁůşǹóØŜěŪØıǹţŪşůóŪůşýȀǹŪØĮěĸđǹ
ØùƃØĸŪØđýǹŁĐǹŪĘýǹ:şŁůŜȬţǹýĸĘØĸóýùǹóşýùěŪǹŜşŁLJıýǿ
57Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Financial review
The overall balance of cash was reduced by £75.9 million to
ɏǐǏǘǿǗǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘěţǹěţǹıØşđýıƊǹùůýǹŪŁȁǹ
ȟ fŜýşØŪěĸđǹóØţĘǹěĸLjŁƄţǹŁĐǹɏǔǑǿǏǹķěııěŁĸǹşýLjýóŪěĸđǹđşŁƄěĸđǹ
đşŁţţǹŜşŁLJŪǹØĸùǹóŁĸŪěĸůěĸđǹĘěđĘǹıýƃýıţǹŁĐǹóØţĘǹóŁııýóŪěŁĸȀǹ
ŜØşŪıƊǹŁDŽţýŪǹòƊǹØùķěĸěţŪşØŪěƃýǹØĸùǹLJĸØĸóýǹóŁţŪţǿǹĘýǹěĸLjŁƄǹ
is further reduced for the payment of non-underlying merger-
related integration costs and non-underlying transaction
óŁţŪţǹĐŁşǹŜşŁŜýşŪƊǹØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹěĸǹŪĘýǹƊýØşǿǹ
ȟ DĸƃýţŪěĸđǹóØţĘǹěĸLjŁƄţǹŁĐǹɏǐǏǒǿǑǹķěııěŁĸȀǹěĸóıůùěĸđǹɏǐǒǕǿǕǹ
million gross proceeds from the sale of several properties
ŁDŽţýŪǹòƊǹɏǓǖǿǒǹķěııěŁĸǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹØĸùǹɏǗǒǿǐǹķěııěŁĸǹ
ĐŁşǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹǑǔțǒǐǹRØķýţǹŪşýýŪȀǹşŁØùƄěóĮǹŪşýýŪǹ
Øĸùǹ]ØşţĘØııǹŪşýýŪǿǹɏǘǓǿǐǹķěııěŁĸǹƄØţǹşýóýěƃýùǹŁĸǹŪĘýǹ
ţØıýǹŁĐǹŁůşǹěĸŪýşýţŪǹěĸǹWŁĸđķØşŪěĸǹØţǹƄýııǹØţǹØǹɏǐǿǑǹķěııěŁĸǹ
dividend during the year. A £4.0 million loan repayment from
ŪĘýǹWěııěýǹŞůØşýǹěĸƃýţŪķýĸŪǹƄØţǹØıţŁǹşýóýěƃýùǿǹ
ȟ ĘýǹɏǐǖǏǿǏǹķěııěŁĸǹLJĸØĸóěĸđǹŁůŪLjŁƄǹşýLjýóŪţǹŪĘýǹĸýŪǹķŁƃýķýĸŪǹ
ěĸǹĐØóěıěŪěýţǹùşØƄĸǹØĸùǹşýŜØěùǹěĸǹŪĘýǹƊýØşǿǹɏǒǿǐǹķěııěŁĸǹŁĐǹóŁţŪţǹ
have been incurred on the arrangement of new facilities in
the year.
ȟ Total dividends paid in the year excludes the £4.3 million
ŜØěùǹŪŁǹŪĘýǹ:şŁůŜǹýĸŪěŪƊǹƄĘěóĘǹĘŁıùţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹ
as security under the terms of the exchangeable bonds.
Following the dividend threshold test, as set out in the
exchangeable bond conditions, substantially all the dividend
ƄØţǹţůòţýŞůýĸŪıƊǹşýŪØěĸýùǹòƊǹŪĘýǹ:şŁůŜǿ
Going concern
Further information on the going concern assessment is set out
ěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹØóóŁůĸŪěĸđǹŜŁıěóěýţȬǿ
The Company has a strong balance sheet with EPRA loan-to-
value of 27.4 per cent, group interest cover of nearly three
times before administrative costs, and access to cash and
ůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǔǔǘǿǗǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹ
ĘýşýǹşýķØěĸţǹţůDžóěýĸŪǹıěŞůěùěŪƊǹØĸùǹùýòŪǹóŁƃýĸØĸŪǹĘýØùşŁŁķǹ
even in a downside “severe but plausible” scenario.
There continues to be a reasonable expectation that the Group
ƄěııǹĘØƃýǹØùýŞůØŪýǹşýţŁůşóýţǹŪŁǹķýýŪǹòŁŪĘǹŁĸđŁěĸđǹØĸùǹĐůŪůşýǹ
óŁķķěŪķýĸŪţǹĐŁşǹØŪǹıýØţŪǹǐǑǹķŁĸŪĘţǹĐşŁķǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹ
ŪĘýţýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǿǹóóŁşùěĸđıƊȀǹŪĘýǹ"ěşýóŪŁşţǹóŁĸţěùýşǹ
it appropriate to adopt the going concern basis of accounting
in preparing the 2024 Annual Report.
Situl Jobanputra
ĘěýĐǹ9ěĸØĸóěØıǹfDžóýş
26 February 2025
0
100
200
300
400
500
Opening
cash
185.7
52.0
103.2 (170.0)
(61.1)
450
109.8
Total liquidity £559.8m
Operating
ěĸLjŁƄ
Investing
ěĸLjŁƄ
ĸùşØƄĸ
RCF
Closing
cash
Dividend
payment
Financing
ŁůŪLjŁƄ
Cash Flows
]ŁƃýķýĸŪǹěĸǹóØţĘǹLjŁƄ £m
ØţĘȀǹýƉóıůùěĸđǹŪýĸØĸŪǹùýŜŁţěŪţȀǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǒ ǐǗǔǿǖ
fŜýşØŪěĸđǹěĸLjŁƄ 52.0
DĸƃýţŪěĸđǹěĸLjŁƄ 103.2
9ěĸØĸóěĸđǹŁůŪLjŁƄ (170.0)
Dividends paid (61.1)
Cash, excluding tenant deposits, as at 31 December 2024 109.8
58 Shaftesbury Capital PLC | 2024 Annual Report

Risk management
Oversight,
assessment and
mitigation at a
Group level
DùýĸŪěLJóØŪěŁĸȀǹ
assessment and
mitigation at an
operational level
Top
Down
Bottom
up
Governance
Oversight
Ownership
Board
– ýŪţǹşěţĮǹóůıŪůşý
– Sets risk appetite
– Monitors risk exposure and appetite
– ýƃěýƄţǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţ
Senior management
– fƃýşţýýǹùØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŁĐǹşěţĮȀǹěĸóıůùěĸđǹěùýĸŪěLJóØŪěŁĸǹØĸùǹşýţŜŁĸţý
– ţţěţŪǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹƄěŪĘǹěùýĸŪěLJóØŪěŁĸǹŁĐǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţ
– "ýţěđĸǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹóŁĸŪşŁıţȂǹýĸţůşýǹĮýƊǹóŁĸŪşŁıţǹØşýǹŁŜýşØŪěĸđǹØĸùǹØşýǹýDŽýóŪěƃý
– şěýĐǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹŁĸǹĮýƊǹěţţůýţǹŪĘØŪǹĘØƃýǹØşěţýĸ
Audit Committee Executive Risk
Committee
Executive Committee
– ýƃěýƄţǹŪĘýǹØùýŞůØóƊǹ
ØĸùǹýDŽýóŪěƃýĸýţţǹŁĐǹ
the risk management
framework and the
ěĸŪýşĸØıǹóŁĸŪşŁıţǹţƊţŪýķţ
– ŜŜşŁƃýţǹŪĘýǹØţţůşØĸóýǹ
programme
– ŁțŁşùěĸØŪýţǹØĸùǹ
develops risk
ķØĸØđýķýĸŪǹŜşŁóýţţ
– Reviews and assesses
risk register
– ŁĸţěùýşţǹŜşěĸóěŜØıǹ
and emerging risks and
ķěŪěđØŪěĸđǹØóŪěŁĸţ
– Monitors risks and
response plans
– ţţýţţýţǹóŁĸŪşŁıǹ
environment and
ýDŽýóŪěƃýĸýţţǹŁĐǹóŁĸŪşŁıţ
– Oversees day-to-
day monitoring and
management of risk
Risk management
The Board has overall responsibility for Group risk management.
DŪǹùýŪýşķěĸýţǹěŪţǹşěţĮǹØŜŜýŪěŪýǹØĸùǹşýƃěýƄţǹŜşěĸóěŜØıǹşěţĮţǹ
ØĸùǹůĸóýşŪØěĸŪěýţǹşýđůıØşıƊȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹØóŪěŁĸţǹŪØĮýĸǹ
to mitigate them. The Board has delegated responsibility for
ŪĘýǹşýƃěýƄǹŁĐǹŪĘýǹØùýŞůØóƊǹØĸùǹýDŽýóŪěƃýĸýţţǹŁĐǹŪĘýǹ:şŁůŜȬţǹ
ěĸŪýşĸØıǹóŁĸŪşŁıǹĐşØķýƄŁşĮǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ
Risk is a standing agenda item at management meetings.
ĘěţǹđěƃýţǹşěţýǹŪŁǹØǹķŁşýǹşěţĮțØƄØşýǹóůıŪůşýǹØĸùǹóŁĸţěţŪýĸóƊǹ
ěĸǹùýóěţěŁĸțķØĮěĸđǹØóşŁţţǹŪĘýǹŁşđØĸěţØŪěŁĸǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹ
óŁşŜŁşØŪýǹţŪşØŪýđƊǹØĸùǹşěţĮǹØŜŜýŪěŪýǿǹııǹóŁşŜŁşØŪýǹùýóěţěŁĸț
ķØĮěĸđǹŪØĮýţǹşěţĮǹěĸŪŁǹØóóŁůĸŪȀǹěĸǹØǹķýØţůşýùǹƄØƊȀǹƄĘěıýǹ
óŁĸŪěĸůěĸđǹŪŁǹùşěƃýǹØĸǹýĸŪşýŜşýĸýůşěØıǹóůıŪůşýǿǹĘýǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýǹěţǹşýţŜŁĸţěòıýǹĐŁşǹŪĘýǹùØƊțŪŁțùØƊǹóŁķķýşóěØıǹ
ØĸùǹŁŜýşØŪěŁĸØıǹØóŪěƃěŪƊǹØóşŁţţǹŪĘýǹ:şŁůŜǹØĸùǹěţȀǹŪĘýşýĐŁşýȀǹ
responsible for the management of business risk.
Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóŁķŜşěţěĸđǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ
ĘěýĐǹ9ěĸØĸóěØıǹfDžóýşȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹ
:ýĸýşØıǹŁůĸţýıȀǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹ"ěşýóŪŁşǹŁĐǹ
şØĸţĐŁşķØŪěŁĸǹØĸùǹýóĘĸŁıŁđƊȀǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹØĸùǹ
AýØùǹŁĐǹAýØıŪĘǹØĸùǹØĐýŪƊȀǹěţǹŪĘýǹýƉýóůŪěƃýǹıýƃýıǹķØĸØđýķýĸŪǹ
ĐŁşůķǹĐŁşǹŪĘýǹşýƃěýƄǹØĸùǹùěţóůţţěŁĸǹŁĐǹşěţĮţȀǹóŁĸŪşŁıţǹØĸùǹ
ķěŪěđØŪěŁĸǹķýØţůşýţǿǹĘýǹóŁşŜŁşØŪýǹØĸùǹòůţěĸýţţǹùěƃěţěŁĸǹ
şěţĮţǹØşýǹşýƃěýƄýùǹŁĸǹØǹşýđůıØşǹòØţěţǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹ
ŁķķěŪŪýýȀǹţŁǹŪĘØŪǹŪşýĸùţǹØĸùǹýķýşđěĸđǹşěţĮţǹóØĸǹòýǹěùýĸŪěLJýùǹ
and reported to the Board.
ýĸ죺ǹķØĸØđýķýĸŪǹĐşŁķǹýØóĘǹŜØşŪǹŁĐǹŪĘýǹòůţěĸýţţǹěùýĸŪěĐƊǹ
ØĸùǹķØĸØđýǹŪĘýǹşěţĮţǹĐŁşǹŪĘýěşǹØşýØǹŁşǹĐůĸóŪěŁĸǹŁĸǹØǹùØƊțŪŁț
ùØƊǹòØţěţǹØĸùǹķØěĸŪØěĸǹØǹşěţĮǹşýđěţŪýşǿǹĘýǹţýƃýşěŪƊǹŁĐǹýØóĘǹşěţĮǹ
ěţǹØţţýţţýùǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹýØóĘǹşěţĮȬţǹıěĮýıěĘŁŁùǹ
ŁĐǹØĸǹØùƃýşţýǹŁůŪóŁķýǹØĸùǹěŪţǹěķŜØóŪǿǹDĸǹØţţýţţěĸđǹěķŜØóŪȀǹ
óŁĸţěùýşØŪěŁĸǹěţǹđěƃýĸǹŪŁǹLJĸØĸóěØıȀǹşýŜůŪØŪěŁĸØıǹØĸùǹşýđůıØŪŁşƊǹ
ĐØóŪŁşţȀǹØĸùǹşěţĮǹķěŪěđØŪěŁĸǹŜıØĸţǹØşýǹýţŪØòıěţĘýùǿǹǹĐůııǹşěţĮǹ
şýƃěýƄǹěţǹůĸùýşŪØĮýĸǹØĸĸůØııƊǹěĸǹƄĘěóĘǹŪĘýǹşěţĮǹşýđěţŪýşţǹØşýǹ
ØđđşýđØŪýùǹØĸùǹşýƃěýƄýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǿǹ
Ęýǹ"ěşýóŪŁşţǹóŁĸLJşķǹŪĘØŪǹŪĘýƊǹĘØƃýǹóŁķŜıýŪýùǹØǹşŁòůţŪǹ
ØţţýţţķýĸŪǹŁĐǹŪĘýǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţǹĐØóýùǹòƊǹŪĘýǹ
òůţěĸýţţȀǹØţţěţŪýùǹòƊǹŪĘýǹƄŁşĮǹŜýşĐŁşķýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹ
ěţĮǺŁķķěŪŪýýǿ
59Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Risk management
Risk Aware: The Group is willing to take greater than normal risks Risk Neutral:ǹĘýǹ:şŁůŜǹŪØĮýţǹØǹòØıØĸóýùǹØŜŜşŁØóĘǹŪŁǹşěţĮǹŪØĮěĸđRisk appetite
Risk Aware
Risk Averse
Risk Neutral
&óŁĸŁķěóǹȺǹ
ŜŁıěŪěóØı
Portfolio Operational
şýţěıěýĸóý
WýØţěĸđǹȺǹ
asset management
People ıěķØŪýǹ
óĘØĸđý
ŁķŜıěØĸóýǹ
ƄěŪĘǹıØƄţǹȺǹ
regulations
Risk appetite statement
The Group risk appetite statement is designed to set the right
ŪŁĸýǹØŪǹŪĘýǹŪŁŜǹĐŁşǹŪĘýǹ:şŁůŜǹØĸùǹţůŜŜŁşŪǹùýóěţěŁĸțķØĮěĸđǹØŪǹ
ØǹţŪşØŪýđěóǹıýƃýıǹòƊǹŪĘýǹŁØşùǹØĸùǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿǹ
ĘěţǹţŪØŪýķýĸŪǹŜşŁƃěùýţǹđůěùěĸđǹŜşěĸóěŜıýţǹŪŁǹţůŜŜŁşŪǹùýóěţěŁĸț
making at both a Board and senior management level.
ĘýǺ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹěţǹşýƃěýƄýùǹØĸùǹůŜùØŪýùǹ
by the Board at appropriate intervals and, in any event, on an
ØĸĸůØıǹòØţěţǿǹĘýǹ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹĘØţǹòýýĸǹ
óŁķķůĸěóØŪýùǹŪŁǹţýĸ죺ǹķØĸØđýķýĸŪǹƄĘŁǹØşýǹşýţŜŁĸţěòıýǹ
ĐŁşǹěĸóŁşŜŁşØŪěĸđǹŪĘýǹěùýĸŪěLJýùǹŜşěĸóěŜıýţǹěĸǹùýóěţěŁĸțķØĮěĸđǿǹ
ĘýǺ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹěţǹØţǹĐŁııŁƄţȁ
ȩ©ýǹěĸƃýţŪǹŪŁǹóşýØŪýǹŪĘşěƃěĸđǹùýţŪěĸØŪěŁĸţǹěĸǹWŁĸùŁĸȬţǹ©ýţŪǹ
End where people enjoy visiting, working and living. We use
ŁůşǹýƉŜýşŪěţýǹěĸǹŜşŁŜýşŪƊǹěĸƃýţŪķýĸŪǹØĸùǹŁůşǹóŁķķěŪķýĸŪǹŪŁǹ
ØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹŪŁǹŪØĮýǹóŁķķýşóěØıǹşěţĮţǹěĸǹØǹķýØţůşýùǹ
way, so that we are able to deliver sustainable growth and
long-term returns for our shareholders.
©ýǹØşýǹşěţĮǹØƃýşţýǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹěķŜØóŪǹŁĐǹŁůşǹòůţěĸýţţǹ
on the environment and on the health and safety of our
ŜýŁŜıýǹØĸùǹŪĘýǹŜůòıěóȀǹØĸùǹěŪǹěţǹØǹĮýƊǹŜşěŁşěŪƊǹĐŁşǹůţǹŪĘØŪǹŁůşǹ
òůţěĸýţţǹŁŜýşØŪýţǹěĸǹóŁķŜıěØĸóýǹƄěŪĘǹıØƄţȀǹşýđůıØŪěŁĸţǹØĸùǹ
ŁůşǺóŁĸŪşØóŪůØıǹóŁķķěŪķýĸŪţǿȪ
DĸƃýţŪěĸđǹěĸǹŁĸýǹıŁóØŪěŁĸǹŜşýţýĸŪţǹØĸǹěĸĘýşýĸŪǹđýŁđşØŜĘěóǹ
óŁĸóýĸŪşØŪěŁĸǹşěţĮǹØĸùǹŪĘýşýǹØşýǹóýşŪØěĸǹýƉŪýşĸØıǹĐØóŪŁşţǹ
ƄĘěóĘǹŪĘýǹ:şŁůŜǹóØĸĸŁŪǹóŁĸŪşŁıǿǹAŁƄýƃýşȀǹěĸǹýƉýóůŪěĸđǹŪĘýǹ
:şŁůŜȬţǹţŪşØŪýđƊȀǹƄýǹţýýĮǹŪŁǹķěĸěķěţýǹýƉŜŁţůşýǹŪŁǹŁŜýşØŪěŁĸØıȀǹ
şýŜůŪØŪěŁĸǹØĸùǹóŁķŜıěØĸóýǹşěţĮţȀǹşýóŁđĸěţěĸđǹŪĘØŪǹŁůşǹØŜŜýŪěŪýǹ
ŪŁǹşěţĮǹƃØşěýţǹØóşŁţţǹùěDŽýşýĸŪǹýıýķýĸŪţǹŁĐǹŪĘýǹţŪşØŪýđƊȀǹ
ØţǺţĘŁƄĸǹěĸǹŪĘýǹùěØđşØķǹòýıŁƄǿǹýóŁđĸěţěĸđǹŪĘØŪǹşěţĮǹØŜŜýŪěŪýǹ
ěţǹĸŁŪǹØĸǹȪØòţŁıůŪýȪȀǹŪĘýǹùěØđşØķǹòýıŁƄǹţĘŁƄţǹØĸǹěĸùěóØŪěƃýǹ
şØĸđýȀǹşýLjýóŪěĸđǹŪĘØŪǹŪĘýǹ:şŁůŜǹķØƊǹķŁƃýǹĘěđĘýşǹŁşǹıŁƄýşǹ
ŁĸǺŪĘýǹşěţĮǹóůşƃýȀǹØţǹóěşóůķţŪØĸóýţǹùěóŪØŪýǿ
Assessing risk
ěţĮţǹØşýǹóŁĸţěùýşýùǹěĸǹŪýşķţǹŁĐǹŪĘýǹıěĮýıěĘŁŁùǹŁĐǹŁóóůşşýĸóýǹ
ØĸùǹŪĘýěşǹŜŁŪýĸŪěØıǹěķŜØóŪǹŁĸǹŪĘýǹòůţěĸýţţǿǹDĸǹØţţýţţěĸđǹěķŜØóŪȀǹ
ØǹĸůķòýşǹŁĐǹóşěŪýşěØǹØşýǹóŁĸţěùýşýùȀǹěĸóıůùěĸđǹŪĘýǹýDŽýóŪǹŁĸǹ
ŁůşǹţŪşØŪýđěóǹŁòĪýóŪěƃýţȀǹŁŜýşØŪěŁĸØıǹŁşǹLJĸØĸóěØıǹķØŪŪýşţȀǹŁůşǹ
reputation, sustainability, stakeholder relationships, health
and safety and regulatory issues. Risks are assessed on both
đşŁţţǹȡØţţůķěĸđǹĸŁǹóŁĸŪşŁıţǹØşýǹěĸǹŜıØóýȢǹØĸùǹşýţěùůØıǹȡØĐŪýşǹ
ķěŪěđØŪěŁĸȢǺòØţýţǿ
ŁǹŪĘýǹýƉŪýĸŪǹŪĘØŪǹţěđĸěLJóØĸŪǹşěţĮţȀǹĐØěıěĸđţǹŁşǹóŁĸŪşŁıǹ
ƄýØĮĸýţţýţǹØşěţýȀǹØŜŜşŁŜşěØŪýǹØóŪěŁĸǹěţǹŪØĮýĸǹŪŁǹşýóŪěĐƊǹŪĘýǹ
ěţţůýǹØĸùǹěķŜıýķýĸŪǹóŁĸŪşŁıţǹŪŁǹķěŪěđØŪýǹĐůşŪĘýşǹŁóóůşşýĸóýţǿǹ
ůóĘǹŁóóůşşýĸóýţǹØşýǹşýŜŁşŪýùǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ
Ęýǹ:şŁůŜȬţǹŜşŁóýţţýţǹØĸùǹŜşŁóýùůşýţǹŪŁǹěùýĸŪěĐƊȀǹØţţýţţȀǹ
ØĸùǹķØĸØđýǹěŪţǹŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţǹƄýşýǹěĸǹŜıØóýǹ
ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹØĸùǹşýķØěĸýùǹěĸǹŜıØóýǹůŜǹŪŁǹŪĘýǹùØŪýǹŁĐǹ
ŪĘýǺØŜŜşŁƃØıǹŁĐǹŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǿ
Internal controls
ĘýǹķØěĸǹýıýķýĸŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹěĸŪýşĸØıǹóŁĸŪşŁıǹĐşØķýƄŁşĮǹ
ØşýǹţýŪǹŁůŪǹòýıŁƄȁ
ȟ ıýØşǹşýķěŪȀǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸùǹţóĘýùůıýǹŁĐǹķØŪŪýşţǹ
ĐŁşǺŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţ
ȟ ıŁţýǹěĸƃŁıƃýķýĸŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹěĸǹŪĘýǹ
day-to-day operations of the business, with regular meetings
with senior management
ȟ Delegated authority limits
ȟ "ØěıƊǹķŁĸěŪŁşěĸđǹŁĐǹşěţĮţǹØĸùǹóŁĸŪşŁıţǹòƊǹķØĸØđýķýĸŪǹ
ȟ 9ŁşķØıǹØţţýţţķýĸŪǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹŁĐǹ
ţŪşØŪýđěóǹØĸùǹýķýşđěĸđǹşěţĮţǹØĸùǹŪĘýǹşýıØŪýùǹóŁĸŪşŁıţǹŁşǹ
ķěŪěđØŪěŁĸţȀǹƄěŪĘǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǹ
ȟ ýđůıØşǹŁØşùǹůŜùØŪýţǹŁĸǹŁŜýşØŪěŁĸţȀǹDǹţƊţŪýķţǹØĸùǺ
óƊòýşǹţýóůşěŪƊ
ȟ şØĸţŜØşýĸŪǹŪØƉǹţŪşØŪýđƊȀǹŜůòıěţĘýùǹŁĸǹŪĘýǹ:şŁůŜȬţǹƄýòţěŪýȀǹƄĘěóĘǹ
ţýŪţǹŁůŪǹŪĘýǹØŜŜşŁØóĘǹŪŁǹŪØƉǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹđŁƃýşĸØĸóý
ȟ ©ĘěţŪıýòıŁƄěĸđǹŜŁıěóƊǹØĸùǹĘŁŪıěĸýǹŜşŁóýùůşýţȀǹƄĘýşýòƊǹ
ýķŜıŁƊýýţǹØĸùǹŪĘěşùǹŜØşŪěýţǹķØƊǹşØěţýǹØĸƊǹķØŪŪýşţǹŁĐǹóŁĸóýşĸǹ
óŁĸLJùýĸŪěØııƊȀǹØşýǹşýƃěýƄýùǹòƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØĸĸůØııƊ
ŜýóěLJóǹóŁĸŪşŁıţǹşýıØŪěĸđǹŪŁǹLJĸØĸóěØıǹşýŜŁşŪěĸđǹØĸùǹŪĘýǹ
óŁĸţŁıěùØŪěŁĸǹŜşŁóýţţǹěĸóıůùýȁ
ȟ ŜŜşŁŜşěØŪýıƊǹţŪØDŽýùǹķØĸØđýķýĸŪǹţŪşůóŪůşýȀǹƄěŪĘǹóıýØşǹıěĸýţǹ
ŁĐǹşýţŜŁĸţěòěıěŪƊǹØĸùǹØóóŁůĸŪØòěıěŪƊǹ
ȟ ǹóŁķŜşýĘýĸţěƃýǹòůùđýŪěĸđǹØĸùǹşýƃěýƄǹţƊţŪýķ
ȟ ŁØşùǹØĸùǹůùěŪǹŁķķěŪŪýýǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹ
fDžóýşǹØĸùǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹƄĘěóĘǹěĸóıůùýǹ
ĐŁşýóØţŪţȀǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹòůùđýŪǹØĸùǺLJĸØĸóěØıǹóŁƃýĸØĸŪţǹ
ȟ 9ŁşķØıǹşýƃěýƄţǹŁĐǹŪĘýǹýDŽýóŪěƃýĸýţţǹŁĐǹLJĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹ
ØĸùǹóŁķŜıěØĸóýǹóŁĸŪşŁıţǹòƊǹķØĸØđýķýĸŪǹØĸùǹýƉŪýşĸØıǹ
ØùƃěţýşţǹØşýǹşýŜŁşŪýùǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýý
ȟ "fǹWWǹȡȩ"fȪȢȀǹØŜŜŁěĸŪýùǹØţǹěĸŪýşĸØıǹØůùěŪŁşǹŁĐǹŪĘýǹ:şŁůŜȀǹ
óŁĸùůóŪţǹşýđůıØşǹØůùěŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹóŁĸŪşŁıǹŜşŁóýùůşýţǹ
ØĸùǹşýŜŁşŪţǹěŪţǹLJĸùěĸđţǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿ
Risk Averse:ǹĘýǹ:şŁůŜǹěţǹóØůŪěŁůţǹØĸùǹŪØĮýţǹØţǹĐýƄǹşěţĮţǹØţǹŜŁţţěòıý
60 Shaftesbury Capital PLC | 2024 Annual Report

Risk outlook
"ůşěĸđǹǑǏǑǓȀǹùýţŜěŪýǹŪĘýǹóĘØııýĸđěĸđǹķØóşŁțýóŁĸŁķěóǹ
òØóĮùşŁŜǹØĸùǹýıýƃØŪýùǹđýŁŜŁıěŪěóØıǹşěţĮǹØĸùǹƃŁıØŪěıěŪƊȀǹƄýǹ
óŁĸŪěĸůýùǹŪŁǹùýıěƃýşǹŜŁţěŪěƃýǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹ
ŪĘýǹŜŁşŪĐŁıěŁȀǹşýLjýóŪěĸđǹŪĘýǹòýĸýLJŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹØóŪěƃýǹØţţýŪǹ
ķØĸØđýķýĸŪȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹýƉóýŜŪěŁĸØıǹŞůØıěŪěýţǹØĸùǹ
ıŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿǹŪşŁĸđǹıýØţěĸđǹùýķØĸùǹ
óŁĸŪěĸůýùǹØóşŁţţǹØııǹůţýţȀǹıýØùěĸđǹŪŁǹĘěđĘǹŁóóůŜØĸóƊǹıýƃýıţǹØĸùǹ
ţŪşŁĸđǹşýĸŪǹóŁııýóŪěŁĸǿǹ
ĘýǹıŁĸđțŪýşķǹěķŜØóŪǹŁĐǹŪĘýǹķØóşŁýóŁĸŁķěóǹØĸùǹđýŁŜŁıěŪěóØıǹ
ĐØóŪŁşţȀǹěĸǹŜØşŪěóůıØşǹýƃŁıƃěĸđǹěĸLjØŪěŁĸØşƊǹŜşýţţůşýţǹØĸùǹěĸŪýşýţŪǹ
şØŪýţȀǹŁĸǹŪĘýǹĐůŪůşýǹùýķØĸùǹĐŁşȀǹØĸùǹůţýǹŁĐȀǹıýŪŪØòıýǹţŜØóýȀǹ
ýƃŁıůŪěŁĸǹŁĐǹóŁĸţůķýşǹòýĘØƃěŁůşǹØĸùǹŪşØƃýıǹŜØŪŪýşĸţǹşýķØěĸǹ
ØǹóŁĸţěùýşØŪěŁĸǹØĸùǹŪĘýǹŁØşùǹóŁĸŪěĸůýţǹŪŁǹķŁĸěŪŁşǹŪĘěţǿǹ
]ØĸƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹóůţŪŁķýşţǹØşýǹýƉŜŁţýùǹŪŁǹŪĘýǹóĘØĸđýţǹ
ØĸùǹóĘØııýĸđýţǹĐØóěĸđǹŪĘýǹşýŪØěıǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşţȀǹ
ěĸóıůùěĸđǹķØóşŁýóŁĸŁķěóǹĐØóŪŁşţǹØşŁůĸùǹŪĘýǹUǹòůùđýŪȀǹ
ţůóĘǹØţǹØƃØěıØòěıěŪƊǹØĸùǹóŁţŪǹŁĐǹóşýùěŪǹĐŁşǹóůţŪŁķýşţǹØĸùǹŪĘýěşǹ
òůţěĸýţţýţȀǹŪĘýǹŜŁŪýĸŪěØıǹĐŁşǹŪĘýǹıýƃýıǹŁĐǹóŁĸţůķýşǹţŜýĸùěĸđǹ
ŪŁǹòýǹěķŜØóŪýùǹòƊǹóŁţŪțŁĐțıěƃěĸđǹŜşýţţůşýţȀǹòůţěĸýţţǹØĸùǹ
óŁĸţůķýşǹóŁĸLJùýĸóýȀǹěĸLjØŪěŁĸǹşØŪýţȀǹýĸýşđƊǹóŁţŪţȀǹţůŜŜıƊǹ
óĘØěĸǹùěţşůŜŪěŁĸȀǹıØòŁůşǹţĘŁşŪØđýţǹØĸùǹŁŪĘýşǹŁŜýşØŪěŁĸØıǹóŁţŪţǿ
DĐǹóůşşýĸŪǹđıŁòØıǹŁşǹUǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹùýŪýşěŁşØŪýǹ
ŪĘěţǹóŁůıùǹěķŜØóŪǹUǹşýØıǹýţŪØŪýǹķØşĮýŪţȀǹşýţůıŪěĸđǹěĸǹùŁƄĸƄØşùǹ
ŜşýţţůşýǹŁĸǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţǹØĸùǹđşŁţţǹ
şýĸŪØıǹěĸóŁķýǿǹ
Ęýǹ:şŁůŜȬţǹŁŜýşØŪěŁĸţǹķØƊǹòýǹØùƃýşţýıƊǹØDŽýóŪýùǹěĐǹěŪǹĐØěıţǹŪŁǹ
óŁķŜıƊǹƄěŪĘǹóıěķØŪýǹØĸùǹýĸƃ캣ĸķýĸŪØıǹşýđůıØŪěŁĸǹŁşǹěŪţǹŁƄĸǹ
ýĸƃ캣ĸķýĸŪØıȀǹţŁóěØıǹŁşǹđŁƃýşĸØĸóýǹţŪØĸùØşùţǿǹfŜýşØŪěŁĸţǹ
ķØƊǹØıţŁǹòýǹØùƃýşţýıƊǹØDŽýóŪýùǹòƊǹóıěķØŪýǹØĸùǹýĸƃ캣ĸķýĸŪǹ
şýıØŪýùǹşěţĮţȀǹƄĘěóĘǹóŁůıùǹıýØùǹŪŁǹţěđĸěLJóØĸŪǹóŁţŪţǹŪŁǹķěŪěđØŪýǹ
ýĸƃ캣ĸķýĸŪØıǹěķŜØóŪţǿ
Emerging risks
The Group monitors emerging risks to identify and assess
ŪĘŁţýǹşěţĮţǹŪĘØŪǹķØƊǹŜŁŪýĸŪěØııƊǹěķŜØóŪǹůŜŁĸǹěŪţǹţŪşØŪýđěóǹ
ŜıØĸţǿǹĘýţýǹşěţĮţǹØşýǹóěşóůķţŪØĸóýţǹŁşǹŪşýĸùţǹƄĘěóĘǹØşýǹŁĐŪýĸǹ
ýƃŁıƃěĸđǹşØŜěùıƊǹƄĘěóĘǹóŁůıùǹţěđĸěLJóØĸŪıƊǹěķŜØóŪǹŁĸǹŪĘýǹ:şŁůŜȬţǹ
LJĸØĸóěØıǹţŪşýĸđŪĘȀǹóŁķŜýŪěŪěƃýǹŜŁţěŪěŁĸǹŁşǹşýŜůŪØŪěŁĸǹƄěŪĘěĸǹŪĘýǹ
ĸýƉŪǹŪĘşýýǹƊýØşţǹŁşǹŁƃýşǹŪĘýǹıŁĸđýşǹŪýşķǿǹ:ýĸýşØııƊȀǹŪĘýǹěķŜØóŪǹ
ØĸùǹŜşŁòØòěıěŪƊǹŁĐǹŁóóůşşýĸóýǹØşýǹĸŁŪǹƊýŪǹĐůııƊǹůĸùýşţŪŁŁùǹØĸùȀǹ
óŁĸţýŞůýĸŪıƊȀǹĸýóýţţØşƊǹķěŪěđØŪěŁĸţǹĘØƃýǹĸŁŪǹƊýŪǹĐůııƊǹýƃŁıƃýùǿǹ
Ęýǹ:şŁůŜǹóŁĸùůóŪţǹØǹĘŁşěƓŁĸǹţóØĸĸěĸđǹýƉýşóěţýǹŪŁǹěùýĸŪěĐƊǹ
ŜŁŪýĸŪěØıǹşěţĮţǹØĸùǹýķýşđěĸđǹŪşýĸùţǹƄĘěóĘǹķØƊǹòýǹěķŜØóŪĐůıǹěĸǹ
ŪĘýǹĐůŪůşýǿǹØţýùǹŁĸǹŪĘěţǹýƉýşóěţýȀǹŪĘýǹķŁţŪǹşýıýƃØĸŪǹýķýşđěĸđǹ
şěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹØţţýţţýùǹŪŁǹýţŪØòıěţĘǹşýıýƃØĸóýǹØĸùǹ
identify any additional remediation required. The prioritised
emerging risks are further reviewed and validated by senior
ķØĸØđýķýĸŪǹŪŁǹđØěĸǹØǹòýŪŪýşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýěşǹěķŜØóŪǹØĸùǹ
to develop strategies to address them. A non-exhaustive list of
emerging risks is outlined on the right.
Emerging risks with a one-to-three-year time
horizon include:
ȟ UǹŜŁıěŪěóØıǹůĸóýşŪØěĸŪƊǹØĸùǹýƃŁıƃěĸđǹđýŁŜŁıěŪěóØıǹóŁĸùěŪěŁĸţȂ
ȟ UǹóŁşŜŁşØŪýǹşýĐŁşķǹØĸùǹıØĸùıŁşùȌŪýĸØĸŪǹıýđěţıØŪěŁĸǹóĘØĸđýţȂ
ȟ ůěıùěĸđǹØĐýŪƊǹóŪǹØĸùǹóĘØĸđýţǹŪŁǹUǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸǹ
ķýŪĘŁùŁıŁđěýţǹØĸùǹŜşØóŪěóýţȂ
ȟ :şýýĸǹýĸýşđƊǹØĸùǹţůţŪØěĸØòěıěŪƊǹŜşěŁşěŪěýţȂǹØĸù
ȟ "ěţşůŜŪěƃýǹŪýóĘĸŁıŁđěóØıǹØùƃØĸóýķýĸŪţȀǹƄĘěóĘǹķØƊǹ
ěĸóıůùýǹØşýØţǹţůóĘǹØţǹØşŪěLJóěØıǹěĸŪýııěđýĸóýȀǹòıŁóĮóĘØěĸǹ
ØĸùǺķýŪØƃýşţýǿ
Emerging risks with a longer-term horizon include:
ȟ ĘØĸđýţǹěĸǹţŁóěØıǹùƊĸØķěóţȀǹùýķŁđşØŜĘěóǹţĘěĐŪţǹØĸùǹ
ŪşýĸùţǺěĸǹţŜØóýǹůţØđýȀǹůşòØĸěţØŪěŁĸǹØĸùǹóŁĸţůķŜŪěŁĸǹ
ØĸùǺŪşØƃýıǹŜØŪŪýşĸţȂ
ȟ WŁĸđýşțŪýşķǹóıěķØŪýǹóĘØĸđýǹěķŜØóŪţȂ
ȟ ŁĸţůķýşǹòýĘØƃěŁůşȂ
ȟ DķŜØóŪǹŁĐǹùěđěŪØıǹóůşşýĸóěýţǹŁĸǹóŁĸţůķýşǹòýĘØƃěŁůşȂǹØĸù
ȟ ýţěùýĸŪěØıǹşýĸŪǹóŁĸŪşŁıǹØĸùǹşýđůıØŪŁşƊǹŪØƉǹóĘØĸđýţǿ
Principal risks and uncertainties
Ęýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţȀǹƄĘěóĘǹØşýǹţýŪǹ
ŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđýţȀǹØşýǹşýLjýóŪěƃýǹŁĐǹƄĘýşýǹŪĘýǹŁØşùǹ
ĘØţǹěĸƃýţŪýùǹŪěķýǹùůşěĸđǹŪĘýǹƊýØşǿǹ9ŁııŁƄěĸđǹØǹùýŪØěıýùǹşýƃěýƄǹ
ŁĐǹŪĘýǹŜşěĸóěŜØıǹşěţĮţǹŜŁţŪțķýşđýşȀǹóýşŪØěĸǹşěţĮţǹĘØƃýǹòýýĸǹ
ùěţØđđşýđØŪýùǹěĸǹŪĘýǹóůşşýĸŪǹƊýØşǹŪŁǹóıýØşıƊǹØıěđĸǹŪĘýǹķěŪěđØŪěĸđǹ
ØóŪěŁĸţǹŪŁǹŪĘýǹşýţŜýóŪěƃýǹşěţĮţǿǹĘěţǹěţǹşýLjýóŪýùǹòýıŁƄǿǹĘýţýǹ
ŜşěĸóěŜØıǹşěţĮţǹØşýǹĸŁŪǹýƉĘØůţŪěƃýǿǹĘýǹ:şŁůŜǹķŁĸěŪŁşţǹØǹ
ĸůķòýşǹŁĐǹØùùěŪěŁĸØıǹşěţĮţǹØĸùǹØùĪůţŪţǹŪĘŁţýǹóŁĸţěùýşýùǹ
ȫŜşěĸóěŜØıȬǹØţǹŪĘýǹşěţĮǹŜşŁLJıýǹŁĐǹŪĘýǹòůţěĸýţţǹóĘØĸđýţǿǹýýǹØıţŁǹ
ŪĘýǹşěţĮţǹěĸĘýşýĸŪǹěĸǹŪĘýǹóŁķŜěıØŪěŁĸǹŁĐǹLJĸØĸóěØıǹěĸĐŁşķØŪěŁĸȀǹ
ØţǹùěţóıŁţýùǹěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹóóŁůĸŪěĸđǹŁıěóěýţȬǹƄěŪĘěĸǹ
ȫşěŪěóØıǹØóóŁůĸŪěĸđǹĪůùđýķýĸŪţǹØĸùǹĮýƊǹţŁůşóýţǹŁĐǺýţŪěķØŪěŁĸǹ
ØĸùǺůĸóýşŪØěĸŪƊȬǿ
Principal risks overview
2024 risk Change in
the year
&óŁĸŁķěóǹØĸùǹŜŁıěŪěóØı
Portfolio
fŜýşØŪěŁĸØıǹşýţěıěýĸóý
Leasing and asset management
People
ıěķØŪýǹóĘØĸđý
ŁķŜıěØĸóýǹƄěŪĘǹıØƄǹØĸùǹşýđůıØŪěŁĸţ
UýƊ
DĸóşýØţý "ýóşýØţýStable
61Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Risk management
Economic and political
ȟ DķŜØóŪǹŁĐǹůĸóýşŪØěĸǹěĸŪýşýţŪǹşØŪýǹýĸƃ캣ĸķýĸŪǹØĸùǹıØóĮǹŁĐǹ
ØƃØěıØòěıěŪƊǹŁşǹěĸóşýØţýùǹóŁţŪǹŁĐǹùýòŪǹŁşǹýŞůěŪƊǹĐůĸùěĸđ
ȟ DĸLjØŪěŁĸØşƊǹŜşýţţůşýţǹŁĸǹŁŜýşØŪěĸđǹóŁţŪţȀǹěĸóıůùěĸđǹýĸýşđƊǹ
ØĸùǹŪĘýǹóŁţŪțŁĐțıěƃěĸđǹ
ȟ ùƃýşţýǹěķŜØóŪǹŁĸǹòůţěĸýţţǹØĸùǹóŁĸţůķýşǹóŁĸLJùýĸóýȀǹ
ěĸóşýØţýùǹķØŪýşěØıǹóŁţŪţȀǹŜşŁıŁĸđýùǹţůŜŜıƊǹóĘØěĸţǹØĸùǹ
şýùůóýùǹıØòŁůşǹţůŜŜıƊ
ȟ "ýóıěĸýǹěĸǹşýØıǹýţŪØŪýǹƃØıůØŪěŁĸţǹùůýǹŪŁǹķØóşŁýóŁĸŁķěóǹ
óŁĸùěŪěŁĸţǹ
ȟ ýşţěţŪýĸŪǹţěđĸěLJóØĸŪǹùěţóŁůĸŪǹěĸǹŪĘýǹţĘØşýǹŜşěóýǹşýıØŪěƃýǹ
to EPRA NTA
ȟ ĸóýşŪØěĸǹŜŁıěŪěóØıǹóıěķØŪýǹØĸùȌŁşǹóĘØĸđýţǹŪŁǹıýđěţıØŪěŁĸǹ
ØĸùǹŜŁıěóěýţǹĐŁııŁƄěĸđǹóĘØĸđýǹěĸǹ:ŁƃýşĸķýĸŪ
Impact on strategy
ȟ ýùůóýùǹŜşŁŜýşŪƊǹşýŪůşĸ
ȟ ýùůóýùǹşýĸŪØıǹěĸóŁķýǹØĸùȌŁşǹóØŜěŪØıǹƃØıůýţǹØţǹóůţŪŁķýşţǹ
óŁůıùǹţůDŽýşǹţŪØDŽǹţĘŁşŪØđýţȀǹěĸóşýØţýùǹóŁţŪţȀǹıŁĸđýşǹıýØùǹ
times and lower availability of inventory
ȟ AěđĘýşǹŁŜýşØŪěĸđǹØĸùǹLJĸØĸóýǹóŁţŪţ
ȟ ýùůóýùǹLJĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹLjýƉěòěıěŪƊ
Mitigation
ȟ ]ØěĸŪØěĸǹØŜŜşŁŜşěØŪýǹıěŞůěùěŪƊǹŪŁǹóŁƃýşǹóŁķķěŪķýĸŪţ
ȟ ØşđýŪǹıŁĸđýşǹØĸùǹţŪØđđýşýùǹùýòŪǹķØŪůşěŪěýţȀǹØĸùǹùěƃýşţěLJýùǹ
ţŁůşóýţǹŁĐǹĐůĸùěĸđ
ȟ &ØşıƊǹşýLJĸØĸóěĸđǹŁĐǹùýòŪǹķØŪůşěŪěýţ
ȟ ŁƃýĸØĸŪǹĘýØùşŁŁķǹķŁĸěŪŁşýùǹØĸùǹţŪşýţţǹŪýţŪýùǹ
ȟ 9ěƉýùǹşØŪýǹLJĸØĸóěĸđǹØĸùǹùýşěƃØŪěƃýǹóŁĸŪşØóŪţǹŪŁǹŜşŁƃěùýǹ
ěĸŪýşýţŪǹşØŪýǺŜşŁŪýóŪěŁĸ
ȟ ]ŁĸěŪŁşěĸđǹŜşŁŜŁţØıţǹØĸùǹýķýşđěĸđǹŜŁıěóƊǹØĸùǹıýđěţıØŪěŁĸȀǹ
ƄěŪĘǺěĸùůţŪşƊǹıŁòòƊěĸđǹƄĘýşýǹØŜŜşŁŜşěØŪý
ȟ &ĸđØđýķýĸŪǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ
Ęýǹ:şŁůŜǹĐŁóůţýţǹŁĸǹŜşěķýǹØţţýŪţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸǹƄĘěóĘǹ
ĘěţŪŁşěóØııƊǹĘØƃýǹŜşŁƃýùǹŪŁǹòýǹýóŁĸŁķěóØııƊǹşýţěıěýĸŪǿǹ
Ęýǹ:şŁůŜǹĘØţǹĘØùǹØǹıŁĸđțŪýşķǹĐŁóůţǹŁĸǹķØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹòØıØĸóýǹ
ţĘýýŪȀǹƄěŪĘǹţůDžóěýĸŪǹıěŞůěùěŪƊǹØĸùǹùýòŪǹóŁƃýĸØĸŪǹĘýØùşŁŁķȀǹŪŁǹýĸţůşýǹ
it is able to withstand market volatility and take advantage of
ŁŜŜŁşŪůĸěŪěýţǿǹţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØţǹØóóýţţǹŪŁǹ
óØţĘǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǔǔǘǿǗǹķěııěŁĸǿ
&ƉŪýĸţěƃýǹĐŁşýóØţŪěĸđȀǹţŪşýţţǹŪýţŪěĸđǹØĸùǹķŁùýııěĸđǹŁĐǹƃØşěŁůţǹ
ţóýĸØşěŁţǹĘØţǹòýýĸǹůĸùýşŪØĮýĸȀǹěĸóıůùěĸđǹţýĸţěŪěƃěŪěýţǹØşěţěĸđǹĐşŁķǹŪĘýǹ
óůşşýĸŪǹķØóşŁýóŁĸŁķěóǹýĸƃ캣ĸķýĸŪȀǹŪŁǹĘýıŜǹŜıØĸǹĐŁşǹĐůŪůşýǹěķŜØóŪţǹ
on the business.
9ůĸùěĸđȀǹùýòŪǹØĸùǹŪşýØţůşƊǹķýŪşěóţǹØşýǹķŁĸěŪŁşýùǹŁĸǹØǹóŁĸŪěĸůØıǹòØţěţǹ
ƄěŪĘǹØǹĐŁóůţǹŁĸǹŜşýţýşƃěĸđǹıěŞůěùěŪƊǹØĸùǹóØŜěŪØıǿǹ
ǹùŁƄĸţěùýǹţóýĸØşěŁǹĘØţǹòýýĸǹØĸØıƊţýùǹěĸǹóŁĸĸýóŪěŁĸǹƄěŪĘǹŪĘýǹđŁěĸđǹ
óŁĸóýşĸǹØţţýţţķýĸŪȀǹùýŪØěıţǹŁĐǹƄĘěóĘǹØşýǹţýŪǹŁůŪǹěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹ
ØóóŁůĸŪěĸđǹŜŁıěóěýţȬǹƄěŪĘěĸǹȫ:ŁěĸđǹóŁĸóýşĸȬǿǹĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹ
ĘØƃýǹòýýĸǹŜşýŜØşýùǹŁĸǹØǹđŁěĸđǹóŁĸóýşĸǹòØţěţǿ
©ýǹşýķØěĸǹěĸǹóıŁţýǹùěØıŁđůýǹƄěŪĘǹıŁóØıǹØůŪĘŁşěŪěýţǹŪŁǹůĸùýşţŪØĸùǹ
ĐůŪůşýǹŜıØĸţǹØĸùǹƄŁşĮǹóŁĸţŪşůóŪěƃýıƊǹŪŁǹŜŁţěŪěŁĸǹŪĘýǹýţŪØŪýǹěĸǹŪĘýǹ
best possible manner.
See Chief Executive’s statement on page 12 for further information.
Portfolio
ȟ Inability of the Group to adopt the appropriate strategy
ŁşǹŪŁǹşýØóŪǹŪŁǹóĘØĸđěĸđǹķØşĮýŪǹóŁĸùěŪěŁĸţǹŁşǹóĘØĸđěĸđǹ
óŁĸţůķýşǹòýĘØƃěŁůş
ȟ ŁşŪĐŁıěŁǹóŁĸóýĸŪşØŪěŁĸ
ȟ Volatility in the investment market
Impact on strategy
ȟ DĸØòěıěŪƊǹŪŁǹùýıěƃýşǹòůţěĸýţţǹŜıØĸǹŁşǹØǹţŪşůóŪůşØıǹóĘØĸđýǹŪŁǹ
ŪĘýǺòůţěĸýţţǹŜıØĸǹěķŜØóŪěĸđǹşýŪůşĸţǹŁşǹóØŜěŪØıǹƃØıůýţ
Mitigation
ȟ 9ŁóůţǹŁĸǹŜşěķýǹØţţýŪţȀǹıŁóØŪěŁĸţǹØĸùǹůţýţǹƄĘýşýȀǹěĸǹĸŁşķØıǹ
óŁĸùěŪěŁĸţȀǹŪĘýşýǹěţǹØǹţŪşůóŪůşØıǹěķòØıØĸóýǹòýŪƄýýĸǹØƃØěıØòěıěŪƊǹ
ŁĐǺţŜØóýǹØĸùǹùýķØĸù
ȟ &ţŪØòıěţĘǹØţţýŪǹóıůţŪýşţǹŪŁǹŜşŁƃěùýǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹùşěƃýǹ
long-term growth and returns
ȟ ýđůıØşǹØţţýţţķýĸŪǹŁĐǹěĸƃýţŪķýĸŪǹķØşĮýŪǹóŁĸùěŪěŁĸţǹěĸóıůùěĸđǹ
bi-annual external valuations
ȟ ýđůıØşǹţŪşØŪýđěóǹØĸØıƊţěţǹƄěŪĘǹĐŁóůţǹŁĸǹóşýØŪěĸđǹķěƉýùțůţýǹ
ùýţŪěĸØŪěŁĸţǹØĸùǹşýţěùýĸŪěØıǹùěţŪşěóŪţǹƄěŪĘǹůĸěŞůýǹØŪŪşěòůŪýţ
ȟ ýóŁĸLJđůşýǹØĸùǹşýŜůşŜŁţýǹţŜØóýǹŪŁǹşýţŜŁĸùǹŪŁȀǹØĸùǹ
ØĸŪěóěŜØŪýȀǹóĘØĸđěĸđǹóůţŪŁķýşǹùýķØĸù
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ
Ęýǹ:şŁůŜǹĐŁóůţýţǹŁĸǹŜşěķýǹØţţýŪţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸǹ
ŜşěķØşěıƊǹěĸǹŪĘýǹşýŪØěıǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşǿǹĘýǹƃØıůýǹŁĐǹ
óŁĸŪşŁıǹŁƃýşǹØşýØţǹòşěĸđţǹŪĘýǹØòěıěŪƊǹŪŁǹóůşØŪýǹØĸùǹùşěƃýǹđşŁƄŪĘǹŁƃýşǹ
ŪĘýǹıŁĸđǹŪýşķǿǹ©ýǹØóŪěƃýıƊǹŜşŁķŁŪýǹŁůşǹØşýØţǹŪŁǹùşěƃýǹĐŁŁŪĐØııǹØĸùǹ
óůşØŪýǹØşýØţǹŪŁǹķØěĸŪØěĸǹŜıØóýţǹŪĘØŪǹØşýǹŜŁŜůıØşǿ
ůţŪØěĸýùǹóůţŪŁķýşǹùýķØĸùǹĘØţǹıýùǹŪŁǹıŁƄǹƃØóØĸóƊǹıýƃýıţǹƄěŪĘǹ
óŁĸţěţŪýĸŪıƊǹĘěđĘǹĐŁŁŪĐØııǿǹ
ĘşŁůđĘǹşýđůıØşǹùěØıŁđůýǹƄěŪĘǹŜŁŪýĸŪěØıǹØĸùǹóůşşýĸŪǹóůţŪŁķýşţǹØĸùǹ
regular assessments of the market, we are able to better understand
ķØşĮýŪǹùýķØĸùǹØĸùǹşýóŁĸLJđůşýǹţŜØóýǹØţǹØŜŜşŁŜşěØŪýǿǹ
See Portfolio and operating review on page 32 for further information.
Principal risks and uncertainties continued
şýØŪěƃýǹØĸùǹ
ØóŪěƃýǹØŜŜşŁØóĘ
2
ůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹ
of the business
1
"ěţóěŜıěĸýùǹLJĸØĸóěØıǹ
management
3
Sustainable and
óŁķķůĸěŪƊǹķěĸùýù
4
Strategic priorities
UýƊ
DĸóşýØţý "ýóşýØţýStable
62 Shaftesbury Capital PLC | 2024 Annual Report

Operational resilience
ȟ ]ěţóŁĸùůóŪǹŁşǹŜŁŁşǹŁŜýşØŪěŁĸØıǹŁşǹţůţŪØěĸØòěıěŪƊǹţŪØĸùØşùţ
ȟ ŁŁşǹŜýşĐŁşķØĸóýǹĐşŁķǹŁĸýǹŁĐǹŪĘýǹ:şŁůŜȬţǹŪĘěşùțŜØşŪƊǹ
ØùƃěţýşţǹØĸùǹóŁĸŪşØóŪŁşţ
ȟ ØŪØţŪşŁŜĘěóǹýƃýĸŪǹţůóĘǹØţǹØǹŪýşşŁşěţŪǹØŪŪØóĮȀǹĸØŪůşØıǹùěţØţŪýşȀǹ
ĘýØıŪĘǺŜØĸùýķěóǹŁşǹóƊòýşǹţýóůşěŪƊǹóşěķý
Impact on strategy
ȟ ýùůóýùǹşýĸŪØıǹěĸóŁķýȀǹĘěđĘýşǹŁŜýşØŪěĸđǹóŁţŪţȀǹØĸùȌŁşǹ
şýùůóýùǹóØŜěŪØıǹƃØıůýţǹ
ȟ ýùůóýùǹLJĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹLjýƉěòěıěŪƊ
ȟ "ěķěĸěţĘěĸđǹWŁĸùŁĸȬţǹţŪØŪůţ
ȟ Business disruption or damage to property
ȟ Reputational damage
Mitigation
ȟ ůŜŜıěýşǹŜşŁóůşýķýĸŪǹŜŁıěóƊǹØĸùǹşýđůıØşǹķŁĸěŪŁşěĸđǹŁĐǹ
ýƉŪýşĸØıǺØùƃěţýşţ
ȟ &ĸđØđýķýĸŪǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ
ȟ ůěıùěĸđǹşýěĸţŪØŪýķýĸŪȀǹıŁţţǹŁĐǹşýĸŪǹØĸùǹŪýşşŁşěţŪǹěĸţůşØĸóý
ȟ "ýŪØěıýùǹòůţěĸýţţǹóŁĸŪěĸůěŪƊǹØĸùǹóşěţěţǹóŁķķůĸěóØŪěŁĸǹ
ŜıØĸţǺěĸǺŜıØóý
ȟ fĸțţěŪýǹţýóůşěŪƊǹØĸùǹóƊòýşǹţýóůşěŪƊǹěĸǹŜıØóý
ȟ AýØıŪĘǹØĸùǹţØĐýŪƊǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţ
ȟ ıŁţýǹıěØěţŁĸǹƄěŪĘǹŜŁıěóýȀǹ^ØŪěŁĸØıǹŁůĸŪýşǹýşşŁşěţķǹýóůşěŪƊǹ
fDžóýǹȡ^ØfȢǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ
©ĘěıţŪǹòýěĸđǹěĸƃýţŪýùǹěĸǹŁĸýǹØşýØǹěţǹØǹşěţĮȀǹŪĘýǹ:şŁůŜȬţǹŁƄĸýşţĘěŜǹ
in prime West End real estate is also a strength and an opportunity,
ŜşŁƃěùěĸđǹóŁĸŪşŁıǹØĸùǹØııŁƄěĸđǹóůşØŪěŁĸǹŁĐǹŪĘýǹØşýØǹŪŁǹķØěĸŪØěĸǹŜıØóýţǹ
that are popular.
:ěƃýĸǹŪĘýǹĘěđĘțŜşŁLJıýǹĸØŪůşýǹŁĐǹŪĘýǹ:şŁůŜȬţǹØţţýŪţȀǹŪĘýǹşěţĮǹŁĐǹØĸǹ
external event is inevitably heightened. It is therefore important
ŪĘØŪǹŪĘýǹ:şŁůŜǹķØěĸŪØěĸţǹşýóŁķķýĸùýùǹıýƃýıţǹŁĐǹěĸţůşØĸóýǹØĸùǹ
ěķŜıýķýĸŪţǹýDŽýóŪěƃýǹţýóůşěŪƊǹØĸùǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŜŁıěóěýţǿ
ůţěĸýţţǹóŁĸŪěĸůěŪƊǹŜıØĸţǹĐŁşǹòŁŪĘǹýķŜıŁƊýýţǹØĸùǹţýşƃěóýǹŜşŁƃěùýşţȀǹ
ěĸóıůùěĸđǹěĸŪşŁùůóŪěŁĸǹŁĐǹýƉŪýşĸØıǹşýţŁůşóýţȀǹěĐǹşýŞůěşýùȀǹØĸùǹŁŪĘýşǹ
ŜŁıěóěýţǹĘØƃýǹòýýĸǹşýƃěýƄýùǹŪŁđýŪĘýşǹƄěŪĘǹAǹŜŁıěóěýţȀǹŪýóĘĸŁıŁđƊǹ
ØĸùǹóŁķķůĸěóØŪěŁĸǹƄĘýşýǹØŜŜşŁŜşěØŪýǿǹDǹţýóůşěŪƊǹţƊţŪýķţǹŪĘØŪǹ
ţůŜŜŁşŪǹùØŪØǹţýóůşěŪƊǹØĸùǹùěţØţŪýşǹşýóŁƃýşƊǹØşýǹěĸǹŜıØóýǿ
ƊòýşǹţýóůşěŪƊǹØĸùǹěŪţǹěķŜØóŪǹŁĸǹùØŪØǹØĸùǹDǹěĸĐşØţŪşůóŪůşýȀǹěĸóıůùěĸđǹ
òŁŪĘǹƄěùýţŜşýØùǹşěţĮţǹţůóĘǹØţǹţŪØŪýțţŜŁĸţŁşýùǹóƊòýşțØŪŪØóĮţǹØĸùǹ
ŪĘŁţýǹŪØşđýŪýùǹùěşýóŪıƊǹØŪǹŁůşǹţƊţŪýķţǹØĸùǹùØŪØǹóŁĸŪěĸůýţǹŪŁǹòýǹØǹ
ĮýƊǹĐŁóůţȀǹƄěŪĘǹţůŜŜŁşŪǹĐşŁķǹýƉŪýşĸØıǹØùƃěţýşţȀǹěĸóıůùěĸđǹţŜýóěØıěţŪǹ
óŁĸţůıŪØĸŪţȀǹŪŁǹýĸţůşýǹØŜŜşŁŜşěØŪýǹóŁĸŪşŁıţǹØĸùǹţýóůşěŪƊǹŜşŁŪŁóŁıţǹ
ØşýǹěĸǹŜıØóýǿǹ&ķŜıŁƊýýţǹØşýǹŜşŁƃěùýùǹƄěŪĘǹşýđůıØşǹóƊòýşǹţýóůşěŪƊǹØĸùǹ
phishing training.
See Our purpose-led strategy and business model on pages 16 and 17 for
further information.
Leasing and asset management
ȟ DĸØòěıěŪƊǹŪŁǹØóĘěýƃýǹŪØşđýŪǹşýĸŪţǹŁşǹŪŁǹØŪŪşØóŪǹŪØşđýŪǹóůţŪŁķýşţǹ
ùůýǹŪŁǺķØşĮýŪǹóŁĸùěŪěŁĸţ
ȟ ŁķŜýŪěŪěŁĸǹĐşŁķǹŁŪĘýşǹıŁóØŪěŁĸţȌĐŁşķØŪţ
ȟ ĸĐØƃŁůşØòıýǹŜıØĸĸěĸđȌıěóýĸţěĸđǹŜŁıěóƊȀǹıýđěţıØŪěŁĸǹŁşǹØóŪěŁĸǹ
ěķŜØóŪěĸđǹŁĸǹŪĘýǹØòěıěŪƊǹŪŁǹţýóůşýǹØŜŜşŁƃØıţǹŁşǹóŁĸţýĸŪţ
Impact on strategy
ȟ "ýóıěĸýǹěĸǹóůţŪŁķýşǹùýķØĸùǹĐŁşǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţ
ȟ ýùůóýùǹěĸóŁķýǹØĸùǹěĸóşýØţýùǹƃØóØĸóƊ
ȟ ýùůóýùǹşýŪůşĸǹŁĸǹěĸƃýţŪķýĸŪǹØĸùǹùýƃýıŁŜķýĸŪǹŜşŁŜýşŪƊ
Mitigation
ȟ AěđĘǹŞůØıěŪƊǹóůţŪŁķýşǹķěƉ
ȟ ŪşØŪýđěóǹĐŁóůţǹŁĸǹóşýØŪěĸđǹķěƉýùțůţýǹùýţŪěĸØŪěŁĸţǹƄěŪĘǹ
ůĸěŞůýǺØŪŪşěòůŪýţ
ȟ &ĸđØđýķýĸŪǹƄěŪĘǹıŁóØıǹØĸùǹĸØŪěŁĸØıǹØůŪĘŁşěŪěýţ
ȟ şýțØŜŜıěóØŪěŁĸǹØĸùǹóŁĸţůıŪØŪěŁĸǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹ
ØĸùǺıØĸùŁƄĸýşţ
ȟ ýđůıØşǹØţţýţţķýĸŪǹŁĐǹķØşĮýŪǹóŁĸùěŪěŁĸţǹØĸùǹ
development strategy
ȟ Business strategy based on long-term returns
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ
Ęýǹ:şŁůŜǹŪØĮýţǹķýØţůşýùǹşěţĮţǹòƊǹůţěĸđǹěŪţǹýƉŜýşŪěţýǹěĸǹŜıØóýț
ķØĮěĸđǹØĸùǹóşýØŪěƃýǹØĸùǹØóŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹŪŁǹùýıěƃýşǹıŁĸđț
ŪýşķǹƃØıůýǹŪĘşŁůđĘǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹØŪŪşØóŪěĸđǹĸýƄǹóůţŪŁķýşţǿǹ
"ůşěĸđǹǑǏǑǓȀǹıýØţěĸđǹØóŪěƃěŪƊǹşýķØěĸýùǹţŪşŁĸđȀǹƄěŪĘǹĘěđĘǹŁóóůŜØĸóƊǹ
ıýƃýıţǹşýLjýóŪěĸđǹŪĘýǹţŪşýĸđŪĘǹŁĐǹùýķØĸùǹĐŁşǹŜşěķýǹóýĸŪşØıǹWŁĸùŁĸǹ
real estate.
]ØĸƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹóůţŪŁķýşţǹØşýǹýƉŜŁţýùǹŪŁǹŪĘýǹóĘØĸđýţǹ
ØĸùǹóĘØııýĸđýţǹĐØóěĸđǹŪĘýǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşţȀǹěĸóıůùěĸđǹ
ķØóşŁýóŁĸŁķěóǹĐØóŪŁşţȀǹţůóĘǹØţǹØƃØěıØòěıěŪƊǹØĸùǹóŁţŪǹŁĐǹóşýùěŪǹĐŁşǹ
óůţŪŁķýşţǹØĸùǹŪĘýěşǹòůţěĸýţţýţȀǹŪĘýǹŜŁŪýĸŪěØıǹĐŁşǹŪĘýǹıýƃýıǹŁĐǹóŁĸţůķýşǹ
ţŜýĸùěĸđǹŪŁǹòýǹěķŜØóŪýùǹòƊǹóŁţŪțŁĐțıěƃěĸđǹŜşýţţůşýţȀǹòůţěĸýţţǹØĸùǹ
óŁĸţůķýşǹóŁĸLJùýĸóýȀǹěĸLjØŪěŁĸǹşØŪýţȀǹýĸýşđƊǹóŁţŪţȀǹţůŜŜıƊǹóĘØěĸǹ
ùěţşůŜŪěŁĸȀǹıØòŁůşǹţĘŁşŪØđýţǹØĸùǹŁŪĘýşǹŁŜýşØŪěŁĸØıǹóŁţŪţǿ
Ęýǹ:şŁůŜǹıŁŁĮţǹĐŁşǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹóşýØŪýǹŁşǹýĸĘØĸóýǹƃØıůýǹěĸǹŪĘýǹ
ŜŁşŪĐŁıěŁǹŪĘşŁůđĘǹŪĘýǹŜıØĸĸěĸđǹŜşŁóýţţȀǹóŁđĸěţØĸŪǹŁĐǹŪĘýǹşěţĮţǹòůŪǹ
ůţěĸđǹŁůşǺýƉŜýşěýĸóýǹØĸùǹţĮěııǹŪŁǹùýıěƃýşǹŁůşǹŁòĪýóŪěƃýţǿ
Ęýǹ:şŁůŜǹĘØţǹØǹĐŁóůţýùǹıýØţěĸđǹØĸùǹķØşĮýŪěĸđǹţŪşØŪýđƊȀǹýĸţůşěĸđǹ
the business is well-positioned. The Group regularly engages with
ţůŜŜıěýşţǹŪŁǺůĸùýşţŪØĸùǹŪĘýěşǹØòěıěŪƊǹŪŁǹķýýŪǹŁůşǹşýŞůěşýķýĸŪţǹ
and standards.
See Portfolio and operating review on page 32 for further information.
63Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Risk management
Principal risks and uncertainties continued
People
ȟ DĸØòěıěŪƊǹŪŁǹşýŪØěĸǹØĸùǹşýóşůěŪǹŪĘýǹşěđĘŪǹŜýŁŜıýǹØĸùǹùýƃýıŁŜǹ
leadership skills within the business
ȟ UýƊǹŜýşţŁĸǹşěţĮǹØţǹŪĘýǹ:şŁůŜǹĘØţǹØǹşýıØŪěƃýıƊǹıěķěŪýùǹ
ĘýØùóŁůĸŪ
Impact on strategy
ȟ DĸØòěıěŪƊǹŪŁǹýƉýóůŪýǹţŪşØŪýđƊǹØĸùǹòůţěĸýţţǹŜıØĸ
ȟ ŁĸţŪşØěĸýùǹđşŁƄŪĘȀǹıŁţŪǹŁŜŜŁşŪůĸěŪěýţ
ȟ şýţţůşýǹŁĸǹóŁşŜŁşØŪýǹóŁţŪţ
Mitigation
ȟ ůóóýţţěŁĸǹŜıØĸĸěĸđȀǹŜýşĐŁşķØĸóýǹýƃØıůØŪěŁĸţȀǹŪşØěĸěĸđǹ
ØĸùǺùýƃýıŁŜķýĸŪ
ȟ WŁĸđțŪýşķǹØĸùǹóŁķŜýŪěŪěƃýǹěĸóýĸŪěƃýǹşýƄØşùţ
ȟ 9ıýƉěòıýǹØĸùǹķŁùýşĸǹƄŁşĮěĸđǹŜşØóŪěóýţ
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ
ĘýǹţůóóýţţǹŁĐǹŪĘýǹòůţěĸýţţǹěţǹùŁƄĸǹŪŁǹØǹùýùěóØŪýùǹŪýØķǹŁĐǹţĮěııýùǹ
ØĸùǹŪØıýĸŪýùǹěĸùěƃěùůØıţǹƄŁşĮěĸđǹóŁııØòŁşØŪěƃýıƊǿǹĘýǹĘýØıŪĘǹØĸùǹ
ƄýııțòýěĸđǹŁĐǹŁůşǹŜýŁŜıýǹěţǹŁĐǹŪĘýǹůŪķŁţŪǹěķŜŁşŪØĸóýǹěĸóıůùěĸđǹŪĘýǹ
ØòěıěŪƊǹŪŁǹóşýØŪýǹØǹóůıŪůşýǹØĸùǹýĸƃ캣ĸķýĸŪǹŪĘØŪǹØııŁƄţǹýØóĘǹŜýşţŁĸǹ
ŪŁǺđşŁƄȀǹùýƃýıŁŜǹØĸùǹŜýşĐŁşķǹŪŁǹŪĘýǹòýţŪǹŁĐǹŪĘýěşǹØòěıěŪěýţǿ
ĘýşýǹşýķØěĸţǹØǹşěţĮǹŁĐǹěııĸýţţǹŁşǹØòţýĸóýǹØóşŁţţǹýķŜıŁƊýýţȀǹ
ķØĸØđýķýĸŪǹŁşǹţýşƃěóýǹŜşŁƃěùýşţǹƄĘěóĘǹƄŁůıùǹùěţşůŜŪǹŪĘýǹùØƊț
ŪŁțùØƊǹØóŪěƃěŪěýţǹŁĐǹŪĘýǹ:şŁůŜȬţǹòůţěĸýţţǹØĸùǹşůĸĸěĸđǹŁĐǹŪĘýǹýţŪØŪýǿǹ
ýØķǹóŁķķůĸěóØŪěŁĸǹţŪşØŪýđěýţǹĘØƃýǹòýýĸǹěķŜıýķýĸŪýùǹŪŁǹýĸţůşýǹ
ķØĸØđýşţǹóØĸǹØùýŞůØŪýıƊǹţůŜýşƃěţýǹØĸùǹţůŜŜŁşŪǹýķŜıŁƊýýţǹƄĘýşýǹ
they are working from home.
ýóşůěŪěĸđǹØĸùǹŁĸțòŁØşùěĸđǹŜŁıěóěýţǹĘØƃýǹòýýĸǹØùĪůţŪýùǹƄĘýşýǹ
ĸýóýţţØşƊǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹòůţěĸýţţǹěţǹØòıýǹŪŁǹóŁĸŪěĸůýǹŪŁǹØŪŪşØóŪȀǹ
ùýƃýıŁŜǹØĸùǹşýŪØěĸǹŪĘýǹòýţŪǹŜŁţţěòıýǹşýţŁůşóýţǿ
©ýǹóŁĸŪěĸůýǹŪŁǹķŁĸěŪŁşǹóıŁţýıƊǹýķŜıŁƊýýţȬǹķýĸŪØıǹØĸùǹŜĘƊţěóØıǹ
ƄýııțòýěĸđǹØĸùǹŪĘýǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŁĐǹŁůşǹýķŜıŁƊýýţǹØĸùǹţýşƃěóýǹ
providers remains a top priority with regular seminars and webinars
from external experts.
See Our people and culture on page 100 for further information.
Climate change
ȟ ĘƊţěóØıǹěķŜØóŪǹŁĸǹŁůşǹØţţýŪţǹĐşŁķǹşěţěĸđǹŪýķŜýşØŪůşýţǹŁşǹ
ŁŪĘýşǹýƉŪşýķýǹóıěķØŪýțşýıØŪýùǹýƃýĸŪǹţůóĘǹØţǹLjŁŁùěĸđǹ
ȟ şØĸţěŪěŁĸØıǹóĘØııýĸđýǹŁĐǹěĸóşýØţěĸđǹØĸùǹķŁşýǹŁĸýşŁůţǹ
óŁķŜıěØĸóýǹØĸùǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪţȀǹØţǹƄýııǹØţǹşýŪşŁLJŪŪěĸđȀǹ
insuring or leasing our heritage assets on an appropriate
ƄĘŁıýǹıěĐýǹóØşòŁĸǹòØţěţ
ȟ DĸØòěıěŪƊǹŪŁǹĮýýŜǹŜØóýǹƄěŪĘǹóůţŪŁķýşǹØĸùǹóŁĸţůķýşǹùýķØĸùǹĐŁşǹ
ŜşŁØóŪěƃýǹØóŪěŁĸǹŪŁǹķØĸØđýǹØĸùǹķěŪěđØŪýǹóıěķØŪýțşýıØŪýùǹşěţĮ
Impact on strategy
ȟ ýùůóýùǹěĸóŁķýȀǹóØŜěŪØıǹƃØıůýţǹŁşǹòůţěĸýţţǹùěţşůŜŪěŁĸ
ȟ DĸóşýØţýùǹŁŜýşØŪěĸđǹóŁţŪţǹŪŁǹķýýŪǹşýŜŁşŪěĸđǹØĸùǹŪØşđýŪǹ
ķýŪşěóţǹØĸùǺóŁķŜıěØĸóý
ȟ DĸóşýØţýùǹóØŜěŪØıǹóŁţŪţǹŁĐǹşýŪşŁLJŪŪěĸđȀǹŁşǹěĸØòěıěŪƊǹŪŁǹşýţŁıƃýǹ
ıěţŪýùǺòůěıùěĸđǹŁşǹŜıØĸĸěĸđǹóĘØııýĸđýţȀǹıýØùţǹŪŁǹòůěıùěĸđţǹ
òýóŁķěĸđǺóØşòŁĸǹţŪşØĸùýù
ȟ ýùůóýùǹěĸóŁķýǹŪĘşŁůđĘǹıŁƄýşǹşýĸŪţǹØĸùǹıŁĸđýşǹƃŁěùǹŜýşěŁùţǹ
ùůýǹŪŁǹşýùůóýùǹóůţŪŁķýşǹùýķØĸùǹ
Mitigation
ȟ ŁķŜØĸƊǹķØĸØđýţǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹ
ØĸùǺţůţŪØěĸØòěıěŪƊǹŪýØķǹěĸǹŜıØóý
ȟ ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹĘØţǹòýýĸǹşýţýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹ
ƄěŪĘǹŪĘýǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹıŁĸđțŪýşķǹóØşòŁĸǹ
şýùůóŪěŁĸǹŪØşđýŪţǿǹ9ŁşǹķŁşýǹùýŪØěıǹŁĸǹŪĘýǹķěŪěđØŪěŁĸǹķýØţůşýţǹ
ěĸǹŜıØóýǹĐŁşǹóıěķØŪýǹşěţĮȀǹŜıýØţýǹşýĐýşǹŪŁǹŪĘýǹ:şŁůŜȬţǹ9"ǹ
ùěţóıŁţůşýţǹěĸǹŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǹØţǹƄýııǹØţǹŪĘýǹ:şŁůŜȬţǹ
^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ
ȟ óŪěƃýǹķØĸØđýķýĸŪǹŜıØĸǹƄěŪĘǹýƉŪýşĸØıǹşýŜŁşŪěĸđǹƃěØǹ
şýóŁđĸěţýùǹěĸùěóýţǹØĸùǹòýĸóĘķØşĮţȀǹěĸóıůùěĸđǹ&Ȁǹ"Ȁǹ
]DǹØĸùǹ:&
ȟ ŁĸŪěĸůýùǹýĸđØđýķýĸŪǹƄěŪĘǹţŪØĮýĘŁıùýşţǹěĸǹŁşùýşǹŪŁǹ
ŜşýţýşƃýǹĘýşěŪØđýǹòůěıùěĸđţȀǹƄĘěıýǹýĸĘØĸóěĸđǹýĸƃ캣ĸķýĸŪØıǹ
ŜýşĐŁşķØĸóý
ȟ şŁțØóŪěƃýǹóůţŪŁķýşǹØĸùǹóŁĸţůķýşǹýĸđØđýķýĸŪǹŜşŁđşØķķýǹ
ØĸùǹţýŪŪěĸđǹŁĐǹØŜŜşŁŜşěØŪýǹóıěķØŪýțşýıØŪýùǹŪØşđýŪţǹŁĸǹòŁŪĘǹ
development and operations
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ
The Group believes in taking a responsible and forward-looking
ØŜŜşŁØóĘǹŪŁǹýĸƃ캣ĸķýĸŪØıǹěţţůýţǹØĸùǹŪĘýǹŜşěĸóěŜıýţǹŁĐǹţůţŪØěĸØòěıěŪƊǿǹ
Ęýǹ:şŁůŜǹşýóŁđĸěţýţǹŪĘýǹşýţŜŁĸţěòěıěŪƊǹŪŁǹŪØóĮıýǹóıěķØŪýǹóĘØĸđýǿǹ
DŪǹěţǹóŁķķěŪŪýùǹŪŁǹķýýŪěĸđǹŁůşǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹ
ĘØţǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŪĘýǹěǹ
ıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹşýŞůěşýķýĸŪţǿǹţǹØǹıŁĸđțŪýşķǹţŪýƄØşùǹŁĐǹ
ŪĘýǹ©ýţŪǹ&ĸùȀǹŪĘýǹ:şŁůŜǹůĸùýşţŪØĸùţǹŪĘýǹòýĸýLJŪţǹŁĐǹØǹţŪşŁĸđǹŪşØóĮǹ
şýóŁşùǹŁĐǹşýţŪŁşěĸđǹØĸùǹóýıýòşØŪěĸđǹŪĘýǹĘýşěŪØđýǹŁĐǹŪĘýǹØşýØǹŪĘşŁůđĘǹ
óŁĸţěùýşýùǹşýĐůşòěţĘķýĸŪţǹØĸùǹùýƃýıŁŜķýĸŪţǿ
Ęýǹ:şŁůŜǹĘØţǹķØùýǹķØŪýşěØıǹŜşŁđşýţţǹěĸǹŪĘýǹùýóØşòŁĸěţØŪěŁĸǹŁĐǹŪĘýǹ
ŜŁşŪĐŁıěŁǿǹ©ýǹØşýǹØŪǹØǹóşěŪěóØıǹŜŁěĸŪǹĐŁşǹØóŪěŁĸǹØĸùǹƄěııǹóŁĸŪěĸůýǹŁůşǹ
ýDŽŁşŪţǹěĸǹǑǏǑǔǹŪŁǹşýùůóýǹđşýýĸĘŁůţýǹđØţǹýķěţţěŁĸţǹěĸǹŁůşǹòůěıùěĸđţǹ
and operations. This requires more innovative and sustainable
ƄØƊţǹŁĐǹƄŁşĮěĸđȀǹØĸùǹěĸóıůùýţǹŁůşǹţůŜŜıƊǹóĘØěĸǹŜØşŪĸýşţǹØóşŁţţǹ
ùýƃýıŁŜķýĸŪǹØĸùǹŁŜýşØŪěŁĸØıǹùěţóěŜıěĸýţȀǹŁůşǹóůţŪŁķýşţȀǹØţǹƄýııǹ
ØţǹŁůşǹóŁşŜŁşØŪýǹØóŪěŁĸţǿ
See TCFD report on page 66 and the Net Zero Carbon Pathway on our
website: https://www.shaftesburycapital.com/en/responsibility/
environment/net-zero-carbon-pathway.html.
şýØŪěƃýǹØĸùǹ
ØóŪěƃýǹØŜŜşŁØóĘ
2
ůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹ
of the business
1
"ěţóěŜıěĸýùǹLJĸØĸóěØıǹ
management
3
Sustainable and
óŁķķůĸěŪƊǹķěĸùýù
4
Strategic priorities
UýƊ
DĸóşýØţý "ýóşýØţýStable
64 Shaftesbury Capital PLC | 2024 Annual Report

Compliance with law and regulations
ȟ şýØóĘǹŁĐǹıýđěţıØŪěŁĸȀǹşýđůıØŪěŁĸǹŁşǹóŁĸŪşØóŪ
ȟ DĸØòěıěŪƊǹŪŁǹşýØóŪǹŪŁǹŁşǹØĸŪěóěŜØŪýǹıýđØıǹŁşǹşýđůıØŪŁşƊǹóĘØĸđýţȀǹ
ěĸóıůùěĸđǹŜŁŪýĸŪěØıǹóĘØĸđýţǹŪŁǹŪĘýǹWØĸùıŁşùǹØĸùǹýĸØĸŪǹóŪǹŁşǹ
ŁŪĘýşǹØţţŁóěØŪýùǹşýĐŁşķţ
ȟ óóěùýĸŪţǹóØůţěĸđǹıŁţţǹŁĐǹıěĐýǹŁşǹƃýşƊǹţýşěŁůţǹěĸĪůşƊǹŪŁǹýķŜıŁƊýýţȀǹ
óŁĸŪşØóŪŁşţȀǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǹŪŁǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţȂǹ
ŁşǺĸýØşǹķěţţýţǹŁĐǹŪĘýǹţØķý
ȟ &ƉěŪǹĐşŁķǹ&DǹşýđěķýǹùůýǹŪŁǹĸŁĸțóŁķŜıěØĸóýǹƄěŪĘǹ&Dǹ
requirements
Impact on strategy
ȟ şŁţýóůŪěŁĸǹĐŁşǹĸŁĸțóŁķŜıěØĸóýǹƄěŪĘǹıýđěţıØŪěŁĸ
ȟ WěŪěđØŪěŁĸǹŁşǹLJĸýţȀǹşýŜůŪØŪěŁĸØıǹùØķØđý
ȟ "ěţŪşØóŪěŁĸǹŁĐǹķØĸØđýķýĸŪ
Mitigation
ȟ ŜŜŁěĸŪķýĸŪǹŁĐǹýƉŪýşĸØıǹØùƃěţýşţǹŪŁǹķŁĸěŪŁşǹóĘØĸđýţǹěĸǹıØƄǹ
ŁşǺşýđůıØŪěŁĸ
ȟ ]ýķòýşţǹŁĐǹţŪØDŽǹØŪŪýĸùǹýƉŪýşĸØıǹòşěýLJĸđţǹŪŁǹşýķØěĸǹóŁđĸěţØĸŪǹ
ŁĐǹıýđěţıØŪěƃýǹØĸùǹşýđůıØŪŁşƊǹóĘØĸđýţ
ȟ AýØıŪĘǹØĸùǹţØĐýŪƊǹŜşŁóýùůşýţȀǹŪşØěĸěĸđǹØĸùǹđŁƃýşĸØĸóýǹØóşŁţţǹ
ŪĘýǺ:şŁůŜ
ȟ ŜŜŁěĸŪķýĸŪǹŁĐǹşýŜůŪØòıýǹóŁĸŪşØóŪŁşţ
ȟ ùýŞůØŪýǹěĸţůşØĸóýǹĘýıùǹŪŁǹóŁƃýşǹŪĘýǹşěţĮţǹěĸĘýşýĸŪǹěĸǹŜşŁŜýşŪƊǹ
ŁƄĸýşţĘěŜǹØĸùǹóŁĸţŪşůóŪěŁĸǹŜşŁĪýóŪţ
ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ
ŁķŜıěØĸóýǹƄěŪĘǹıØƄǹØĸùǹşýđůıØŪěŁĸţȀǹěĸóıůùěĸđǹĘýØıŪĘǹØĸùǹţØĐýŪƊȀǹ
remains a key priority for the Board.
şŁŪŁóŁıţǹØşýǹěĸǹŜıØóýǹØĸùǹóŁķķůĸěóØŪýùǹØóşŁţţǹŪĘýǹƃØşěŁůţǹ
stakeholder groups to ensure everyone is aware of new legislation
and requirements.
ĘýǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŁĐǹŁůşǹŜýŁŜıýǹØĸùǹŪĘýǹŜůòıěóǹěţǹØǹĮýƊǹŜşěŁşěŪƊǿǹ
ĘýǺ:şŁůŜǹƄŁşĮţǹóıŁţýıƊǹƄěŪĘǹěŪţǹţŪØĮýĘŁıùýşţǹŪŁǹķěŪěđØŪýǹĘýØıŪĘǹ
ØĸùǺţØĐýŪƊǹşěţĮţǿǹ
©ýǹşýķØěĸǹěĸǹóŁķķůĸěóØŪěŁĸǹƄěŪĘǹA]ǹşýđØşùěĸđǹŁůşǹ&DǹţŪØŪůţȀǹ
ŪĘýǺ:şŁůŜȬţǹØòěıěŪƊǹŪŁǹóŁķŜıƊǹƄěŪĘǹŪĘýǹşýŞůěşýķýĸŪţǹØĸùǹŪĘýǹØŜŜşŁØóĘǹ
ƄĘěóĘǹA]ǹƄěııǹŪØĮýǹěĸǹşýıØŪěŁĸǹŪŁǹØĸƊǹòşýØóĘǹŁĐǹŪĘýǹ&DǹóŁĸùěŪěŁĸţǿ
See Corporate governance report on page 104 for further information.
65Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Task Force on Climate-related
Financial Disclosures
ĘěţǹùěţóıŁţůşýǹěţǹŪĘýǹţýóŁĸùǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹěţǹ
óŁĸţěţŪýĸŪǹƄěŪĘǹØııǹǐǐǹşýóŁķķýĸùØŪěŁĸţǹŁĐǹŪĘýǹØţĮǹ9Łşóýǹ
ŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţǹȡȩ9"ȪȢǿǹDŪǹěĸóıůùýţǹ
a summary of risks and opportunities with all information
şýŞůěşýùǹòƊǹŪĘýǹUǹWěţŪěĸđǹůıýţȀǹŪĘýǹ9"ǹĸĸýƉǹØııțţýóŪŁşǹ
đůěùØĸóýǹØĸùǹŪĘýǹţůŜŜıýķýĸŪØıǹđůěùØĸóýǹĐŁşǹķØŪýşěØıţǹØĸùǹ
òůěıùěĸđţǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŁůşǹùØŪØǹŪŁǹùýƃýıŁŜǹŁůşǹ
ůĸùýşţŪØĸùěĸđǹŁĐǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹĐůŪůşýǹùěţóıŁţůşýţǿǹ
ůŜŜıýķýĸŪØşƊǹùýŪØěıǹěţǹţýŪǹŁůŪǹěĸǹŁůşǹıŁĸđțĐŁşķǹ9"ǹşýŜŁşŪǹ
ŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌ
şýţŜŁĸţěòěıěŪƊȌŜŁıěóěýţțØĸùțşýŜŁşŪţǿĘŪķı
fůşǹŜŁşŪĐŁıěŁǹşýķØěĸţǹóŁĸóýĸŪşØŪýùǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹ
WŁĸùŁĸȀǹØĸùǹŪĘýǹóŁķòěĸýùǹòůţěĸýţţǹşýķØěĸţǹýĸŪěşýıƊǹţůòĪýóŪǹ
ŪŁǹØǹUǹşýđůıØŪŁşƊǹĐşØķýƄŁşĮǿǹĘýşýǹĘØƃýǹòýýĸǹĸŁǹƊýØşț
ŁĸțƊýØşǹóĘØĸđýţǹěĸǹŁůşǹòůţěĸýţţǹţŪşØŪýđƊǹŁşǹØţţýŪţǹŪĘØŪǹ
ƄŁůıùǹķØŪýşěØııƊǹěķŜØóŪǹŁůşǹóıěķØŪýțóĘØĸđýțşýıØŪýùǹşěţĮţǹ
ØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹĘěţǹùěţóıŁţůşýǹØıěđĸţǹƄěŪĘǹŪĘýǹóŁşŜŁşØŪýǹ
ùýLJĸěŪěŁĸǹŁĐǹķØŪýşěØıěŪƊǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǕǖǿǹţǹţýŪǹŁůŪǹěĸǹ
ŪĘěţǹùěţóıŁţůşýǹƄýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹşýLJĸýǹŁůşǹůĸùýşţŪØĸùěĸđǹ
ŁĐǹóıěķØŪýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţȀǹŜØşŪěóůıØşıƊǹƄěŪĘǹşýđØşùţǹŪŁǹ
ŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹýƉŜŁţůşýǿǹ
fůşǹŞůØĸŪěŪØŪěƃýǹØţţýţţķýĸŪǹŁĐǹŜĘƊţěóØıǹşěţĮǹĘØţǹòýýĸǹůŜùØŪýùǹ
during the year and, building on pre-existing qualitative
ØĸØıƊţěţȀǹƄýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹķŁĸěŪŁşǹşýıýƃØĸŪǹUǹşýđůıØŪŁşƊǹ
óĘØĸđýţǹƄĘěóĘǹóŁůıùǹØùĪůţŪǹŁůşǹƃěýƄǹŁĐǹŪşØĸţěŪěŁĸǹşěţĮǿǹ©ýǹĘØƃýǹ
şýŜŁşŪýùǹĸŁǹķØŪýşěØıǹóĘØĸđýţǹěĸǹýěŪĘýşǹŜĘƊţěóØıǹŁşǹŪşØĸţěŪěŁĸǹşěţĮǿǹ
©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹţŪşýĸđŪĘýĸěĸđǹŁůşǹØŜŜşŁØóĘǹŪŁǹØùùşýţţěĸđǹ
óıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹĸùýşǹŪĘýǹŁƃýşţěđĘŪǹ
ŁĐǹŪĘýǹ:şŁůŜȬţǹŁØşùǹØĸùǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹƄýǹĘØƃýǹ
óŁĸŪěĸůýùǹŪŁǹýķòýùǹŪĘýǹ9"ǹşýóŁķķýĸùØŪěŁĸţǹěĸŪŁǹØııǹ
ŁůşǹşýıýƃØĸŪǹŜşØóŪěóýţǿǹıěķØŪýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹ
óŁĸţěùýşýùǹòƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŁĸǹòýĘØıĐǹŁĐǹŪĘýǹŁØşùȀǹ
ƄěŪĘǹùØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŪĘşŁůđĘǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿǹ
DĸǹŪĘěţǹùěţóıŁţůşýǹƄýǹŁůŪıěĸýǹŁůşǹØŜŜşŁØóĘǹŪŁǹěùýĸŪěĐƊěĸđǹØĸùǹ
ķØĸØđěĸđǹóıěķØŪýțóĘØĸđýțşýıØŪýùǹěţţůýţȀǹØùùşýţţěĸđǹòŁŪĘǹşěţĮţǹ
and opportunities.
©ýǹĘØƃýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪȀǹěĸóıůùěĸđǹ
ţýŪŪěĸđǹØǹıŁĸđțŪýşķǹŪØşđýŪǹŪŁǹşýùůóýǹşýıýƃØĸŪǹóŁŜýǹǐȀǹǑǹØĸùǹ
ǒǹýķěţţěŁĸţǹòƊǹǘǏǹŜýşǹóýĸŪǹòƊǹǑǏǓǏȀǹĐşŁķǹØǹǑǏǐǘǹòØţýıěĸýǿǹ
ĘěţǺòůěıùţǹŁĸǹĸýØşțŪýşķǹşýùůóŪěŁĸǹŪØşđýŪţǹĐŁşǹǑǏǒǏǿǹfůşǹĸýØşțǹ
ØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǹĘØƃýǹòýýĸǹƃØıěùØŪýùǹòƊǹŪĘýǹóěýĸóýǹ
ØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹȡȩěȪȢǹØĸùǹØşýǹØĘýØùǹŁĐǹUǹĸØŪěŁĸØıǹ
ŪØşđýŪţǹØĸùǹǐǿǔɀǹţóěýĸóýțòØţýùǹşýùůóŪěŁĸţǿǹ
Governance
"ýţóşěòýǹŪĘýǹ
ŁØşùȬţǹŁƃýşţěđĘŪǹ
ŁĐǹóıěķØŪýț
related risks and
opportunities
ĘýǹŁØşùǹĘØţǹůıŪěķØŪýǹŁƃýşţěđĘŪǹŁĐǹØĸùǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹ
ŁŜŜŁşŪůĸěŪěýţȀǹŁƃýşţýýěĸđǹŪĘýǹ:şŁůŜȬţǹ&ĸƃ캣ĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹȡȩ&ȪȢǹŪşØŪýđƊȀǹ
ŜýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĸýØşțŪýşķǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹŜşŁđşýţţǹŪŁƄØşùţǹŁůşǹǑǏǓǏǹ^ýŪǹ
¸ýşŁǹØşòŁĸǹØţŜěşØŪěŁĸţǿǹýóŁđĸěţěĸđǹŪĘýǹţŪşØŪýđěóǹěķŜŁşŪØĸóýǹŁĐǹŪĘýţýǹķØŪŪýşţǹŪŁǹŪĘýǹòůţěĸýţţȀǹŪĘýǹŁØşùǹ
ţůŜŜŁşŪţǹŪĘýǹ:şŁůŜȬţǹóıěķØŪýțşýıØŪýùǹěĸěŪěØŪěƃýţǹØĸùǹŪĘýěşǹşýLjýóŪěŁĸǹěĸǹŁůşǹƃØıůýţǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹĐŁııŁƄěĸđǹ
şýóŁķķýĸùØŪěŁĸǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹŪĘýǹŁØşùǹØŜŜşŁƃýùǹŁůşǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹĸýØşțŪýşķǹ
ØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǿǹfƃýşţěđĘŪǹŁĐǹţůţŪØěĸØòěıěŪƊǹķØŪŪýşţǹȡěĸóıůùěĸđǹóŁĸţěùýşØŪěŁĸǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹ
ŁŜŜŁşŪůĸěŪěýţǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹůţŪØěĸØòěıěŪƊǹŪşØŪýđƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊȢȀǹěţǹØǹ
ķØŪŪýşǹĐŁşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹƄĘŁıýǹŁØşùȀǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹĘØƃěĸđǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǿ
ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ9fǹØĸùǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹĘØƃýǹşýıýƃØĸŪǹóıěķØŪýǹóĘØĸđýǹØĸùǹ
ýĸƃ캣ĸķýĸŪØıȀǹţŁóěØıǹØĸùǹđŁƃýşĸØĸóýǹȡȩ&:ȪȢǹýƉŜýşěýĸóýǿǹĘěţǹěĸóıůùýţǹóĘØěşěĸđǹ&:ǹşýıØŪýùǹóŁķķěŪŪýýţǹ
ØŪǹŁØşùǹıýƃýıǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹŁŪĘýşǹıěţŪýùǹUǹóŁķŜØĸěýţǿǹ9ůşŪĘýşǹóıěķØŪýǹóĘØĸđýǹýƉŜýşŪěţýǹěţǹ
ŜşŁƃěùýùǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹŁØşùǹòƊǹŁůşǹţůţŪØěĸØòěıěŪƊǹŪýØķǿǹ
ŁĸţěùýşØŪěŁĸǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮǹěţǹóŁĸţěùýşýùǹěĸǹŪĘýǹ:şŁůŜȬţǹşěţĮǹķØĸØđýķýĸŪǹØóŪěƃěŪěýţǹŁƃýşţýýĸǹ
òƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹŜşŁóýţţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǔǘǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪǿǹĘýǹ
&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹóŁĸţěùýşţǹşěţĮţǹŞůØşŪýşıƊǹØĸùǹşýŜŁşŪţǹŪŁǹŪĘýǹŁØşùǿǹ
DĸǹǑǏǑǓȀǹŪĘýǹůùěŪǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹşýŜŁşŪěĸđǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹěĸóıůùěĸđȀǹ
ŪĘýǹLJĸØĸóěØıǹƊýØşǹýĸùǹđşýýĸĘŁůţýǹđØţǹȡȩ:A:ȪȢǹØĸùǹýĸƃ캣ĸķýĸŪØıǹùØŪØǹùěţóıŁţůşýţǹØĸùǹŪĘěţǹ9"ǹşýŜŁşŪǿǹ
ĘØĸđýţǹŪŁǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţǹƄýşýǹùěţóůţţýùǹØĸùǹØđşýýùǹòƊǹŪĘýǹŁØşùǿ
More information on the Audit Committee and the Executive Risk Committee, including the frequency of their
meetings, can be found on pages 114 and 132 to 137 of this Annual Report.
66 Shaftesbury Capital PLC | 2024 Annual Report

"ýţóşěòýǹ
ķØĸØđýķýĸŪȬţǹşŁıýǹ
in assessing and
ķØĸØđěĸđǹóıěķØŪýț
related risks and
opportunities
Ęýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĘØţǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹşýŜŁşŪěĸđǹŁĸǹ&ǹķØŪŪýşţǹŪŁǹŪĘýǹŁØşùǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹ
ŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹƄØţǹţůŜŜŁşŪýùǹòƊǹŪĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýȀǹƄĘěóĘǹƄØţǹóĘØěşýùǹòƊǹ
Øĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǿǹĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýǹķýŪǹØŪǹşýđůıØşǹěĸŪýşƃØıţǹØĸùǹěĸóıůùýùǹţýĸ죺ǹ
şýŜşýţýĸŪØŪěƃýţǹĐşŁķǹØóşŁţţǹŪĘýǹŁşđØĸěţØŪěŁĸǿǹĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýǹƄØţǹşýţŜŁĸţěòıýǹĐŁşǹ
ķŁĸěŪŁşěĸđǹŪĘýǹùýıěƃýşƊǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ&ǹŪşØŪýđƊȀǹşýƃěýƄǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹķěŪěđØŪěĸđǹ
ØóŪěŁĸţȀǹØĸùǹóŁĸţěùýşěĸđǹŜşŁđşýţţǹŪŁƄØşùţǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹǑǏǓǏǹŪØşđýŪǿǹ
ıěķØŪýțşýıØŪýùǹşěţĮţǹØşýǹóŁĸţěùýşýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹØţǹŜØşŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹşěţĮǹ
ķØĸØđýķýĸŪǹŜşŁóýţţȀǹòØţýùǹŁĸǹØţţýţţķýĸŪţǹţůòķěŪŪýùǹòƊǹŪĘýǹòůţěĸýţţǹůĸěŪţǹØĸùǹŪĘýǹAýØùǹŁĐǹ
ůţŪØěĸØòěıěŪƊǿǹĘěţǹěţǹţýŪǹŁůŪǹěĸǹķŁşýǹùýŪØěıǹŁĸǹŜØđýţǹǔǘǹŪŁǹǕǔǿ
ĘýǹţůţŪØěĸØòěıěŪƊǹŪýØķǹěţǹĐůııƊǹěĸŪýđşØŪýùǹěĸŪŁǹŪĘýǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹŪýØķǿǹýĸ죺ǹ
ķØĸØđýķýĸŪǹĐşŁķǹ&D]Ȁǹěĸóıůùěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØşýǹØóŪěƃýıƊǹěĸƃŁıƃýùǹěĸǹŪĘýǹŁĸđŁěĸđǹķØĸØđýķýĸŪǹ
ŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţȀǹěĸǹŜØşŪěóůıØşǹƄěŪĘǹşýđØşùǹŪŁǹŪĘýǹýDžóěýĸŪǹŜıØĸĸěĸđǹØĸùǹùýıěƃýşƊǹŁĐǹ
ŁůşǹóØşòŁĸǹşýùůóŪěŁĸǹŜıØĸţȀǹóŁķŜıěØĸóýǹƄěŪĘǹşýđůıØŪŁşƊǹşýŞůěşýķýĸŪţǹØĸùǹţŪØĮýĘŁıùýşǹýƉŜýóŪØŪěŁĸţǿǹfůşǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØƃýǹ&ǹŁòĪýóŪěƃýţǹůĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹŜıØĸȀǹěĸóıůùěĸđǹØóŪěŁĸǹŁĸǹóıěķØŪýǹóĘØĸđýǹ
ƄĘýşýǹØŜŜıěóØòıýȀǹØţǹùýţóşěòýùǹŁĸǹŜØđýţǹǐǔǓǹØĸùǹǐǔǖǿǹııǹýķŜıŁƊýýţǹĘØƃýǹØǹȩŜŁţěŪěƃýǹěķŜØóŪȪǹŪØşđýŪǹØţǹ
ŜØşŪǹŁĐǹŪĘýěşǹØĸĸůØıǹòŁĸůţǹŁòĪýóŪěƃýţȀǹƄĘěóĘǹěĸóıůùýǹóıěķØŪýțşýıØŪýùǹŪØşđýŪţǹƄĘýşýǹØŜŜşŁŜşěØŪýǿ
Strategy
"ýţóşěòýǹŪĘýǹ
óıěķØŪýțşýıØŪýùǹ
risks and
opportunities the
organisation has
ěùýĸŪěLJýùǹŁƃýşǹŪĘýǹ
short, medium and
long-term
DĸǹěùýĸŪěĐƊěĸđǹØĸùǹØţţýţţěĸđǹŪĘýǹŜŁŪýĸŪěØıǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹŪĘØŪǹķØƊǹěķŜØóŪǹŪĘýǹ
òůţěĸýţţȀǹŪĘýǹĐŁııŁƄěĸđǹŪěķýǺĘŁşěƓŁĸţǹØşýǹóŁĸţěùýşýùǿǹĘýţýǹØııŁƄǹĐŁşǹØŜŜşŁŜşěØŪýǹLJĸØĸóěØıǹŜıØĸĸěĸđǹŪŁǹ
ýƉýóůŪýǹţŪşØŪýđěýţǹŪŁǹØùùşýţţǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹşýØıěţýǹŁŜŜŁşŪůĸěŪěýţǿ
Short-term: 0 – 3 years
Medium-term:ǹǒǹȝǹǐǏǹƊýØşţ
Long-term: ǐǏǹȝǹǒǏǹƊýØşţǹ
ĘýǹŪěķýǹĘŁşěƓŁĸţǹùýLJĸýùǹØşýǹØıţŁǹěĸLjůýĸóýùǹòƊǹŪĘýǹşŁııěĸđǹŪěķěĸđǹŁĐǹıýØţýǹýƃýĸŪţǿǹfůşǹØţţýŪţǹØşýǹƄĘŁııƊǹ
ıŁóØŪýùǹěĸǹØǹşýıØŪěƃýıƊǹţķØııǹđýŁđşØŜĘěóØıǹØşýØǹĐşŁķǹŪĘýǹŜýşţŜýóŪěƃýǹŁĐǹóıěķØŪýǹşěţĮȀǹØĸùǹůĸùýşǹØǹţěĸđıýǹ
şýđůıØŪŁşƊǹĪůşěţùěóŪěŁĸǿǹĘěţǹıěķěŪţǹŪĘýǹţóŁŜýǹŁĐǹŜĘƊţěóØıǹØĸùǹŪşØĸţěŪěŁĸǹşěţĮţǹŪĘØŪǹƄýǹĐØóýȂǹĘŁƄýƃýşǹěŪǹķØƊǹ
ěĸóşýØţýǹŁůşǹýƉŜŁţůşýǹŪŁǹØǹţěĸđıýǹýƃýĸŪǿ
Ęýǹ:şŁůŜǹĘØţǹùýŪýşķěĸýùǹŪĘØŪǹŪĘýşýǹĘØţǹòýýĸǹĸŁǹƊýØşțŁĸțƊýØşǹķØŪýşěØıǹóĘØĸđýǹěĸǹŪşØĸţěŪěŁĸØıǹşěţĮǹ
ýƉŜŁţůşýǹţůóĘǹØţǹUǹıýđěţıØŪěŁĸǹŁşǹóůţŪŁķýşǹòýĘØƃěŁůşǿǹ9ůşŪĘýşķŁşýȀǹŪĘýşýǹĘØţǹòýýĸǹĸŁǹķØŪýşěØıǹóĘØĸđýǹěĸǹ
the portfolio. This means that transitional risk assessment undertaken in previous years remains relevant
ØĸùǹƄýǹĘØƃýǹòýýĸǹØòıýǹŪŁǹĐŁóůţǹŁůşǹýDŽŁşŪţǹŁĸǹØùƃØĸóěĸđǹŁůşǹůĸùýşţŪØĸùěĸđǹŁĐǹýƉŜŁţůşýǹŪŁǹŜĘƊţěóØıǹóıěķØŪýǹ
óĘØĸđýǹşěţĮţǹØóşŁţţǹŪĘýǹƄĘŁıýǹŜŁşŪĐŁıěŁȀǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǕǓǿǹěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹěùýĸŪěLJýùǹØŜŜıƊǹŪŁǹ
the whole business.
Physical risk
ıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĘØƃýǹòýýĸǹěùýĸŪěLJýùǹØţǹŜØşŪǹŁĐǹØǹĘěđĘțıýƃýıǹŜŁşŪĐŁıěŁǹóıěķØŪýǹşěţĮǹ
ØţţýţţķýĸŪǿǹĘěţǹØţţýţţķýĸŪǹĘØţǹóŁĸŪşěòůŪýùǹŪŁǹØǹòşŁØùýşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹ
ŪŁǹƄĘěóĘǹŪĘýǹŜŁşŪĐŁıěŁǹěţǹýƉŜŁţýùǹØĸùǹŪĘýǹşěţĮǹŪĘØŪǹŪĘýƊǹķØƊǹŜŁţýǹŪŁǹØţţýŪţǹěĸǹŪĘýǹŜşýţýĸŪǹùØƊȀǹØĸùǹěĸǹŪĘýǹ
ĐůŪůşýȀǹůĸùýşǹùěDŽýşýĸŪǹýķěţţěŁĸǹţóýĸØşěŁţǿǹ9ůşŪĘýşǹùýŪØěıǹŁĸǹŪĘýǹķýŪĘŁùŁıŁđƊǹůţýùǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǖǏǿ
©ĘěıţŪǹķŁţŪǹØţţýŪţǹěĸǹŪĘýǹŜŁşŪĐŁıěŁǹØşýǹØţţýţţýùǹØţǹĘØƃěĸđǹıŁƄǹýƉŜŁţůşýǹŪŁǹķŁţŪǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹ
ůĸùýşǹØııǹýķěţţěŁĸţǹţóýĸØşěŁţǹØĸùǹŪěķýǹĘŁşěƓŁĸţȀǹŪĘýşýǹØşýǹıŁóØŪěŁĸţǹƄĘýşýǹţůşĐØóýǹƄØŪýşǹLjŁŁùǹØĸùǹùşŁůđĘŪǹ
ţŪşýţţǹķØƊǹŜŁţýǹØǹķýùěůķǹŁşǹĘěđĘýşǹşěţĮǹòýĐŁşýǹØĸƊǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹØşýǹóŁĸţěùýşýùǿǹůşĐØóýǹƄØŪýşǹ
LjŁŁùěĸđǹěţǹşØĸĮýùǹØţǹŪĘýǹđşýØŪýţŪǹşěţĮȀǹƄěŪĘǹǔǔǹØţţýŪţǹŁůŪǹŁĐǹǕǒǔǹØŪǹŜŁŪýĸŪěØıǹĘěđĘțşěţĮǹòØţýùǹŁĸǹıŁóØŪěŁĸǹ
òýĐŁşýǹķěŪěđØŪěŁĸǿǹěƃýşǹØĸùǹţýØǹLjŁŁùěĸđǹØĸùǹţŪŁşķǹţůşđýţǹØşýǹĸŁŪǹóŁĸţěùýşýùǹŪŁǹòýǹØǹóŁĸóýşĸǹěĸǹŪĘýǹţĘŁşŪǹ
ŪŁǹķýùěůķǹŪýşķȀǹùůýǹŪŁǹŪĘýǹŜŁşŪĐŁıěŁȬţǹùěţŪØĸóýǹĐşŁķǹŪĘýǹěƃýşǹĘØķýţǹØĸùǹŜşŁŪýóŪěŁĸǹŜşŁƃěùýùǹòƊǹŪĘýǹ
Thames Barrier.
ĘýǹŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹØĸØıƊţěţǹƄØţǹůĸùýşŪØĮýĸǹƄěŪĘŁůŪǹŪĘýǹóŁĸţěùýşØŪěŁĸǹŁĐǹķěŪěđØŪěŁĸǹØóŪěŁĸţȀǹěĸǹŁşùýşǹ
ŪŁǹòýŪŪýşǹůĸùýşţŪØĸùǹŪĘýǹůĸùýşıƊěĸđǹşěţĮǿǹ©ěŪĘǹŪĘýǹØŜŜıěóØŪěŁĸǹŁĐǹķěŪěđØŪěŁĸţǹØĸùǹŪĘýǹŜůşóĘØţýǹŁĐǹţůěŪØòıýǹ
ěĸţůşØĸóýȀǹƄýǹóŁĸţěùýşǹŪĘýǹşěţĮţǹŪŁǹòýǹƄýııǹķØĸØđýùǹØĸùǹŪĘýǹşýţěùůØıǹşěţĮǹŪŁǹòýǹØóóýŜŪØòıýǿǹ©ýǹØıţŁǹ
şýóŁđĸěţýǹŪĘýǹşěţĮţǹŁĐǹěĸùěşýóŪǹŜĘƊţěóØıǹěķŜØóŪţȀǹţůóĘǹØţǹùØķØđýǹŪŁǹŪĘýǹWŁĸùŁĸǹŪşØĸţŜŁşŪǹĸýŪƄŁşĮȀǹŪĘØŪǹ
ƄŁůıùǹěĸĘěòěŪǹŪĘýǹŁŜýşØŪěŁĸţǹŁĐǹŁůşǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǿǹ
fƃýşØııȀǹØùùěŪěŁĸØıǹØĸØıƊţěţǹůĸùýşŪØĮýĸǹěĸǹǑǏǑǓǹţůŜŜŁşŪţǹŁůşǹØţţýşŪěŁĸǹŪĘØŪǹŪĘýşýǹěţǹĸŁǹĸýýùǹŪŁǹóŁĸţěùýşǹ
şýƃěţěĸđǹŁůşǹıŁĸđțŪýşķǹěĸƃýţŪķýĸŪǹţŪşØŪýđƊȀǹěĸǹŪýşķţǹŁĐǹýěŪĘýşǹòůěıùěĸđǹŪƊŜýǹŁşǹıŁóØŪěŁĸȀǹƄěŪĘěĸǹØĸƊǹŁĐǹŪĘýǹ
ţóýĸØşěŁţǹóŁĸţěùýşýùǿǹ
67Shaftesbury Capital PLC | 2024 Annual Report

"ýţóşěòýǹŪĘýǹ
óıěķØŪýțşýıØŪýùǹ
risks and
opportunities the
organisation has
ěùýĸŪěLJýùǹŁƃýşǹ
the short, medium
and long-term
ȡóŁĸŪěĸůýùȢ
Transition risk
şØĸţěŪěŁĸǹşěţĮǹƄØţǹşýƃěýƄýùǹØđØěĸǹěĸǹǑǏǑǓǹůţěĸđǹŪĘýǹȩòØıØĸóýùȪȀǹȩŪØěıƄěĸùţȪǹØĸùǹȩĘýØùƄěĸùţȪǹŜØŪĘƄØƊţǹ
ĐşŁķǹŪĘýǹȩůěıùěĸđţȪǹţýóŪěŁĸǹŁĐǹŪĘýǹUǹěƉŪĘǹØşòŁĸǹůùđýŪǹŪŁǹşýLjýóŪǹŪĘýǹØĸØıƊţěţǹůţýùǹěĸǹǑǏǑǒǿ
ØıØĸóýùǹØŪĘƄØƊȁǹŪĘěţǹţóýĸØşěŁǹşýLjýóŪţǹůŜđşØùěĸđǹýƉěţŪěĸđǹýĸýşđƊǹýDžóěýĸóƊǹķýØţůşýţǹěĸǹØııǹóŁķķýşóěØıǹ
òůěıùěĸđţȂǹţěđĸěLJóØĸŪıƊǹţóØıěĸđǹůŜǹŪĘýǹķØşĮýŪǹĐŁşǹĘýØŪǹŜůķŜţǹØţǹØǹóşěŪěóØıǹŪýóĘĸŁıŁđƊǹĐŁşǹùýóØşòŁĸěţýùǹţŜØóýǹ
ĘýØŪěĸđȂǹýƉŜØĸùěĸđǹŪĘýǹşŁııțŁůŪǹŁĐǹıŁƄțóØşòŁĸǹĘýØŪǹĸýŪƄŁşĮţǹěĸǹĘýØŪțùýĸţýǹØşýØţȂǹØĸùǹĐØóěıěŪØŪěĸđǹØǹŜŁŪýĸŪěØıǹ
role for hydrogen in heat.
ØěıƄěĸùţǹóýĸØşěŁȁǹǹţóýĸØşěŁǹóĘØşØóŪýşěţýùǹòƊǹĘěđĘǹıýƃýıţǹŁĐǹòýĘØƃěŁůşØıǹóĘØĸđýȀǹşýţýØşóĘǹØĸùǹ
ùýƃýıŁŜķýĸŪǹȡȺ"ȢǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹıŁƄțóØşòŁĸǹŪýóĘĸŁıŁđƊǿǹĘýǹUȬţǹóıěķØŪýǹđŁØıţǹØşýǹØóĘěýƃýùǹƄýııǹ
ØĘýØùǹŁĐǹŪĘýǹǑǏǔǏǹŪØşđýŪǹůĸùýşǹŪĘěţǹţóýĸØşěŁǿ
AýØùƄěĸùţǹóýĸØşěŁȁǹǹţóýĸØşěŁǹƄĘýşýòƊǹŪĘýǹUǹţŪěııǹķýýŪţǹěŪţǹǑǏǔǏǹ^ýŪǹ¸ýşŁǹŪØşđýŪȀǹòůŪǹěĸěŪěØıǹŜşŁđşýţţǹěţǹ
ţıŁƄȂǹůĸùýşǹŪĘěţǹţóýĸØşěŁȀǹŪĘýşýǹěţǹıěķěŪýùǹŜşŁđşýţţǹěĸǹòýĘØƃěŁůşØıǹóĘØĸđýȀǹýĸýşđƊǹýDžóěýĸóƊǹķýØţůşýţǹØĸùǹ
ıŁƄțóØşòŁĸǹŪýóĘĸŁıŁđƊǹşŁııțŁůŪǿǹ
ĘěţǹùýţĮŪŁŜǹØţţýţţķýĸŪǹóŁĸóıůùýùǹŪĘØŪǹŪĘýşýǹěţǹĸŁǹķØŪýşěØıǹƊýØşțŁĸțƊýØşǹóĘØĸđýǹŪŁǹķŁţŪǹţěđĸěLJóØĸŪǹ
ŪşØĸţěŪěŁĸǹşěţĮţȀǹƄĘěóĘǹØşěţýǹĐşŁķȁǹ
i. ţĘŁşŪțŪýşķǹşěţĮţǹşýıØŪěĸđǹŪŁǹýƉěţŪěĸđǹØĸùǹýķýşđěĸđǹşýđůıØŪěŁĸǹěĸóıůùěĸđǹŁĸǹ&ĸýşđƊǹýşĐŁşķØĸóýǹ
ýşŪěLJóØŪýţǹȡȩ&ȪȢǹØĸùǹýĸĘØĸóýùǹùěţóıŁţůşýǹşýŞůěşýķýĸŪţǹ
ii. ķýùěůķțŪýşķǹŪşØĸţěŪěŁĸǹşěţĮǹŪĘşŁůđĘǹóůţŪŁķýşǹùýķØĸùǹĐŁşǹķŁşýǹţůţŪØěĸØòıýǹØţţýŪţǹĐØţŪýşǹŪĘØĸǹŪĘýţýǹ
óØĸǹòýǹùýıěƃýşýùǹ
iii. ķýùěůķțǹŪŁǹıŁĸđțŪýşķǹŪşØĸţěŪěŁĸǹşěţĮǹĐşŁķǹěĸØòěıěŪƊǹŪŁǹůŜđşØùýǹĘýşěŪØđýǹòůěıùěĸđţǹùůýǹŪŁǹŜŁıěóƊǹŁşǹ
òůěıùěĸđǹóŁĸLJđůşØŪěŁĸǿǹ
©ýǹşýóŁđĸěţýǹŁĸđŁěĸđǹùýƃýıŁŜķýĸŪǹěĸǹ&:ǹşýŜŁşŪěĸđȀǹòŁŪĘǹƄěŪĘěĸǹŪĘýǹUǹØĸùǹķŁşýǹƄěùýıƊȀǹŪĘØŪǹķØƊǹşýŞůěşýǹ
ØùùěŪěŁĸØıǹşýţŁůşóýţǹŪŁǹòýǹØŜŜıěýùǹŪŁǹŁůşǹùěţóıŁţůşýţȀǹòůŪǹŪĘýţýǹØşýǹĸŁŪǹýƉŜýóŪýùǹŪŁǹòýǹķØŪýşěØıǿǹ
©ýǹØşýǹØıţŁǹØƄØşýǹŪĘØŪǹØǹóŁĸţŪşØěĸŪǹěĸǹýıýóŪşěóØıǹţůŜŜıƊǹěĸǹóýĸŪşØıǹWŁĸùŁĸǹķØƊǹòýóŁķýǹØǹıěķěŪěĸđǹĐØóŪŁşǹŪŁǹŪĘýǹ
ŪşØĸţěŪěŁĸǹŪŁǹıŁƄțóØşòŁĸǹýĸýşđƊǹěĸǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǿǹ©ĘěıţŪǹŪĘěţǹěţǹĸŁŪǹóůşşýĸŪıƊǹØǹķØŪýşěØıǹşěţĮǹØĸùǹěţǹĸŁŪǹ
ěķŜØóŪěĸđǹŁůşǹŁŜýşØŪěŁĸţȀǹƄýǹƄěııǹůĸùýşŪØĮýǹĐůşŪĘýşǹØţţýţţķýĸŪǹŪŁǹŜıØĸǹţůDžóěýĸŪǹóØŜØóěŪƊǹØţǹƄýǹóŁĸŪěĸůýǹŪĘýǹ
ýıýóŪşěLJóØŪěŁĸǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǿǹ
©ýǹóůşşýĸŪıƊǹýţŪěķØŪýǹØǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹɏǓǏțǓǔǹķěııěŁĸǹŪŁǹǑǏǒǏǹȡǐǖǹŜýşǹóýĸŪǹŁĐǹóůşşýĸŪǹ
ØĸĸůØıǹóØŜěŪØıǹýƉŜýĸùěŪůşýȢǹŪŁǹØóĘěýƃýǹŪĘýǹýĸýşđƊǹýDžóěýĸóƊǹěķŜşŁƃýķýĸŪǹşýŞůěşýùǹĐŁşǹýƉŜýóŪýùǹóĘØĸđýţǹ
ŪŁǹ]ěĸěķůķǹ&ĸýşđƊǹ&DžóěýĸóƊǹŪØĸùØşùţǹȡȩ]&&ȪȢǹşýđůıØŪěŁĸǹØĸùǹƄĘěóĘǹØıţŁǹóŁĸŪşěòůŪýţǹŪŁǹķýýŪěĸđǹŁůşǹ
ùýóØşòŁĸěţØŪěŁĸǹŪØşđýŪţǿǹfůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýǹØışýØùƊǹķØĸùØŪýţǹØǹķěĸěķůķǹȡȩ&ȪȢǹşØŪěĸđǹěĸǹıěĸýǹƄěŪĘǹ
ŜşŁŜŁţýùǹ]&&ǹşýđůıØŪěŁĸţǹØĸùǹŪĘýşýĐŁşýǹØǹţěđĸěLJóØĸŪǹŜşŁŜŁşŪěŁĸǹŁĐǹŪĘýţýǹţůķţǹØşýǹØışýØùƊǹěĸóıůùýùǹěĸǹŁůşǹ
óØŜěŪØıǹýƉŜýĸùěŪůşýǹòůùđýŪţǹĐŁşǹòůţěĸýţţǹŜıØĸĸěĸđǿǹ©ĘěıýǹŪĘěţǹLJđůşýǹşýķØěĸţǹØĸǹýţŪěķØŪýǹØĸùǹƄěııǹóŁĸŪěĸůýǹ
ŪŁǹòýǹşýLJĸýùȀǹěŪǹěţǹěĸĐŁşķýùǹòƊǹŪĘýǹùýŪØěıýùǹ&]țØıěđĸýùǹØůùěŪţǹØĸùǹŁůşǹđŁŁùǹŜşŁđşýţţǹŪŁǹùØŪýȀǹƄěŪĘǹóǿǹǖǏǹ
ŜýşǹóýĸŪǹŁĐǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹ&¨ǹĸŁƄǹĘŁıùěĸđǹØĸǹ&ǹşØŪěĸđǹŁĐǹțǿ
fůşǹóŁķķěŪķýĸŪǹŪŁǹŁDŽţýŪǹóŁŜýǹǐǹØĸùǹǑǹ:A:ǹýķěţţěŁĸţǹĐşŁķǹǑǏǑǔǹĘØţǹòýýĸǹýţŪěķØŪýùǹŪŁǹóŁţŪǹıýţţǹŪĘØĸǹ
ɏǓǏĮǹØĸĸůØııƊǿǹDĸǹØùùěŪěŁĸØıȀǹØǹşýƃěýƄǹĘØţǹòýýĸǹůĸùýşŪØĮýĸǹŁĸǹŪĘýǹıěĮýıƊǹóŁţŪǹŁĐǹŁDŽţýŪŪěĸđǹŪŁǹķýýŪǹŁůşǹ^ýŪǹ
¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪţǹĐşŁķǹǑǏǓǏǹØĸùǹŪĘýǹŁØşùǹěţǹóŁķĐŁşŪØòıýǹŪĘØŪǹěŪǹěţǹØóóýŜŪØòıýǿ
Climate-related opportunities
ıěķØŪýțşýıØŪýùǹŁŜŜŁşŪůĸěŪěýţǹŜşěĸóěŜØııƊǹØşěţýǹěĸǹŪĘýǹţĘŁşŪǹŪýşķǹĐşŁķȁ
i. ěķŜşŁƃýùǹØòěıěŪƊǹŪŁǹØŪŪşØóŪǹØĸùǹşýŪØěĸǹóůţŪŁķýşţǹěĸǹýĸýşđƊțýDžóěýĸŪǹòůěıùěĸđţǹ
ii. óŁĸţýŞůýĸŪǹşýùůóýùǹýĸýşđƊǹóŁţŪţǹØĸùǹØţţŁóěØŪýùǹýķěţţěŁĸţ
iii. şýùůóýùǹŜıØĸĸěĸđǹşěţĮǹØţţŁóěØŪýùǹƄěŪĘǹØǹşýŞůěşýķýĸŪǹŪŁǹşýĸŁƃØŪýǹŜŁŁşțŞůØıěŪƊǹòůěıùěĸđǹţŪŁóĮǹŪŁǹ
ķěĸěķěţýǹýķòŁùěýùǹóØşòŁĸǿ
]ýùěůķțŪýşķǹŁŜŜŁşŪůĸěŪěýţǹóØĸǹòýǹşýØıěţýùǹòƊǹùýķŁĸţŪşØŪěĸđǹŪĘýǹ©ĘŁıýǹWěĐýǹØşòŁĸǹòýĸýLJŪǹŁĐǹĘýşěŪØđýǹ
ţŪŁóĮǹØĸùǹıýƃýşØđěĸđǹŁůşǹýƉŜýşŪěţýǹěĸǹŪĘýǹùýțóØşòŁĸěţØŪěŁĸǹŁĐǹĘýşěŪØđýǹòůěıùěĸđţǿǹ©ýǹķØƊǹţýýĮǹĐůşŪĘýşǹ
ŜıØĸĸěĸđǹŜşýĐýşýĸóýǹĐŁşǹşýĐůşòěţĘķýĸŪǹòýĐŁşýǹşýòůěıùěĸđǹŪŁǹķěĸěķěţýǹýķòŁùěýùǹóØşòŁĸȀǹØĸùǹŁůşǹŜŁşŪĐŁıěŁǹ
is well positioned to take advantage of this.
The summarised risks and opportunities are set out in the table on pages 72 to 74 of this report and in our TCFD
report on our website: https://www.shaftesburycapital.com/en/responsibility/policies-and-reports.html
Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
68 Shaftesbury Capital PLC | 2024 Annual Report

"ýţóşěòýǹŪĘýǹ
ěķŜØóŪǹŁĐǹóıěķØŪýț
related risks and
opportunities on
ŪĘýǹŁşđØĸěţØŪěŁĸȬţǹ
businesses,
strategy and
LJĸØĸóěØıǹŜıØĸĸěĸđ
ĘýǹěķŜØóŪǹŁĐǹóıěķØŪýǹóĘØĸđýǹŁĸǹŪĘýǹƄĘŁıýǹòůţěĸýţţǹěţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹòŁŪĘǹŪĘşŁůđĘǹŁůşǹØŜŜşŁØóĘǹ
ŪŁǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹƄěùýşǹŁşđØĸěţØŪěŁĸØıǹţŪşØŪýđěóǹŜıØĸĸěĸđǿǹfůşǹţůţŪØěĸØòıýǹùýƃýıŁŜķýĸŪǹşýŞůěşýķýĸŪţǹ
ýĸţůşýǹŪĘØŪǹóıěķØŪýțşěţĮțţŜýóěLJóǹěķŜşŁƃýķýĸŪţǹØĸùǹķěŪěđØŪěŁĸţǹØşýǹţóŁŜýùǹěĸŪŁǹŁůşǹýƉěţŪěĸđǹóØŜěŪØıǹ
expenditure refurbishment budget.
"ýŪØěıýùǹýĸýşđƊǹØůùěŪţǹóŁķŜıýŪýùǹěĸǹǑǏǑǒǹƄýşýǹýƉŜØĸùýùǹŪŁǹǓǏǹØţţýŪţǹùůşěĸđǹǑǏǑǓǹØţǹŜØşŪǹŁĐǹŁůşǹşýţŜŁĸţýǹ
ŪŁǹŪĘýǹţŪØŪůŪŁşƊǹ&ĸýşđƊǹØƃěĸđţǹfŜŜŁşŪůĸěŪƊǹóĘýķýǹȡȩ&fȪȢǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪǿǹ
©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹıŁĸđțŪýşķǹıŁƄțóØşòŁĸǹěĸƃýţŪķýĸŪǹěĸǹŁůşǹØţţýŪţȀǹĐŁóůţěĸđǹŁĸǹşýŜůşŜŁţěĸđǹØĸùǹ
refurbishment, rather than demolition and rebuilding. This maintains the heritage nature of our destinations,
ěķŜşŁƃýţǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹķěĸěķěţýţǹýķòŁùěýùǹóØşòŁĸǹýķěţţěŁĸţǹØţţŁóěØŪýùǹƄěŪĘǹĸýƄǹùýƃýıŁŜķýĸŪǿǹDŪǹ
ƄěııǹØıţŁǹşýùůóýǹŪĘýǹŜŁŪýĸŪěØıǹĐůŪůşýǹıěØòěıěŪƊǹØţţŁóěØŪýùǹƄěŪĘǹóØşòŁĸǹŁDŽţýŪŪěĸđǹØĸùǹŜşŁƃěùýţǹØĸóěııØşƊǹòýĸýLJŪţǹ
ěĸǹěķŜşŁƃýùǹØěşǹŞůØıěŪƊǿǹfůşǹØĸØıƊţěţǹŁĐǹŜĘƊţěóØıǹóıěķØŪýǹóĘØĸđýǹşěţĮţǹĘØţǹěĸùěóØŪýùǹŪĘØŪǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹ
ıěķěŪýùǹýƉŜŁţůşýǹØĸùȀǹòýƊŁĸùǹØǹşýƃěýƄǹŁĐǹØǹşýıØŪěƃýıƊǹţķØııǹĸůķòýşǹŁĐǹıŁóØŪěŁĸţǹěùýĸŪěLJýùǹØţǹòýěĸđǹĘěđĘýşǹ
şěţĮȀǹŪĘýǹóůşşýĸŪǹØŜŜşŁØóĘǹŪŁǹķěŪěđØŪěŁĸǹěţǹţůDžóěýĸŪǿ
fůşǹěĸƃýţŪķýĸŪǹţŪşØŪýđƊǹØěķţǹŪŁǹóŁĸŪěĸůŁůţıƊǹěķŜşŁƃýǹŪĘýǹŁƃýşØııǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹóıěķØŪýǹşýţěıěýĸóýǹ
ŁĐǹŁůşǹŜŁşŪĐŁıěŁǹŪĘşŁůđĘǹŁůşǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýǿǹØţýùǹŁĸǹóůşşýĸŪǹýţŪěķØŪýţǹƄýǹƄěııǹţŜýĸùǹ
ØŜŜşŁƉěķØŪýıƊǹǏǿǐǓǹŜýşǹóýĸŪǹŁĐǹŜŁşŪĐŁıěŁǹƃØıůýǹŜýşǹƊýØşǹŁĸǹýĸýşđƊǹýDžóěýĸóƊǹůŜđşØùýţǿǹĘěţǹýĸØòıýţǹůţǹ
ŪŁǹØùýŞůØŪýıƊǹķØĸØđýǹşěţĮţǹşýıØŪěĸđǹŪŁǹŜşŁŜŁţýùǹıýđěţıØŪěƃýǹóĘØĸđýţǹţůóĘǹØţǹ]&&ȀǹƄĘěóĘǹØşýǹķØŪýşěØıǹ
ŪŁǹŪĘýǹýƃŁıƃěĸđǹĸýýùţǹŁĐǹŁůşǹóůţŪŁķýşţǹØĸùǹţŪØĮýĘŁıùýşţǿǹfĸǹŪĘěţǹòØţěţǹƄýǹóůşşýĸŪıƊǹýƉŜýóŪǹŪŁǹěĸóůşǹ
ØŜŜşŁƉěķØŪýıƊǹɏǓǏțǓǔǹķěııěŁĸǹòƊǹǑǏǒǏǹŪŁǹØóĘěýƃýǹýĸýşđƊǹýDžóěýĸóƊǹěķŜşŁƃýķýĸŪţǹşýŞůěşýùǹĐŁşǹýƉŜýóŪýùǹ
óĘØĸđýţǹŪŁǹ]&&ǹşýđůıØŪěŁĸǿǹĘýţýǹţůķţǹØşýǹØışýØùƊǹěĸóıůùýùǹěĸǹŁůşǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹòůùđýŪţǹØĸùǹŪĘýǹ
:şŁůŜǹţýŪţǹØǹķěĸěķůķǹ&ǹşØŪěĸđǹŁĐǹǹěĸǹěŪţǹóŁķķýşóěØıǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýţǿǹ
©ýǹóŁĸŪěĸůýǹŪŁǹşýLJĸýǹŁůşǹýţŪěķØŪýǹŁĐǹŪĘýǹěĸóşýķýĸŪØıǹóŁţŪţǹŁĐǹùýıěƃýşěĸđǹóĘØĸđýţǹşýŞůěşýùǹŪŁǹýĸţůşýǹØţţýŪţǹ
ØşýǹƄěŪĘěĸǹØǹ&]țØıěđĸýùǹǐǿǔɀǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǿǹDĸǹǑǏǑǓȀǹƄýǹóŁķŜıýŪýùǹØǹùýŪØěıýùǹýĸýşđƊǹ
ýDžóěýĸóƊǹşýƃěýƄǹŁĸǹǓǏǹŁĐǹŁůşǹØţţýŪţǹŪŁǹùýŪýşķěĸýǹØóŪěŁĸţǹşýŞůěşýùǹŪŁǹØıěđĸǹƄěŪĘǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹ
ŪØşđýŪţǿǹǹĐůşŪĘýşǹýƉýşóěţýǹĘØţǹòýýĸǹóŁķŜıýŪýùǹŪŁǹýƉŪşØŜŁıØŪýǹŪĘýǹóŁţŪǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹůţěĸđǹØǹşØĸđýǹ
ŁĐǹØţţůķŜŪěŁĸţǹţůóĘǹØţǹØŜŜıěóØòěıěŪƊǹŁĐǹěĸŪýşƃýĸŪěŁĸţǹŁĸǹěĸùěƃěùůØıǹØţţýŪţǹØĸùǹýţŪěķØŪýùǹóØŜýƉǹşýŞůěşýķýĸŪǿǹ
ĘýţýǹØţţůķŜŪěŁĸţǹƄěııǹòýǹşýLJĸýùǹØĸùǹŪýţŪýùǹěĸǹǑǏǑǔǹŪŁǹƃØıěùØŪýǹŪĘýǹLJĸùěĸđţǹØĸùǹýķòýùǹŪĘýǹşýŞůěşýùǹ
ØóŪěŁĸţǹěĸǹŁůşǹùýƃýıŁŜķýĸŪǹŁŜýşØŪěŁĸţȀǹùýŪýşķěĸěĸđǹƄĘýşýǹóŁţŪţǹØşýǹØùùěŪěŁĸØıǹŪŁǹŁůşǹŜıØĸĸýùǹØóŪěƃěŪěýţǿǹ
ĘýǹØĸØıƊţěţǹţĘŁƄţǹŪĘØŪǹŁůşǹěĸƃýţŪķýĸŪǹěĸǹØţţýŪǹşýĐůşòěţĘķýĸŪǹóØĸǹıŁƄýşǹŁŜýşØŪěŁĸØıǹóŁţŪţǹŪŁǹØĸǹýƉŪýĸŪǹŪĘØŪǹ
ķØƊǹşýţůıŪǹěĸǹěķŜşŁƃýùǹóŁķķýşóěØıǹŪýşķţȀǹşýùůóýùǹƃŁěùǹŜýşěŁùţǹØĸùǹěķŜşŁƃýùǹěĸƃýţŪķýĸŪǹƊěýıùţǹØţǹØţţýŪţǹ
ķýýŪǹóůţŪŁķýşǹØĸùǹěĸƃýţŪŁşǹşýŞůěşýķýĸŪţǿǹ
©ýǹĘØƃýǹŜůòıěţĘýùǹØĸǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊȀǹƄĘěóĘǹţýŪţǹŁůŪǹĘŁƄǹƄýǹƄěııǹùýıěƃýşǹŁĸǹŁůşǹ^ýŪǹ
¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪǹòƊǹǑǏǓǏȀǹØĘýØùǹŁĐǹŪĘýǹUǹĸØŪěŁĸØıǹŪØşđýŪţǿǹfůşǹóŁķķěŪķýĸŪǹěĸóıůùýţǹȩĸýØşțŪýşķȪǹ
ǑǏǒǏǹŪØşđýŪţǹØĸùǹȩıŁĸđțŪýşķȪǹǑǏǓǏǹŪØşđýŪţǹŪĘØŪǹĘØƃýǹòýýĸǹƃØıěùØŪýùǹòƊǹŪĘýǹěǿǹŁǹùØŪýȀǹƄýǹĘØƃýǹşýŜŁşŪýùǹ
ØǹşýùůóŪěŁĸǹŁĐǹěĸțţóŁŜýǹóØşòŁĸǹýķěţţěŁĸţǹòƊǹǔǏǹŜýşǹóýĸŪǹØđØěĸţŪǹŁůşǹǑǏǐǘǹòØţýıěĸýȀǹƄĘěóĘǹØıěđĸţǹƄěŪĘǹØǹ
ǐǿǔɀǹŪşØĪýóŪŁşƊǿǹ©ýǹùýLJĸýǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØţǹòýěĸđǹƄĘýĸǹŪĘýşýǹěţǹØǹòØıØĸóýǹòýŪƄýýĸǹŪĘýǹØķŁůĸŪǹŁĐǹ:A:ǹ
ýķěţţěŁĸţǹŜşŁùůóýùǹØĸùǹŪĘýǹØķŁůĸŪǹşýķŁƃýùǹĐşŁķǹŪĘýǹØŪķŁţŜĘýşýǿǹDĸǹıěĸýǹƄěŪĘǹěȀǹŁůşǹùýLJĸěŪěŁĸǹŁĐǹ^ýŪǹ
¸ýşŁǹØşòŁĸǹØıţŁǹşýŞůěşýţǹŪĘØŪǹØǹķěĸěķůķǹóØşòŁĸǹşýùůóŪěŁĸǹŁĐǹǘǏǹŜýşǹóýĸŪǹĐşŁķǹŁůşǹòØţýıěĸýǹƊýØşǹĘØţǹòýýĸǹ
ØóĘěýƃýùǹòýĐŁşýǹşýţěùůØıǹóØşòŁĸǹóØĸǹòýǹŁDŽţýŪǿǹ
DĸǹŁůşǹţůŜŜıƊǹóĘØěĸȀǹƄýǹóŁĸŪěĸůýǹŪŁǹŜşěŁşěŪěţýǹŜØşŪĸýşţǹØĸùǹŜşŁùůóŪţǹƄĘěóĘǹùýķŁĸţŪşØŪýǹĘěđĘǹýŪĘěóØıǹØĸùǹ
ýĸƃ캣ĸķýĸŪØıǹţŪØĸùØşùţǿǹfůşǹùýţěđĸǹţóŁŜýǹŜşěŁşěŪěţýţǹóıěķØŪýǹşýţěıěýĸóýǹØĸùǹØùØŜŪØŪěŁĸǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹ
ƄŁşĮǹƄěŪĘǹěĸùůţŪşƊǹòŁùěýţǹØĸùǹŪýóĘĸŁıŁđƊǹŜØşŪĸýşţǹŪŁǹŪşěØıǹŪýóĘĸŁıŁđěýţǹƄĘěóĘǹţůŜŜŁşŪǹŁůşǹđŁØıţǿ
69Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
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ǑɀǹŁşǹıŁƄýşǹ
ţóýĸØşěŁ
©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹěĸƃýţŪěĸđǹĐŁşǹŪĘýǹıŁĸđǹŪýşķǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸȀǹóŁĸŪěĸůØııƊǹěķŜşŁƃěĸđǹŁůşǹ
ŜŁşŪĐŁıěŁǹŪŁǹùýıěƃýşǹýĸýşđƊțýDžóěýĸŪǹØĸùǺşýţěıěýĸŪǹòůěıùěĸđţǿǹ©ýǹùŁǹĸŁŪǹýƉŜýóŪǹŪĘØŪǹŪĘýǹóıěķØŪýțşýıØŪýùǹěţţůýţǹ
ěùýĸŪěLJýùǹƄěııǹĸýóýţţěŪØŪýǹØǹķØŪýşěØıǹóĘØĸđýǹŪŁǹŁůşǹţŪşØŪýđƊȀǹýěŪĘýşǹØţţýŪǹóıØţţýţǹŁşǹđýŁđşØŜĘěóØıǹıŁóØŪěŁĸȀǹ
ěĸǹØŪǹıýØţŪǹŪĘýǹķýùěůķǹŪýşķǿǹ©ýǹóŁĸţěùýşǹŁůşǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹŪŁǹòýǹýDŽýóŪěƃýǹØĸùǹŪĘØŪǹŪĘýǹòůţěĸýţţǹěţǹ
ţůDžóěýĸŪıƊǹşýţěıěýĸŪǹŪŁǹŪĘýǹěķŜØóŪţǹŁĐǹóıěķØŪýǹóĘØĸđýǹŪĘØŪǹĘØƃýǹòýýĸǹěùýĸŪěLJýùǿǹ
fůşǹŞůØıěŪØŪěƃýǹØĸùǹŞůØĸŪěŪØŪěƃýǹţóýĸØşěŁǹØĸØıƊţěţȀǹØţǹţýŪǹŁůŪǹěĸǹŪĘýǹěţĮǹ]ØĸØđýķýĸŪǹţýóŪěŁĸȀǹØııŁƄţǹůţǹ
ŪŁǹěùýĸŪěĐƊǹŪĘýǹóŁşýǹØşýØţǹĐŁşǹĐŁóůţýùǹØóŪěŁĸǹŪŁǹşýùůóýǹýķěţţěŁĸţǹØĸùǹýĸĘØĸóýǹŪĘýǹıŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹ
ŪĘýǹŜŁşŪĐŁıěŁǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹşýƃěýƄǹØĸùǹůŜùØŪýǹŪĘýǹţóýĸØşěŁǹØĸØıƊţěţǹØţǹØŜŜşŁŜşěØŪýȀǹůţěĸđǹØǹşØĸđýǹŁĐǹ
óıěķØŪýǹţóýĸØşěŁţǿǹ
ĘýǹóØşýĐůıǹóŁĸţěùýşØŪěŁĸǹŁĐǹěĸƃýţŪķýĸŪţȀǹŁĸđŁěĸđǹěķŜşŁƃýķýĸŪǹŁĐǹŁůşǹØţţýŪţǹØĸùǹŪĘýǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ
ŪØşđýŪǹƄěııǹŜşŁŪýóŪǹŁůşǹıŁĸđțŪýşķǹţŪşØŪýđƊǹĐşŁķǹţěđĸěLJóØĸŪǹóıěķØŪýǹşěţĮǿǹýŪŪěĸđǹØĸǹØķòěŪěŁůţǹĸýŪǹƓýşŁǹ
óØşòŁĸǹŪØşđýŪǹØıěđĸýùǹƄěŪĘǹØǹǐǿǔțùýđşýýǹŜØŪĘƄØƊǹşýùůóýţǹŪĘýǹşěţĮǹŪĘØŪǹƄýǹƄěııǹĸýýùǹķØĮýǹŁůşǹŪØşđýŪţǹķŁşýǹ
ØķòěŪěŁůţǿǹ©ýǹĘØƃýǹóıýØşıƊǹţýŪǹŁůŪǹŪĘýǹıýƃýıǹŁĐǹùýóØşòŁĸěţØŪěŁĸǹşýŞůěşýùǹòƊǹǑǏǒǏǹØĸùǹǑǏǓǏȀǹţŁǹŪĘýǹòůţěĸýţţǹ
óØĸǹķØĮýǹıŁĸđțŪýşķǹùýóěţěŁĸţǹØĸùǹţŪØĮýĘŁıùýşţǹØşýǹØƄØşýǹŁĐǹŁůşǹóŁķķěŪķýĸŪţǿ
DĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹţóýĸØşěŁǹØĸØıƊţěţǹùýţóşěòýùǹØòŁƃýȀǹĘØĐŪýţòůşƊǹØŜěŪØıǹóŁķŜıýŪýùǹ&]țØıěđĸýùǹ
ùýŪØěıýùǹ^ýŪǹ¸ýşŁǹýĸýşđƊǹØůùěŪţǹùůşěĸđǹǑǏǑǓǿǹĘýǹLJĸùěĸđţǹěùýĸŪěLJýùǹòŁŪĘǹěĸŪýşƃýĸŪěŁĸţǹØĸùǹýţŪěķØŪýùǹ
şýıØŪýùǹóŁţŪţǹƄĘěóĘǹØşýǹòýěĸđǹóŁĸţěùýşýùǹòƊǹŪĘýǹòůţěĸýţţǿǹŁķýǹŁĐǹŪĘýţýǹěĸŪýşƃýĸŪěŁĸţǹóØĸǹòýǹěķŜıýķýĸŪýùǹ
ƄěŪĘǹŁůşǹóůţŪŁķýşţǹěĸǹţěŪůǿǹfŪĘýşţǹƄŁůıùǹĸýýùǹŪŁǹòýǹůĸùýşŪØĮýĸǹƄĘýĸǹŜşŁŜýşŪěýţǹØşýǹƃØóØĸŪǿǹfůşǹùýŪØěıýùǹ
ýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹŪŁǹùØŪýǹƄěııǹĘýıŜǹşýLJĸýǹŁůşǹýţŪěķØŪýǹŁĐǹóŁţŪţǹØĸùǹşýıØŪýùǹŁŜýşØŪěŁĸØıǹØĸùǹóØşòŁĸǹ
ţØƃěĸđţǹØţţŁóěØŪýùǹƄěŪĘǹŁůşǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýţǿǹ
Risk management
"ýţóşěòýǹŪĘýǹ
ŁşđØĸěţØŪěŁĸȬţǹ
ŜşŁóýţţýţǹĐŁşǹ
identifying and
ØţţýţţěĸđǹóıěķØŪýț
related risk
fůşǹŜşŁóýţţǹŁĐǹěùýĸŪěĐƊěĸđǹØĸùǹØţţýţţěĸđǹóıěķØŪýțşýıØŪýùǹşěţĮţǹůţýţǹŪĘýǹţØķýǹķýŪĘŁùŁıŁđƊǹØţǹØııǹòůţěĸýţţǹ
şěţĮţǹØĸùǹěţǹěĸóŁşŜŁşØŪýùǹěĸŪŁǹŪĘýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹşěţĮţǿǹĘýǹŜŁşŪĐŁıěŁǹŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹØţţýţţķýĸŪǹ
ĘØţǹóŁĸţěùýşýùǹĘŁƄǹşěţĮǹóĘØĸđýţǹØđØěĸţŪǹţŪşØŪýđěóǹŪěķýǹĘŁşěƓŁĸţǹŪŁǹĐØóěıěŪØŪýǹýDŽýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪȀǹ
ěĸĐŁşķěĸđǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹţŪşØŪýđěýţǹŪŁǹķØĸØđýǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹóØŜěŪØıěţýǹŁĸǹŁŜŜŁşŪůĸěŪěýţǿǹ
"ýŪØěıǹóØĸǹØıţŁǹòýǹĐŁůĸùǹŁĸǹŪĘýǹƄĘýŪĘýşǹŪĘýǹşěţĮǹěţǹěĸóşýØţěĸđȀǹùýóşýØţěĸđǹŁşǹţŪØòıýȀǹƄĘěóĘǹěţǹØǹůţýĐůıǹ
ķýóĘØĸěţķǹĐŁşǹşěţĮǹŜşěŁşěŪěţØŪěŁĸǿ
ıěķØŪýțşýıØŪýùǹşěţĮǹĘØţǹòýýĸǹěùýĸŪěLJýùǹØţǹØǹŜşěĸóěŜØıǹşěţĮǿǹŁǹØţţýţţǹŪĘýǹşýıØŪěƃýǹţěđĸěLJóØĸóýǹŁĐǹŪĘýǹŜşěĸóěŜØıǹ
şěţĮţǹȡƄĘěóĘǹØşýǹùýŪØěıýùǹŁĸǹŜØđýţǹǔǘǹŪŁǹǕǓǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪȢȀǹýØóĘǹĘØţǹòýýĸǹØţţěđĸýùǹØǹıěĮýıěĘŁŁùǹØĸùǹ
ěķŜØóŪǹţóŁşýǹĐşŁķǹƄĘěóĘǹØǹşěţĮǹşØĸĮěĸđǹěţǹØııŁóØŪýùǿǹ]ŁşýǹěĸĐŁşķØŪěŁĸǹØòŁůŪǹŪĘýǹŜşŁóýţţǹĐŁşǹØţţýţţěĸđǹŪĘýǹ
ţěƓýǹØĸùǹţóŁŜýǹŁĐǹşěţĮţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýǹǕǏǹŁĐǹŁůşǹĸĸůØıǹýŜŁşŪǿ
ıěķØŪýțşýıØŪýùǹŜĘƊţěóØıǹşěţĮţǹĘØƃýǹòýýĸǹěùýĸŪěLJýùǹůţěĸđǹŪĘýǹȱıěķØŪýǹ®ȱǹùØŪØǹŜşŁĪýóŪěŁĸǹŜıØŪĐŁşķǹŜýóŪşØǿǹ
ěţĮǹşØŪěĸđţǹĘØƃýǹòýýĸǹùýŪýşķěĸýùǹĐŁşǹşýıýƃØĸŪǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹòƊǹóŁķòěĸěĸđǹıěĮýıěĘŁŁùǹØĸùǹ
ţýƃýşěŪƊǹţóŁşýţǿǹĘýǹşěţĮǹØţţýţţķýĸŪǹĘØţǹóŁĸţěùýşýùǹĘŁƄǹşěţĮǹóĘØĸđýţǹØđØěĸţŪǹţŪşØŪýđěóǹŪěķýǹĘŁşěƓŁĸţȀǹŪŁǹ
ĐØóěıěŪØŪýǹýDŽýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪǿǹţţýŪţǹŪĘØŪǹĘØƃýǹòýýĸǹěùýĸŪěLJýùǹØţǹĘěđĘýşǹşěţĮǹƄěııǹòýǹţůòĪýóŪǹŪŁǹØǹķŁşýǹ
ùýŪØěıýùǹşýƃěýƄǹěĸǹǑǏǑǔǹŪŁǹùýŪýşķěĸýǹěĐǹØĸƊǹĐůşŪĘýşǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹØşýǹşýŞůěşýùǿǹ
fůşǹŪşØĸţěŪěŁĸǹşěţĮǹØĸØıƊţěţǹùşýƄǹŁĸǹØǹŪĘěşùțŜØşŪƊǹşýƃěýƄǹŁĐǹŪĘýǹķØşĮýŪǿǹĘěţǹŜşŁĪýóŪǹƄØţǹěĸěŪěØııƊǹůĸùýşŪØĮýĸǹ
ěĸǹǑǏǑǐǹØĸùǹĘØţǹòýýĸǹůŜùØŪýùǹěĸǹǑǏǑǓǿǹ
DĸǹØııǹŁůşǹØĸØıƊţěţȀǹƄýǹĘØƃýǹůţýùǹŪĘşýýǹóıěķØŪýǹóĘØĸđýǹţóýĸØşěŁţǹşýŜşýţýĸŪěĸđǹıŁƄȀǹķýùěůķǹØĸùǹĘěđĘǹ
ýķěţţěŁĸţǹȡǹǑǿǕȀǹǹǓǿǔǹØĸùǹǹǗǿǔȢǹŪŁǹůĸùýşţŪØĸùǹŪĘýǹşØĸđýǹŁĐǹŜŁŪýĸŪěØıǹóıěķØŪýǹŁůŪóŁķýţȀǹØěùěĸđǹ
ěĸǹóŁķŜşýĘýĸţěƃýǹşěţĮǹůĸùýşţŪØĸùěĸđǹØĸùǹţŪşØŪýđěóǹŜıØĸĸěĸđǿǹĘěţǹØŜŜşŁØóĘǹØùùşýţţýţǹóŁķŜıěØĸóýǹƄěŪĘǹ
şýđůıØŪŁşƊǹØĸùǹţŪØĮýĘŁıùýşǹşýóŁķķýĸùØŪěŁĸţȀǹěĸĐŁşķţǹěĸƃýţŪķýĸŪǹØĸùǹşýţŁůşóýǹØııŁóØŪěŁĸǹØĸùǹýĸĘØĸóýţǹ
şýţěıěýĸóýǿǹ©ýǹØţţůķýǹŪĘØŪǹŪĘýţýǹţóýĸØşěŁţǹƄěııǹĸŁŪǹòýǹýƉóýýùýùǹØóşŁţţǹŪĘýǹŪěķýıěĸýţǹěùýĸŪěLJýùǿǹ
Please see pages 59 to 64 for further information on risk management and our principal risks
70 Shaftesbury Capital PLC | 2024 Annual Report

"ýţóşěòýǹŪĘýǹ
ŁşđØĸěţØŪěŁĸȬţǹ
ŜşŁóýţţýţǹĐŁşǹ
ķØĸØđěĸđǹóıěķØŪýț
related risk
©ýǹĘØƃýǹØĸǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóŁķŜşěţěĸđǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýȀǹ:ýĸýşØıǹŁůĸţýıȀǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹ"ěşýóŪŁşǹŁĐǹşØĸţĐŁşķØŪěŁĸǹØĸùǹýóĘĸŁıŁđƊȀǹ
AýØùǹŁĐǹAýØıŪĘǹØĸùǹØĐýŪƊȀǹØĸùǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǿǹĘěţǹěţǹŪĘýǹýƉýóůŪěƃýțıýƃýıǹķØĸØđýķýĸŪǹĐŁşůķǹĐŁşǹŪĘýǹ
şýƃěýƄǹØĸùǹùěţóůţţěŁĸǹŁĐǹşěţĮţȀǹóŁĸŪşŁıţǹØĸùǹķěŪěđØŪěŁĸǹķýØţůşýţǿǹýĸ죺ǹķØĸØđýķýĸŪǹĐşŁķǹýØóĘǹòůţěĸýţţǹ
ĐůĸóŪěŁĸǹěùýĸŪěĐƊǹØĸùǹķØĸØđýǹşěţĮţǹĐŁşǹŪĘýěşǹùěƃěţěŁĸǹØĸùǹóŁķŜıýŪýǹØĸùǹķØěĸŪØěĸǹØǹşěţĮǹşýđěţŪýşǿǹıěķØŪýț
related risks and opportunities are presented to the Board.
ĘƊţěóØıǹşěţĮţǹØşýǹķØĸØđýùǹØĸùǹķěŪěđØŪýùǹŪĘşŁůđĘǹŁůşǹŁĸđŁěĸđǹŜşŁđşØķķýǹŪŁǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýDžóěýĸóƊǹ
ŁĐǹŁůşǹòůěıùěĸđţǹØĸùǹŁůşǹěĸƃýţŪķýĸŪǹěĸǹěĸóşýØţěĸđǹđşýýĸǹţŜØóýǹØóşŁţţǹŁůşǹŜŁşŪĐŁıěŁǿǹ
©ýǹĘØƃýǹóŁķŜşýĘýĸţěƃýǹěțƃØıěùØŪýùǹĸýØşțŪýşķǹØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǹĐŁşǹóŁŜýǹǐȀǹǑǹØĸùǹǒǹýķěţţěŁĸţȀǹ
ƄĘěóĘǹƄěııǹòýǹŪĘýǹĐŁůĸùØŪěŁĸǹŁĐǹŁůşǹóØşòŁĸǹýķěţţěŁĸţǹşýùůóŪěŁĸǹţŪşØŪýđƊǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹŜŁţěŪěŁĸǹòƊǹǑǏǓǏǿǹ
Principal risks have been mapped to the most relevant strategic priority, which can be found on pages 61 to 65.
"ýţóşěòýǹĘŁƄǹ
ŜşŁóýţţýţǹĐŁşǹ
identifying,
assessing and
ķØĸØđěĸđǹóıěķØŪýț
related risks are
integrated into
ŪĘýǹŁşđØĸěţØŪěŁĸȬţǹ
overall risk
management
ĘýǹŁØşùǹĘØţǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹ:şŁůŜȬţǹşěţĮǹķØĸØđýķýĸŪȀǹùýŪýşķěĸěĸđǹşěţĮǹØŜŜýŪěŪýǹØĸùǹşýƃěýƄěĸđǹ
ŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţǹşýđůıØşıƊȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹØóŪěŁĸţǹŪØĮýĸǹŪŁǹķěŪěđØŪýǹŪĘýķǿǹƄØşýĸýţţǹŁĐǹ
óıěķØŪýțşýıØŪýùǹşěţĮţǹěţǹěĸŪýđşØŪýùǹěĸŪŁǹŪĘýǹŁşđØĸěţØŪěŁĸǹƃěØǹØǹŜşŁđşØķķýǹŁĐǹýķŜıŁƊýýǹýĸđØđýķýĸŪǹØĸùǹŪşØěĸěĸđǿǹ
9ŁşǹóýşŪØěĸǹØşýØţǹŁĐǹşýţŜŁĸţěòěıěŪƊȀǹţŜýóěLJóǹĪŁòțşýıØŪýùǹěĸùěƃěùůØıǹŪşØěĸěĸđǹěţǹùýıěƃýşýùȀǹĐŁşǹýƉØķŜıýǹşýıØŪěĸđǹŪŁǹ
ķØŪŪýşţǹţůóĘǹØţǹ&ţȀǹđØŪĘýşěĸđǹŁĐǹùØŪØǹØĸùǹýķòŁùěýùǹóØşòŁĸǹóØıóůıØŪěŁĸţǿǹ
ĘýǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹěţǹØǹķýķòýşǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹØĸùǹěţǹşýţŜŁĸţěòıýǹĐŁşǹĘěđĘıěđĘŪěĸđǹ
óıěķØŪýǹşěţĮţǹěĸǹŪĘýǹóŁĸŪýƉŪǹŁĐǹƄěùýşǹòůţěĸýţţǹşěţĮǹùěţóůţţěŁĸţǿ
Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹķýýŪţǹŞůØşŪýşıƊǹØĸùǹşýƃěýƄţǹţěđĸěLJóØĸŪǹşěţĮţǹŪŁǹŪĘýǹòůţěĸýţţȀǹŁŜýşØŪěŁĸØıǹØĸùǹ
LJĸØĸóěØıȀǹěĸóıůùěĸđǹţůţŪØěĸØòěıěŪƊțşýıØŪýùǹşěţĮţǿǹǹşěţĮǹşýŜŁşŪǹěţǹŜşŁùůóýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹ
ØĸùǹěţǹţůòķěŪŪýùǹŪŁǹŪĘýǹŁØşùǿǹşěĸóěŜØıǹşěţĮţǹØşýǹùěţóıŁţýùǹěĸǹŪĘýǹěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹýŜŁşŪǿ
Metrics and targets
"ěţóıŁţýǹŪĘýǹ
ķýŪşěóţǹůţýùǹòƊǹ
the organisation
ŪŁǹØţţýţţǹóıěķØŪýț
related risks and
opportunities
in line with its
strategy and risk
management
ŜşŁóýţţ
UýƊǹķýŪşěóţǹůţýùǹŪŁǹØţţýţţǹóıěķØŪýțşýıØŪýùǹşěţĮǹØĸùǹŜşŁđşýţţǹØđØěĸţŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţǹØşýǹţýŪǹ
ŁůŪǹěĸǹŪĘýǹţůķķØşƊǹěţĮţǹØĸùǹfŜŜŁşŪůĸěŪěýţǹŪØòıýǹŁĸǹŜØđýţǹǖǑǹŪŁǹǖǓǿǹýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĮýƊǹóıěķØŪýț
şýıØŪýùǹķýŪşěóţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǘǒǹŪŁǹǘǔǿ
"ýţóşěòýǹŪĘýǹ
targets used by
the organisation
ŪŁǹķØĸØđýǹóıěķØŪýț
related risks and
opportunities
ØĸùǹŜýşĐŁşķØĸóýǹ
against targets
ıýØţýǹşýĐýşǹŪŁǹŪĘýǹţůķķØşƊǹŪØòıýǹŁĸǹŜØđýţǹǖǑǹŪŁǹǖǓǹØĸùǹŪŁǹŁůşǹ9"ǹşýŜŁşŪǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿ
ţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌşýţŜŁĸţěòěıěŪƊȌŜŁıěóěýţțØĸùțşýŜŁşŪţǿĘŪķıǿǹýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĮýƊǹóıěķØŪýț
şýıØŪýùǹķýŪşěóţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǘǒǹŪŁǹǘǔǿǹ
"ěţóıŁţýǹóŁŜýǹǐȀǹ
óŁŜýǹǑȀǹØĸùȀǹěĐǹ
ØŜŜşŁŜşěØŪýȀǹóŁŜýǹ
3 greenhouse
đØţǹȡȩ:A:ȪȢǹ
emissions, and the
related risks
ǹùýŪØěıýùǹòşýØĮùŁƄĸǹŁĐǹóŁŜýǹǐȀǹóŁŜýǹǑǹØĸùǹóŁŜýǹǒǹ:A:ǹýķěţţěŁĸţǹěţǹùěţóıŁţýùǹŁĸǹŜØđýǹǘǓǹŁĐǹŪĘěţǹ
ĸĸůØıǹýŜŁşŪȀǹØĸùǹŪĘýǹķýŪĘŁùŁıŁđƊǹĐŁşǹŪĘýǹóØıóůıØŪěŁĸţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýǹǑǒǓǿǹDĸǹıěĸýǹƄěŪĘǹŪşýØķıěĸýùǹ
&ĸýşđƊǹØĸùǹØşòŁĸǹýŜŁşŪěĸđǹȡȩ&ȪȢǹşýŞůěşýķýĸŪţȀǹýĸýşđƊǹůţýǹØĸùǹØĸǹěĸŪýĸţěŪƊǹķýŪşěóǹØşýǹùěţóıŁţýùǹŁĸǹ
ŜØđýǹǘǔǿ
71Shaftesbury Capital PLC | 2024 Annual Report

Risks summary
Risk type Risk description Timeline DķŜØóŪǹŁĸǹòůţěĸýţţǹţŪşØŪýđƊǹȺǹLJĸØĸóěØıǹŜıØĸĸěĸđ
Physical ĘşŁĸěóǹıŁĸđțŪýşķǹóıěķØŪýǹóĘØĸđýȀǹLjŁŁùǹ
risk and extreme weather including:
ȟ ĘŁŪŪýşǹţůķķýşţǹıýØùěĸđǹŪŁǹĘěđĘýşǹóŁţŪţǹŪŁǹ
maintain indoor temperatures
ȟ ıŁóØıěţýùǹLjŁŁùěĸđǹØĸùǹţŪŁşķǹùØķØđýȀǹØĸùǹŪěķýǹ
ØţţŁóěØŪýùǹƄěŪĘǹòůěıùěĸđǹùýţěđĸǹØĸùǹşýŪşŁLJŪǹĐŁşǹ
ěĸóşýØţýùǹşØěĸĐØııǹşýţěıěýĸóý
ȟ ùěţşůŜŪěŁĸǹŪŁǹıŁóØıǹýĸýşđƊǹØĸùǹŪşØĸţŜŁşŪǹ
ĸýŪƄŁşĮǹĐşŁķǹýƉŪşýķýǹƄýØŪĘýşȀǹěĸǹŜØşŪěóůıØşǹ
óŁķòěĸěĸđǹØǹLjŁŁùǹƄěŪĘǹØǹŜŁţţěòıýǹĐØěıůşýǹŁĐǹŪĘýǹ
Thames Barrier
Medium-term
Long-term
ȟ ěĸóıůţěŁĸǹŁĐǹķěŪěđØŪěŁĸţǹěĸǹŁůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýǿǹ
ĘýţýǹØşýǹěĸóıůùýùǹØŪǹùýţěđĸǹţŪØđýǹØĸùǹóŁĸţýŞůýĸŪıƊǹ
ùŁǹĸŁŪǹşýţůıŪǹěĸǹķØŪýşěØıǹØùùěŪěŁĸØıǹóØŜěŪØıǹ
expenditure requirements
ȟ these requirements are supported by the planning
ĐşØķýƄŁşĮǹěĸǹóýĸŪşØıǹWŁĸùŁĸǹƄĘýşýǹƄýǹŁŜýşØŪýȀǹƄĘěóĘǹ
đýĸýşØııƊǹşýŞůěşýţǹŪĘØŪǹŪĘýţýǹşěţĮţǹØşýǹóŁĸţěùýşýùǿǹ
ĘýşýĐŁşýȀǹŪĘýǹěĸóşýķýĸŪØıǹóŁţŪţǹØòŁƃýǹŜıØĸĸěĸđǹ
óŁĸţěùýşØŪěŁĸţǹØşýǹķŁùýţŪ
ȟ ţůDžóěýĸŪǹěĸţůşØĸóýǹĐŁşǹŜŁŪýĸŪěØıǹóıěķØŪýǹýƃýĸŪţ
ȟ ƄýǹƄěııǹĐŁşķØııƊǹůŜùØŪýǹŁůşǹØţţýŪǹýƉŜŁţůşýǹŪŁǹŜĘƊţěóØıǹ
óıěķØŪýǹşěţĮǹØŪǹıýØţŪǹýƃýşƊǹŪƄŁǹƊýØşţǹòØţýùǹŁĸǹıØŪýţŪǹ
ţóěýĸóýțòØţýùǹţóýĸØşěŁţǹØĸùǺķŁùýııěĸđǿǹĘýǹóŁţŪţǹ
ŁĐǹŪĘěţǹýƉýşóěţýǹØşýǹķŁùýţŪǹØĸùǹØşýǹěĸóůşşýùǹŪĘşŁůđĘǹ
ØùķěĸěţŪşØŪěŁĸǹóŁţŪţ
Transition Policy risk from emerging regulation:
ȟ ýĸĘØĸóýùǹ:A:ǹýķěţţěŁĸţǹşýŜŁşŪěĸđ
ȟ ýƃŁıƃěĸđǹşýØıțýţŪØŪýțţŜýóěLJóǹşýđůıØŪěŁĸţȀǹ
ţůóĘǺØţǹ]ěĸěķůķǹ&ĸýşđƊǹ&DžóěýĸóƊǹ
ŪØĸùØşùţǹȡȩ]&&ȪȢ
ȟ ŜŁŪýĸŪěØıǹóŁĸLjěóŪǹòýŪƄýýĸǹĘýşěŪØđýǹ
şýŞůěşýķýĸŪţǹØĸùǹýĸýşđƊǹýDžóěýĸóƊ
ȟ improvement beyond MEES requirements
ȟ ŜŁŪýĸŪěØıǹěķŜØóŪǹŁĐǹĸØŪůşýțşýıØŪýùǹşýđůıØŪěŁĸǹ
ěĸóıůùěĸđǹŪĘýǹ&ĸƃ캣ĸķýĸŪǹóŪǹşýŞůěşýķýĸŪţǹ
ŁĸǹòěŁùěƃýşţěŪƊǹĸýŪǹđØěĸǹØĸùǹŪĘýǹØţĮǹ9Łşóýǹ
Łĸǹ^ØŪůşýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
Short-term
Medium-term
ȟ ĐØěıůşýǹŪŁǹķýýŪǹđşýýĸĘŁůţýǹđØţǹȡȩ:A:ȪȢǹşýŞůěşýķýĸŪţǹ
şýţůıŪţǹěĸǹěĸóşýØţýùǹóŁţŪǹŁşǹıŁĸđýşǹƃŁěùǹŜýşěŁùţ
ȟ ůĸýƉŜýóŪýùǹĸýƄǹşýđůıØŪěŁĸǹşýţůıŪţǹěĸǹıŁĸđýşǹŜıØĸĸěĸđǹ
or refurbishment periods
ȟ ěĸóşýØţýùǹóŁţŪţǹŪŁǹØĸØıƊţýǹØĸùǹķýýŪǹĸýƄǹşýŞůěşýķýĸŪţ
ȟ inability to meet nature-related requirements results in
LJĸØĸóěØıǹŁşǹşýŜůŪØŪěŁĸØıǹıŁţţ
Transition Market risk of changes
in market trendsȁ
ȟ óůţŪŁķýşţǹţýýĮěĸđǹØţţýŪţǹƄěŪĘǹđşýØŪýşǹ
ţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţȀǹƄĘěóĘǹķØƊǹşýùůóýǹ
şýƃýĸůýţǹěĐǺşýŞůěşýķýĸŪţǹóØĸĸŁŪǺòýǹķýŪ
ȟ less sustainable buildings may not meet debt
or equity market requirements, resulting in
şýùůóýùǹØóóýţţǹŪŁǹóØŜěŪØı
Medium-term
ȟ ĐØěıůşýǹŪŁǹķýýŪǹķØşĮýŪǹýƉŜýóŪØŪěŁĸţǹƄŁůıùǹşýţůıŪǹěĸǹ
ıŁţţǹŁĐǹØţţýŪǹƃØıůýţȀǹşýĸŪØıǺěĸóŁķýȀǹØĸùǹŜşŁıŁĸđýùǹ
ƃŁěùǹŜýşěŁùţǿǹĘýşýĐŁşýȀǹěķŜØóŪǹŁĸǹLJĸØĸóěØıǹŜıØĸĸěĸđǹ
ěţǹŪŁǹěĸóıůùýǹØţǹţŪØĸùØşùǹěĸǹŁůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýţǹ
ØŜŜşŁŜşěØŪýǹţůţŪØěĸØòěıěŪƊȀǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹŁŪĘýşǹ
óşýùýĸŪěØıţǹěĸóıůùěĸđǺ&&]ǹƄĘýşýǹØŜŜşŁŜşěØŪý
.
ȟ ĸŁǹƊěýıùǹØùĪůţŪķýĸŪţǹØşýǹóůşşýĸŪıƊǹěĸóıůùýùǹěĸǹŁůşǹ
business planning, but our viability assessment
ěĸóıůùýţǺŪĘýǹěķŜØóŪǹŁĐǹŜŁŪýĸŪěØıǹƊěýıùǹķŁƃýķýĸŪţǹ
ĘŁƄţŁýƃýşǹóØůţýù
Transition ţţýŪțţŜýóěLJóǹşěţĮȁ
ȟ ýƃŁıƃěĸđǹşěţĮǹěĸǹşýıØŪěŁĸǺŪŁǹŪĘýǹŜŁŪýĸŪěØıǹ
óŁĸLjěóŪǺòýŪƄýýĸǹĘýşěŪØđýǹòůěıùěĸđţǹØĸùǺ
ýĸýşđƊǹýDžóěýĸóƊ
ȟ ĘýşěŪØđýǹşýţŪşěóŪěŁĸţǹěķŜýùýǹýĸýşđƊǹýDžóěýĸóƊǹ
measures resulting in market risks as above
ȟ adoption of fossil fuel removal and
ŪýóĘĸŁıŁđěýţǹěţǹóŁĸţŪşØěĸýùǹòƊǹýıýóŪşěóØıǹ
ţůŜŜıƊǹóØŜØóěŪƊǹŪŁǹŁůşǹòůěıùěĸđţ
ȟ şýıØŪěƃýǹĘěđĘýşǹóŁţŪǹŁĐǹýıýóŪşěóěŪƊǹŪŁǹđØţǹ
ěķŜØóŪţǹŁĸǹŁóóůŜěýşǹŜşŁLJŪØòěıěŪƊǹØĸùǹ
ěķŜØóŪţǺşýĸŪ
Medium-term
Long-term
ȟ óŁĸţěùýşØŪěŁĸǹŁĐǹŪýóĘĸŁıŁđƊǹØŜŜşŁŜşěØŪýǹŪŁǹ
heritage buildings
ȟ ùşěƃýǹòýĘØƃěŁůşØıǹóĘØĸđýǹŪŁǹůţýǹòůěıùěĸđţǹØţǹ
ùýţěđĸýùǹØĸùǹķØƉěķěţýǹòýĸýLJŪţ
ȟ óŁĸţěùýşØŪěŁĸǹŁĐǹýıýóŪşěóěŪƊǹóØŜØóěŪƊǹØĸùǹ
ŜŁŪýĸŪěØıǹóŁĸţŪşØěĸŪţ
ȟ &]țØıěđĸýùǹ^ýŪǹ¸ýşŁǹýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹ
ŁĸǹØǹşýŜşýţýĸŪØŪěƃýǹţØķŜıýǹŁĐǹòůěıùěĸđţǹØóşŁţţǹŪĘýǹ
portfolio, to inform appropriate interventions and
ØţţýţţǹóŁţŪ
ǐǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹţýŪǹķýŪşěóţǹØđØěĸţŪǹØııǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹ9ŁşǹţŁķýǹŁĐǹŪĘýţýȀǹŪØşđýŪţǹØşýǹòýěĸđǹşýLJĸýùȀǹØĸùǹƄýǹƄěııǹùěţóıŁţýǹŪĘýţýǹěĸǹùůýǹóŁůşţý
Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
72 Shaftesbury Capital PLC | 2024 Annual Report

Mitigation Metrics & Targets
1
ȟ ţóýĸØşěŁǹØĸØıƊţěţǹěĸùěóØŪýţǹĘěđĘýşǹşěţĮǹŁĐǹLjØţĘǹLjŁŁùěĸđǹŪŁǹţŁķýǹ
assets and medium exposure to drought and heat stress
ȟ ØţţýŪţǹØşýǹĸŁŪǹıŁóØŪýùǹěĸǹóŁØţŪØıǹŁşǹLjůƃěØıǹLjŁŁùǹşěţĮǹØşýØţȀǹţŁǹşěţĮǹ
ıěķěŪýùǹŪŁǹLjØţĘǹLjŁŁùěĸđ
ȟ şýĐůşòěţĘķýĸŪǹţóŁŜýǹóŁĸţěùýşţǹŪĘýǹĐŁııŁƄěĸđǹŪŁǹķěŪěđØŪýǹşěţĮǹØĸùǹ
ýĸĘØĸóýǹĐůŪůşýǹØţţýŪǹşýţěıěýĸóýȁ
ȟ şýùůóýùǹƄØŪýşǹùýķØĸùǹØĸùǹýDžóěýĸóƊǹķýØţůşýţ
ȟ design measures to prevent overheating
ȟ ěĸóŁşŜŁşØŪěŁĸǹŁĐǹţůţŪØěĸØòıýǹůşòØĸǹùşØěĸØđýǹĐýØŪůşýţ
ȟ ěĸóıůţěŁĸǹŁĐǹŪĘýţýǹØóŪěŁĸţǹěĸŪŁǹŁůşǹØùØŜŪØŪěŁĸǹØóŪěƃěŪěýţǹěĸǹŁůşǹ
óŁķòěĸýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ
ȟ óŁĸŪěĸůýùǹşýùůóŪěŁĸǹěĸǹ:A:ǹěĸŪýĸţěŪƊǹĐşŁķǹòůěıùěĸđǹýĸýşđƊǹůţýǹ
ȟ şýùůóýǹØòţŁıůŪýǹƄØŪýşǹůţýǹŪĘşŁůđĘǹýDžóěýĸóƊǹØĸùǹĘØşƃýţŪěĸđǹòƊǹ
ǔǹŜýşǹóýĸŪǹŜýşǹØĸĸůķǹ
ȟ óŁŜýǹǐǹØĸùǹǑǹýķěţţěŁĸţǹşýùůóŪěŁĸǹŪØşđýŪǹȡǕǏǹŜýşǹóýĸŪǹòƊǹǑǏǒǏȀǹ
ĐşŁķǹØǹǑǏǐǘǹòØţýǹƊýØşǹƄěŪĘǹěĸŪýşěķǹěĸŪýĸţěŪƊǹŪØşđýŪţȢ
ȟ óŁŜýǹǒǹýķěţţěŁĸţǹşýùůóŪěŁĸǹŪØşđýŪǹȡǔǏǹŜýşǹóýĸŪǹòƊǹǑǏǒǏȀǹĐşŁķǹ
ØǹǑǏǐǘǹòØţýǹƊýØşǹƄěŪĘǹěĸŪýşěķǹěĸŪýĸţěŪƊǹŪØşđýŪţȢ
ȟ şýķŁƃØıǹŁĐǹØııǹđØţǹòŁěıýşţǹȡůĸùýşǹŁůşǹóŁĸŪşŁıȢǹòƊǹǑǏǒǏ
ȟ ǐǏǏǹŜýşǹóýĸŪǹşýĸýƄØòıýǹýĸýşđƊǹŜşŁóůşýķýĸŪ
ȟ ıŁĸđțŪýşķǹǑǏǓǏǹěțƃØıěùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪ
ȟ ŜşŁØóŪěƃýǹØŜŜşŁØóĘǹŪŁǹ&ǹØĸùǹ]&&ǹķØĸØđýķýĸŪ
ȟ ùýŪØěıýùǹýƉěţŪěĸđǹ:A:ǹşýŜŁşŪěĸđǹƄĘěóĘǹđŁýţǹòýƊŁĸùǹóůşşýĸŪǹţŪØŪůŪŁşƊǹ
şýŞůěşýķýĸŪţȀǹěĸóıůùěĸđǹØııǹóŁŜýǹǒ
ȟ &]țØıěđĸýùǹùýŪØěıýùǹýĸýşđƊǹØţţýţţķýĸŪţǹýƉýşóěţýǹóŁķŜıýŪýùǹ
on 40 assets
ȟ óŁķķěŪŪýùǹŜşŁđşØķķýǹŪŁǹýĸĘØĸóýǹùØŪØǹóŁııýóŪěŁĸǹƄěŪĘǹŪěķýıěĸýţǹ
ěĸóıůùýùǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ
ȟ şýđůıØşǹşýƃěýƄǹØĸùǹěĸŪýşĸØıǹşýŜŁşŪěĸđǹŁĐǺůŜóŁķěĸđǹóıěķØŪýǹşýđůıØŪěŁĸȀǹ
ØĸùǹůŜùØŪýţǺĐşŁķǹŜşŁĐýţţěŁĸØıǹØùƃěţýşţ
ȟ ěǹØŜŜşŁƃØıǹŁĐǹŁůşǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţ
ȟ óŁĸŪěĸůýùǹşýŜŁşŪěĸđǹŁĐǹØţţýŪǹ&ǹŜýşĐŁşķØĸóýǹƄěŪĘǹùýŪØěıýùǹ&ǹ
ŪØşđýŪţǹòƊǹ&¨ǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǹȡǑǏǒǏȁǹóŁķķýşóěØıǹ
ǐǏǏǹŜýşǹóýĸŪǹǹŁşǹØòŁƃýǹØĸùǹşýţěùýĸŪěØıǹǐǏǏǹŜýşǹóýĸŪǹǹŁşǹØòŁƃýȢ
ȟ roll out of smart landlord utility meters
ȟ ýĸĘØĸóýùǹùØŪØǹóŁƃýşØđýǹØĸùǹØóóůşØóƊǹŪØşđýŪţǹØĸùǹØóóýıýşØŪýùǹ
ŪěķýıěĸýǹØţǹţýŪǹŁůŪǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ
ȟ ķŁĸěŪŁşěĸđǹØĸùǹşýŜŁşŪěĸđǹŁĐǹòěŁùěƃýşţěŪƊǹóŁƃýşØđý
ȟ regular formal review of regulatory requirements and internal
reporting at least annually
ȟ şýđůıØşǹķŁĸěŪŁşěĸđǹŁĐǹěĸùůţŪşƊǹşýţýØşóĘǹ
ȟ use of internally developed sustainable development tool to
ýĸţůşýǹŪĘØŪǹýØóĘǹşýĐůşòěţĘķýĸŪǹķØƉěķěţýţǹěŪţǹØòěıěŪƊǹŪŁǹØóĘěýƃýǹ
ţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţ
ȟ óŁĸŪěĸůýùǹòůùđýŪǹØııŁóØŪěŁĸǹŪŁǹşýţýØşóĘǹØĸùǺěĸĸŁƃØŪěŁĸ
ȟ şýŜŁşŪěĸđǹŁĐǹŜşŁŜŁşŪěŁĸǹŁĐǹòůěıùěĸđţǹòƊǹØşýØǹƄěŪĘǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţ
ȟ ØěķǹŪŁǹØóĘěýƃýǹ&&]ǹşØŪěĸđǹŁĸǹØııǹşýıýƃØĸŪǹşýĐůşòěţĘķýĸŪţ
ȟ ŜØşŪěóěŜØŪěŁĸǹěĸǹØŜŜşŁŜşěØŪýǹěĸùůţŪşƊǹşýţýØşóĘǹØĸùǹıŁòòƊěĸđǹ
ŁĸǹŪĘýǹòØıØĸóýǹòýŪƄýýĸǺĘýşěŪØđýǹØĸùǹýĸýşđƊǹýDžóěýĸóƊ
ȟ şýţýØşóĘǹØĸùǹěĸóıůţěŁĸǹŁĐǹţóØıØòıýǹĘýşěŪØđýțØŜŜşŁŜşěØŪýǹýĸýşđƊǹ
ýDžóěýĸóƊǹķýØţůşýţǹěĸǹŁůşǹěĸŪýşĸØıǹşýĐůşòěţĘķýĸŪǹşýŞůěşýķýĸŪţ
ȟ ěĸóıůţěŁĸǹŁĐǹĘýşěŪØđýǹØĸùǹıěţŪýùǹòůěıùěĸđţǹěĸǹŁůşǹùýŪØěıýùǹ&]ǹ
ýƉýşóěţýǹŪŁǹùýŪýşķěĸýǹóŁţŪţǹØĸùǹşýŪůşĸţǹØĸùǹůĸùýşţŪØĸùǹşýıØŪýùǹ
ŜıØĸĸěĸđǺşěţĮ
ȟ ŪşØóĮěĸđǹŁĐǹ&ǹØĸùǹØţţýŪǹŜýşĐŁşķØĸóýǹěĸóıůùýţǹıěţŪýùǹţŪØŪůţȀǹ
ØĸùǹıěţŪýùǹůĸěŪţǹØşýǹĸŁŪǹţóŁŜýùǹŁůŪǹŁĐǹǑǏǒǏǹ&ǹŪØşđýŪţ
ȟ ŜşŁŜŁşŪěŁĸǹŁĐǹđØţǺȡĐŁţţěıǹĐůýıȢǹòŁěıýşţǹěĸǹòŁŪĘǹŁůşǺØĸùǹŁůşǹóůţŪŁķýşǹ
ùýķěţýǹěţǹŪşØóĮýùǹ
73Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
Opportunities summary
Opportunity
type
Opportunity
description
Timeline
Impact on business strategy
ȺǹLJĸØĸóěØıǹŜıØĸĸěĸđ
Actions to leverage
opportunity
Metrics and
targets
1
Transition Revenue:
ȟ ţůţŪØěĸØòěıěŪƊțóýşŪěLJýùǹØĸùǹ
ýĸýşđƊțýDžóěýĸóƊțýĸĘØĸóýùǹ
buildings lead to better
şýĸŪţǹØĸùǹóØŜěŪØıǹƃØıůýţ
Short-
term
ȟ ŜŁŪýĸŪěØıǹŪŁǹşýùůóýǹòůùđýŪǹ
void periods and improve
investment yields for assets
ƄěŪĘǹĘěđĘýşǹýĸýşđƊǹýDžóěýĸóƊǹ
ØĸùǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţǿǹ
Note that this is not yet applied
in forward business planning
ȟ óŁĸŪěĸůýǹŪŁǹěĸóşýØţýǹ
&ǹşØŪěĸđţǹØĸùǹ
òůěıùěĸđǹóýşŪěLJóØŪěŁĸǹ
óŁƃýşØđý
ȟ ŪşØóĮǹØĸùǹýƃěùýĸóýǹ
şýĸŪȀǹěĸóýĸŪěƃýǹ
ŜØóĮØđýǹØĸùǹƃŁěùǹ
ùěDŽýşýĸóýţǹØóşŁţţǹ
óýĸŪşØıǹWŁĸùŁĸǹ
to support any
óĘØĸđýţǹěĸǹŜşěóěĸđȀǹ
ØĸùǹěĸóŁşŜŁşØŪýǹ
into budgets and
ĐŁşýóØţŪěĸđǹØţǹ
ŪşýĸùţǺýķýşđý
ȟ ŜşŁƃěùýǹýƃěùýĸóýǹ
ŪŁǺƃØıůýşţ
ȟ ŜýşóýĸŪØđýǹŁĐǹ
ŜşŁĪýóŪţǹȡķØĪŁşǹ
şýĐůşòěţĘķýĸŪţȢǹ
ØóĘěýƃěĸđǹ
óýşŪěLJóØŪěŁĸ
Physical /
Transition
Market/Technology:
ȟ ıŁƄýşǹýĸýşđƊǹóŁţŪţǹØĸùǹ
emissions from more
ýĸýşđƊțýDžóěýĸŪǹòůěıùěĸđţǹ
through existing and
ĸýƄǹŪýóĘĸŁıŁđƊ
ȟ şýùůóýùǹýķěţţěŁĸţǹØĸùǹıŁƄǹ
embodied and operational
óØşòŁĸǹěĸóşýØţýǹŜŁşŪĐŁıěŁǹ
ØŪŪşØóŪěƃýĸýţţǹŪŁǹóůţŪŁķýşţ
ȟ ěķŜşŁƃýùǹŪýóĘĸŁıŁđƊǹ
enables use of on-site
energy generation, and
ĐşýýěĸđǹůŜǹóŁĸţŪşØěĸýùǹ
ýıýóŪşěóØıǹđşěùǹóØŜØóěŪƊ
Short-
term
ȟ demonstration of lower
ýķòŁùěýùǹóØşòŁĸȀǹŁŜýşØŪěŁĸØıǹ
ýĸýşđƊǹůţýǹØĸùǹóŁţŪţǹěĸǹŪĘýǹ
ıýØţěĸđǹķØşĮýŪǹØııŁƄţǹěĸóşýØţýùǹ
óŁķŜýŪěŪěƃýǹŪýĸţěŁĸǹěĸǹ
ıýØţěĸđǹŜşŁóýţţǹĐŁşǹ
ŜşŁţŜýóŪěƃýǹóůţŪŁķýşţ
ȟ self-generated renewable
ýĸýşđƊǹØĸùǹěĸóşýØţýùǹ
ýĸýşđƊǹýDžóěýĸóƊǹĘýıŜǹóşýØŪýǹ
headroom when modelling
ýţŪØŪýǹýıýóŪşěóěŪƊǹşýŞůěşýķýĸŪţ
ȟ regular market
review of available
low-energy
óıěķØŪýǹŪýóĘ
ȟ pilots of new
ŪýóĘĸŁıŁđƊǹØĸùǹ
ŜşŁóýţţýţǹŪŁǹýĸţůşýǹ
ţóØıØòıýȀǹØĸùǹ
ěĸóıůţěŁĸǹěĸǹţŪØĸùØşùǹ
refurbishment
ţóŁŜýţǹƄĘýşýǹ
ØŜŜıěóØòıý
ȟ estate-wide review
of renewable
energy generation
óØŜØòěıěŪƊǹŪŁǹěùýĸŪěĐƊǹ
opportunities that
ĐşýýǹđşěùǹóØŜØóěŪƊ
ȟ proportion of
self-generated
renewable power
Transition Reputational:
ȟ demonstrate Whole
WěĐýǹØşòŁĸǹòýĸýLJŪǹŁĐǹ
ĘýşěŪØđýǹţŪŁóĮǹØĸùǹıýØùǹ
ěĸǹýĸýşđƊǹŜýşĐŁşķØĸóýǹ
ŁĐǺĘýşěŪØđýǺòůěıùěĸđţ
ȟ ěĸóşýØţýùǹşýóŁđĸěŪěŁĸǹ
ŁĐǹóØşòŁĸǹòýĸýLJŪǹ
of retention and
şýĐůşòěţĘķýĸŪǹěĸóşýØţýţǹ
ƃØıůýǹØĸùǹØŪŪşØóŪěƃýĸýţţǹ
ŁĐǹŁůşǹØţţýŪţǹŪŁǹóůţŪŁķýşţȀǹ
ŜůşóĘØţýşţǹØĸùǹěĸƃýţŪŁşţ
ȟ low exposure to risk
ŪĘØŪǹŜıØĸĸěĸđǹŜşýĐýşýĸóýǹ
ĐŁşǹşýŪşŁLJŪǹùŁýţǹĸŁŪǹ
allow demolition of
poor-quality assets
Medium-
term
ȟ internal and external
óŁķķůĸěóØŪěŁĸǹţŪşØŪýđƊǹ
ŪŁǺùýķŁĸţŪşØŪýǹŪĘýǹ
©ĘŁıýǹWěĐýǺØşòŁĸǹòýĸýLJŪţǹ
ŁĐǹĘýşěŪØđýǺòůěıùěĸđţ
ȟ ©ĘŁıýǹWěĐýǹØşòŁĸǹ
ØţţýţţķýĸŪţǺŁĸǹşýıýƃØĸŪǹ
ŜşŁĪýóŪţǹØşýǹůĸùýşŪØĮýĸǹ
ŁĸǺØııǺşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹ
ŁĐǹţůDžóěýĸŪǹţóØıý
ȟ engage with heritage
ŁşđØĸěţØŪěŁĸţȀǹıŁóØıǹØůŪĘŁşěŪěýţǹ
and industry bodies to
óĘØķŜěŁĸǹŪĘýǹ©ĘŁıýǹWěĐýǹ
ØşòŁĸǹòýĸýLJŪţǹŁĐǹýĸýşđƊț
ýDžóěýĸŪǹĘýşěŪØđýǺòůěıùěĸđţ
ȟ ©ĘŁıýǹWěĐýǹØşòŁĸǹ
assessments
ȟ internal and
external
óŁķķůĸěóØŪěŁĸţǹ
ěĸóıůùěĸđǹ
stakeholder
ýĸđØđýķýĸŪǹØóşŁţţǹ
óůţŪŁķýşţȀǹıŁóØıǹ
authorities and
investors
ȟ ěùýĸŪěLJóØŪěŁĸǹ
ŁĐǹØóŞůěţěŪěŁĸǹ
opportunities
ƄĘěóĘǹķØƊǹŁDŽýşǹ
ýĸĘØĸóýùǹşýŪůşĸţǹ
based on our ability
ŪŁǹóŁķŜıýŪýǹıŁƄț
óŁţŪȀǹıŁƄțóØşòŁĸǹ
refurbishments
ȟ proportion of
©ĘŁıýǹWěĐýǹØşòŁĸǹ
assessments
undertaken
ȟ ØòěıěŪƊǹŪŁǹØóóůşØŪýıƊǹ
òýĸóĘķØşĮǹØĸùǹ
ĐŁşýóØţŪǹ©ĘŁıýǹWěĐýǹ
ØşòŁĸǹĐŁşǹţķØııýşǹ
ŜşŁĪýóŪţ
ȟ ěĸóşýØţýǹ
engagement with
industry and
heritage bodies
ǐǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹţýŪǹķýŪşěóţǹØđØěĸţŪǹØııǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹ9ŁşǹţŁķýǹŁĐǹŪĘýţýȀǹŪØşđýŪţǹØşýǹòýěĸđǹşýLJĸýùȀǹØĸùǹƄýǹƄěııǹùěţóıŁţýǹŪĘýţýǹěĸǹùůýǹóŁůşţý
74 Shaftesbury Capital PLC | 2024 Annual Report

Viability statement
Ęýǹ"ěşýóŪŁşţǹĘØƃýǹØţţýţţýùǹŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜǹŁƃýşǹŪĘýǹ
ŪĘşýýțƊýØşǹŜýşěŁùǹŪŁǹ"ýóýķòýşǹǑǏǑǖǿǹĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹ
ŪØĮýţǹěĸŪŁǹØóóŁůĸŪǹŪĘýǹ:şŁůŜȬţǹóůşşýĸŪǹŜŁţěŪěŁĸǹØĸùǹòůţěĸýţţǹ
ŜıØĸǹŜşŁĪýóŪěŁĸţȀǹđşŁůŜǹLJĸØĸóěØıǹĐŁşýóØţŪţǹØĸùǹŪĘýǺŜŁŪýĸŪěØıǹ
ěķŜØóŪǹŁĐǹŪĘýǹŜşěĸóěŜØıǹşěţĮţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǔǘǹŪŁǺǕǔǿ
©ĘěıţŪǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹŜşŁţŜýóŪţǹŁƃýşǹØǹıŁĸđýşǹŜýşěŁùǹěĸǹŪĘýǹ
ýƉýóůŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹţŪşØŪýđƊȀǹŪĘýǹŜşěķØşƊǹĐŁóůţǹƄěŪĘěĸǹŪĘýǹ
òůţěĸýţţǹŜıØĸĸěĸđǹŜşŁóýţţǹěţǹŁĸǹŪĘýǹLJşţŪǹŪĘşýýǹƊýØşţȀǹŪĘýşýĐŁşýǹ
ŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹùýŪýşķěĸýùǹŪĘØŪǹŪĘěţǹşýķØěĸţǹØĸǹØŜŜşŁŜşěØŪýǹ
ŜýşěŁùǹŁƃýşǹƄĘěóĘǹŪŁǹŜşŁƃěùýǹŪĘýǹƃěØòěıěŪƊǹţŪØŪýķýĸŪǿǹ
Ęýǹ"ěşýóŪŁşţǹóŁĸLJşķǹŪĘØŪǹŪĘýƊǹĘØƃýǹĸŁǹşýØţŁĸǹŪŁǹýƉŜýóŪǹØǹ
ķØŪýşěØıǹóĘØĸđýǹěĸǹŪĘýǹ:şŁůŜȬţǹƃěØòěıěŪƊǹěķķýùěØŪýıƊǹĐŁııŁƄěĸđǹ
the end of the three-year assessment period.
Assessment
DĸǹķØĮěĸđǹŪĘýǹØţţýţţķýĸŪȀǹŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹŪØĮýĸǹØóóŁůĸŪǹ
ŁĐǹŪĘýǹ:şŁůŜȬţǹşýţěıěýĸŪǹLJĸØĸóěØıǹŜŁţěŪěŁĸȀǹØóóýţţǹŪŁǹţůòţŪØĸŪěØıǹ
ıěŞůěùěŪƊȀǹŪĘýǹ:şŁůŜȬţǹØòěıěŪƊǹŪŁǹşØěţýǹĸýƄǹLJĸØĸóýȀǹØĸùǹŪĘýǹıŁƄǹ
ıýƃýıǹŁĐǹóØŜěŪØıǹóŁķķěŪķýĸŪţǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹLjýƉěòěıěŪƊǹŁĐǹ
future expenditure.
Ęýǹ©ýţŪǹ&ĸùǹŁóóůŜØŪěŁĸØıǹķØşĮýŪǹóŁĸŪěĸůýţǹŪŁǹòýǹţŪşŁĸđȀǹƄěŪĘǹ
ýƉóýııýĸŪǹıýƃýıţǹŁĐǹıýØţěĸđǹØóŪěƃěŪƊȀǹıŁƄǹƃØóØĸóƊǹØĸùǹóŁĸŪěĸůýùǹ
óůţŪŁķýşǹţØıýţǹđşŁƄŪĘǿǹĘýşýǹěţǹţŪşŁĸđǹıýØţěĸđǹùýķØĸùǹØóşŁţţǹ
ØııǹůţýţȀǹùýıěƃýşěĸđǹşýĸŪØıǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸǺđşŁƄŪĘǿǹ
©ĘěıýǹđýŁŜŁıěŪěóØıǹşěţĮǹşýķØěĸţǹýıýƃØŪýùǹØĸùǹŪĘýşýǹěţǹ
ķØóşŁýóŁĸŁķěóǹƃŁıØŪěıěŪƊȀǹŪĘýǹ©ýţŪǹ&ĸùǹØĸùǹŪĘýǹ:şŁůŜȬţǹ
unique portfolio of prime investments have demonstrated
şýķØşĮØòıýǹşýţěıěýĸóýǿǹĘýǹ:şŁůŜǹķØěĸŪØěĸţǹØǹţŪşŁĸđǹòØıØĸóýǹ
ţĘýýŪǹƄěŪĘǹØǹĐŁóůţǹŁĸǹşýţěıěýĸóýȀǹLjýƉěòěıěŪƊǹØĸùǹýDžóěýĸóƊǿǹĘýşýǹ
ěţǹţěđĸěLJóØĸŪǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǹØĸùǹØóóýţţǹŪŁǹ
ţěđĸěLJóØĸŪǹıěŞůěùěŪƊǿǹ
ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØùǹĸýŪǹùýòŪǹŁĐǹɏǐǿǓǹ
òěııěŁĸȀǹØĸǹ&ǹW¨ǹşØŪěŁǹŁĐǹǑǖǹŜýşǹóýĸŪǹØĸùǹ:şŁůŜǹěĸŪýşýţŪǹ
óŁƃýşǹŁĐǹǑǿǘǹŪěķýţǿǹĘýǹ:şŁůŜǹěţǹŜşŁĪýóŪýùǹŪŁǹĘØƃýǹţůDžóěýĸŪǹ
óØţĘǹşýţýşƃýţǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŪŁǹķýýŪǹùýòŪǹķØŪůşěŪěýţǹ
ùůşěĸđǹŪĘýǹƃěØòěıěŪƊǹŜýşěŁùǿǹ"şØƄĸǹùýòŪǹěţǹØŪǹLJƉýùǹşØŪýţǹŁşǹ
óůşşýĸŪıƊǹĘØţǹěĸŪýşýţŪǹşØŪýǹŜşŁŪýóŪěŁĸǹěĸǹŜıØóýǿǹDĸŪýşýţŪǹşØŪýǹ
ĘýùđěĸđǹěţǹěĸǹŜıØóýǹƄĘěóĘǹóØŜţǹf^DǹýƉŜŁţůşýǹØŪǹǒǿǏǹŜýşǹóýĸŪǹ
ŁĸǹɏǑǔǏǹķěııěŁĸǹŁĐǹĸŁŪěŁĸØıǹƃØıůýǹŪŁǹ"ýóýķòýşǹǑǏǑǔǿǹ9ůşŪĘýşǹ
ĘýùđěĸđǹØşşØĸđýķýĸŪţǹƄěııǹòýǹŜůŪǹěĸǹŜıØóýǹØţǹØŜŜşŁŜşěØŪýǿǹ
ĘýǹòůţěĸýţţǹŜıØĸǹóŁĸţěùýşţǹŪĘýǹ:şŁůŜȬţǹŜşŁLJŪţȀǹóØţĘǹLjŁƄţȀǹ
óØŜěŪØıǹóŁķķěŪķýĸŪţȀǹLJĸØĸóěØıǹşýţŁůşóýţȀǹĐůĸùěĸđǹşýŞůěşýķýĸŪţȀǹ
ùýòŪǹóŁƃýĸØĸŪţǹØĸùǹŁŪĘýşǹĮýƊǹLJĸØĸóěØıǹşěţĮţǿǹııǹŁĐǹŪĘýǹ:şŁůŜȬţǹ
şěţĮţǹóŁůıùǹĘØƃýǹØĸǹěķŜØóŪǹŁĸǹƃěØòěıěŪƊǿǹıěķØŪýǹóĘØĸđýǹěţǹ
óŁĸţěùýşýùǹòƊǹŪĘýǹ"ěşýóŪŁşţǹŪŁǹòýǹØĸǹůşđýĸŪǹěţţůýǹØĸùǹěĸƃýţŪķýĸŪǹ
ƄěııǹòýǹşýŞůěşýùǹŪŁǹýĸĘØĸóýǹŪĘýǹýĸƃ캣ĸķýĸŪØıǹŜýşĐŁşķØĸóýȀǹ
ķýýŪǹŁůşǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹØóĘěýƃýǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹòƊǹǑǏǓǏȀǹòůŪǹŪĘýǹóŁţŪţǹØĸŪěóěŜØŪýùǹƄěŪĘěĸǹŪĘýǹƃěØòěıěŪƊǹ
ŜýşěŁùǹØşýǹĸŁŪǹýƉŜýóŪýùǹŪŁǹòýǹţěđĸěLJóØĸŪǿǹĘýǹěķŜØóŪǹŁĐǹóıěķØŪýǹ
óĘØĸđýǹşěţĮţǹƄěŪĘěĸǹŪĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹŜýşěŁùǹěţǹýƉŜýóŪýùǹ
to be limited. Interruptions to trade from severe weather events
ØşýǹŜŁţţěòıýǹòůŪǹƄŁůıùǹıěĮýıƊǹòýǹóŁĸţěţŪýĸŪǹƄěŪĘǹŪĘýǹěķŜØóŪǹ
óŁĸţěùýşýùǹěĸǹŪĘýǹùŁƄĸţěùýǹØţţůķŜŪěŁĸţǿǹ
Ęýǹ"ěşýóŪŁşţǹóŁĸţěùýşǹŪĘýǹĮýƊǹŜşěĸóěŜØıǹşěţĮţǹŪĘØŪǹóŁůıùǹěķŜØóŪǹ
ŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜǹŪŁǹòýȁ
ȟ ŁşŪĐŁıěŁȂ
ȟ ŁıěŪěóØıǹØĸùǹýóŁĸŁķěóȂ
ȟ fŜýşØŪěŁĸØıǹşýţěıěýĸóýȂǹØĸù
ȟ Leasing and asset management.
Ęýǹ"ěşýóŪŁşţǹŜıØóýùǹŜØşŪěóůıØşǹýķŜĘØţěţǹŁĸǹŪĘŁţýǹşěţĮţǹƄĘěóĘǹ
óŁůıùǹşýţůıŪǹěĸǹşýùůóýùǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸţǹŁşǹØǹţĘŁşŪĐØııǹ
ěĸǹıěŞůěùěŪƊǿǹýĸţěŪěƃěŪƊǹØĸØıƊţěţǹƄØţǹóØşşěýùǹŁůŪǹƄĘěóĘǹěĸƃŁıƃýùǹ
LjýƉěĸđǹØǹĸůķòýşǹŁĐǹùŁƄĸţěùýǹØţţůķŜŪěŁĸţǹŪŁǹóŁĸţěùýşǹ
ØıŪýşĸØŪěƃýǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹØĸùǹŪĘýǹěķŜØóŪǹŁĐǹ
ŪĘýţýǹŜşěĸóěŜØıǹşěţĮţǹòŁŪĘǹěĸùěƃěùůØııƊǹØĸùǹěĸǹóŁķòěĸØŪěŁĸǿǹ
Downside scenario
Ęýǹ"ěşýóŪŁşţǹĘØƃýǹØţţýţţýùǹŪĘýǹěķŜØóŪǹŁĐǹØǹŜŁŪýĸŪěØıǹ
ùŁƄĸţěùýǹţóýĸØşěŁǹƄĘěóĘǹşýLjýóŪţǹØĸǹýóŁĸŁķěóǹùŁƄĸŪůşĸǹ
ØĸùǹěĸóŁşŜŁşØŪýţǹŪĘýǹĐŁııŁƄěĸđǹØţţůķŜŪěŁĸţȁ
ȟ ǹşýùůóŪěŁĸǹěĸǹĐŁşýóØţŪǹĸýŪǹşýĸŪØıǹěĸóŁķýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹ
ǑǏǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹŪĘşýýǹƊýØşǹŜýşěŁùȂ
ȟ &ıýƃØŪýùǹf^DǹşØŪýţǹěĸǹýƉóýţţǹŁĐǹóůşşýĸŪǹķØşĮýŪǹ
ýƉŜýóŪØŪěŁĸţǹùůşěĸđǹŪĘýǹŪĘşýýțƊýØşǹŜýşěŁùȂǹØĸù
ȟ ǹùýóıěĸýǹěĸǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸţǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǑǏǹŜýşǹ
óýĸŪǹóŁķŜØşýùǹŪŁǹŪĘýǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƃØıůØŪěŁĸǹƄěŪĘǹ
ŁůŪƄØşùǹƊěýıùǹķŁƃýķýĸŪǹŁĐǹØǹĐůşŪĘýşǹǐǏǏǹòØţěţǹŜŁěĸŪţǿǹ
75Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Viability statement
Liquidity
ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØţǹóØţĘǹŁĐǹɏǐǐǏǹķěııěŁĸǹ
ØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǓǔǏǹķěııěŁĸǿǹĘýǹ:şŁůŜȬţǹùýòŪǹ
ķØŪůşýţǹòýŪƄýýĸǹ]ØşóĘǹǑǏǑǕǹØĸùǹǑǏǒǖǿǹ"ýòŪǹķØŪůşěŪěýţǹùůşěĸđǹ
ŪĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹŜýşěŁùȁ
ȟ ɏǐǕǑǿǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹĸŁŪýţǹØĸùǹ
ɏǑǖǔǹķěııěŁĸǹýƉóĘØĸđýØòıýǹòŁĸùǹķØŪůşýǹěĸǹǑǏǑǕǹØĸùǹ
ØşýǹØţţůķýùǹŪŁǹòýǹşýLJĸØĸóýùǹØŪǹŪýşķţǹşýLjýóŪěĸđǹóůşşýĸŪǹ
ķØşĮýŪǹóŁĸùěŪěŁĸţǿǹ
ȟ ɏǔǏǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹĸŁŪýţǹķØŪůşýǹěĸǹǑǏǑǖǹ
ØĸùǹØşýǹØţţůķýùǹŪŁǹòýǹşýLJĸØĸóýùǹØŪǹŪýşķţǹşýLjýóŪěĸđǹóůşşýĸŪǹ
ķØşĮýŪǹóŁĸùěŪěŁĸţǿǹ
ȟ ĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊǹķØŪůşýţǹěĸǹǑǏǑǖǹ
ØĸùǹĘØţǹØǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹØƃØěıØòıýǹţůòĪýóŪǹŪŁǹ
ıýĸùýşǹóŁĸţýĸŪǿǹ
©ĘěıţŪǹŪĘýǹŁØşùǹóŁĸţěùýşţǹŪĘØŪǹLJĸØĸóěĸđǹşěţĮǹěţǹØĸǹěķŜŁşŪØĸŪǹ
ĐØóŪŁşǹěĸǹØţţýţţěĸđǹŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜȀǹěŪǹĘØţǹØţţůķýùǹ
ŪĘØŪȀǹýƃýĸǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹùŁƄĸţěùýǹţóýĸØşěŁȀǹşýŜıØóýķýĸŪǹ
ĐůĸùěĸđǹóŁůıùǹòýǹŜůŪǹěĸǹŜıØóýǹĐŁşǹùýòŪǹķØŪůşěŪěýţǹØţǹ
ùýķŁĸţŪşØŪýùǹŪĘşŁůđĘǹŪĘýǹşýóýĸŪǹşýLJĸØĸóěĸđǹØóŪěƃěŪƊǿǹ
Covenant compliance
ĘýǹùŁƄĸţěùýǹţóýĸØşěŁǹƄØţǹóØşşěýùǹŁůŪǹŪŁǹýƃØıůØŪýǹŪĘýǹŜŁŪýĸŪěØıǹ
ěķŜØóŪǹŁĐǹóýşŪØěĸǹŜşěĸóěŜØıǹşěţĮţǹķØŪýşěØıěţěĸđȀǹěĸǹŜØşŪěóůıØşǹŪŁǹ
ţŪşýţţǹŪýţŪǹŪĘýǹ:şŁůŜȬţǹLJĸØĸóěĸđǹóŁƃýĸØĸŪţǿǹĸùýşǹŪĘýǹùŁƄĸţěùýǹ
ţóýĸØşěŁȀǹŪĘýǹ:şŁůŜǹěţǹýƉŜýóŪýùǹŪŁǹşýķØěĸǹěĸǹóŁķŜıěØĸóýǹƄěŪĘǹ
ŪĘýǹıŁØĸțŪŁțƃØıůýǹØĸùǹěĸŪýşýţŪǹóŁƃýşǹóŁƃýĸØĸŪţǹŁĐǹěŪţǹěĸùěƃěùůØıǹ
LJĸØĸóěĸđǹØşşØĸđýķýĸŪţǿǹ
DĸǹØùùěŪěŁĸǹŪŁǹóŁĸţěùýşěĸđǹØǹùŁƄĸţěùýǹţóýĸØşěŁȀǹşýƃýşţýǹţŪşýţţǹ
ŪýţŪěĸđǹĘØţǹØıţŁǹòýýĸǹůĸùýşŪØĮýĸǹòƊǹŪĘýǹ"ěşýóŪŁşţȀǹƄĘěóĘǹ
ěĸùěóØŪýţǹŪĘØŪǹŪĘýǹ:şŁůŜǹóŁůıùǹƄěŪĘţŪØĸùǹØǹùýóşýØţýǹŁĐǹǓǔǹŜýşǹ
óýĸŪǹěĸǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸţǹòýĐŁşýǹşýØóĘěĸđǹŪĘýǹıěķěŪǹŁĸǹěŪţǹ
ùýòŪǹLJĸØĸóěØıǹóŁƃýĸØĸŪţǿǹ
Conclusion
ØţýùǹŁĸǹŪĘěţǹØţţýţţķýĸŪȀǹŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹØǹşýØţŁĸØòıýǹ
ýƉŜýóŪØŪěŁĸǹŪĘØŪǹŪĘýǹ:şŁůŜǹƄěııǹòýǹØòıýǹŪŁǹóŁĸŪěĸůýǹěĸǹŁŜýşØŪěŁĸǹ
and meet its liabilities as they fall due over the viability period
ŪŁǹ"ýóýķòýşǹǑǏǑǖǿ
76 Shaftesbury Capital PLC | 2024 Annual Report

^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ
ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹĐýƄýşǹŪĘØĸǹǔǏǏǹýķŜıŁƊýýţȀǹěŪǹěţǹĸŁŪǹşýŞůěşýùǹŪŁǹóŁķŜıƊǹƄěŪĘǹŪĘýǹ^Łĸț9ěĸØĸóěØıǹýŜŁşŪěĸđǹşýŞůěşýķýĸŪţǹ
óŁĸŪØěĸýùǹƄěŪĘěĸǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǿǹAŁƄýƃýşȀǹùůýǹŪŁǹŁůşǹóŁķķěŪķýĸŪǹŪŁǹŜşŁķŁŪěĸđǹŪşØĸţŜØşýĸóƊǹěĸǹşýŜŁşŪěĸđǹØĸùǹòůţěĸýţţǹ
ŜşØóŪěóýţȀǹĐůşŪĘýşǹěĸĐŁşķØŪěŁĸǹěţǹŜşŁƃěùýùǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţȀǹŪŁǹĘýıŜǹţŪØĮýĘŁıùýşţǹůĸùýşţŪØĸùǹŁůşǹŜŁţěŪěŁĸǹŁĸǹ
ĮýƊǹĸŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹķØŪŪýşţǿ
¯ŁůǹóØĸǹLJĸùǹţŁķýǹŁĐǹŪĘýţýǹŜŁıěóěýţǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķ
Topics Key policies and standards
1,2
Additional information
Environmental
matters
– ůţŪØěĸØòěıěŪƊǹŁıěóƊ
– &ĸƃ캣ĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹȡȩ&ȪȢǹŪşØŪýđƊ
– ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ
– şŁóůşýķýĸŪǹØĸùǹůŜŜıěýşǹ]ØĸØđýķýĸŪǹŁıěóƊ
– ůŜŜıěýşǹŁùýǹŁĐǹŁĸùůóŪ
– &ǹůţŪØěĸØòěıěŪƊǹýţŪǹşØóŪěóýǹýŜŁşŪěĸđǹýóŁķķýĸùØŪěŁĸţǹ
"ØŪØǺýŜŁşŪ
For more on sustainability and environmental matters: seepages
78 to 96.
For more on greenhouse gas emissions: see pages 93 to 95 and
page 225.
Responsibility section of our website:
https://www.shaftesburycapital.com/en/responsibility.html
Climate-related
LJĸØĸóěØıǹ
disclosures
– ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ
For more on action on climate change: see pages 66 to 74
and 93 to 95
Responsibility section of our website:
https://www.shaftesburycapital.com/en/responsibility.html
Employees – Our purpose-led strategy and business model
– ýŁŜıýǹŁıěóƊ
– ĸŪěțAØşØţţķýĸŪǹØĸùǹůııƊěĸđǹŁıěóƊ
– "ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊ
– AýØıŪĘǹØĸùǹØĐýŪƊǹŁıěóƊǹŪØŪýķýĸŪ
– ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý
– ŁØşùǹ"ěƃýşţěŪƊǹØĸùǹDĸóıůţěŁĸǹŁıěóƊ
– &ŞůØıǹfŜŜŁşŪůĸěŪěýţǹØĸùǹ"ěƃýşţěŪƊǹŁıěóƊ
– ^ýůşŁùěƃýşţěŪƊǹŁıěóƊ
– şØĸţǹDĸóıůţěŁĸǹŁıěóƊ
For more on people and culture: see pages 100 and 101.
For more on diversity: see pages 129 and 130.
For more on remuneration: see pages 138 to 140.
People section of our website:
https://www.shaftesburycapital.com/en/responsibility/people.html
How we behave section of our website:
https://www.shaftesburycapital.com/en/about-us/corporate-
governance/how-we-behave.html
Human rights – ůţŪØěĸØòěıěŪƊǹŁıěóƊ
– ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹşØDžóĮěĸđǹŪØŪýķýĸŪ
– ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý
For more on modern slavery: see pages 90, 116 and 122.
For more on how we behave: see page 122.
Modern Slavery and Human Trafficking Statement on our website:
https://www.shaftesburycapital.com/en/index.html
Responsibility section of our website:
https://www.shaftesburycapital.com/en/responsibility.html
Social matters – &ǹŪşØŪýđƊ
– ůţŪØěĸØòěıěŪƊǹŁıěóƊ
For more on stakeholder engagement: see pages 44 to 49.
For more on our ESC Strategy: see pages 80 to 81 and pages
88 to 90.
For more on our community: see pages 97 to 99.
Responsibility section of our website:
https://www.shaftesburycapital.com/en/responsibility.html
Community section of our website:
https://www.shaftesburycapital.com/en/responsibility/community.html
Anti-bribery
and corruption
– 9ěĸØĸóěØıǹşěķýǹŁıěóƊ
– ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊ
– Tax Strategy
– ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý
– ŁĸLjěóŪţǹŁĐǹDĸŪýşýţŪǹŁıěóƊ
– &ƉŜýĸţýţǹŁıěóƊ
– ĸŪěțķŁĸýƊǹWØůĸùýşěĸđǹŁıěóƊ
– :ěĐŪţǹØĸùǹAŁţŜěŪØıěŪƊǹŁıěóƊ
– şŁóůşýķýĸŪǹØĸùǹůŜŜıěýşǹ]ØĸØđýķýĸŪǹŁıěóƊ
– ůŜŜıěýşǹŁùýǹŁĐǹŁĸùůóŪ
– ĘØşýǹ"ýØıěĸđǹŁıěóƊ
For more on how we behave: see page 122.
For more on conflicts of interests: see page 122.
For our Audit Committee report: see pages 132 to 137.
How we behave section of our website:
https://www.shaftesburycapital.com/en/about-us/corporate-
governance/how-we-behave.html
Modern Slavery and Human Trafficking Statement on our website:
https://www.shaftesburycapital.com/en/index.html
Business model
For more on our purpose-led strategy: see page 16.
For more on our business model: see page 17.
Principal
risks and
uncertainties
For more on our principal risks and uncertainties: seepages
61 to 65.
For our viability statement: see pages 75 and 76.
^ŁĸțLJĸØĸóěØıǹ
key performance
indicators
For more on non-financial key performance indicators: see
page 21.
ǐǿǹ ŁıěóěýţǹØĸùǹĐůşŪĘýşǹěĸĐŁşķØŪěŁĸǹóØĸǹòýǹĐŁůĸùǹŁĸǹŪĘýǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǿ
2. ýşŪØěĸǹŜŁıěóěýţǹØĸùǹěĸŪýşĸØıǹđůěùýıěĸýţǹØşýǹĸŁŪǹŜůòıěţĘýùǹýƉŪýşĸØııƊǿ
77Shaftesbury Capital PLC | 2024 Annual Report

Sustainability
78 Shaftesbury Capital PLC | 2024 Annual Report

79

Our environment, sustainability and
community approach and strategy
Our aim is to be considered the destination of choice for sustainability-focused
customers, suppliers and partners in the West End.
At Shaftesbury Capital sustainability is central to our values
and we are committed to investing for the long-term. We take
a responsible and forward-looking approach, operating in
an environmentally and socially sustainable manner, to meet
the changing needs of our stakeholders. We continue to work
towards our aim to be recognised as a leader in the sustainable
development of heritage buildings.
Our Environment, Sustainability and Community (“ESC”)
Strategy is fundamental to our business, delivering value for
stakeholders through our long-term approach and responsible
stewardship of our destinations.
Our approach is built on the principle of extending the useful
life of our heritage buildings through refurbishment, rather than
ùýķŁıěŪěŁĸǹØĸùǹşýùýƃýıŁŜķýĸŪǿǹĘěţǹŁĸđŁěĸđǹşýóŁĸLJđůşØŪěŁĸǹ
and repurposing of our spaces protects the unique heritage
ŁĐǹŁůşǹŜŁşŪĐŁıěŁǹƄĘěıţŪǹěķŜşŁƃěĸđǹýĸýşđƊǹýDžóěýĸóƊǿǹDĸǹķýýŪěĸđǹ
the evolving needs of our customers, we will expect to see a
positive impact on demand, long-term value and resilience to
the impacts of climate change.
During 2024 we reviewed and focused our strategy on the
areas that are most material to our business and where we
óØĸǹĘØƃýǹŪĘýǹķŁţŪǹŜŁţěŪěƃýǹěķŜØóŪǿǹ©ýǹĘØƃýǹěùýĸŪěLJýùǹŪĘýǹ
UN Sustainable Development Goals (“SDGs”) that are most
applicable and mapped these against our strategy.
We have reset our comprehensive Net Zero Carbon target to
2040 to align with the Science Based Targets initiative (“SBTi”)
long-term carbon reduction requirements. These targets have
been validated by the SBTi and will be achieved through our
óØşòŁĸțýDžóěýĸŪǹȩşýŪşŁLJŪǹLJşţŪȪǹşýțůţýǹØĸùǹķØĸØđýķýĸŪǹŁĐǹ
heritage buildings. Recognising that our heritage buildings are
ØǹţěđĸěLJóØĸŪǹıŁĸđțŪýşķǹţŪŁşýǹŁĐǹóØşòŁĸȀǹƄýǹĐŁóůţǹŁĸǹķěĸěķěţěĸđǹ
embodied carbon emissions associated with repurposing and
refurbishment of buildings through the retention and re-use of
structures, façades and materials. Our Net Zero Carbon targets
and emission reduction progress is explained in more detail on
page 93 to 95.
We continue to embed sustainability within our business, to
ķØĮýǹěķŜşŁƃýķýĸŪţǹŪŁǹŪĘýǹýĸýşđƊǹýDžóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţȀǹ
improve the quality of our data and clearly communicate with
stakeholders. Sustainability has been fully integrated into real
ýţŪØŪýǹěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹØĸùǹŁůşǹùýùěóØŪýùǹ
Head of Sustainability reports to the Executive Director
responsible for operations. We have focused on improving our
environmental data quality, achieving a 67 per cent coverage
of landlord smart utility meters and a 57 per cent coverage by
area of actual data for tenant energy consumption.
A three-year community strategy has been set to maximise our
positive impact and formalise a comprehensive methodology
for measuring outcomes. Following a detailed review, our
primary strategic focus will be supporting local employment,
ŪĘýǹØşýØǹěùýĸŪěLJýùǹØţǹķŁţŪǹşýıýƃØĸŪǹŪŁǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǹ
and where, through partnerships and collaboration, we have
an opportunity to create the most value. This is set out in more
ùýŪØěıǹěĸǹŪĘýǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹşýŜŁşŪǹŁĸǹŜØđýţǹǘǖǹŪŁǹǘǘǿ
Progress made against our strategy is set out on page 88.
Strategic report
80

SDGs SDGs SDGs
How we deliver
WŁƄțóØşòŁĸǹȩşýŪşŁLJŪǹLJşţŪȪǹşýůţýǹ
of our heritage buildings
DķŜıýķýĸŪǹýĸýşđƊțýDžóěýĸŪǹ
şýŪşŁLJŪǹØĸùǹýĸóŁůşØđýǹıŁƄț
carbon behaviours
DĸŪýđşØŪýǹĸýƄǹŪýóĘĸŁıŁđěýţǹØĸùǹ
make “data led” decisions
Be a leader in the sustainable
development of heritage
buildings; sustainably adding
value and delivering a Net Zero
Carbon portfolio by 2040
Behave as a good neighbour
and support our local community:
creating sustainable and
healthy places
Support our people by promoting
diversity, talent development and
creativity across our team
How we deliver
Consider future climate
scenarios in the design of our
òůěıùěĸđţǹØĸùǺŜıØóýţ
Focus on issues that impact our
local community
DĸóşýØţýǹòěŁùěƃýşţěŪƊǹØĸùǹóşýØŪýǹ
healthier places
How we deliver
Promote an equitable and diverse
culture across our business
Provide personal and career
development
]ØěĸŪØěĸǹØǹŜŁţěŪěƃýǹĘýØıŪĘǹ
and safety culture throughout
ŪĘýǺŁķŜØĸƊ
Emissions reduction
8%
Reduction in year-on-year reported
Scope 1 and 2 emissions
Community investment
£0.9m
Value of community investment
Employee engagement
82%
Engagement rate in our 2024 survey
Read more on pages 91 to 95 Read more on pages 96 to 99 Read more on page 100 to 103
Buildings Places People
Our values Innovation &DŽýóŪěƃýǹđŁƃýşĸØĸóý
Underpinned by:
ESC strategy
Our strategy aims to sustainably add value to our buildings
and tackle climate change whilst supporting local communities
and our people.
81Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Our ESC governance structure
Board and Audit Committee
The Board retains oversight of sustainability, including consideration of climate-related risks
and opportunities and implementation of the Group’s Sustainability Strategy and Net Zero Carbon Pathway.
The Audit Committee reviews our TCFD and SECR disclosures.
Management
We have a dedicated Head of Sustainability who reports to the Executive Director responsible
ĐŁşǹŁŜýşØŪěŁĸţȀǹØıŁĸđţěùýǹŪĘýǹAýØùǹŁĐǹşŁŜýşŪƊǹ]ØĸØđýķýĸŪǹØĸùǹAýØùǹŁĐǹşŁĪýóŪǹ]ØĸØđýķýĸŪǹƄĘŁǹŜıØƊǹ
an active role in the delivery of our Sustainability Strategy. Sustainability activities are supported by the
Head of HR and our Health & Safety Committee.
Sustainability governance
Sustainability is at the heart of our values, and we are committed to delivering the change that is required to achieve our
ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţǿǹĘýǹŁØşùǹĘØţǹŁƃýşţěđĘŪǹŁĐǹţůţŪØěĸØòěıěŪƊȀǹƄěŪĘǹDØĸǹAØƄĮţƄŁşŪĘǹØţǹĘěýĐǹ&ƉýóůŪěƃýȀǹĘØƃěĸđǹŁƃýşØııǹ
responsibility. Day-to-day review of sustainability is undertaken by members of the Executive Committee and the senior
ķØĸØđýķýĸŪǹŪýØķȀǹƄěŪĘǹşýđůıØşǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǿǹDĸǹǑǏǑǓȀǹƄýǹùýóěùýùǹŪĘØŪǹţůţŪØěĸØòěıěŪƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹţĘŁůıùǹ
be a matter for consideration by the whole Board, and the ESC Board Committee was dissolved.
Executive Risk
Committee
Considers sustainability-
related risk, in particular
climate change risk.
ESC Management
Committee
Considers sustainability
policies, targets
and progress by senior
management. Reports via the
Executive Committee.
Community
Investment Forum
Considers our community
investment, in particular
applications to our community
investment fund. Reports via
the Executive Committee.
82 Shaftesbury Capital PLC | 2024 Annual Report

83

Strategic report
Our ESC approach in action
1. Implementing sustainability
on Floral Street
The Floral, our latest refurbishment on Floral Street,
is a showcase for the way in which we apply our
ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸǹŁĸǹķØĪŁşǹŜşŁĪýóŪţǿǹ^ýØşěĸđǹ
óŁķŜıýŪěŁĸȀǹĘýǹ9ıŁşØıǹƄěııǹòýǹóýşŪěLJýùǹ&&]ǹ
Outstanding and WELL Platinum, demonstrating our
ability to achieve sustainability and wellness best
practice in our refurbishment schemes. With our
focus on minimising embodied carbon, we retained
window frames and refurbished the existing raised
ØóóýţţǹLjŁŁşǿǹ:ØţǹĘØţǹòýýĸǹşýķŁƃýùǹĐşŁķǹŪĘýǹ
building, replaced by an electric air sourced heat
pump and supplemented with photovoltaic panels
to the roof. Our ongoing commitment to increasing
biodiversity is incorporated with a 112m
2
biodiverse
green wall.
2. Detailed energy audits
ǹùýŪØěıýùǹýĸýşđƊǹýDžóěýĸóƊǹţŪůùƊǹĘØţǹŪØĮýĸǹ
place on 40 of our assets, selected due to high
energy usage but also to be a representative
sample of the portfolio. Findings from the 40
assessments have then been used to assess
ŜýşĐŁşķØĸóýǹØđØěĸţŪǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹ
ŪşØĪýóŪŁşěýţǹØĸùǹěùýĸŪěĐƊǹŪƊŜěóØıǹØóŪěŁĸţǹŪĘØŪǹ
will be required to reduce carbon emissions.
During 2025, we will integrate the learning
ĐşŁķǹŁůşǹ&]ǹØĸØıƊţěţǹěĸŪŁǹěĸùěƃěùůØıǹØţţýŪǹ
improvement plans.
Buildings
Places
84

ǒǿǹfůşǹLJŪŪýùǹŁDžóýǹ
concept – circular
economy in action
fůşǹLJŪŪýùǹŁDžóýǹóŁĸóýŜŪǹĸŁŪǹŁĸıƊǹŜşŁƃěùýţǹ
đşýØŪǹLJŪŪýùǹţŜØóýǹòůŪǹØŜŜıěýţǹĐůĸùØķýĸŪØıǹ
principles of longevity and circular economy
ŪŁǹşýLjýóŪǹŁůşǹţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţȀǹ
ýĸØòıěĸđǹĘěđĘțŞůØıěŪƊǹLJŪțŁůŪţǹŪŁǹòýǹůţýùǹòƊǹ
multiple tenants. At 22 Ganton Street we
have retained the plant and windows to
minimise embodied carbon whilst refreshing
the space to meet the requirements of
future occupiers.
5. Waste
Waste management partner Veolia expanded its night-time
recycling service to include food waste collection from our
restaurants, bars, pubs, and hotels. The collected food waste is
transported to an anaerobic digester in Hertfordshire, where it
is converted into biogas and biofertiliser. Veolia, in partnership
ƄěŪĘǹ©ýţŪķěĸţŪýşǹěŪƊǹŁůĸóěıȀǹØıţŁǹěĸŪşŁùůóýùǹØǹLjýýŪǹŁĐǹŁƃýşǹ
60 new and upcycled electric vehicles for street cleansing and
waste collection in the West End. This transition to electric
vehicles and a reduction in the number of vehicle movements by
approximately 20 per cent has led to an 89 per cent reduction in
CO
2
ǹýķěţţěŁĸţǹóŁķŜØşýùǹŪŁǹØǹùěýţýıǹLjýýŪȀǹƄĘěıýǹØıţŁǹěķŜşŁƃěĸđǹ
air quality and reducing noise pollution in the area.
Ǔǿǹ&ıýóŪşěLJóØŪěŁĸǹŁĐǹóŁŁĮěĸđǹƄŁşĮţĘŁŜ
With 394 F&B outlets, moving to electric cooking where
practical will be an important step in reducing carbon emissions.
Technology is improving but we also need to support restaurants
ŪŁǹķØĮýǹŪĘýǹóĘØĸđýǿǹDĸǹ9ýòşůØşƊǹǑǏǑǔǹƄýǹĘŁţŪýùǹØǹşŁůĸùțŪØòıýǹ
ěĸǹóŁĸĪůĸóŪěŁĸǹƄěŪĘǹŁĸýǹŁĐǹŁůşǹıýØùěĸđǹşýţŪØůşØĸŪǹđşŁůŜţǹȩĘýƄǹ
on This” together with the “Global Cooksafe Coalition” to share
their experiences and discuss opportunities and barriers for
ýıýóŪşěLJóØŪěŁĸǿǹØşŪěóěŜØĸŪţǹşýLjýóŪýùǹØĸǹýĸŪĘůţěØţķǹĐŁşǹŪĘýǹ
ýıýóŪşěLJóØŪěŁĸǹŁĐǹóŁŁĮěĸđǹòůŪǹĸŁŪýùǹóŁĸóýşĸţǹØòŁůŪǹýıýóŪşěóØıǹ
supply and upfront cost of equipment.
Buildings
Places
85Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Our ESC approach in action
ǕǿǹĘýķěóØıǹĐşýýǹóıýØĸěĸđ
This year a chemical-free cleaning system was
rolled out across the portfolio. The system works
òƊǹěĸĪýóŪěĸđǹĘěđĘțƃŁıŪØđýǹŁƉƊđýĸǹěĸŪŁǹķØěĸţǹ
water, to produce a powerful oxidising agent
that kills viruses, bacteria, and other microbes
and contaminants. The product is non-toxic,
biodegradable and stronger than bleach. The use
of chemical-free cleaning has resulted in up to a
100 per cent reduction in the use of chemicals and
disposal of single-use plastics and contaminants.
7. Youth employability
programme
DĸǹǑǏǑǓȀǹƄýǹóŁĸŪěĸůýùǹŪŁǹţůŜŜŁşŪǹ]ØţŪýşěĸđǹ
]Ɗǹ9ůŪůşýȀǹØĸǹýķŜıŁƊØòěıěŪƊǹŜşŁđşØķķýǹŪĘØŪǹ
empowers young people through workshops,
mentoring, and connections with professionals.
The programme is designed to raise awareness
of local opportunities available and help young
ŜýŁŜıýǹòůěıùǹŪĘýǹóŁĸLJùýĸóýǹØĸùǹţýıĐțýţŪýýķǹŪŁǹ
óŁķķůĸěóØŪýǹýDŽýóŪěƃýıƊǿǹDĸǹŜØşŪĸýşţĘěŜǹƄěŪĘǹǑțǒǹ
Degrees, a Westminster-based social enterprise,
our employees and supply chain partners
volunteered at several events throughout the
year, supporting 48 young people. Volunteers
took on roles as panellists, providing valuable
insights into their own education and career
ĪŁůşĸýƊţǹØĸùǹĪŁěĸŪıƊǹóŁțĐØóěıěŪØŪěĸđǹØǹWěĸĮýùDĸǹ
workshop. This supported young people to
develop vital networking skills and leverage
ŁŜŜŁşŪůĸěŪěýţǹŪĘşŁůđĘǹWěĸĮýùDĸȀǹƄěŪĘǹǐǏǏǹŜýşǹ
cent of participants commenting they had learnt
ĸýƄǹƄØƊţǹŪŁǹůţýǹŪĘýǹŜıØŪĐŁşķǹýDŽýóŪěƃýıƊǿǹ
Buildings
Places
86

Ǘǿǹ9ØěşǹĘŁŪǹØĐþǹ
Located within Covent Garden, Fair Shot Café supports young adults aged 18-25 with a learning
disability into employment through an 11-month structured hospitality training programme. With 95
per cent of adults in the UK with a learning disability unemployed, Fair Shot Café’s work addresses
ŪĘěţǹţěđĸěLJóØĸŪǹěţţůýǿǹ
During the course participants attend college and work within the café for part of the week,
undertaking a range of duties including engaging with customers, to gain real-life experience.
şØěĸýýţǹùýƃýıŁŜǹŪşØĸţĐýşØòıýǹţĮěııţȀǹţůóĘǹØţǹýDŽýóŪěƃýǹóŁķķůĸěóØŪěŁĸǹØĸùǹƄŁşĮŜıØóýǹĘýØıŪĘǹØĸùǹ
safety, in preparation for entering employment upon completion of the course. Fair Shot Café
partners with local businesses to create sustainable employment opportunities for their graduates,
ŜşŁƃěùěĸđǹţŁıůŪěŁĸţǹØĸùǹƄŁşĮŜıØóýǹţůŜŜŁşŪǹØţǹĸýýùýùǿǹfůşǹLJĸØĸóěØıǹţůŜŜŁşŪǹýĸØòıýùǹţýƃýĸǹŪşØěĸýýţǹ
ŪŁǹóŁķŜıýŪýǹŪĘýǹĘŁţŜěŪØıěŪƊǹŪşØěĸěĸđǹŜşŁđşØķķýǹěĸǹǑǏǑǓȀǹƄěŪĘǹLJƃýǹţýóůşěĸđǹýķŜıŁƊķýĸŪǿ
ĘşŁůđĘǹŜØşŪĸýşţĘěŜǹƄěŪĘǹŞůØşýǹ]ěıýǹ9ØşķţȀǹùůşěĸđǹŪĘýǹƊýØşǹƄýǹƄýşýǹØòıýǹŪŁǹùŁĸØŪýǹǒǖǕǹŜŁşŪěŁĸţǹ
of salad produce and herbs to Fair Shot Café. This produce is grown year-round in farmstands –
vertical hydroponic growing systems – located in the reception area of a local Shaftesbury Capital-
ŁƄĸýùǹŁDžóýǹòůěıùěĸđǿǹfĸóýǹĘØşƃýţŪýùȀǹŪĘýǹŜşŁùůóýǹěţǹùýıěƃýşýùǹŪŁǹ9ØěşǹĘŁŪǹØĐþǹØĸùǹůţýùǹěĸǹŪĘýǹ
food served at the café.
People
87Shaftesbury Capital PLC | 2024 Annual Report

Strategic report
Our ESC progress in 2024
"ůşěĸđǹŪĘýǹƊýØşǹƄýǹĘØƃýǹķØùýǹţěđĸěLJóØĸŪǹŜşŁđşýţţǹěĸǹŪĘýǹùýıěƃýşƊǹŁĐǹŁůşǹ&ǹŪşØŪýđƊȀǹØóĘěýƃěĸđǹŁĸđŁěĸđǹěķŜşŁƃýķýĸŪţǹŪŁǹŪĘýǹ
ýĸýşđƊǹýDžóěýĸóƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǹØĸùǹóŁĸŪěĸůěĸđǹŪŁǹţůŜŜŁşŪǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǿǹ©ýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪǹŪŁǹ
ǑǏǓǏǹŪŁǹşýLjýóŪǹŪĘýǹěǹşýŞůěşýķýĸŪǹŪŁǹØóĘěýƃýǹØǹǘǏǹŜýşǹóýĸŪǹşýùůóŪěŁĸǹòýĐŁşýǹŁDŽţýŪŪěĸđǹşýţěùůØıǹýķěţţěŁĸţǿǹ©ýǹØşýǹŜıýØţýùǹŪŁǹĘØƃýǹ
şýóýěƃýùǹĐŁşķØıǹƃØıěùØŪěŁĸǹĐşŁķǹŪĘýǹěǹěĸǹRØĸůØşƊǺǑǏǑǔǿǹfůşǹŪØşđýŪţǹØşýǹţýŪǹŁůŪǹŁĸǹŜØđýǹǘǒǿǹ
We continued to evolve our strategy in 2024, strengthening the areas where we can have the greatest impact on our organisation,
community and environment. Throughout the year, our focus remained on embedding sustainability across our operations, providing
ŪşØěĸěĸđǹØĸùǹýţŪØòıěţĘěĸđǹŪĘýǹđŁƃýşĸØĸóýǹţŪşůóŪůşýǹşýŞůěşýùǹŪŁǹýDžóěýĸŪıƊǹěķŜıýķýĸŪǹŁůşǹţŪşØŪýđƊǿ
We have made progress against the actions for 2024 set out in the 2023 Annual Report.
Further detail and commentary on our performance is included in our 2024 EPRA sustainability data report which will be published
in April 2025.
2024 actions Update
DĸŪýđşØŪýǹţůţŪØěĸØòěıěŪƊǹěĸŪŁǹŪĘýǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹ
management team
ěđĸěLJóØĸŪǹŜşŁđşýţţǹķØùýǹŪŁǹýķòýùǹţůţŪØěĸØòěıěŪƊǹěĸǹĪŁòǹ
roles across the organisation. All employees have an ESC
metric in their annual targets. See pages 154 and 157 for
more information
Reduce our reported energy Scope 1 and 2 consumption
by 5 per cent
8.0 per cent reduction in Scope 1 and 2 energy achieved
compared to previous reporting year
Update our Net Zero Carbon Pathway and seek revalidation
from the Science Based Targets initiative (SBTi) for our
decarbonisation targets
Net Zero Carbon Pathway updated to include a long-
term target. Our near- and long-term targets have been
validated by the SBTi. See page 93
ŁķŜıýŪýǹ&]ǹýĸýşđƊǹýDžóěýĸóƊǹØůùěŪţǹŁĸǹØǹţØķŜıýǹŁĐǹ
our portfolio and use the results to build estate-wide plans
Completed 40 detailed energy assessments in line
ƄěŪĘǹ&]ȀǹěķŜşŁƃěĸđǹŁůşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýǹķŁţŪǹ
impactful carbon reduction interventions. See page 94
DķŜşŁƃýǹóŁķķůĸěóØŪěŁĸţǹƄěŪĘǹŁůşǹóůţŪŁķýşţǹŪŁǹŜşŁķŁŪýǹ
low-carbon behaviours and reduce energy consumption
in our customer’s demises
Updated our green leases, established communication
ŁĸǹĮýƊǹěţţůýţǹţůóĘǹØţǹýıýóŪşěLJóØŪěŁĸǹØĸùǹůĸùýşŪŁŁĮǹØǹ
customer survey. See page 89
DĸóşýØţýǹŁůşǹ&ǹóŁķķýşóěØıǹțǹóŁƃýşØđýǹòƊǹØŪǹıýØţŪǹ
10 per cent from the current 56 per cent, increasing our
A-C coverage across commercial and residential from
80 per cent to 85 per cent and striving to go further
Commercial EPC A-B coverage has increased to 69.5 per
cent and A-C coverage for commercial and residential to
87.6 per cent, by ERV
Reduce our water consumption by 3 per cent
14.0 per cent reduction in water consumption compared
to previous reporting year
şŁķŁŪýǹŪĘýǹóŁĸŪěĸůýùǹýıýóŪşěLJóØŪěŁĸǹŁĐǹòůěıùěĸđţ
An infrastructure review has been completed to consider
electrical capacity across the portfolio. An event to
promote electric cooking was held in February 2025.
ýýǹŜØđýǹǗǔǿǹDĸǹØùùěŪěŁĸȀǹØǹóŁţŪǹŜıØĸǹĐŁşǹŪĘýǹşýķŁƃØıǹ
of gas boilers has been undertaken to inform our
ýıýóŪşěLJóØŪěŁĸǹţŪşØŪýđƊ
ĸùýşŪØĮýǹĐůşŪĘýşǹķØŪýşěØıěŪƊǹØĸØıƊţěţǹţŜýóěLJóǹŪŁǹŁůşǹ
focus areas
A detailed review of our community investment was
undertaken to develop the new strategy set out on
ŜØđýǹǘǖǿǹĸǹůŜùØŪýùǹ&ǹŪşØŪýđƊȀǹşýLjýóŪěĸđǹķØŪýşěØıǹ
sustainability issues, was approved by the Board
Continue to improve our understanding of climate change risk
to the business
A physical climate risk assessment was completed,
supporting our analysis that our portfolio has limited
exposure. An update to our risks assessment is set
out in the TCFD report on pages 66 to 74
DĸƃýţŪěđØŪýǹŁŜŜŁşŪůĸěŪěýţǹşýıØŪěĸđǹŪŁǹţůţŪØěĸØòěıěŪƊțıěĸĮýùǹ
LJĸØĸóěĸđ
A sustainability-linked loan framework is being
ŜşŁđşýţţýùǹƄěŪĘǹUDţǹıěĸĮýùǹŪŁǹŁůşǹţóěýĸóýțòØţýùǹŪØşđýŪţ
target met target ongoing
88 Shaftesbury Capital PLC | 2024 Annual Report

DĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹØóŪěŁĸţǹţýŪǹŁůŪǹıØţŪǹƊýØşȀǹƄýǹĘØƃýǹØıţŁǹØóĘěýƃýùȁǹ
ȟ increased coverage of Scope 3 reporting utilising automatic
data scraping to achieve 57 per cent coverage of actual
energy use data from tenants, by area
ȟ ǔǒǹŜýşǹóýĸŪǹŁĐǹØııǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹşýŜŁşŪěĸđǹýķòŁùěýùǹ
carbon, by spend
ȟ 3.8 per cent reduction in Scope 3 emissions as set out on
page 94
ȟ 67 per cent of landlord utility supplies now on smart meters,
an increase from 19 per cent in 2023, with the remainder
instructed for installation
ȟ ǐǏǏǹŜýşǹóýĸŪǹùěƃýşţěŁĸǹŁĐǹŁŜýşØŪěŁĸØıǹƄØţŪýǹĐşŁķǹıØĸùLJıı
ȟ 30 per cent recycling rate for operational waste, excluding
food waste
ȟ community investment to a value of £0.9 million
(cash, time and in-kind donations)
ȟ 520 hours of employee volunteering undertaken in
Company time
ȟ ǐǕǿǑǹŜýşǹóýĸŪǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹ&&]ǹóýşŪěLJóØŪěŁĸǹ
by area
Embedding sustainability in our
operations
DķŜıýķýĸŪěĸđǹŁůşǹ&ǹŪşØŪýđƊǹØĸùǹşýØıěţěĸđǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹ
ěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýDžóěýĸóƊǹŁĐǹŁůşǹØţţýŪţǹěţǹùýŜýĸùýĸŪǹŁĸǹ
ěĸùěƃěùůØıţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹůĸùýşţŪØĸùěĸđǹŁůşǹŁòĪýóŪěƃýţǹ
and the role that they will play. Since early 2024, responsibility
for sustainability has been integrated into our real estate
ěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹŪýØķȀǹĐŁşķØıěţěĸđǹŪĘýǹ
relationship between sustainability and property, and
creating clear reporting lines.
]ŁşýǹòşŁØùıƊȀǹƄýǹĘØƃýǹşŁòůţŪǹóŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹŜşŁóýţţýţǹ
to ensure that sustainability continues to be considered in
ķØĪŁşǹţŪşØŪýđěóǹØĸùǹŁŜýşØŪěŁĸØıǹùýóěţěŁĸţǿǹfĸđŁěĸđǹŁƃýşţěđĘŪǹŁĐǹ
sustainability is a matter for consideration by the whole Board,
with the Chief Executive having overall responsibility. This
includes consideration of climate-related risks and opportunities
and approval of the Group’s ESC Strategy and Net Zero Carbon
Pathway. Day-to-day oversight is undertaken by members of the
Executive Committee and the senior management team, with
şýđůıØşǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǿǹ©ýǹĘØƃýǹØĸǹ&ǹ]ØĸØđýķýĸŪǹ
Committee that meets quarterly to review progress against the
ESC strategy and ensure that the targets are integrated across
the wider business. Our sustainability team continues to be
responsible for recommending the strategic direction, focusing
the business on key areas and overseeing our measuring and
şýŜŁşŪěĸđǹŜşŁóýţţýţǿǹĘýǺAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹěţǹØıţŁǹØǹķýķòýşǹ
of the Executive Risk Committee, periodically reporting on
sustainability and climate change risks and opportunities.
We have a range of policies and procedures that underpin
our ESC Strategy, which can be found on our corporate
website and are set out in our Non-Financial and Sustainability
DĸĐŁşķØŪěŁĸǹŪØŪýķýĸŪǹŁĸǹŜØđýǹǖǖǿ
Industry and supply chain collaboration
We actively participate in a range of industry groups, to share
experiences and promote the adoption of best practice for
sustainable real estate. Principal industry memberships include
the UK Green Building Council (“UKGBC”), Better Buildings
Partnership, British Property Federation and Westminster
Property Association. We are signatories to Westminster City
ŁůĸóěıȬţǹůţŪØěĸØòıýǹěŪƊǹĘØşŪýşǹØĸùǹţůŜŜŁşŪǹýDŽŁşŪţǹŪŁǹ
decarbonise the City as members of the steering group.
We also work with stakeholders as part of the West End Zero
Emissions Group, and actively collaborate with suppliers,
including Veolia on waste treatment, and innovators such as
Social Value Portal on the measurement of community impact.
DĸǹǑǏǑǓȀǹƄýǹĘØƃýǹýƉŪýĸùýùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŁůşǹţůŜŜıƊǹóĘØěĸǹ
and contractors to partner and collaborate with our community
partners. Several of our supply chain and contractors including
OCS, CBRE, DLA Piper and Greenzone have engaged in activity
with our community partners. This has included supporting
a careers session with young people at the London Chinese
Community Centre, serving meals to attendees at the Seven
Dials Lunch Club and supporting clients of homeless charity
ĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǿǹ]ØşŪěĸțěĸțŪĘýț9ěýıùţǿ
Further information on stakeholder collaboration can be found on
pages 44 to 49.
Customer collaboration
We are at a relatively early stage of customer engagement on
sustainability and recognise this to be an area of focus over the
coming years. Our revised green lease, launching in 2025, sets
out our expectations for customers, requiring them to share
data on environmentally-related performance and take action
ŪŁǹķØěĸŪØěĸǹŁşǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýDžóěýĸóƊǹŁĐǹŪĘýěşǹùýķěţýţǿǹ
©ýǹóŁķŜıýŪýùǹØǹLJşţŪǹóůţŪŁķýşǹţůşƃýƊǹţěĸóýǹŪĘýǹķýşđýşȀǹƄĘěóĘǹ
included a section on sustainability, enabling us to establish a
baseline for customer perceptions of our sustainability actions
and better understand their own priorities. This survey will take
place annually and help us to make our ESC Strategy relevant
to our customers whilst improving our own communication.
Industry recognition and standards
We participate in a range of external benchmarks and indices
ŪŁǹŜşŁƃěùýǹěĸùýŜýĸùýĸŪǹƃýşěLJóØŪěŁĸǹŁĐǹŁůşǹţůţŪØěĸØòěıěŪƊǹ
progress and help us to identify improvement opportunities.
Our CDP climate rating in 2024 was B, demonstrating that we
are taking co-ordinated action on environmental issues.
©ýǹØşýǹŜşŁůùǹŪŁǹĘØƃýǹØóĘěýƃýùǹŁůşǹLJĐŪĘǹóŁĸţýóůŪěƃýǹ:ŁıùǹØƄØşùǹ
ĐŁşǹşýŜŁşŪěĸđǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹ&ǹţȀǹşýLjýóŪěĸđǹŪĘýǹòşýØùŪĘǹ
and transparency of our sustainability-related disclosures.
89Shaftesbury Capital PLC | 2024 Annual Report

Strategic report | Our ESC progress in 2024
Our 2025 key actions
As we continue to deliver our strategy in 2025, we will focus on:
2025 actions and targets
Working with customers to inspire and support their
ùýóØşòŁĸěţØŪěŁĸǹýDŽŁşŪţȀǹěĸóıůùěĸđǹŪĘýǹýıýóŪşěLJóØŪěŁĸǹ
of kitchens
ŜŜıƊěĸđǹLJĸùěĸđţǹĐşŁķǹùýŪØěıýùǹýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹěĸǹ
2024 to develop individual asset improvement plans
Continuing to decarbonise our operations and make progress
against our Net Zero Carbon targets, as set out on page 93
Further improve EPC A-B coverage to 75 per cent for
commercial assets and improve EPC A-C coverage for
commercial and residential assets to 90 per cent
DķŜşŁƃýǹùØŪØǹóŁııýóŪěŁĸǹòƊǹěĸóşýØţěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹ
automatic energy meters for both landlord and tenant
supplies
DĸóşýØţýǹŁůşǹşýŜŁşŪěĸđǹŁĐǹýĸýşđƊǹØĸùǹóØşòŁĸǹěĸŪýĸţěŪƊ
Reduce annual like-for-like Scope 1 and 2 carbon emissions
by 5 per cent
&ķòŁùěýùǹóØşòŁĸǹĐŁŁŪŜşěĸŪěĸđǹĐŁşǹØııǹķØĪŁşǹØóŪěƃýǹ
ùýƃýıŁŜķýĸŪǹŜşŁĪýóŪţǹŪŁǹòýǹóŁķŜıýŪýù
Reduce our water consumption by 5 per cent
óĘěýƃýǐǏǏǹŜýşǹóýĸŪǹƄØţŪýǹùěƃýşţěŁĸǹĐşŁķǹıØĸùLJıı
&ķòýùǹŁůşǹşýƃěţýùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹØţǹţýŪǹŁůŪǹ
on page 97
ùŁŜŪǹŪĘýǹf]ţǹȡĘýķýţȀǹfůŪóŁķýţǹØĸùǹ]ýØţůşýţȢǹ
framework to report our social impact in a clear and
consistent way
Our GRESB score reduced to 66, predominantly due to changes in
ķýŪĘŁùŁıŁđƊǹĐŁşǹţóŁşěĸđǹóŁƃýşØđýǹŁĐǹđşýýĸǹòůěıùěĸđǹóýşŪěLJóØŪěŁĸǹ
and a reduction in overall coverage of building energy use data
ØţǹƄýǹşýŜŁşŪýùǹŪĘýǹóŁķòěĸýùǹýţŪØŪýǹĐŁşǹŪĘýǹLJşţŪǹŪěķýǿǹĘýǹĸØŪůşýǹ
ŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹƄěŪĘǹØǹţěđĸěLJóØĸŪǹŜşŁŜŁşŪěŁĸǹŁĐǹţķØııýşȀǹĘýşěŪØđýǹ
assets when compared with GRESB peer groups, restricts our
ØòěıěŪƊǹŪŁǹØŜŜıƊǹđşýýĸǹòůěıùěĸđǹóýşŪěLJóØŪěŁĸţǹţůóĘǹØţǹ&&]ǹ
across the estate. As we continue to improve our data collection,
we expect to see our score progressively increase.
fůşǹǑǏǑǓǹ]DǹşØŪěĸđǹƄØţǹȀǹşýLjýóŪěĸđǹţŁķýǹşýùůóŪěŁĸţǹ
where no public disclosure had been made, whilst our score
for corporate governance increased.
DĸǹRØĸůØşƊǹǑǏǑǔȀǹƄýǹşýóýěƃýùǹĐŁşķØıǹƃØıěùØŪěŁĸǹŁĐǹŁůşǹóØşòŁĸǹ
reduction targets from the SBTi. These are set out in more
detail on page 93.
Modern slavery and human rights
We have policies in place which address human rights, modern
slavery, and the ethical conduct of our business. During the
year we undertook a desk-top risk assessment for modern
slavery that set out potential risk areas and mitigation actions,
demonstrating to the Executive Committee that residual risks
ØşýǹýDŽýóŪěƃýıƊǹķØĸØđýùǿǹııǹýķŜıŁƊýýţǹƄýşýǹşýŞůěşýùǹŪŁǹ
óŁķŜıýŪýǹØĸǹŁĸıěĸýǹŪşØěĸěĸđǹŜşŁđşØķķýǿǹfůşǹ]ŁùýşĸǹıØƃýşƊǹ
ØĸùǹAůķØĸǹşØDžóĮěĸđǹŪØŪýķýĸŪȀǹůŜùØŪýùǹěĸǹ9ýòşůØşƊǹǑǏǑǔȀǹěţǹ
available on our website: https://www.shaftesburycapital.com/
en/index.html. All employees working on our estate are paid at
ıýØţŪǹŪĘýǹWŁĸùŁĸǹWěƃěĸđǹ©ØđýȀǹƄĘýşýǺØŜŜşŁŜşěØŪýǿ
90

Leadership in heritage buildings
We recognise the important role that the sustainable
refurbishment of heritage buildings plays in achieving our
ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţǿǹDŪǹěţǹýţŪěķØŪýùǹŪĘØŪǹǗǏǹŜýşǹóýĸŪǹ
of buildings that will exist in 2050 are already built and the
şýţŜŁĸţěòıýǹşýŪşŁLJŪǹŁĐǹŪĘýţýǹòůěıùěĸđţǹƄěııǹòýǹóşěŪěóØıǹŪŁǹķýýŪěĸđǹ
long-term national Net Zero Carbon goals.
Due to the heritage nature of our portfolio, which is all in
conservation areas, and c. 27 per cent of which is listed, we
continue to improve the sustainability performance of our
building stock whilst protecting unique heritage and abiding by
planning requirements. Through the careful application of cost-
ýDŽýóŪěƃýǹıŁƄțóØşòŁĸǹěĸŪýşƃýĸŪěŁĸţȀǹƄýǹùýıěƃýşǹýĸýşđƊǹýDžóěýĸóƊǹ
improvements, as demonstrated by our success to date in
ěķŜşŁƃěĸđǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹ&ǹşØŪěĸđţǿ
fůşǹØóŪěƃěŪěýţǹŪŁǹŪØóĮıýǹóıěķØŪýǹóĘØĸđýǹØıţŁǹùýıěƃýşǹòýĸýLJŪţǹ
ĐŁşǹŁůşǹţŪØĮýĘŁıùýşţǿǹĘýţýǹěĸóıůùýǹŪĘýǹØěşǹŞůØıěŪƊǹòýĸýLJŪţǹ
ŁĐǹýıýóŪşěĐƊěĸđǹĘýØŪěĸđǹØĸùǹóŁŁĮěĸđȀǹØţǹƄýııǹØţǹşýùůóěĸđǹŪşØDžóǹ
through pedestrianisation, and fewer vehicles delivering lower
material volumes due to material re-use in refurbishment.
DĸǹØùùěŪěŁĸǹŪŁǹěķŜıýķýĸŪěĸđǹşýıýƃØĸŪǹěĸěŪěØŪěƃýţǹěùýĸŪěLJýùǹěĸǹŁůşǹ
&]țØıěđĸýùǹØĸØıƊţěţǹȡţýýǹŜØđýǹǘǓȢǹķŁşýǹƄěùýıƊǹØóşŁţţǹŪĘýǹ
portfolio, we actively seek further opportunities to pilot and
implement new scalable technology or operating practices
which deliver carbon reduction. We will also share lessons
learned externally to support the low-carbon transition across
the industry and demonstrate leadership in this space.
Driving innovation through
collaboration
We are committed to the use of innovative solutions, including
òŁŪĘǹĸýƄǹŪýóĘĸŁıŁđěýţǹØĸùǹŜşŁóýţţýţǿǹDĸǹØùùěŪěŁĸǹŪŁǹ&]ț
aligned detailed asset analysis at scale, we collaborate with
òŁŪĘǹţůŜŜıěýşţǹØĸùǹóůţŪŁķýşţǹŪŁǹķØƉěķěţýǹŪĘýǹòýĸýLJŪǹŁĐǹůţěĸđǹ
smart technology, such as Grid Edge, to identify improvements
ŪŁǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹòůěıùěĸđţǹŪĘØŪǹóØĸǹıýØùǹŪŁǹţěđĸěLJóØĸŪǹ
ýĸýşđƊǹýDžóěýĸóƊǹěķŜşŁƃýķýĸŪţǹƄěŪĘǹķěĸěķØıǹýƉŜýĸùěŪůşýǿ
Working in partnership with some of our leading hospitality
businesses, we ran a workshop in February 2025 to discuss
ŪĘýǹóĘØııýĸđýţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŪĘýǹýıýóŪşěLJóØŪěŁĸǹŁĐǹ
cooking, a critical step in the long-term decarbonisation of our
ƄěùýşǹýţŪØŪýǿǹĘýǹƄŁşĮţĘŁŜǹĘěđĘıěđĘŪýùǹŪĘýǹòýĸýLJŪţǹŁĐǹýıýóŪşěóǹ
cooking, particularly for the kitchen working environment,
òůŪǹØóĮĸŁƄıýùđýùǹŪĘýǹóĘØııýĸđýǹŁĐǹţůDžóěýĸŪǹýıýóŪşěóØıǹ
capacity availability.
Improving our data
We have continued to improve the coverage and accuracy of
our sustainability data, providing the basis for setting targets,
determining action plans and estimating the level and type of
investment required.
DĸǹóŁĸĪůĸóŪěŁĸǹƄěŪĘǹŁůşǹŜşŁŜýşŪƊǹŪýØķȀǹƄýǹĘØƃýǹěĸţŪØııýùǹ
automatic (smart) meters on 67 per cent of landlord energy and
water supplies, directly linking to a single data management
platform. The remaining landlord meters have been instructed
and we expect to complete the bulk of these in 2025.
DĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹůŪěıěţýùǹØǹóýĸŪşØıǹùØŪØòØţýǹŪŁǹěķŜşŁƃýǹ
coverage of commercial energy use in our premises, collecting
data directly. Our focus is now on engaging with our residential
occupiers to collect their data. Overall, we achieved 57 per cent
coverage of actual customer energy consumption, an increase
from c. 35 per cent coverage last year.
We also continue to improve the collection of data from our
ùýƃýıŁŜķýĸŪǹŜşŁĪýóŪţȀǹţŜýóěLJóØııƊǹŪĘýǹØţţŁóěØŪýùǹýķòŁùěýùǹ
óØşòŁĸǿǹ"ůşěĸđǹǑǏǑǓȀǹǔǒǹŜýşǹóýĸŪǹŁĐǹØııǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹ
reported embodied carbon emissions, by spend.
Applying circular economy principles
Our heritage assets and the long-term view we take of our
investments, lend themselves to the application of circular
economy principles, whereby materials are preserved
and re-used where possible. Only where necessary are
materials recycled.
Examples of our application of a circular economy approach
include the pre-demolition audit at 9-10 Floral Street, where
ƄýǹěùýĸŪěLJýùǹěŪýķţǹŪŁǹòýǹşýŪØěĸýùǹŁşǹşýțůţýùǹýıţýƄĘýşýǿ
Our buildings
91Shaftesbury Capital PLC | 2024 Annual Report

&ĸýşđƊǹýDžóěýĸóƊǹşØŪěĸđţǹŁĐǹ
ŁůşǺòůěıùěĸđţ
fůşǹŁĸđŁěĸđǹŜşŁđşØķķýǹŁĐǹýĸýşđƊțýDžóěýĸŪǹşýĐůşòěţĘķýĸŪţǹ
ĘØţǹţýýĸǹţěđĸěLJóØĸŪǹěķŜşŁƃýķýĸŪţǹěĸǹ&ǹşØŪěĸđţǹØóşŁţţǹ
ŪĘýǹŜŁşŪĐŁıěŁǿǹDĸǹØùùěŪěŁĸǹŪŁǹóØşòŁĸǹşýùůóŪěŁĸȀǹŪĘěţǹşýùůóýţǹ
customer utility costs and demonstrates the long-term
resilience of our portfolio.
As at 31 December 2024, 87.6 per cent of properties are
EPC grade A to C by ERV, representing a 7.6 percentage
point increase from the prior year. When considered by ERV,
63.7 per cent of the portfolio is A-B, rising to 70 per cent for
commercial property.
Approximately 1.4 per cent of portfolio by ERV does not
require an EPC. This primarily relates to outdoor space,
basement space where there is no heating or cooling, long-
ıýØţýǹşýţěùýĸŪěØıǹŜşŁŜýşŪƊǹŁůŪţěùýǹŪĘýǹţóŁŜýǹŁĐǹ]&&ȀǹŁşǹ
demises such as substations. Our undergoing refurbishment
is expected to achieve EPC B or above for commercial and
EPC C or above for residential.
We continue to undertake works to improve EPC ratings as
demises become vacant, and work with occupiers to meet the
şýŞůěşýķýĸŪţǹŁĐǹŪĘýǹ]&&ǹşýđůıØŪěŁĸţǿǹııǹĸýƄǹóŁķķýşóěØıǹ
refurbishments target EPC B to ensure that we are prepared
ĐŁşǹýƉŜýóŪýùǹóĘØĸđýţǹŪŁǹŪĘýǹ]&&ǹşýđůıØŪěŁĸǿ
24%
59%
4%
2%
11%
Grade A
Grade C
Grade E-G
Grade B
Grade D
&ĸýşđƊǹýşĐŁşķØĸóýǹýşŪěLJóØŪýţǹȡȩ&ȪȢǹòƊǹ&¨
2040
Net Zero Carbon
commitment
87.6%
Portfolio rated
&Ǻț
Strategic report | Our ESC progress in 2024
92 Shaftesbury Capital PLC | 2024 Annual Report

Our buildings represent long-term stores of embodied carbon,
many of which pre-date mass industrialisation. We remain
focused on protecting the heritage of our places, whilst making
ıŁƄțóØşòŁĸǹěĸŪýşƃýĸŪěŁĸţǹŪŁǹěķŜşŁƃýǹýĸýşđƊǹýDžóěýĸóƊǹØĸùǹ
increase resilience to the climate change impacts that we
ĘØƃýǺěùýĸŪěLJýùǿ
Considering the Whole Life Carbon emissions of a building
demonstrates the importance of embodied carbon and the
şýıØŪěƃýǹòýĸýLJŪǹŁĐǹŁůşǹØŜŜşŁØóĘǹŪŁǹŪĘýǹşýŜůşŜŁţěĸđǹØĸùǹ
refurbishment of buildings.
Climate change adaptation
Our climate change risks and opportunities are set out in
our TCFD report on pages 66 to 74. Supplementary detail
and explanation is included in a longer version of the TCFD
report which can be found on our corporate website: https://
www.shaftesburycapital.com/en/responsibility/policies-and-
reports.html.
To improve our understanding of climate risks and evolve
our reporting, during the year we undertook a more detailed
assessment of physical climate risks. This assessment highlighted
ŪĘØŪǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹØǹşýıØŪěƃýıƊǹıŁƄǹýƉŜŁţůşýǹŪŁǹLjŁŁùǹşěţĮȀǹ
with a small number of assets at a theoretical higher risk from
ıŁóØıǹLjŁŁùěĸđǿǹ©ýǹùŁǹĸŁŪǹóŁĸţěùýşǹŪĘýşýǹŪŁǹĘØƃýǹòýýĸǹØǹķØŪýşěØıǹ
change in our transition risks following a desktop review.
Net Zero Carbon commitment
DĸǹǑǏǑǓȀǹƄýǹůţýùǹØĸǹěķŜşŁƃýùǹķýŪĘŁùŁıŁđƊǹŪŁǹşýóØıóůıØŪýǹŪĘýǹ
carbon emissions in our baseline year and seek revalidation
from the SBTi. The SBTi requirement to reduce emissions by
ǘǏǹŜýşǹóýĸŪǹòýĐŁşýǹŁDŽţýŪŪěĸđǹķýØĸţǹƄýǹĘØƃýǹòýýĸǹşýŞůěşýùǹŪŁǹ
push back our formal Net Zero Carbon target date. Therefore,
we have set a long-term goal to reduce Scope 1, 2 and relevant
ǒǹýķěţţěŁĸţǹòƊǹǘǏǹŜýşǹóýĸŪǹòƊǹǑǏǓǏȀǹĐşŁķǹŁůşǹǑǏǐǘǹòØţýıěĸýǿǹDĸǹ
doing so, we will reduce our emissions at a rate aligned with a
1.5°C pathway. We also have “near-term” targets for 2030 as
ţýŪǹŁůŪǹòýıŁƄǿǹfůşǹóŁķķěŪķýĸŪǹěţǹLJşţŪǹŪŁǹşýùůóýǹđşýýĸĘŁůţýǹ
gas (”GHG”) emissions from our buildings and operations as far
as possible, in a way that recognises the needs of our heritage
ŜŁşŪĐŁıěŁǹØĸùǹţŪØĮýĘŁıùýşţȀǹØĸùǹŁĸıƊǹŪĘýĸǹŪŁǹŁDŽţýŪǹØĸƊǹşýţěùůØıǹ
emissions. Our Scope 3 targets include occupier emissions and
embodied carbon from development operations.
Following a detailed assessment process, we received formal
SBTi validation of our targets in January 2025.
Our commitment to achieve Net Zero Carbon by 2040 includes:
ȟ Long-term 2040 target for a 90 per cent reduction in relevant
Scope 1, 2 and 3 emissions, from our 2019 baseline
ȟ ‘Near-term’ 2030 target for a 60 per cent reduction in our
Scope 1 and 2 emissions, from our 2019 baseline. This is
where we have the most control and remains the same as
the target set in 2021.
Tackling climate change
We recognise our responsibility as an owner of physical assets to reduce carbon
ýķěţţěŁĸţȀǹýDŽýóŪěƃýıƊǹķØĸØđýǹóıěķØŪýǹóĘØĸđýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹùýıěƃýşǹ
a fair transition to a low-carbon future.
ȟ ‘Near-term’ 2030 target for 50 per cent reduction in Scope
3 emissions, from our 2019 baseline. The SBTi required a
single Scope 3 target, which necessitated a revision to our
previous approach to have separate targets for operational
and embodied Scope 3 emissions.
ȟ Prioritising innovation and renewables
ȟ Enhancing climate adaptation
ȟ fDŽţýŪŪěĸđǹşýţěùůØıǹóØşòŁĸǹýķěţţěŁĸţǹĐŁşǹóŁŜýǹǐǹØĸùǹǑǹ
emissions from 2025.
]ŁşýǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹØóŪěŁĸţǹŪĘØŪǹƄýǹØşýȀǹØĸùǹƄěııǹòýȀǹ
taking to reduce carbon emissions across our business is
set out in our Net Zero Carbon Pathway published on our
website: https://www.shaftesburycapital.com/en/responsibility/
environment/net-zero-carbon-pathway.html. Going forward,
we will publish annual updates on our progress against
ŁůşǺØŪĘƄØƊǿǹ
ØşòŁĸǹŁDŽţýŪŪěĸđ
DĸýƃěŪØòıƊȀǹŁDŽţýŪŪěĸđǹƄěııǹĸýýùǹŪŁǹòýǹŜØşŪǹŁĐǹŁůşǹıŁĸđțŪýşķǹ
solution to achieve Net Zero Carbon as well as an important
interim step for decarbonisation.
DĸǹǑǏǑǓȀǹƄýǹůĸùýşŪŁŁĮǹØǹşýƃěýƄǹŁĐǹŪĘýǹóØşòŁĸǹŁDŽţýŪǹķØşĮýŪǹ
with industry experts and a working group drawn from across
the business. Following the review, we remain committed to
ŜůşóĘØţěĸđǹóşýùěŪţǹŪŁǹŁDŽţýŪǹŁůşǹóŁŜýǹǐǹØĸùǹǑǹýķěţţěŁĸţǹĐşŁķǹ
2025. To claim Net Zero Carbon status from 2040, we will
ŜůşóĘØţýǹóýşŪěLJýùǹóşýùěŪţǹŪŁǹóŁƃýşǹşýţěùůØıǹýķěţţěŁĸţǹĐŁşǹØııǹ
scopes in line with market best practice.
©ĘěıţŪǹƄýǹşýóŁđĸěţýǹŪĘýǹƃØıůýǹŁĐǹóØşòŁĸǹŁDŽţýŪŪěĸđǹóşýùěŪţȀǹŁůşǹ
priority ahead of 2040 will be to address underlying emissions
şØŪĘýşǹŪĘØĸǹŁDŽţýŪŪěĸđǹØııǹóŁŜýǹǒǹýķěţţěŁĸţǿǹ
Annual carbon and energy emissions
reporting
We report our absolute Scope 1, 2 and 3 emissions annually.
ĘěţǹěţǹŪĘýǹLJşţŪǹŪěķýǹŪĘØŪǹƄýǹóØĸǹşýŜŁşŪǹƊýØşțŁĸțƊýØşǹ
óŁķŜØşěţŁĸţǹĐŁşǹóŁŜýǹǒǹýķěţţěŁĸţȀǹşýLjýóŪěĸđǹŁůşǹŁĸđŁěĸđǹ
strategy to improve the collection and reporting of all our
carbon emissions. Further like-for-like annual performance will
be included in our EPRA sustainability data report, which will
be issued by the end of April 2025.
©ýǹóŁĸŪěĸůýǹŪŁǹŜůşóĘØţýǹýıýóŪşěóěŪƊǹĐşŁķǹşýĸýƄØòıýǹŪØşěDŽţǹ
ØóşŁţţǹŁůşǹıØĸùıŁşùțóŁĸŪşŁııýùǹŜŁşŪĐŁıěŁǿǹ&ƉóıůùěĸđǹŪĘýǹòýĸýLJŪǹŁĐǹ
purchasing zero carbon electricity, and instead using standard
UK carbon factors, we have seen an 8 per cent reduction in our
Scope 1 and Scope 2 GHG emissions when compared to 2023.
This is primarily due to continued improvement to the energy
ýDžóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţȀǹţŪýØùƊǹşýùůóŪěŁĸǹěĸǹđØţǹůţýǹØóşŁţţǹ
our portfolio, and improved tracking of energy consumption
through sub-metering.
93Shaftesbury Capital PLC | 2024 Annual Report

Scope 1: Landlord gas 1.23%
Scope 1: Landlord refrigerant gas and fuel 0.09
%
Scope 2: Landlord electricity 2.77%
Scope 3: Purchased goods and services 21.49%
Scope 3: Capital goods 15.51%
Scope 3: Upstream transportation 0.02%
Scope 3: Transmission and distribution 1.06%
Scope 3: Waste generated 0.12%
Scope 3: Business travel 0.38%
Scope 3: Employee commuting 0.07%
Scope 3: Downstream leased assets 57.26%
40,767
Scope 1, 2 & 3
Total (location based)
2024 GHG emissions inventory – summary
50%
Carbon
footprint
reduction
against
published
2019 baseline
34%
Reduction in
Scope 1 and
2 emissions
against
published
2019 baseline
57%
Coverage
of actual
customer
energy
consumption
Our Scope 1 and 2 footprint remains relatively small as it only
encompasses the common areas of our buildings, our head
ŁDžóýǹØĸùǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǿ
Our Scope 3 GHG emissions primarily arise from tenant energy
consumption, embodied emissions from materials used in
our refurbishments and purchased goods and services from
our suppliers.
Overall, we have seen a 3.8 percent reduction of our Scope 3
GHG emissions compared to last year, largely due to improved
ýDžóěýĸóěýţǹěĸǹŁůşǹŜůşóĘØţýùǹđŁŁùţǹØĸùǹţýşƃěóýţǹţŜýĸùǹØĸùǹ
better data quality for embodied carbon emissions. We have
however seen increases in emissions from tenant energy
consumption and business travel, due to updating calculation
ķýŪĘŁùŁıŁđěýţǹØĸùǹØǹşýŪůşĸǹŪŁǹŜşýțf¨D"țǐǘǹŪşØƃýıǹòýĘØƃěŁůşǿ
We recognise the important contribution that the phasing out
of fossil fuel use in our buildings will play achieving our Net
Zero Carbon targets. We continue to electrify heating and
óŁŁĮěĸđǹØóşŁţţǹŪĘýǹýţŪØŪýǹŪŁǹķØƉěķěţýǹŪĘýǹòýĸýLJŪǹŁĐǹŪĘýǹıŁƄýşǹ
carbon factor associated with electricity and ongoing UK
energy grid decarbonisation.
©ýǹĘØƃýǹķØùýǹţěđĸěLJóØĸŪǹěķŜşŁƃýķýĸŪţǹŪŁǹùØŪØǹóŁııýóŪěŁĸǹ
relating to Scope 3 emissions, especially with regards to
customers’ energy consumption. Across 2024 we increased
the proportion of actual customer energy meter readings
to 57 per cent, from c. 35 per cent in 2023. We also collect
accurate waste, water, upstream energy, business travel and
employee commuting data, which also contribute to our Scope
3 emissions. The remaining emissions are calculated based on
ěĸùůţŪşƊǹòýţŪǹŜşØóŪěóýǹýţŪěķØŪěŁĸǹķýŪĘŁùţǹØĸùǹƃýşěLJýùǹ
as described in our GHG methodology on page 234.
Embodied carbon
ǹţěđĸěLJóØĸŪǹŜşŁŜŁşŪěŁĸǹȡǐǔǿǔǹŜýşǹóýĸŪȢǹŁĐǹŁůşǹóØşòŁĸǹýķěţţěŁĸţǹ
arise through the embodied carbon inherent in our refurbishment
ŜşŁĪýóŪţǿǹfůşǹýķòŁùěýùǹóØşòŁĸǹýķěţţěŁĸţǹØşýǹùěşýóŪıƊǹóŁşşýıØŪýùǹ
with the volume of refurbishment operations undertaken in a
year. We continue to improve embodied carbon data collection
ĐŁşǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǿǹĘěţǹýĸØòıýţǹòýŪŪýşǹØĸØıƊţěţǹŁĐǹ
ŁůşǹěķŜØóŪǹØĸùǹěùýĸŪěLJóØŪěŁĸǹŁĐǹƄØƊţǹěĸǹƄĘěóĘǹƄýǹóØĸǹķØĮýǹ
further reductions.
DĸǹǑǏǑǓǹƄýǹóŁĸŪěĸůýùǹŪŁǹóØıóůıØŪýǹýķòŁùěýùǹýķěţţěŁĸţǹůţěĸđǹ
a blend of actual data and applying DEFRA benchmarks to
expenditure, as set out in the GHG methodology on page 234.
"ůşěĸđǹŪĘýǹƊýØşǹƄýǹĘØƃýǹěĸóşýØţýùǹŪĘýǹƃŁıůķýǹŁĐǹŜşŁĪýóŪţǹ
covered by actual embodied carbon reporting to 53 per cent
ŁĐǹýƉŜýĸùěŪůşýǿǹĘěţǹóŁĸŪşěòůŪýùǹĪůţŪǹǐǖǹŜýşǹóýĸŪǹŁĐǹŁůşǹŪŁŪØıǹ
calculated embodied carbon, demonstrating that a typical
şýĐůşòěţĘķýĸŪǹŜşŁĪýóŪǹĘØţǹķØŪýşěØııƊǹıŁƄýşǹýķòŁùěýùǹóØşòŁĸǹ
than the DEFRA benchmark.
&]țØıěđĸýùǹýĸýşđƊǹýDžóěýĸóƊǹØůùěŪţ
&DžóěýĸŪǹùýóØşòŁĸěţØŪěŁĸǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹşýŞůěşýţǹŪĘØŪǹŪØşđýŪýùǹ
ěĸŪýşƃýĸŪěŁĸţǹØşýǹţýŞůýĸóýùǹýDžóěýĸŪıƊȀǹóŁĸţěùýşěĸđǹıýØţýǹ
ýƃýĸŪţǹØĸùǹŪĘýǹıěĐýțóƊóıýǹŁĐǹýƉěţŪěĸđǹýŞůěŜķýĸŪǿǹDĸǹǑǏǑǓȀǹƄýǹ
óŁķŜıýŪýùǹØǹţýŪǹŁĐǹùýŪØěıýùǹýĸýşđƊǹýDžóěýĸóƊǹţŪůùěýţǹţŪØşŪýùǹ
in 2023, assessing performance and required interventions
ØđØěĸţŪǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹŪşØĪýóŪŁşěýţǿǹĘěţǹØĸØıƊţěţǹŁĐǹ
ǓǏǹòůěıùěĸđţǹĘØţǹěĸùěóØŪýùǹŪĘØŪǹƄýǹóØĸǹķØĮýǹţěđĸěLJóØĸŪǹóØşòŁĸǹ
şýùůóŪěŁĸţȀǹƄěŪĘǹŪĘýǹŁĸđŁěĸđǹýıýóŪşěLJóØŪěŁĸǹŁĐǹòůěıùěĸđţǹòýěĸđǹ
ŪĘýǹķŁţŪǹţěđĸěLJóØĸŪǹØóŪěŁĸǿǹ"ůşěĸđǹǑǏǑǔȀǹƄýǹƄěııǹěĸŪýđşØŪýǹ
ŪĘýǹıýØşĸěĸđǹĐşŁķǹŁůşǹ&]ǹØĸØıƊţěţǹěĸŪŁǹěĸùěƃěùůØıǹØţţýŪǹ
improvement plans.
^ýŪǹ¸ýşŁǹØşòŁĸǹĐŁóůţǹØşýØţǹĐŁşǹǑǏǑǔ
DĸǹŁůşǹŜůòıěţĘýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊȀǹƄýǹĘØƃýǹóŁķķěŪŪýùǹ
to milestone actions, including the following for the year:
ȟ Continue to improve our Scope 3 data coverage, reducing
the proportion of estimation required
ȟ Continue to prioritise the removal of fossil fuels and
ýıýóŪşěLJóØŪěŁĸǹŁĐǹòůěıùěĸđţȀǹŜØşŪěóůıØşıƊǹĐŁşǹóŁŁĮěĸđȀǹƄĘěóĘǹ
ĘØţǹòýýĸǹěùýĸŪěLJýùǹØţǹØĸǹěķŜŁşŪØĸŪǹóŁĸŪşěòůŪŁşǹŪŁǹŪĘýǹŁƃýşØııǹ
decarbonisation of our buildings
ȟ ŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹşýŜŁşŪěĸđǹŁĐǹLjŁŁşǹØşýØţǹŪŁǹýĸØòıýǹØǹ
move towards intensity-based targets
ȟ Enhance occupier engagement programme to increase the
proportion of occupiers implementing Net Zero Carbon
ţŪşØŪýđěýţȀǹěĸóıůùěĸđǹşýĸýƄØòıýǹýĸýşđƊǹØĸùǹýıýóŪşěLJóØŪěŁĸǹŁĐǹ
operations.
Strategic report | Our ESC progress in 2024
94 Shaftesbury Capital PLC | 2024 Annual Report

Total Scope 1 and 2 GHG
ýķěţţěŁĸţǹȡıŁóØŪěŁĸțòØţýùǹķýŪĘŁù
1
Ȣ
Intensity measure: Tonnes
ŁĐǹf
2
ýǹŜýşǹȫǏǏǏǹţŞǹĐŪ
Total Scope 2 GHG emissions
ȡķØşĮýŪțòØţýùǹķýŪĘŁù
2
Ȣ
Total Scope 1 and 2 energy
óŁĸţůķŜŪěŁĸǹȡ]©Ę
2
Ȣ
0
500
1000
1500
2000
537
2024
tCO
2
e
2023
1,131
626 1,186
Scope 1 Scope 2
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2024
2023
0.20 0.42 0.20 0.38
Scope 1 Scope 2
1. The location-based method reports emissions as tonnes of carbon dioxide equivalent (tCO
2
e). 100 per
cent of the emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions
can be found on page 234.
2. The market-based method reports emissions as tonnes of carbon dioxide (tCO
2
e). 100 per cent of the
emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions can be found
on page 234.
Greenhouse gas emissions including Streamlined
Energy and Carbon Reporting
Shaftesbury Capital has engaged Carbon Footprint Limited to provide independent
ƃýşěLJóØŪěŁĸǹŁĐǹŪĘýǹóØıóůıØŪěŁĸǹŁĐǹǑǏǑǓǹ:A:ǹýķěţţěŁĸţǹØţţýşŪěŁĸǹùØŪØȀǹěĸǹ
ØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹěĸùůţŪşƊǹşýóŁđĸěţýùǹţŪØĸùØşùǹDfǹǐǓǏǕǓțǒǿ
Our absolute Scope 1 and Scope 2 emissions have decreased by 8.0 per cent
since 2023. When considered on an intensity basis, intensity has increased by
ǕǿǔǹŜýşǹóýĸŪǹùůýǹŪŁǹşýùůóŪěŁĸǹěĸǹŁƃýşØııǹLjŁŁşǹØşýØǹĐşŁķǹØţţýŪǹţØıýţǹùůşěĸđǹŪĘýǹƊýØşǿ
Overall, Scope 1 and 2 emissions are down 34 per cent compared to our reported
2019 baseline.
óŁŜýǹǒǹýķěţţěŁĸţǹóØĸǹòýǹóŁķŜØşýùǹƊýØşțŁĸțƊýØşǹĐŁşǹŪĘýǹLJşţŪǹŪěķýȀǹùýóşýØţěĸđǹ
by 3.8 percent, demonstrating our ongoing improvement in the breadth and
completeness of our reporting.
tCO
2
e
0
20
40
60
80
100
2024 2023
21
84
Scope 2
0
2000
4000
6000
8000
10000
2024
2023
3.03
8,192
2.88
8,984
Total
energy use
Intensity measure
(MWh per '000 sqft
lettable area
)
95

Creating healthy and biodiverse
destinations
Shaftesbury Capital has supported the London Air Quality
ĸýŪƄŁşĮǹĐŁşǹýěđĘŪǹƊýØşţǹŪĘşŁůđĘǹŁůşǹŜØşŪĸýşţĘěŜǹƄěŪĘǹDķŜýşěØıǹ
College London. We have also continued to support the Zero
Emissions Working Group, a partnership with landowners and
Westminster Council to reduce emissions from transport and
waste. A toolkit has been developed for use by customers and
suppliers to improve logistics and reduce associated emissions.
We remain members of the Wild West End (“WWE”)
partnership, pro-actively looking to increase biodiversity
across our estate following the WWE principles and prioritising
ŜŁııěĸØŪŁşţǹØĸùǹĸØŪěƃýǹţŜýóěýţǿǹţěùýǹĐşŁķǹŪĘýǹòýĸýLJŪǹŪŁǹĸØŪůşýȀǹ
green spaces play an important part in adapting to climate
change through reducing urban heat and supporting well-being.
During 2024, we installed planters at 22 Ganton Street and
roof terraces at The Hide, adding 29m
2
of green space to the
portfolio. We continue to look for opportunities to increase
both the quantity and quality of biodiverse green space.
Waste management
We continue to work in partnership with Veolia as our single
ƄØţŪýǹŜşŁƃěùýşǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁȀǹŪŁǹýĸØòıýǹýDžóěýĸóěýţǹŁĐǹ
ţóØıýǹŪŁǹòýǹØóĘěýƃýùǿǹDĸǹ9ýòşůØşƊǹǑǏǑǓȀǹ¨ýŁıěØȀǹěĸǹóŁııØòŁşØŪěŁĸǹ
with Westminster City Council, launched a new night-time
şýóƊóıěĸđǹţýşƃěóýǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǿǹDĸǹfóŪŁòýşǹǑǏǑǓȀǹŪĘěţǹƄØţǹ
expanded to include food waste collection from our hospitality
venues. The collected food waste is transported to an anaerobic
digester in Hertfordshire, where it is converted into biogas
and biofertiliser.
Using electric vehicles, Veolia has successfully diverted 1,650
tonnes of mixed recycling from general waste, increasing the
portfolio recycling rate.
Our places
The second pillar of our ESC Strategy recognises the importance of being
a responsible steward of our destinations. Our impact extends beyond our
buildings, and we continue to enhance the public realm within and around our
portfolio. Through our investment in “placeshaping” we create healthy, welcoming
ØĸùǹŪĘşěƃěĸđǹıŁóØŪěŁĸţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹƃěţěŪěĸđȀǹƄŁşĮěĸđǹ
ØĸùǺıěƃěĸđǿ
Transport and public highways
We continue to assist Westminster City Council in the
management of pedestrian areas in the public highway in
ŁƃýĸŪǹ:ØşùýĸǹØĸùǹØşĸØòƊǿǹDĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹƄŁşĮýùǹƄěŪĘǹ
the Council to tailor its trial of e-cycle and e-scooter parking
bays in the West End to enable sustainable transport whilst the
ķěĸěķěţěĸđǹěķŜØóŪǹŁĐǹòěĮýţǹŁĸǹŁůşǹţŪşýýŪţǹØĸùǹţŜØóýţǿǹDĸǺRůıƊȀǹƄýǹ
additionally responded to the “Fairer Westminster” consultation
on its future sustainable transport strategy.
Stewardship
ĘýǹţØĐýŪƊǹŁĐǹŪĘŁţýǹƄĘŁǹƃěţěŪǹØĸùǹýĸĪŁƊǹŁůşǹùýţŪěĸØŪěŁĸţǹěţǹ
fundamental. Our destinations are also integral to our local
communities, providing a catalyst for long-term economic
òýĸýLJŪţǿǹ©ýǹşýóŁđĸěţýǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹƄŁşĮěĸđǹěĸǹ
collaboration to tackle issues that align with our purpose and
ƃØıůýţǹķØĮýǹØǹķýØĸěĸđĐůıǹùěDŽýşýĸóýǹŪŁǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǿ
©ýǹĘØƃýǹØǹLjýƉěòıýǹţýóůşěŪƊǹţŪşØŪýđƊǹƄĘěóĘǹýĸØòıýţǹůţǹŪŁǹ
respond quickly to changing demands across our portfolio, to
ensure that the appropriate security provision is maintained
and scaled up when needed. During 2024, 83,000 hours of
targeted patrols took place across the portfolio.
©ýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹĐůĸùǹŪĘýǹěŪƊǹDĸţŜýóŪŁşţǹŪĘşŁůđĘŁůŪǹ
Covent Garden, providing 3,600 hours.
:ŁěĸđǹĐŁşƄØşù
©ýǹØşýǹóŁķķýĸóěĸđǹØǹŜşŁĪýóŪǹŪŁǹşýƃěýƄǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹ
the consolidation of waste servicing and deliveries. This may
ýĸØòıýǹůţǹŪŁǹƄŁşĮǹƄěŪĘǹŁůşǹóůţŪŁķýşţǹŪŁǹţěđĸěLJóØĸŪıƊǹşýùůóýǹ
the number of vehicle movements, resulting in an improved
public realm environment and better air quality.
Strategic report | Our ESC progress in 2024
96

Our community
Shaftesbury Capital has a strong track record of supporting the local community.
We contribute to a diverse range of charitable and community initiatives across
ØķùýĸǹØĸùǹ©ýţŪķěĸţŪýşȀǹƄěŪĘǹØǹţŜýóěLJóǹĐŁóůţǹŁĸǹţůŜŜŁşŪěĸđǹýùůóØŪěŁĸØıǹ
and employment opportunities for young people and addressing the issues of
homelessness and food hardship.
32%
56%
7%
5%
Cash
In-kind
Time
Management
costs
5.3%
19.4%
12.0%
63.3%
Education and
employment
Food hardship
Tackling
homelessness
Community
support
How: £901,000 What: £858,000*
A breakdown of our support is included below.
* ]ØĸØđýķýĸŪǹóŁţŪţǹýƉóıůùýù
DĸǹØùùěŪěŁĸǹŪŁǹLJĸØĸóěØıǹţůŜŜŁşŪȀǹƄýǹŜşŁƃěùýǹĐşýýǹŁşǹţůòţěùěţýùǹ
space and employee time to support volunteering activities
ƄěŪĘǹıŁóØıǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǿǹDĸǹǑǏǑǓȀǹŪĘýǹ
value of our contributions totalled £0.9 million. This is set out
òýıŁƄǹØĸùǹùýŪØěıýùǹěĸǹŁůşǹ&ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǺýŜŁşŪǿ
DĸǹǑǏǑǓȀǹƄýǹţØƄǹØǹǔǔǹŜýşǹóýĸŪǹěĸóşýØţýǹěĸǹýķŜıŁƊýýǹ
volunteering time with local charities. We also increased our
ŁƃýşØııǹLJĸØĸóěØıǹóŁķķěŪķýĸŪǹŪŁǹóŁķķůĸěŪƊǹŜØşŪĸýşţǹòƊǹǕǹ
per cent. The value of in-kind space provided to charities fell
year on year however, due to low vacancy rates limiting the
availability of suitable space.
DĸǹǑǏǑǓȀǹƄýǹůĸùýşŪŁŁĮǹØǹŪĘŁşŁůđĘǹýƃØıůØŪěŁĸǹŁĐǹŁůşǹóŁķķůĸěŪƊǹ
investment activity as a combined business, developing an
ůŜùØŪýùǹţŪşØŪýđƊǹŪŁǹşýLjýóŪǹıŁóØıǹĸýýùţǹØĸùǹòýŪŪýşǹķýØţůşýǹ
ŁůşǺěķŜØóŪǿ
Our approach to community investment
DĸǹùýƃýıŁŜěĸđǹŁůşǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹƄýǹ
undertook a local needs analysis through engagement with key
local stakeholders including Camden and Westminster councils,
the Department for Work and Pensions and amenity societies.
ĘěţǹşýƃěýƄȀǹıýùǹòƊǹŁůşǹùýùěóØŪýùǹŁķķůĸěŪƊǹ]ØĸØđýşȀǹØıţŁǹ
considered the activity of our peers, customers and supply
chain to identify areas of best practice and opportunities for
collaboration. Through structured interviews and workshops
ƄěŪĘǹýķŜıŁƊýýţȀǹƄýǹƃØıěùØŪýùǹLJĸùěĸđţǹěùýĸŪěLJýùǹŪĘşŁůđĘǹŁůşǹ
local needs analysis, these are central to our approach to the
ĸýƉŪǹLJƃýǹƊýØşţǿǹ
For 2025-2028, our primary strategic focus will be supporting
ıŁóØıǹýķŜıŁƊķýĸŪȀǹŪĘýǹØşýØǹěùýĸŪěLJýùǹØţǹķŁţŪǹşýıýƃØĸŪǹŪŁǹ
our local communities and where, through partnerships and
collaboration, we have an opportunity to create the greatest
impact. We continue to build long-term relationships that
maximise the value generated for the local community from our
ŁƄĸǹşýţŁůşóýţǹØĸùǹěĸLjůýĸóýǿǹ
©ýǹĘØƃýǹØǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ9ŁşůķǹȡȩD9ȪȢǹƄĘěóĘǹěţǹ
responsible for overseeing our programme of community
ěĸƃýţŪķýĸŪǹěĸǹıěĸýǹƄěŪĘǹŁůşǹĐŁóůţǹØşýØţǿǹĘýǹD9ǹóŁķŜşěţýţǹ
employees from across the business and is chaired by our
AýØùǹŁĐǹůţŪØěĸØòěıěŪƊǿǹDŪǹýĸØòıýţǹůţǹŪŁǹşýƃěýƄǹŁůşǹóŁķķůĸěŪƊǹ
investments and consider applications to our community grants
fund in a fair and consistent manner.
9şŁķǹRØĸůØşƊǹǑǏǑǔȀǹŁůşǹŪĘşýýțƊýØşǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ
ŪşØŪýđƊǹěĸóıůùýţǹŪşěØııěĸđǹŪĘýǹĘýķýţȀǹfůŪóŁķýţǹØĸùǹ]ýØţůşýţǹ
ţƊţŪýķǹȡȩf]ţȪȢǿǹĘýǹf]ţǹţƊţŪýķǹěţǹƄěùýıƊǹşýóŁđĸěţýùǹØţǹŪĘýǹ
best standard for measuring social impact, and adopting the
system will enable us to accurately measure our investment
ØĸùǹØóŪěŁĸţȀǹşýŜŁşŪěĸđǹŪĘýǹţŁóěØıǹƃØıůýǺóşýØŪýùǿǹ
97Shaftesbury Capital PLC | 2024 Annual Report

Education and employment
We have continued to invest in education and employment
programmes supporting a range of charities, organisations and
groups across Camden and Westminster.
During the year, we hosted paid internships and work
placements for 13 young people through a range of
ŜşŁđşØķķýţǹěĸóıůùěĸđǹǐǏȀǏǏǏǹıØóĮǹDĸŪýşĸţǹØĸùǹŪĘýǹýØùěĸđǹ
Real Estate Foundation. One person undertaking an internship
secured permanent employment with the business following
their successful placement.
Our annual programme with the University of Westminster
continues to support a student from a disadvantaged economic
background studying the Real Estate BSc (Hons) course with
a bursary. The bursary covers tuition fees and maintenance
costs, enabling the student to focus on their studies and future
óØşýýşǹƄěŪĘŁůŪǹŪĘýǹòůşùýĸǹŁĐǹLJĸØĸóěØıǹţŪşýţţǿ
Our support to primary and secondary schools has continued
ŪĘşŁůđĘŁůŪǹǑǏǑǓȀǹŪĘşŁůđĘǹƃØşěŁůţǹŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǿǹ
Primary school students at Gateway Academy in Westminster
ŪŁŁĮǹŜØşŪǹěĸǹØǹŜşŁĪýóŪǹŪĘşŁůđĘǹŁůşǹŜØşŪĸýşţĘěŜǹƄěŪĘǹ:ŁǹWěƃýǹ
ĘýØŪşýǹşŁĪýóŪţǿǹĘýǹŜşŁĪýóŪǹýĸđØđýùǹǗǔǹƊýØşǹLJƃýǹţŪůùýĸŪţǹ
ŪŁǹùýƃýıŁŜǹØǹşØùěŁǹŜıØƊǹòØţýùǹŁĸǹýŞůěŪƊǹŪŁǹşýLjýóŪǹŪĘýǹţóĘŁŁıȬţǹ
ùěƃýşţýǹŜŁŜůıØŪěŁĸȀǹěĸóşýØţěĸđǹŜůŜěıţȬǹóŁĸLJùýĸóýȀǹıěţŪýĸěĸđǹţĮěııţǹ
and ability to work as part of a team. Additionally, our support
ŪŁǹýĸƃ캣ĸķýĸŪØıǹýùůóØŪěŁĸǹóĘØşěŪƊǹýóŁD¨&ǹýĸØòıýùǹŁƃýşǹ
100 students at St Joseph’s Catholic and St Clement Danes
primary schools in Westminster to participate in workshops
educating pupils on the importance of sustainability, reducing
plastic waste and recycling.
As a result of our funding 41 students at two secondary
ţóĘŁŁıţǹĘØƃýǹòýĸýLJŪýùǹĐşŁķǹŪØĮěĸđǹŜØşŪǹěĸǹŪĘýǹşòØĸǹWØĸùǹ
DĸţŪěŪůŪýǹşòØĸǹıØĸǹŜşŁđşØķķýȀǹƄĘěóĘǹýĸđØđýùǹŜůŜěıţǹěĸǹØǹ
workshop to understand the role real estate plays in reviving
and regenerating urban areas. Our employees have also
volunteered in the programme to support the workshops,
ŁDŽýşěĸđǹØùƃěóýȀǹØĸùǹţĘØşěĸđǹŪĘýěşǹýƉŜýşŪǹĐýýùòØóĮǿǹ
We continue to partner with the Young Westminster
9ŁůĸùØŪěŁĸǹØĸùǹǑțǒǹ"ýđşýýţǹŪŁǹţůŜŜŁşŪǹ]ØţŪýşěĸđǹ]Ɗǹ
Future, an employability programme that empowers young
people through workshops, mentoring, and connections with
ŜşŁĐýţţěŁĸØıţǹŪŁǹĘýıŜǹŪĘýķǹĐůıLJıǹŪĘýěşǹŜŁŪýĸŪěØıǿ
Tackling homelessness
AŁķýıýţţĸýţţǹóŁĸŪěĸůýţǹŪŁǹØDŽýóŪǹŪĘýǹıěƃýţǹŁĐǹţŁķýǹŁĐǹŪĘýǹķŁţŪǹ
vulnerable people in our local community. During 2024, we
have continued to support several homeless charities across
Camden and Westminster, re-aligning our focus towards
initiatives that provide skills training to help individuals
experiencing homelessness secure employment and break
ŪĘýǺóƊóıýǿǹ
9ŁşǹýƉØķŜıýȀǹŁůşǹLJĸØĸóěØıǹţůŜŜŁşŪǹŪŁǹěĸđıýǹAŁķýıýţţǹşŁĪýóŪǹ
supports the Comeback Kitchen, enabling its clients to
participate in a six-week programme in a commercial kitchen.
During the programme, participants learn practical cooking
ţĮěııţǹØĸùǹŁòŪØěĸǹóýşŪěLJóØŪýţǹěĸǹĐŁŁùǹţØĐýŪƊȀǹĘƊđěýĸýǹØĸùǹĐŁŁùǹ
and catering to equip them for further training or employment.
We have provided funding to homelessness charity Depaul
ŪŁǹĐůııƊǹşýĐůşòěţĘǹØĸǹŁůŪùØŪýùǹDǹţůěŪýǹØŪǹŁĸýǹŁĐǹěŪţǹţůŜŜŁşŪýùǹ
accommodation properties in Westminster. The refurbished
DǹţůěŪýǹƄěııǹýĸØòıýǹǐǑǹƊŁůĸđǹŜýŁŜıýǹıěƃěĸđǹěĸǹŪĘýǹŜşŁŜýşŪƊǹŪŁǹ
òýĸýLJŪǹĐşŁķǹØǹşØĸđýǹŁĐǹóıØţţýţǹěĸóıůùěĸđǹ¨ǹŜşýŜØşØŪěŁĸȀǹDǹ
training and skills development.
AŁķýıýţţĸýţţǹóĘØşěŪƊǹĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǹ]ØşŪěĸȬţǹóŁĸŪěĸůýţǹ
ŪŁǹţýýǹØǹţěđĸěLJóØĸŪǹěĸóşýØţýǹěĸǹĘŁķýıýţţĸýţţǹØĸùǹùýķØĸùǹ
for its services. Our long-standing partnership continued in
2024, with a donation to The Connection’s women’s homeless
service, which assists women and non-binary people who are
homeless, including by providing advice, shelter, and essential
items. Our employees volunteered with the charity over the
course of the year, for example by serving food to people
who are rough-sleeping and supporting classes to teach basic
English to refugees and asylum seekers.
Community support
Across Camden and Westminster, we continue to contribute to
ØǹşØĸđýǹŁĐǹóĘØşěŪěýţǹØĸùǹđşŁůŜţǹùýıěƃýşěĸđǹŜşŁĪýóŪţǹŪŁǹţůŜŜŁşŪǹ
some of the boroughs’ most vulnerable residents. These include
the Covent Garden Community Centre, North Paddington Food
Bank and London Chinese Community Centre.
As a responsible and community-focused West End business,
we also support events in the local area that contribute to a
strong and cohesive community. These include the annual Soho
Village Fete and Covent Garden Remembrance Day event.
Our employees remained committed to supporting the local
community through fundraising campaigns with charities and
groups throughout the year. Recognising the valuable work
of food banks, as part of the National Food Bank Day 2024,
employees donated food items which were distributed to
şýţěùýĸŪţǹýƉŜýşěýĸóěĸđǹLJĸØĸóěØıǹěĸţýóůşěŪƊǹòƊǹŪĘýǹŁƃýĸŪǹ
Garden Pantry, a local food bank. A similar campaign during
the Christmas period for The Abbey Centre, which supports
disadvantaged households, resulted in Christmas gift donations
for individuals who would not normally receive a gift over the
ĐýţŪěƃýǹŜýşěŁùǿǹDĸǹıěĸýǹƄěŪĘǹŁůşǹ"ŁĸØŪěŁĸǹ]ØŪóĘǹ9ůĸùǹŁıěóƊȀǹŪĘýǹ
value of all donations was matched by the business.
ŁķķůĸěŪƊǹđşØĸŪţǹĐůĸù
Our community grants fund provides an opportunity for
charities, organisations, and groups operating across Camden
and Westminster to apply for funding towards the cost of
ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿǹ&ØóĘǹŞůØşŪýşȀǹŁůşǹD9ǹķýýŪţǹŪŁǹóŁĸţěùýşǹ
and discuss grant applications received during the previous
ŞůØşŪýşǿǹ:şØĸŪǹĐůĸùěĸđǹěţǹØƄØşùýùǹŪŁǹŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǹŪĘØŪǹ
make a positive impact in our local community.
DĸǹǑǏǑǓȀǹŁůşǹD9ǹØƄØşùýùǹǐǘǹđşØĸŪţǹŪŁŪØııěĸđǹɏǗǖȀǓǓǑǹěĸóıůùěĸđǹ
donations to London Basketball Association to deliver a
development, mentoring and training programme for young
people in Westminster, and to FoodCycle London for their
Community Café in Camden, which serves meals to local
people in need of nutritious food and friendship.
In-kind space
We have continued our in-kind space programme, providing
free or subsidised space to charities and organisations to
óşýØŪýǹƃěòşØĸóƊǹØĸùǹŁDŽýşǹůĸěŞůýǹýƉŜýşěýĸóýţǹĐŁşǹƃěţěŪŁşţǿǹ
Strategic report | Our ESC progress in 2024
98 Shaftesbury Capital PLC | 2024 Annual Report

During 2024, employees raised funds for a variety of charities
by participating in events such as the annual LandAid Sleep
fůŪȀǹşůĸĸěĸđǹŪĘýǹWŁĸùŁĸǹ]ØşØŪĘŁĸǹØĸùǹůĸùýşŪØĮěĸđǹØǹŁůđĘǹ
]ůùùýşǹóĘØııýĸđýǹĐŁşǹěĸđıýǹAŁķýıýţţǹşŁĪýóŪǿǹfůşǹ"ŁĸØŪěŁĸǹ
]ØŪóĘǹ9ůĸùǹŁıěóƊǹóŁĸŪěĸůýţǹŪŁǹţůŜŜŁşŪǹýķŜıŁƊýýţǹƄěŪĘǹŪĘýěşǹ
charitable fundraising, with over £7,000 made in matched
donations during the year.
:ŁěĸđǹĐŁşƄØşù
ȟ ţýǹŁůşǹşýĐŁóůţýùǹǑǏǑǔțǑǏǑǗǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ
ŪşØŪýđƊǹŪŁǹşýLJĸýǹŁůşǹěĸƃýţŪķýĸŪǹĐŁóůţǹŪŁǹòýŪŪýşǹØùùşýţţǹ
local need
ȟ DĸóşýØţýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŁůşǹţůŜŜıƊǹóĘØěĸǹŪŁǹţůŜŜŁşŪǹ
community organisations
ȟ Enhanced collaboration with industry peers for greater impact
ȟ Publication of a dedicated annual community impact report
with case studies and images to showcase our work
ȟ Provide more opportunities for employees to contribute to our
community investment activity, with all employees expected
to commit to at least one day’s volunteering in 2025
ȟ Promote local employment opportunities through
partnerships with our supply chain and customers.
During 2024 we have provided space for charities and
charitable events up to a value of £0.3 million.
Our partnership with Smart Works, a UK charity that exists to
đěƃýǹůĸýķŜıŁƊýùǹƄŁķýĸǹŪĘýǹóŁĸLJùýĸóýǹŪĘýƊǹĸýýùǹŪŁǹşýØóĘǹ
ŪĘýěşǹĐůııǹŜŁŪýĸŪěØıȀǹóŁĸŪěĸůýùǿǹDĸǹ]ØşóĘȀǹƄýǹŜşŁƃěùýùǹØǹŜŁŜțůŜǹ
ůĸěŪǹěĸǹóýıýòşØŪěŁĸǹŁĐǹDĸŪýşĸØŪěŁĸØıǹ©ŁķýĸȬţǹ"ØƊǹƄĘěóĘȀǹŪĘşŁůđĘǹ
sales, generated an income of £43,000 for the charity.
At Covent Garden, we provided stall space within The Apple
]ØşĮýŪǹŪŁǹ©ýţŪķěĸţŪýşǹUěĸđţƄØƊǹŁııýđýǹţŪůùýĸŪţǹŜØşŪěóěŜØŪěĸđǹ
ěĸǹȩ]ØĮýşţȪȀǹØǹóĘŁóŁıØŪýțķØĮěĸđǹùýƃýıŁŜķýĸŪǹóŁůşţýǹĐŁóůţýùǹ
ŁĸǹěĸóşýØţěĸđǹţĮěııţȀǹóŁĸLJùýĸóýǹØĸùǹýķŜıŁƊØòěıěŪƊǹŜşŁţŜýóŪţǿǹ
¨ŁıůĸŪýýşěĸđǹØĸùǹýķŜıŁƊýýǹ
engagement
We provide employees with a range of opportunities to
undertake meaningful skills-based and physical volunteering
ƄěŪĘǹŁůşǹóŁķķůĸěŪƊǹŜØşŪĸýşţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹDĸǹǑǏǑǓȀǹ
our employees volunteered 520 hours with charities and
organisations to support various events including careers
sessions at local schools, decorating and refurbishing
temporary accommodation for people experiencing
homelessness and serving food to older people at the Seven
Dials Lunch Club. This is an increase of 55 per cent compared
to 2023 volunteering.
Employee fundraising
99Shaftesbury Capital PLC | 2024 Annual Report

Culture and values
We have a high-performing, professional, inclusive and
entrepreneurial culture where creativity and innovation are
encouraged and promoted. We provide a collaborative
environment where people are inspired to give their best and
contribute to the Company’s success. During the year, we held
sessions for all employees on our values in action, ensuring
everyone treats each other with respect.
Employee engagement
DĸǹķØĮěĸđǹùýóěţěŁĸţǹěķŜØóŪěĸđǹŁůşǹýķŜıŁƊýýţȀǹƄýǹţýýĮǹ
ŪĘýěşǹƃěýƄţǹĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǿǹ©ýǹıØůĸóĘýùǹŁůşǹLJşţŪǹ
employee feedback survey since the merger in October, with
a response rate of 92 per cent.
The overall engagement score was 82 per cent. We are very
pleased with this score against the backdrop of the merger, and
ØıţŁǹòýĸýLJŪýùǹĐşŁķǹòýěĸđǹØòıýǹŪŁǹůţýǹĐýýùòØóĮǹĐşŁķǹŪĘýǹţůşƃýƊǹ
to identify areas where we can seek further enhancement.
Our Employee Engagement Forum, attended by a Non-
executive Director, met twice in 2024 and again following
óŁķŜıýŪěŁĸǹŁĐǹŪĘýǹLJşţŪǹýķŜıŁƊýýǹţůşƃýƊǿǹDĸǹØùùěŪěŁĸȀǹƄýǹĘŁıùǹ
regular townhall meetings throughout the year to ensure that
our employees are kept updated on business developments.
Our Chief Executive also holds regular informal gatherings with
employees, which provide a forum for relaying priorities, and
allow team members to ask questions.
Talent, training and development
We regularly undertake succession planning to review our
talent pipeline and to ensure individuals are appropriately
developed. Our learning and development programmes are
designed to strengthen our teams and challenge aspiring
leaders. During the year, leadership development programmes
were rolled out at various levels: “Driving Value Through
Others” for employees in mid-level to senior roles; “Realising
¯ŁůşǹŁŪýĸŪěØıȪǹĐŁşǹĪůĸ죺ǹýķŜıŁƊýýţȂǹØĸùǹØǹŜşŁđşØķķýǹ
to increase cross-functional collaboration for the senior
leadership team.
We make training available to all employees and encourage
continued professional development, with 1,900 hours of
training undertaken across the Group during 2024. Bespoke
coaching programmes are provided to employees, and
we sponsor individuals undertaking further professional
ŞůØıěLJóØŪěŁĸţȀǹýĸóŁůşØđěĸđǹóŁĸŪěĸůŁůţǹıýØşĸěĸđǿǹŁşýǹţĮěııţǹ
training was also run throughout the year covering presentation
skills, negotiation skills, personal productivity, and business
etiquette and professional communications skills.
We aim to promote from within where possible in order to
enhance career development and encourage mobility across
the Company.
Our people and culture
When recruiting externally we aim to hire talented individuals
who aspire to grow and develop in their careers. We ensure
our talent has the skillsets and expertise to advance, and we
actively support and encourage professional development
through sponsoring employees to complete the Chartered
Surveyors Assessment of Professional Competence (“APC”),
ØóóŁůĸŪěĸđǹŞůØıěLJóØŪěŁĸţȀǹØĸùǹƃØşěŁůţǹŁŪĘýşǹŞůØıěLJóØŪěŁĸţǿǹ
DĸǹǑǏǑǓǹƄýǹşýóşůěŪýùǹŪƄŁǹđşØùůØŪýţǹƄĘŁǹØşýǹĸŁƄǹŜůşţůěĸđǹ
ŪĘýǹǺŞůØıěLJóØŪěŁĸǿ
Strategic report
Our people are key to our success and achieving our purpose.
Our values
Take a responsible, long-term view
We have a responsibility to our multiple stakeholders,
our people and our planet. Our decisions are rooted in
the lasting impact of our actions to deliver long-term
economic and social value.
Act with integrity
We are a high-performance business and are committed
to the highest professional standards, acting with honesty
and transparency, and not compromising our integrity.
Take a creative approach
We strive to be the best at what we do, with a creative
and entrepreneurial approach, imagining the art of the
possible, to seek opportunities to improve and deliver
positive outcomes for our multiple stakeholders.
Listen and collaborate
We work collaboratively in an environment where
everyone has a voice and a part to play and where
relationships are based on respect, empathy and
trust. We build and develop diverse teams of
extraordinary professionals, advocating inclusive
and supportive behaviours.
]ØĮýǹØǹùěDŽýşýĸóý
We engage with stakeholders and aim to make a
positive impact through our people, local communities,
partnerships and in the great places we curate, invest
in and manage.
100 Shaftesbury Capital PLC | 2024 Annual Report

ýşĐŁşķØĸóýǹķØĸØđýķýĸŪǹ
ĸĸůØıǹŜýşĐŁşķØĸóýǹŁòĪýóŪěƃýţǹĐŁşǹýØóĘǹýķŜıŁƊýýǹØşýǹØđşýýùǹ
at the beginning of the calendar year, and performance check-
in meetings take place regularly throughout the year.
Remuneration
We regularly benchmark our approach to remuneration,
ŪŁǺýĸţůşýǹŪĘØŪǹƄýǹØşýǹØŜŜşŁŜşěØŪýıƊǹóŁķŜýŪěŪěƃýǹěĸǹŪĘýǹķØşĮýŪǿǹ
Our core compensation package comprises base salary,
cash bonus linked to Company and personal performance
(part of which may be deferred in shares), and discretionary
ţĘØşýǺØƄØşùţǿǹ
All permanent employees are eligible to receive share awards,
so that everyone can participate in the future of the Company.
These awards have a three-year performance period and are
ţůòĪýóŪǹŪŁǹóŁşŜŁşØŪýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹ
ýĸýLJŪţǹ
©ýǹØıţŁǹŁDŽýşǹØĸǹØŪŪşØóŪěƃýǹŜØóĮØđýǹŁĐǹØùùěŪěŁĸØıǹòýĸýLJŪţǹŪŁǹ
ØııǹŁůşǺŜýşķØĸýĸŪǹýķŜıŁƊýýţǿǹĘýǹŁķŜØĸƊǹŁDŽýşţǹØǹŜýĸţěŁĸǹ
óŁĸŪşěòůŪěŁĸǹŁĐǺǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǿǹ©ýǹŜşŁƃěùýǹǒǏǹùØƊţȬǹ
ØĸĸůØıǹıýØƃýǹØĸùǹŁDŽýşǹØǹLjýƉěòıýǹıýØƃýǹŜŁıěóƊǹůĸùýşǹƄĘěóĘǹ
employees have the ability to buy and sell up to 10 days’
ĘŁıěùØƊǹýØóĘǹƊýØşǿǹDĸǹØùùěŪěŁĸȀǹƄýǹŜşŁƃěùýǹŜşěƃØŪýǹķýùěóØıǹ
insurance, dental insurance and life assurance.
Well-being
The well-being of our people is of the utmost importance.
©ýǺùýıěƃýşǹØǹıěĐýţŪƊıýǹŜşŁđşØķķýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹĐŁóůţěĸđǹ
ŁĸǹLJĸØĸóěØıǹƄýııțòýěĸđȀǹØţǹƄýııǹØţǹòŁŪĘǹŜĘƊţěóØıǹØĸùǹķýĸŪØıǹĘýØıŪĘǿǹ
Sessions provided in 2024 covered topics including will-writing,
LJĸØĸóěØıǹĘýØıŪĘȀǹķýĸŪØıǹĘýØıŪĘȀǹķýĸŁŜØůţýǹØĸùǹķýĸȬţǹĘýØıŪĘǿǹ
ĘýǹŁķŜØĸƊǹŁDŽýşţǹŪĘýǹ:ƊķLjýƉǹØĸùǹƊóıýǹŪŁǹ©ŁşĮǹţóĘýķýţȀǹ
ØĸùǺŜşŁƃěùýùǹĐşýýǹƊŁđØǹóıØţţýţǹĐŁşǹýķŜıŁƊýýţǹùůşěĸđǹŪĘýǹƊýØşȀǹ
to support physical and mental well-being.
ĘýǹŁķŜØĸƊǹØıţŁǹķØĮýţǹØĸĸůØıǹLjůǹƃØóóěĸØŪěŁĸţǹØƃØěıØòıýǹŪŁǹ
all employees, and an annual steps challenge takes place in
October to encourage employees to get active.
Diversity, equity and inclusion
We believe that every person in the Company has a part to
ŜıØƊǹěĸǹđýĸýşØŪěĸđǹƃØıůýȀǹØĸùǹƄýǹůĸùýşţŪØĸùǹĐůııƊǹŪĘýǹòýĸýLJŪţǹ
of a diverse workforce. Diversity is considered when making
ØŜŜŁěĸŪķýĸŪţǹØŪǹØııǹıýƃýıţȀǹØĸùǹØĸǹěĸóıůţěƃýǹØĸùǺùěƃýşţýǹóůıŪůşýǹ
forms part of our values.
fůşǹķØŪýşĸěŪƊǹØĸùǹţĘØşýùǹŜØşýĸŪØıǹıýØƃýǹòýĸýLJŪţǹýØóĘǹŜØƊǹ
six months’ full salary, and employees are able to take up to
ǔǑǹƄýýĮţȬǹŜØşýĸŪØıǹıýØƃýȀǹţůòĪýóŪǹŪŁǹŞůØıěĐƊěĸđǹŜýşěŁùţǹØĸùǹ
statutory rules. We recently reviewed our policies to ensure
we continue to be an inclusive and supportive employer and
introduced a number of new policies. This included enhancing
our paternity leave policy up to 12 weeks’ leave, and the
introduction of an assisted conception policy, foster care
ıýØƃýȀǹĸýŁĸØŪØıǹıýØƃýǹØĸùǹLjýƉěòıýǹŜýşţŁĸØıǹıýØƃýǿǹ
We hosted sessions to engage and educate our employees on
topics such as neurodiversity and menopause and have policies
covering these areas. We also celebrated Pride month with
9şýýĘŁıùȀǹŪĘýǹĸýŪƄŁşĮěĸđǹĐŁşůķǹĐŁşǹW:DɓǹŜşŁĐýţţěŁĸØıţǹ
in the built environment.
We support a number of initiatives which aim to increase
diversity within the property industry, including being a
ķýķòýşǹŁĐǹŪĘýǹ&ķŜıŁƊýşţǹ^ýŪƄŁşĮǹĐŁşǹ&ŞůØıěŪƊǹȺǹDĸóıůţěŁĸǹ
ȡȩ&^&DȪȢȀǹØǹķýķòýşǹŁĐǹýØıǹ&ţŪØŪýǹØıØĸóýȀǹØǹķýķòýşǹŁĐǹşòØĸǹ
WØĸùǹDĸţŪěŪůŪýǹȡȩWDȪȢȀǹØǹţŜŁĸţŁşǹŁĐǹŪĘýǹýØùěĸđǹýØıǹ&ţŪØŪýǹ
9ŁůĸùØŪěŁĸǹØĸùǹØǹţůŜŜŁşŪýşǹŁĐǹŪĘýǺØŪĘƄØƊţǹŪŁǹşŁŜýşŪƊǹƄŁşĮǹ
ýƉŜýşěýĸóýǹŜşŁđşØķķýǿǹ©ýǺØşýǹØǹóŁşŜŁşØŪýǹķýķòýşǹŁĐǹŪĘýǹ
British Property Federation (“BPF”) and support the BPF’s
Futures programme. We are a corporate sponsor of Freehold,
ØĸùǹØǹóŁşŜŁşØŪýǹķýķòýşǹŁĐǹòěıěŪƊ&ǹØĸùǹŪĘýǺůţěĸýţţǹ
Disability Forum.
©ýǹƄŁşĮǹƄěŪĘǹěĸěŪěØŪěƃýţǹěĸóıůùěĸđǹǐǏȀǏǏǏǹıØóĮǹDĸŪýşĸţǹØĸùǹ
ǐǏȀǏǏǏǹòıýǹDĸŪýşĸţȀǹØĸùǹŪĘýǹţŁóěØıǹķŁòěıěŪƊǹóĘØşěŪƊǹŜýØóĘȀǹ
to provide work experience placements to students. We
are also an active supporter of the Reading Real Estate
Foundation’s Access programme, which aims to provide work
experience to students from underprivileged backgrounds,
and we have sponsored a scholar studying Real Estate at
the University of Westminster, by funding fees and a bursary,
together with work experience.
A summary of the Company’s gender diversity is set out on
pageȄ130.
101Shaftesbury Capital PLC | 2024 Annual Report

AýØıŪĘȀǹţØĐýŪƊǹ
and security
102 Shaftesbury Capital PLC | 2024 Annual Report

We seek to attain the highest standards of health, safety and security.
2024 achievements
ȟ DķŜıýķýĸŪýùǹŪĘýǹLJĸùěĸđţǹŁĐǹŪĘýǹěĸùýŜýĸùýĸŪǹşýƃěýƄǹŁĐǹ
ŁůşǹfóóůŜØŪěŁĸØıǹAýØıŪĘǹȺǹØĐýŪƊǹ]ØĸØđýķýĸŪǹƊţŪýķǹ
ȡȩfA]ȪȢǹóØşşěýùǹŁůŪǹěĸǹǑǏǑǒǹØĸùȀǹØţǹØǹşýţůıŪȀǹØǹşýƃěţýùǹ
fA]ǹŪĘØŪǹķýýŪţǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹDfǹǓǔǏǏǐȀǹŪĘýǹ
relevant internationally recognised standard, was approved.
ȟ Completed Building Safety Cases for the 15 registered
Higher-risk Buildings where the Company is Principal
Accountable Person, to ensure compliance with the new
requirements arising from the Building Safety Act 2022.
ȟ DĸóşýØţýùǹŁůşǹĐŁóůţǹŁĸǹĸýØşțķěţţǹşýŜŁşŪěĸđǹØóşŁţţǹŪĘýǹ
property portfolio, to prioritise the continual improvement of
health and safety standards among all relevant stakeholders.
ȟ DĸŪşŁùůóýùǹđşýØŪýşǹóŁĸţěţŪýĸóƊǹŁĐǹŜşŁŜýşŪƊǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹ
compliance monitoring and reporting, across both our in-
house and third-party managed destinations.
2025 commitments
ȟ Continue to meet high standards of health, safety and
security in our activities, at our buildings, on our construction
ŜşŁĪýóŪţǹØĸùǹěĸǹŁůşǹŁDžóýţǿ
ȟ 9ůııǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹşýƃěţýùǹfA]ȀǹƄěŪĘǹØǹŜØşŪěóůıØşǹ
focus on the training of in-house personnel to be health and
safety advocates in everything they do.
ȟ Work with supply chain partners to adopt the Shaftesbury
Capital Client Health & Safety Standards produced as part
ŁĐǹŪĘýǹşýƃěţýùǹfA]ǿ
ȟ ůòķěŪǹØŜŜıěóØŪěŁĸţǹĐŁşǹůěıùěĸđǹţţýţţķýĸŪǹýşŪěLJóØŪýţǹ
for the registered Higher-risk Buildings to the Building
Safety Regulator ("Regulator") when required to do so, and
otherwise work proactively with the Regulator and London
Fire Brigade.
Governance
The Board maintains overall responsibility for our health and
safety strategy and its delivery and leads a health and safety-
aware culture, which is embedded in the Company. This
ensures that health, safety and security are considered in our
decision-making across our portfolio and are embedded in the
actions we take.
Our Health & Safety Committee (the “H&S Committee”), chaired
by the General Counsel and attended by the Chief Executive,
oversees our approach to the health and safety strategy and
ţŪØŪůŪŁşƊǹóŁķŜıěØĸóýǿǹĘýǺAȺǹŁķķěŪŪýýǹěţǹţůŜŜŁşŪýùǹòƊǹ
health and safety leadership teams (“HSLTs“), which cover
ţŜýóěLJóǹòůţěĸýţţǹØşýØţǹØĸùǹķýýŪǹşýđůıØşıƊǹŪŁǹýĸţůşýǹŪĘØŪǹ
our health and safety commitments are met at operational
level. The HSLTs report to the H&S Committee, which in turn
reports to the Board. Health and safety is reported upon and
considered at each formal Board meeting.
Ensuring our standards are met
We focus on visible health and safety leadership and use
formal and informal Director and senior management tours,
and the on-site presence of our teams, to monitor health and
safety across our destinations. This is supported by regular
detailed health and safety inspections.
We closely monitor health and safety performance. During
2024, a Head of Health & Safety was appointed to give the
Group a dedicated, full-time in-house resource to promote
sector best practice across the business operations and also
by supply chain partners. As part of this, consistent health
and safety compliance recording and reporting was introduced
across the property portfolio, with performance reviewed
ĐŁşķØııƊǹýƃýşƊǹķŁĸŪĘǹØĸùǺŞůØşŪýşǿ
We are members of the Considerate Constructors Scheme
Client Partnership and the Construction Clients Leadership
Group. Our pre-tender documentation for contractors includes
health, safety and security standards and compliance is
ķŁĸěŪŁşýùǹòƊǹţěŪýǹØĸùǹŜşŁĪýóŪǺķØĸØđýşţǿ
ØĐýŪƊǹØĸùǹţýóůşěŪƊ
ĘýǹţØĐýŪƊǹŁĐǹŪĘŁţýǹƄĘŁǹƃěţěŪǹØĸùǹýĸĪŁƊǹŁůşǹùýţŪěĸØŪěŁĸţǹ
ěţǹĐůĸùØķýĸŪØıǿǹ©ýǹĘØƃýǹØǹLjýƉěòıýǹţýóůşěŪƊǹţŪşØŪýđƊǹƄĘěóĘǹ
enables us to respond quickly to changing demands across
our portfolio, to ensure that the appropriate security provision
is maintained and scaled up when needed.
Training
Relevant role-dependent health and safety training is provided
to all employees, with a combination of third-party and in-
house-delivered training taking place on an ongoing basis.
Reporting
DĸǹǑǏǑǓǹŪĘýşýǹƄýşýǹĸŁǹţýşěŁůţǹØóóěùýĸŪţȀǹĸŁǹóØţýţǹŁĐǹ
occupational disease and no serious work-related incidents
reportable to any statutory authorities involving our employees
ØşěţěĸđǹĐşŁķǹŁůşǹòůţěĸýţţǹØóŪěƃěŪěýţǿǹDĸǹØùùěŪěŁĸȀǹĸŁǹţěđĸěLJóØĸŪǹ
security incidents occurred.
103Shaftesbury Capital PLC | 2024 Annual Report

Corporate
governance
report
104 Shaftesbury Capital PLC | 2024 Annual Report

105

Corporate governance report
Jonathan is responsible for the leadership of the
ŁØşùȀǹýĸţůşěĸđǹěŪţǹýDŽýóŪěƃýĸýţţǹØĸùǹţýŪŪěĸđǹěŪţǹ
agenda.
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ
Jonathan joined the Shaftesbury Capital Board
ěĸǹ]ØşóĘǹǑǏǑǒǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹòýŪƄýýĸǹ
ĘØĐŪýţòůşƊǹØĸùǹØŜóŁǿǹşěŁşǹŪŁǹŪĘýǹķýşđýşȀǹ
RŁĸØŪĘØĸǹƄØţǹĘØěşķØĸǹŁĐǹĘØĐŪýţòůşƊȀǹĘØƃěĸđǹ
ĪŁěĸýùǹěĸǹǑǏǐǕǿǹRŁĸØŪĘØĸǹĘØţǹŁƃýşǹǑǖǹƊýØşţȬǹ
ýƉŜýşěýĸóýǹŁĐǹŜůòıěóǹóŁķŜØĸƊǹòŁØşùţǹØĸùǹŪĘýěşǹ
ŁŜýşØŪěŁĸţǹØĸùǹƄØţǹŜşýƃěŁůţıƊǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǹØĸùǹĘØěşǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŁĐǹ
:şýØŪǹŁşŪıØĸùǹ&ţŪØŪýţǹŜıóȀǹD:ǹŜıóǹØĸùǹ"ǹķěŪĘǹ
ŜıóǿǹAýǹƄØţǹØıţŁǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹŁĐǹ
:şýØŪǹŁşŪıØĸùǹ&ţŪØŪýţǹŜıóǹØĸùǹ"ǹķěŪĘǹŜıóǿǹşěŁşǹ
ŪŁǹŪĘěţȀǹRŁĸØŪĘØĸǹƄØţǹLJĸØĸóýǹùěşýóŪŁşǹŁĐǹAØĸţŁĸǹ
ŜıóǹØĸùǹŁĐǹfıùǹ]ůŪůØıǹŜıóǿǹRŁĸØŪĘØĸǹĘØţǹŁƃýşǹ
ǑǐǹƊýØşţǹŁĐǹýƉŜýşěýĸóýǹěĸǹŪĘýǹŜşŁŜýşŪƊǹţýóŪŁşǹ
ØĸùǹěţǹØǹķýķòýşǹŁĐǹŪĘýǹDĸţŪěŪůŪýǹŁĐǹĘØşŪýşýùǹ
óóŁůĸŪØĸŪţǹěĸǹ&ĸđıØĸùǹØĸùǹ©ØıýţǹØĸùǹØǹĐýııŁƄǹ
ŁĐǹŪĘýǹţţŁóěØŪěŁĸǹŁĐǹŁşŜŁşØŪýǹşýØţůşýşţǿǹ
RŁĸØŪĘØĸȬţǹóŁĸţěùýşØòıýǹóŁķķýşóěØıǹØĸùǹ
ŁØşùǹýƉŜýşěýĸóýǹØĸùǹĘěţǹŁòĪýóŪěƃýǹĪůùđýķýĸŪǹ
ýĸØòıýǹĘěķǹŪŁǹŜşŁƃěùýǹóŁĸţŪşůóŪěƃýǹıýØùýşţĘěŜȀǹ
óĘØııýĸđýǹØĸùǹţůŜŜŁşŪǹŪŁǹŪĘýǹŁØşùǹØĸùǹƄěùýşǹ
òůţěĸýţţǹĐŁşǹŪĘýǹòýĸýLJŪǹŁĐǹØııǹţŪØĮýĘŁıùýşţǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ
ĘØěşķØĸǹŁĐǹDòţŪŁóĮǹŜıóǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
ǑǏǑǒ
DØĸǹıýØùţǹĘØĐŪýţòůşƊǹØŜěŪØıȀǹţĘØŜýţǹěŪţǹ
ţŪşØŪýđƊǹØĸùǹùşěƃýţǹěŪţǹŜýşĐŁşķØĸóýǿ
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ
DØĸǹĘØţǹŁƃýşǹǒǗǹƊýØşţȬǹýƉŜýşěýĸóýǹěĸǹđıŁòØıǹ
şýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪȀǹùýƃýıŁŜķýĸŪȀǹØţţýŪǹ
ØĸùǹóŁşŜŁşØŪýǹķØĸØđýķýĸŪȀǹØĸùǹýƉŪýĸţěƃýǹ
ýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹWŁĸùŁĸǹ
ŜşŁŜýşŪƊǹķØşĮýŪȀǹĘØƃěĸđǹŜşýƃěŁůţıƊǹòýýĸǹĘěýĐǹ
&ƉýóůŪěƃýǹŁĐǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ
ȡȩØŜóŁȪȢǹţěĸóýǹØŜóŁȬţǹěĸóýŜŪěŁĸǹěĸǹǑǏǐǏǿǹDØĸǹ
ƄØţǹŜşýƃěŁůţıƊǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹAŁĸđĮŁĸđǹ
WØĸùǹWŪùǹØĸùǹWěòýşŪƊǹDĸŪýşĸØŪěŁĸØıǹWǿǹDØĸǹěţǹØǹ
óĘØşŪýşýùǹţůşƃýƊŁşǹØĸùǹØǹķýķòýşǹŁĐǹıýØùěĸđǹ
international industry bodies.
DØĸȬţǹØòěıěŪƊǹŪŁǹţĘØŜýǹţŪşØŪýđƊȀǹùşěƃýǹýƉŜØĸţěŁĸǹ
ØĸùǹýıýƃØŪýǹŜýşĐŁşķØĸóýȀǹØıŁĸđţěùýǹĘěţǹ
ýƉŪýĸţěƃýǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹđıŁòØıǹşýØıǹýţŪØŪýǹ
ěĸùůţŪşƊȀǹěţǹěĸƃØıůØòıýǹŪŁǹŪĘýǹŁķŜØĸƊǿǹDØĸɻţǹěĸț
ùýŜŪĘǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹŪĘýǹţýóŪŁşǹ
ýĸØòıýǹĘěķǹŪŁǹŜşŁƃěùýǹòşŁØùǹıýØùýşţĘěŜǹŁĐǹŪĘýǹ
òůţěĸýţţǹěĸŪýşĸØııƊǹØĸùǹýƉŪýşĸØııƊȀǹěĸóıůùěĸđǹ
ùýţěđĸǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ
strategy and business plans and their
óŁķķůĸěóØŪěŁĸǹŪŁǹØǹƄěùýǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹ
DØĸǹØıţŁǹýĸţůşýţǹŪĘØŪǹŪĘýǹŁķŜØĸƊɻţǹŜůşŜŁţýǹ
ØĸùǹƃØıůýţǹØşýǹýķòýùùýùǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ
ØĸùǹØşýǹşýLjýóŪýùǹěĸǹŪĘýǹŁķŜØĸƊɻţǹóůıŪůşýǿǹ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹĘØĸóýşƊđØŪýǹWěķěŪýùǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
2010
ěŪůıǹıýØùţǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹLJĸØĸóýǹĐůĸóŪěŁĸǹ
ØĸùǹƄŁşĮţǹóıŁţýıƊǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹŁĸǹ
ţŪşØŪýđƊȀǹóØŜěŪØıǹØııŁóØŪěŁĸȀǹěĸƃýţŪķýĸŪǹØĸùǹ
ĮýƊǹŪşØĸţØóŪěŁĸţǿ
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ
ěŪůıǹĪŁěĸýùǹØŜóŁǹěĸǹǑǏǐǓǹØĸùǹůĸùýşŪŁŁĮǹØǹ
ĸůķòýşǹŁĐǹţýĸ죺ǹşŁıýţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ
òýĐŁşýǹòýěĸđǹØŜŜŁěĸŪýùǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹěĸǹ
ǑǏǐǖǿǹAýǹěţǹØĸǹýƉŜýşěýĸóýùǹóŁşŜŁşØŪýǹLJĸØĸóěýşȀǹ
ĘØƃěĸđǹŜşýƃěŁůţıƊǹƄŁşĮýùǹěĸǹķýşđýşţǹØĸùǹ
ØóŞůěţěŪěŁĸţȀǹýŞůěŪƊǹóØŜěŪØıǹķØşĮýŪţȀǹóŁşŜŁşØŪýǹ
òşŁĮěĸđǹØĸùǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹòØĸĮěĸđȀǹ
ěĸóıůùěĸđǹǐǒǹƊýØşţǹØŪǹ"ýůŪţóĘýǹØĸĮǿǹ
ěŪůıȬţǹţěđĸěLJóØĸŪǹýƉŜýşěýĸóýǹŁĐǹóŁķķýşóěØıǹ
ØĸùǹLJĸØĸóěØıǹķØĸØđýķýĸŪȀǹóŁşŜŁşØŪýǹLJĸØĸóýȀǹ
óØŜěŪØıǹķØşĮýŪţȀǹěĸƃýţŪķýĸŪȀǹşýØıǹýţŪØŪýǹØĸùǹ
ţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹØşýǹĮýƊǹŪŁǹĘěţǹşŁıýǹØĸùǹ
ŪĘýǹùýƃýıŁŜķýĸŪǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ
:şŁůŜȬţǹţŪşØŪýđƊǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹ©AǹķěŪĘǹWǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
ǑǏǐǖ
Jonathan Nicholls
ĘØěşķØĸ
Ian Hawksworth
ĘěýĐǹ&ƉýóůŪěƃý
Situl Jobanputra
ĘěýĐǹ9ěĸØĸóěØıǹfDžóýş
Board of Directors
106 Shaftesbury Capital PLC | 2024 Annual Report

Ruth joined the Shaftesbury Capital
ŁØşùǹěĸǹ]ØşóĘǹǑǏǑǒǹĐŁııŁƄěĸđǹŪĘýǹ
ķýşđýşǹòýŪƄýýĸǹĘØĐŪýţòůşƊǹØĸùǹ
ØŜóŁǿǹşěŁşǹŪŁǹŪĘýǹķýşđýşȀǹůŪĘǹ
ƄØţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǹØĸùǹĘØěşǹŁĐǹŪĘýǹůùěŪǹ
ŁķķěŪŪýýǹØŪǹĘØĐŪýţòůşƊȀǹĘØƃěĸđǹ
ĪŁěĸýùǹěĸǹǑǏǑǏǿǹůŪĘǹƄØţǹŜşýƃěŁůţıƊǹ
Øǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹØĸùǹ
ĘØěşǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØŪǹ
fóØùŁǹ:şŁůŜǹŜıóȀǹşØƃěţǹýşĮěĸţǹ
ŜıóȀǹŁØŪţǹ:şŁůŜǹŜıóǹØĸùǹŪĘýǹŁƊØıǹ
ØşĮţǿǹůŪĘǹĘØţǹŁƃýşǹǒǏǹƊýØşţȬǹ
ýƉŜýşěýĸóýǹØùƃěţěĸđǹUǹØĸùǹđıŁòØıǹ
òůţěĸýţţýţǹØĸùǹƄØţǹƄěŪĘǹU]:ǹĐŁşǹ
ǒǒǹƊýØşţȀǹƄĘýşýǹţĘýǹƄØţǹØǹŜØşŪĸýşǹ
ĐŁşǹǑǏǹƊýØşţǹØĸùǹØǹķýķòýşǹŁĐǹ
ŪĘýǹUǹòŁØşùǹĐŁşǹţěƉǹƊýØşţǿǹůŪĘǹ
ěţǹØǹķýķòýşǹŁĐǹŪĘýǹDĸţŪěŪůŪýǹŁĐǹ
ĘØşŪýşýùǹóóŁůĸŪØĸŪţǹěĸǹ&ĸđıØĸùǹ
Øĸùǹ©Øıýţǿ
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ
óŁĸŪşěòůŪěŁĸ
ůŪĘȬţǹĮĸŁƄıýùđýǹđØěĸýùǹŁƃýşǹǒǏǹ
ƊýØşţȬǹØùƃěţěĸđǹđıŁòØıǹòůţěĸýţţýţȀǹ
ŪŁđýŪĘýşǹƄěŪĘǹŁƃýşǹǐǔǹƊýØşţȬǹ
ýƉŜýşěýĸóýǹŁĸǹŜůòıěóǹóŁķŜØĸƊǹ
òŁØşùţȀǹýĸØòıýǹĘýşǹŪŁǹŜşŁƃěùýǹ
ƃØıůØòıýǹěĸŜůŪǹØĸùǹóĘØııýĸđýǹěĸǹ
ŁØşùǹØĸùǹŁķķěŪŪýýǹùěţóůţţěŁĸţǹ
ØĸùǹŪŁǹóĘØěşǹýDŽýóŪěƃýıƊǹŪĘýǹ
ŁķŜØĸƊȬţǹůùěŪǹŁķķěŪŪýýǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ
DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹŁĐǹ
&¯ǹUǹØĸùǹĘØěşǹŁĐǹŪĘýěşǹUǹůùěŪǹ
Board.
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
ǑǏǑǒ
Madeleine joined the Shaftesbury
Capital Board in August 2024 as
ØĸǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǿǹ]ØùýıýěĸýǹƄØţǹ]ØĸØđěĸđǹ
"ěşýóŪŁşǹØĸùǹýđěŁĸØıǹAýØùȀǹ&ůşŁŜýǹ
ØŪǹ:DǹýØıǹ&ţŪØŪýǹĐşŁķǹǑǏǐǕǹůĸŪěıǹ
ǑǏǑǐǿǹ]ØùýıýěĸýǹĪŁěĸýùǹ:Dǹěĸǹǐǘǘǘǹ
ØĸùǹŜşýƃěŁůţıƊǹĘýıùǹşŁıýţǹØŪǹRWWǹ
ěĸǹƃØıůØŪěŁĸȀǹĐůĸùǹķØĸØđýķýĸŪȀǹ
ıýØţěĸđǹØĸùǹùýƃýıŁŜķýĸŪǹěĸǹ
WŁĸùŁĸǹØĸùǹƊùĸýƊǿǹ]Øùýıýěĸýǹ
ěţǹØǹóĘØşŪýşýùǹţůşƃýƊŁşǿ
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ
óŁĸŪşěòůŪěŁĸ
]ØùýıýěĸýǹĘØţǹýƉŪýĸţěƃýǹ
ýƉŜýşěýĸóýǹƄěŪĘěĸǹŪĘýǹŜşŁŜýşŪƊǹ
ěĸùůţŪşƊǿǹ]ØùýıýěĸýȬţǹěĸțùýŜŪĘǹ
ĮĸŁƄıýùđýǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹţýóŪŁşǹ
ØĸùǹýƉŜýşěýĸóýǹØţǹØǹĸŁĸțýƉýóůŪěƃýǹ
ùěşýóŪŁşǹýĸØòıýǹĘýşǹŪŁǹòşěĸđǹ
ƃØıůØòıýǹěĸţěđĘŪǹŪŁǹŁØşùǹØĸùǹ
ŁķķěŪŪýýǹùěţóůţţěŁĸţǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹWØĸùǹ
ýóůşěŪěýţǹ:şŁůŜǹWȀǹěĸùýŜýĸùýĸŪǹ
ķýķòýşǹŁĐǹŪĘýǹ&ǹD]ǹ&]&ǹ
DĸƃýţŪķýĸŪǹŁķķěŪŪýýȀǹØĸùǹ
ţýĸ죺ǹØùƃěţŁşǹŪŁǹD:ǹýØıǹ&ţŪØŪýǿǹ
]ØùýıýěĸýǹØıţŁǹĘØţǹķýĸŪŁşěĸđǹ
şŁıýţǹƄěŪĘǹıĸŪŁĸěƃýşţěŪƊǹØĸùǹ:D^ǹ
ȡ:ěşıţǹşýǹDĸƃýţŪŁşţȢǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
2024
ěóĘØşùǹĪŁěĸýùǹŪĘýǹĘØĐŪýţòůşƊǹ
ØŜěŪØıǹŁØşùǹěĸǹ]ØşóĘǹǑǏǑǒǹ
Øţǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹ
ĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹòýŪƄýýĸǹ
ĘØĐŪýţòůşƊǹØĸùǹØŜóŁǿǹşěŁşǹŪŁǹ
ŪĘýǹķýşđýşȀǹěóĘØşùǹƄØţǹýĸ죺ǹ
DĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹØĸùǹĘØěşǹ
ŁĐǹŪĘýǹůţŪØěĸØòěıěŪƊǹŁķķěŪŪýýǹØŪǹ
ĘØĐŪýţòůşƊȀǹĘØƃěĸđǹĪŁěĸýùǹěĸǹǑǏǐǖǿǹ
ěóĘØşùǹƄØţǹŜşýƃěŁůţıƊǹĘØěşķØĸǹ
ŁĐǹýùşŁƄǹŜıóǹůĸŪěıǹěŪţǹķýşđýşǹƄěŪĘǹ
ØşşØŪŪǹ"ýƃýıŁŜķýĸŪţǹWȂǹĘýıùǹ
ĸŁĸțýƉýóůŪěƃýǹşŁıýţǹØŪǹØşşýŪŪǹ
"ýƃýıŁŜķýĸŪţǹWǹØĸùǹĸěŪýǹ
:şŁůŜǹWȂǹØĸùǹØǹĐýııŁƄǹŁĐǹŪĘýǹŁƊØıǹ
DĸţŪěŪůŪěŁĸǹŁĐǹĘØşŪýşýùǹůşƃýƊŁşţǿǹ
şěŁşǹŪŁǹŪĘěţȀǹěóĘØşùǹƄØţǹØǹţýĸ죺ǹ
ýƉýóůŪěƃýǹŁĐǹWØĸùǹýóůşěŪěýţǹ:şŁůŜǹ
WǹĐşŁķǹǐǘǘǔǹØĸùǹĪŁěĸýùǹŪĘýǹķØěĸǹ
òŁØşùǹěĸǹǑǏǏǔǹØţǹķØĸØđěĸđǹùěşýóŪŁşǹ
of the retail portfolio until 2014.
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ
óŁĸŪşěòůŪěŁĸ
ěóĘØşùȬţǹýƉŪýĸţěƃýǹŜşŁŜýşŪƊǹşŁıýţǹ
ØĸùǹýƉŜýşěýĸóýȀǹØıŁĸđţěùýǹĘěţǹ
ŁŜýşØŪěŁĸØıǹţĮěııţýŪȀǹƄĘěóĘǹěĸóıůùýţǹ
şýķůĸýşØŪěŁĸȀǹţůţŪØěĸØòěıěŪƊȀǹ
ýĸƃ캣ĸķýĸŪØıǹØĸùǹĘýØıŪĘǹØĸùǹ
ţØĐýŪƊǹķØŪŪýşţȀǹýĸØòıýǹĘěķǹŪŁǹ
ŜşŁƃěùýǹýţţýĸŪěØıǹěĸŜůŪǹěĸŪŁǹŁØşùǹ
ØĸùǹŁķķěŪŪýýǹùěţóůţţěŁĸţǹØĸùǹ
ùýóěţěŁĸţǹØĸùǹŪŁǹýDŽýóŪěƃýıƊǹóĘØěşǹ
ŪĘýǹŁķŜØĸƊȬţǹýķůĸýşØŪěŁĸǹ
ŁķķěŪŪýýǿǹěóĘØşùǹěţǹŪĘýǹ^Łĸț
ýƉýóůŪěƃýǹ"ěşýóŪŁşǹùýţěđĸØŪýùǹŪŁǹ
ůŜùØŪýǹŪĘýǹŁØşùǹŁĸǹýķŜıŁƊýýǹ
ƃěýƄţǹØĸùǹØŪŪýĸùţǹŪĘýǹ&ķŜıŁƊýýǹ
&ĸđØđýķýĸŪǹ9Łşůķǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ
ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
ǑǏǑǒ
Ruth Anderson
DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁş
Madeleine Cosgrave
DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁş
Richard Akers
ýĸ죺ǹDĸùýŜýĸùýĸŪǹ
"ěşýóŪŁş
Key ůùěŪǹŁķķěŪŪýý ^ŁķěĸØŪěŁĸǹŁķķěŪŪýý ýķůĸýşØŪěŁĸǹŁķķěŪŪýý ŁķķěŪŪýýǹĘØěş
Sian joined the Shaftesbury Capital
ŁØşùǹěĸǹýŜŪýķòýşǹǑǏǑǓǹØţǹ
ØĸǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǿǹěØĸǹěţǹØĸǹýƉŜýşěýĸóýùǹ
ĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşǹěĸǹŪĘýǹŜşěƃØŪýǹ
şýŪØěıȀǹĐØţĘěŁĸǹØĸùǹòýØůŪƊǹţýóŪŁşţǿǹ
ěĸóýǹǑǏǐǓȀǹěØĸǹĘØţǹòýýĸǹØǹýĸ죺ǹ
ùƃěţŁşǹŪŁǹŁŪĘţóĘěıùǹȺǹŁǹěĸǹŪĘýǹ
:ıŁòØıǹùƃěţŁşƊǹ"ěƃěţěŁĸȀǹƄĘýşýǹţĘýǹ
ŜşýƃěŁůţıƊǹĘýıùǹØǹĸůķòýşǹŁĐǹţýĸ죺ǹ
ýƉýóůŪěƃýǹşŁıýţǹţŜýóěØıěţěĸđǹěĸǹşýŪØěıǹ
ØĸùǹıůƉůşƊǹ]Ⱥǿ
ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ
óŁĸŪşěòůŪěŁĸ
ěØĸǹĘØţǹŁƃýşǹǒǔǹƊýØşţȬǹýƉŜýşěýĸóýǹ
ØţǹØǹòŁØşùǹķýķòýşȀǹØùƃěţýşǹØĸùǹ
ěĸƃýţŪŁşǹěĸǹŪĘýǹşýŪØěıǹØĸùǹıůƉůşƊǹ
ţýóŪŁşţȀǹòŁŪĘǹěĸǹŪĘýǹUǹØĸùǹ
ŁƃýşţýØţǿǹĘěţǹýƉŪýĸţěƃýǹýƉŜýşŪěţýǹ
ØĸùǹĘýşǹýƉŜýşěýĸóýǹØţǹØǹĸŁĸț
ýƉýóůŪěƃýǹùěşýóŪŁşǹØııŁƄǹěØĸǹŪŁǹ
óŁĸŪşěòůŪýǹƃØıůØòıýǹóŁķķýşóěØıǹ
ěĸţěđĘŪţǹŪŁǹŪĘýǹŁØşùȬţǹùěţóůţţěŁĸţǿ
&ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ
ĘØěşǹŁĐǹŪşØŪĘòýşşƊǹ:şŁůŜǹWěķěŪýùǹ
Øĸùǹ9ýĸƄěóĮǹWěķěŪýùȀǹØĸùǹØǹ^Łĸț
ýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹǹýđýĸěŪƊǹ
WěķěŪýùǹȡŪşØùěĸđǹØţǹůđůţŪěĸůţǹ
ØùýşȢǹØĸùǹWƊķØǹWěĐýǹWěķěŪýùǿǹ
ýĸ죺ǹùƃěţŁşǹŪŁǹŁŪĘţóĘěıùǹȺǹŁǹ
ěĸǹŪĘýǹ:ıŁòØıǹùƃěţŁşƊǹ"ěƃěţěŁĸǿǹ
]ýķòýşǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁØşùǹ
ŁĐǹŪĘýǹşěŪěţĘǹ9ØţĘěŁĸǹŁůĸóěıȀǹ
ØǹķýķòýşǹŁĐǹŪĘýǹDĸŪýşĸØŪěŁĸØıǹ
ùƃěţŁşƊǹŁØşùǹŁĐǹşŁƄĸǹùƃěţŁşƊǹ
ØĸùǹØǹşůţŪýýǹŁĐǹĘýǹØşòěóØĸǹ
ýĸŪşýǹşůţŪǿ
¯ýØşǹŁĐǹLJşţŪǹØŜŜŁěĸŪķýĸŪȁǹ
2024
Sian Westerman
DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁş
107Shaftesbury Capital PLC | 2024 Annual Report

57%
ŁØşùǹěĸùýŜýĸùýĸóýǹ
ȡýƉóıůùěĸđǹĘØěşķØĸȢ
100%
ŁØşùǹØĸùǹŁķķěŪŪýýǹķýýŪěĸđ
ǹØŪŪýĸùØĸóý
43%
9ýķØıýǹ"ěşýóŪŁşţ
Corporate governance report
108 Shaftesbury Capital PLC | 2024 Annual Report

Leadership and purpose
ĸǹŁƃýşƃěýƄǹŁĐǹĘŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹŜůşŜŁţýǹØĸùǹ
óůıŪůşýȀǹØĸùǹŁĐǹŪĘýǹŁØşùȬţǹĮýƊǹØóŪěƃěŪěýţǹŪĘşŁůđĘŁůŪǹŪĘýǹ
ƊýØşǹØĸùǹěŪţǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮ
ȟ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ
ȟ ĘýǹŁØşù
ȟ AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹýķŜıŁƊýýǹ
ýĸđØđýķýĸŪ
ȟ ĘýǹşŁıýǹŁĐǹŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţ
ȟ şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ
ȟ ýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪ
ȟ ŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪ
ȟ AŁƄǹƄýǹòýĘØƃý
ȟ ýıØŪěŁĸţǹƄěŪĘǹţĘØşýĘŁıùýşţ
ȟ ĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţ
ȟ ŁşŜŁşØŪýǹƄýòţěŪý
ȟ Annual General Meeting
ȟ DĸùýŜýĸùýĸóýǹØĸùǹýDŽýóŪěƃýĸýţţ
See more about our approach to leadership and purpose
on pages 110 to 125.
Composition, succession
and evaluation
ýŪţǹŁůŪǹŁůşǹóŁĸţěùýşØŪěŁĸǹŁĐǹŁØşùǹóŁķŜŁţěŪěŁĸǹØĸùǹ
ţůóóýţţěŁĸǹŜıØĸĸěĸđȀǹşýóşůěŪķýĸŪǹØĸùǹěĸùůóŪěŁĸǹŁĐǹ"ěşýóŪŁşţȀǹ
ØĸùǹùýţóşěòýţǹŪĘýǹŁØşùǹýƃØıůØŪěŁĸ
ȟ ŁØşùǹùěƃýşţěŪƊ
ȟ Board skills
ȟ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŪýĸůşý
ȟ ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹşýŜŁşŪ
ȟ "ěşýóŪŁşǹşýóşůěŪķýĸŪȀǹěĸùůóŪěŁĸǹØĸùǹùýƃýıŁŜķýĸŪ
ȟ ǑǏǑǓǹŁØşùǹýƃØıůØŪěŁĸǹŜşŁóýţţ
See more on our approach to composition, succession and
evaluation on page 126 and pages 127 to 131.
Division of responsibilities
"ýţóşěòýţǹŪĘýǹşŁıýţǹŁĐǹŪĘýǹ"ěşýóŪŁşţǹØĸùǹĘŁƄǹŪĘýǹŁķŜØĸƊǹ
ýĸţůşýţǹ"ěşýóŪŁşǹěĸùýŜýĸùýĸóý
ȟ ŁıýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹŪĘýǹ"ěşýóŪŁşţ
ȟ DĸùýŜýĸùýĸóýǹØĸùǹýDŽýóŪěƃýĸýţţ
See more on our approach to division of responsibilities
on page 114 and pages 124 to 125.
Remuneration
fůŪıěĸýţǹŁůşǹşýķůĸýşØŪěŁĸǹŜŁıěóěýţȀǹƄĘěóĘǹţůŜŜŁşŪǹŁůşǹ
ţŪşØŪýđƊǹØĸùǹŜşŁķŁŪýǹŪĘýǹıŁĸđțŪýşķǹţůţŪØěĸØòıýǹţůóóýţţǹ
of the business
ȟ "ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪ
ȟ "ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊ
ȟ ĸĸůØıǹşýŜŁşŪǹŁĸǹşýķůĸýşØŪěŁĸ
See more on our approach to remuneration on pages
138 to 161.
Compliance with the UK Corporate Governance Code 2018
(the “2018 Code”)
ĘýǹŁØşùǹóŁĸţěùýşţǹěŪǹĘØţǹóŁķŜıěýùǹěĸǹĐůııǹƄěŪĘǹŪĘýǹǑǏǐǗǹŁùýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹýĸùěĸđǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘýǹŁşŜŁşØŪýǹ
đŁƃýşĸØĸóýǹşýŜŁşŪǹŁĸǹŜØđýţǹǐǏǓǹŪŁǹǐǕǓǹţýŪţǹŁůŪǹĘŁƄǹŪĘýǹŁķŜØĸƊǹĘØţǹóŁķŜıěýùǹƄěŪĘǹŪĘýǹŜşěĸóěŜıýţǹØĸùǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹ
ǑǏǐǗǹŁùýǿ
ěĸóýǹǐǹRØĸůØşƊǹǑǏǑǔȀǹŪĘýǹŁķŜØĸƊǹĘØţǹòýýĸǹţůòĪýóŪǹŪŁǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹǑǏǑǓǹȡŪĘýǹȪǑǏǑǓǹŁùýȪȢǹØĸùǹƄěııǹ
şýŜŁşŪǹŁĸǹěŪţǹóŁķŜıěØĸóýǹƄěŪĘǹŪĘýǹŜşěĸóěŜıýţǹØĸùǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹǑǏǑǓǹŁùýǹěĸǹěŪţǹǑǏǑǔǹĸĸůØıǹýŜŁşŪǿ
Audit, risk and internal control
&ƉŜıØěĸţǹŪĘýǹşŁıýǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹěĸǹŁƃýşţýýěĸđǹŪĘýǹ
ěĸŪýđşěŪƊǹŁĐǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹØĸùǹŪĘýǹşěţĮǹķØĸØđýķýĸŪǹ
ØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıǹţƊţŪýķţ
ȟ ůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ
See more on our approach to audit, risk and internal control
on pages 132 to 137.
Overview - Governance
ǹ ŁƃýĸŪǹ:Øşùýĸǹ]ØşĮýŪǹůěıùěĸđ
109Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report
Dear Shareholder
DǹØķǹŜıýØţýùǹŪŁǹěĸŪşŁùůóýǹŁůşǹŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪǹĐŁşǹ
ŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿ
Overview and dividend
ĘýǹƊýØşǹƄØţǹŁĸýǹŁĐǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹĐŁşǹĘØĐŪýţòůşƊǹ
ØŜěŪØıǹØđØěĸţŪǹØǹóĘØııýĸđěĸđǹýóŁĸŁķěóǹòØóĮùşŁŜǿǹěĸóýǹ
óŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹěĸǹ]ØşóĘǹǑǏǑǒȀǹƄýǹĘØƃýǹùýıěƃýşýùǹ
ţěđĸěLJóØĸŪǹŜşŁđşýţţǹØđØěĸţŪǹŪĘýǹŜşěŁşěŪěýţǹƄýǹţýŪǹŁůşţýıƃýţǿǹDĸǹ
ǑǏǑǓǹƄýǹùýıěƃýşýùǹđşŁƄŪĘǹěĸǹóØţĘǹşýĸŪţǹØĸùǹ&¨ǹěĸǹıěĸýǹƄěŪĘǹŁůşǹ
ķýùěůķțŪýşķǹŪØşđýŪţǿǹfůşǹŜŁşŪĐŁıěŁǹƃØıůýǹěţǹůŜǹǓǿǔǹŜýşǹóýĸŪȀǹ
ùşěƃýĸǹòƊǹŁůşǹıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊǿǹɏǐǔǗǿǓǹ
ķěııěŁĸǹĘØţǹòýýĸǹşýØıěţýùǹŪĘşŁůđĘǹùěţŜŁţØıţǹØĸùǹɏǗǑǿǘǹķěııěŁĸǹ
şýùýŜıŁƊýùǹěĸǹØóóşýŪěƃýǹØóŞůěţěŪěŁĸţȀǹƄěŪĘǹØĸǹýĸóŁůşØđěĸđǹ
ŜěŜýıěĸýǿǹ©ýǹóŁĸŪěĸůýùǹŪŁǹěùýĸŪěĐƊǹØĸùǹěķŜıýķýĸŪǹŁŜýşØŪěŁĸØıǹ
ýDžóěýĸóěýţȀǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹ
ØĸùǹùěƃěùýĸùţǿǹĘýǹţýóŪŁşǹØţǹØǹƄĘŁıýǹóŁĸŪěĸůýţǹŪŁǹŪşØùýǹØŪǹØǹ
ùěţóŁůĸŪǹŪŁǹĸýŪǹØţţýŪǹƃØıůýȀǹòůŪǹDǹƄŁůıùǹĘŁŜýǹŪĘØŪǹěĸƃýţŪŁşţǹ
ƄŁůıùǹşýóŁđĸěţýǹŪĘýǹýƉóýııýĸŪǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹĘØĐŪýţòůşƊǹ
ØŜěŪØıǹŪýØķǹěĸǹŪĘýǹĸýØşǹĐůŪůşýǿǹŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹĐŁşǹ
ǑǏǑǓǹƄØţǹțǕǿǘǹŜýşǹóýĸŪǿǹĘýǹŁØşùǹěţǹşýóŁķķýĸùěĸđǹØǹLJĸØıǹ
ùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹòşěĸđěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹ
ĐŁşǹŪĘýǹƊýØşǹŪŁǹǒǿǔǹŜýĸóýǹŜýşǹţĘØşýǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹýƃŁıƃýǹ
ŪĘýǹóØŜěŪØıǹţŪşůóŪůşýǹŪĘşŁůđĘǹşýLJĸØĸóěĸđǹØóŪěƃěŪƊǹýƉŪýĸùěĸđǹŪĘýǹ
ùýòŪǹķØŪůşěŪƊǹŜşŁLJıýǿǹ©ýǹØşýǹƄýııțŜŁţěŪěŁĸýùȀǹƄěŪĘǹØóóýţţǹŪŁǹ
ţěđĸěLJóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹ
"ůşěĸđǹŪĘýǹƊýØşȀǹØĸǹěķŜŁşŪØĸŪǹĐŁóůţǹĐŁşǹŪĘýǹŁØşùǹƄØţǹ
ŪĘýǹýƃŁıůŪěŁĸǹŁĐǹŁůşǹóŁşŜŁşØŪýǹóůıŪůşýǹØĸùǹŪĘýǹţŪýŜţǹŪĘØŪǹ
ķØĸØđýķýĸŪǹŪŁŁĮǹŪŁǹýķòýùǹŪĘěţǹØĸùǹŁůşǹƃØıůýţǹØóşŁţţǹŁůşǹ
ŁŜýşØŪěŁĸţǹØĸùǹòůţěĸýţţǿǹ©ýǹØěķǹŪŁǹýĸţůşýǹŪĘØŪǹƄýǹŁDŽýşǹØǹ
óŁııØòŁşØŪěƃýǹýĸƃ캣ĸķýĸŪǹƄĘýşýǹŪĘýǹóůţŪŁķýşǹěţǹØŪǹŪĘýǹĘýØşŪǹ
ŁĐǹŪĘýǹòůţěĸýţţǹØĸùǹŁůşǹŜýŁŜıýǹØşýǹěĸţŜěşýùǹŪŁǹđěƃýǹŪĘýěşǹòýţŪǹŪŁǹ
óŁĸŪşěòůŪýǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹţůóóýţţǿǹĘýǹţŪşŁĸđǹşýţůıŪţǹŁĐǹŁůşǹ
LJşţŪǹýķŜıŁƊýýǹţůşƃýƊǹƄýşýǹØĸǹýĸùŁşţýķýĸŪǹŁĐǹŪĘýǹØŪŪýĸŪěŁĸǹ
ŪĘØŪǹĘØţǹòýýĸǹđěƃýĸǹŪŁǹŪĘěţǹěķŜŁşŪØĸŪǹØşýØǿǹ
Board and Committee changes
ţǹýƉŜıØěĸýùǹěĸǹķƊǹıýŪŪýşǹıØţŪǹƊýØşȀǹĐŁııŁƄěĸđǹùýıěƃýşƊǹŁĐǹØǹ
ĸůķòýşǹŁĐǹŜŁţŪțķýşđýşǹěĸŪýđşØŪěŁĸǹØóŪěƃěŪěýţǹØĸùǹŪĘýǹùýŜØşŪůşýǹ
ŁĐǹŁůşǹĐŁşķýşǹĘěýĐǹfŜýşØŪěĸđǹfDžóýşǹěĸǹ"ýóýķòýşǹǑǏǑǒȀǹ
ƄĘěóĘǹşýţůıŪýùǹěĸǹØǹşýùůóýùǹýƉýóůŪěƃýǹŪýØķȀǹěŪǹƄØţǹØđşýýùǹŪĘØŪǹ
ØǹţķØııýşǹŁØşùǹƄŁůıùǹòýŪŪýşǹşýLjýóŪǹŪĘýǹŁķŜØĸƊȬţǹķŁƃýǹ
ŪŁƄØşùţǹØǹķŁşýǹýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ
"ůşěĸđǹŪĘýǹƊýØşȀǹĐŁııŁƄěĸđǹŪĘýǹùýŜØşŪůşýǹŁĐǹŪĘşýýǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşţǹěĸǹRØĸůØşƊȀǹØĸùǹóŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹØŜŜşŁŜşěØŪýǹ
òØıØĸóýǹŁĐǹùěƃýşţěŪƊȀǹţĮěııţȀǹţůóóýţţěŁĸǹØĸùǹýƉŜýşěýĸóýǹĸýýùýùǹ
òƊǹŪĘýǹŁØşùȀǹŪƄŁǹĸýƄǹěĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹ
]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸȀǹƄýşýǹØŜŜŁěĸŪýùȀǹ
ƄěŪĘǹýƉŜýşěýĸóýǹěĸǹŪĘýǹŜşŁŜýşŪƊȀǹıůƉůşƊǹØĸùǹşýŪØěıǹķØşĮýŪţǿǹ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹ
ŪĘýǹŁØşùǹƄěŪĘǹýDŽýóŪǹĐşŁķǹǒǐǹůđůţŪǹǑǏǑǓǹĐŁııŁƄěĸđǹěØĸȬţǹ
ØŜŜŁěĸŪķýĸŪǿ
fĸǹòýĘØıĐǹŁĐǹŪĘýǹŁØşùȀǹDǹƄŁůıùǹıěĮýǹŪŁǹŪĘØĸĮǹĘØşıŁŪŪýǹĐŁşǹĘýşǹ
ţěđĸěLJóØĸŪǹóŁķķěŪķýĸŪǹØĸùǹóŁĸŪşěòůŪěŁĸǹŪŁǹŪĘýǹŁØşùǹŁƃýşǹ
ŪĘýǹţýƃýĸǹƊýØşţǹŁĐǹĘýşǹØŜŜŁěĸŪķýĸŪǿǹAýşǹţůŜŜŁşŪȀǹěĸţěđĘŪǹØĸùǹ
ýƉŜýşŪěţýǹƄýşýǹđşýØŪıƊǹƃØıůýùǿǹ
ůóóýţţěŁĸǹŜıØĸĸěĸđǹěţǹØĸǹěķŜŁşŪØĸŪǹŜØşŪǹŁĐǹŁůşǹţŪşŁĸđǹ
óŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮȀǹØĸùǹŪĘýǹ^ŁķěĸØŪěŁĸǹ
ŁķķěŪŪýýǹƄěııǹóŁĸŪěĸůýǹŪŁǹùýƃýıŁŜǹØĸùǹķŁĸěŪŁşǹţůóóýţţěŁĸǹ
ŜıØĸţǹØŪǹòŁŪĘǹŁØşùǹØĸùǹţýĸ죺ǹķØĸØđýķýĸŪǹıýƃýıǿ
Board evaluation
ţǹƄýǹůĸùýşŪŁŁĮǹØĸǹýƉŪýşĸØıǹŁØşùǹýƃØıůØŪěŁĸǹěĸǹǑǏǑǒȀǹěŪǹƄØţǹ
ØđşýýùǹŪĘØŪǹØĸǹěĸŪýşĸØıǹŁØşùǹýƃØıůØŪěŁĸǹţĘŁůıùǹòýǹůĸùýşŪØĮýĸǹ
ěĸǹǑǏǑǓǿǹDǹØķǹŜıýØţýùǹŪŁǹşýŜŁşŪǹŪĘØŪǹŪĘýǹLJĸùěĸđţǹŁĐǹŪĘýǹşýƃěýƄǹ
ƄýşýǹŜŁţěŪěƃýȀǹƄěŪĘǹţěđĸěLJóØĸŪǹŜşŁđşýţţǹşýóŁđĸěţýùǹØţǹĘØƃěĸđǹ
òýýĸǹķØùýǹţěĸóýǹŪĘýǹķýşđýşǿǹ"ýŪØěıţǹŁĐǹŪĘýǹŜşŁóýţţǹØĸùǹLJĸùěĸđţǹ
ŁĐǹŪĘýǹşýƃěýƄǹØşýǹŁĸǹŜØđýǹǐǒǐǿ
Engaging with our shareholders
DĸǹØùùěŪěŁĸǹŪŁǹŁůşǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹ
ıýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹØĸùǹěŪůıǹRŁòØĸŜůŪşØȀǹùůşěĸđǹǑǏǑǒǹ
ØĸùǹýØşıƊǹǑǏǑǓǹŁůşǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹŁDŽýşýùǹŪŁǹķýýŪǹ
ƄěŪĘǹţĘØşýĘŁıùýşţǹĘŁıùěĸđǹŁƃýşǹǔǔǹŜýşǹóýĸŪǹŁĐǹŁůşǹşýđěţŪýşǹŪŁǹ
ýƉŜıØěĸǹŪĘýǹŁůŪóŁķýǹŁĐǹØǹşýƃěýƄǹŁĐǹşýķůĸýşØŪěŁĸǹůĸùýşŪØĮýĸǹ
ĐŁııŁƄěĸđǹŪĘýǹķýşđýşǿǹ©ýǹƄěııǹòýǹţýýĮěĸđǹţĘØşýĘŁıùýşǹØŜŜşŁƃØıǹ
ŁĐǹØǹĸýƄǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŁůşǹǑǏǑǕǹ:]ǹØĸùǹ
ƄěııǹŪĘýşýĐŁşýǹýĸđØđýǹƄěŪĘǹŁůşǹţĘØşýĘŁıùýşţǹŁĸǹŪĘýǹŁķķěŪŪýýȬţǹ
ŜşŁŜŁţØıţǹŁƃýşǹŪĘýǹóŁůşţýǹŁĐǹŪĘýǹóŁķěĸđǹƊýØşǿ
Environment Sustainability Community
ţǹşýŜŁşŪýùǹıØţŪǹƊýØşȀǹĐŁııŁƄěĸđǹŪĘýǹěĸŪýđşØŪěŁĸǹŁĐǹşýţŜŁĸţěòěıěŪƊǹ
ĐŁşǹŁůşǹţůţŪØěĸØòěıěŪƊǹŜşŁóýţţýţǹěĸŪŁǹŁůşǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹ
ķØĸØđýķýĸŪǹŪýØķȀǹØŪǹŁůşǹ9ýòşůØşƊǹǑǏǑǓǹŁØşùǹķýýŪěĸđǹěŪǹƄØţǹ
ØđşýýùǹŪĘØŪǹŁĸđŁěĸđǹŁƃýşţěđĘŪǹŁĐǹýĸƃ캣ĸķýĸŪȀǹţůţŪØěĸØòěıěŪƊǹ
ØĸùǹóŁķķůĸěŪƊǹȡȩ&ȪȢǹķØŪŪýşţȀǹěĸóıůùěĸđǹóıěķØŪýțşýıØŪýùǹşěţĮţǹ
Jonathan Nicholls
ĘØěşķØĸ
Leadership and
purpose
Chairman’s introduction
ȩĘýşýǹĘØţǹòýýĸǹŜŁţěŪěƃýǹŜýşĐŁşķØĸóýǹØĸùǹŜşŁđşýţţǹ
ţěĸóýǹķýşđýşȀǹùýıěƃýşěĸđǹØđØěĸţŪǹŁůşǹķýùěůķțŪýşķǹ
ŜşěŁşěŪěýţȀǹđşŁƄěĸđǹýØşĸěĸđţȀǹùěƃěùýĸùţȀǹóØţĘǹLjŁƄţȀǹ
ƃØıůØŪěŁĸǹØĸùǹ^ǿȩ
110 Shaftesbury Capital PLC | 2024 Annual Report

ØĸùǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹ&ǹ
ŪşØŪýđƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪȀǹţĘŁůıùǹòýǹØǹķØŪŪýşǹ
ĐŁşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹƄĘŁıýǹŁØşùȀǹØĸùǹØţǹØǹşýţůıŪǹƄýǹ
ùěţţŁıƃýùǹŁůşǹĐŁşķýşǹ&ǹŁØşùǹŁķķěŪŪýýǿ
©ýǹŜůòıěţĘýùǹŁůşǹěĸěŪěØıǹóŁķòěĸýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǹ
ěĸǹǑǏǑǒȀǹĐŁııŁƄěĸđǹŪĘýǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿǹ"ůşěĸđǹǑǏǑǓǹ
ƄýǹşýƃØıěùØŪýùǹŁůşǹòØţýıěĸýǹLJđůşýţǹØĸùǹşýţýŪǹŁůşǹŪØşđýŪţǹŪŁǹ
ķýýŪǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹěȀǹěĸóıůùěĸđǹţýŪŪěĸđǹØǹĸýƄǹ
ıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪǿǹŁǹşýLjýóŪǹŪĘýǹşýùůóýùǹıýƃýıǹ
ŁĐǹŁDŽţýŪŪěĸđǹŜýşķěŪŪýùȀǹŪĘýǹŁØşùǹĘØţǹØŜŜşŁƃýùǹØǹşýƃěţýùǹ^ýŪǹ
¸ýşŁǹØşòŁĸǹŪØşđýŪǹùØŪýǹŁĐǹǑǏǓǏǿǹfůşǹŪØşđýŪţǹƄýşýǹƃØıěùØŪýùǹ
òƊǹŪĘýǹěǹěĸǹRØĸůØşƊǹǑǏǑǔǹØĸùǹŁůşǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ
ØŪĘƄØƊǹěţǹØƃØěıØòıýǹŁĸǹŁůşǹóŁşŜŁşØŪýǹƄýòţěŪýǿǹ
ţǹıŁĸđțŪýşķǹţŪýƄØşùţǹŁĐǹŁůşǹýţŪØŪýţǹƄýǹĘØƃýǹØǹţŪşŁĸđǹŪşØóĮǹ
şýóŁşùǹŁĐǹţůŜŜŁşŪěĸđǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹØĸùǹòůěıùěĸđǹıŁĸđț
ŪýşķǹşýıØŪěŁĸţĘěŜţǹƄěŪĘǹŁůşǹŜØşŪĸýşţǿǹ"ůşěĸđǹǑǏǑǓȀǹĐŁııŁƄěĸđǹØǹ
ŪĘŁşŁůđĘǹşýƃěýƄǹŁĐǹŁůşǹóŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØóŪěƃěŪƊǹØĸùǹØǹ
ıŁóØıǹĸýýùţǹØĸØıƊţěţȀǹŪĘýǹŁØşùǹØŜŜşŁƃýùǹØǹĸýƄǹŁķķůĸěŪƊǹ
DĸƃýţŪķýĸŪǹŪşØŪýđƊǹƄěŪĘǹØǹŜşěķØşƊǹĐŁóůţǹŁĸǹıŁóØıǹýķŜıŁƊķýĸŪǹ
ØĸùǹŪĘýǹØùŁŜŪěŁĸǹŁĐǹķýŪşěóţǹŪŁǹķýØţůşýǹŁůşǹěķŜØóŪǿǹfůşǹLJşţŪǹ
óŁķķůĸěŪƊǹěķŜØóŪǹşýŜŁşŪǹěţǹØƃØěıØòıýǹŁĸǹŁůşǹóŁşŜŁşØŪýǹ
ƄýòţěŪýǿ
UK Corporate Governance Code 2024
ĘýǹŁØşùǹĘØţǹóŁĸţěùýşýùǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹǑǏǑǓǹUǹ
ŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹŪŁǹýĸţůşýǹŪĘØŪǹěŪǹěţǹóŁķŜıěØĸŪǹ
ƄěŪĘǹŪĘŁţýǹŜØşŪţǹƄĘěóĘǹóØķýǹěĸŪŁǹĐŁşóýǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǔǿǹ
ıŁĸđţěùýǹŪĘěţȀǹƄŁşĮǹěţǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹýĸţůşýǹŪĘØŪǹƄýǹØşýǹ
ŜşýŜØşýùǹŪŁǹşýŜŁşŪǹŁĸǹşŁƃěţěŁĸǹǑǘȀǹƄĘěóĘǹşýıØŪýţǹŪŁǹěĸŪýşĸØıǹ
óŁĸŪşŁıţȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹòýđěĸĸěĸđǹŁĸǹ
1 January 2026.
Looking ahead
©ĘěıţŪǹķØóşŁýóŁĸŁķěóǹůĸóýşŪØěĸŪƊǹşýķØěĸţȀǹŪĘýǹŁķŜØĸƊǹ
ýĸŪýşţǹǑǏǑǔǹƄěŪĘǹđşýØŪǹŜŁŪýĸŪěØıǿǹ©ýǹØşýǹĐŁóůţýùǹŁĸǹùýıěƃýşěĸđǹ
ŁĸǹŁůşǹŜşěŁşěŪěýţǹòƊǹđşŁƄěĸđǹşýĸŪţȀǹƃØıůØŪěŁĸȀǹýØşĸěĸđţǹØĸùǹ
ùěƃěùýĸùţǿǹţǹıŁĸđțŪýşķǹşýţŜŁĸţěòıýǹŁƄĸýşţȀǹƄýǹØşýǹóŁķķěŪŪýùǹ
ŪŁǹěķŜıýķýĸŪěĸđǹŁůşǹ&ǹŪşØŪýđƊȀǹěĸóıůùěĸđǹØóĘěýƃěĸđǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹòƊǹǑǏǓǏǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹěţǹƃýşƊǹƄýııțŜŁţěŪěŁĸýùǹ
ŪŁǹùýıěƃýşǹØŪŪşØóŪěƃýǹıŁĸđțŪýşķǹşýŪůşĸţǹØţǹŪĘýǹıýØùěĸđǹóýĸŪşØıǹ
WŁĸùŁĸǹķěƉýùțůţýǹ&Dǿǹ
Board members and meeting attendance
^ůķòýşǹŁĐǹķýýŪěĸđţǹĘýıùȁǹǖ
Number of meetings
attended
Chairman
RŁĸØŪĘØĸǹ^ěóĘŁııţ ǖȌǖ
Executive Directors
DØĸǹAØƄĮţƄŁşŪĘǹ ǖȌǖ
Situl Jobanputra ǖȌǖ
Non-executive Directors
ěóĘØşùǹĮýşţ ǖȌǖ
Ruth Anderson ǖȌǖ
]ØùýıýěĸýǹŁţđşØƃý
1
ǑȌǑ
ěØĸǹ©ýţŪýşķØĸ
1
ǑȌǑ
Charlotte Boyle
2
ǔȌǔ
AýıýĸØǹŁıýţ
ǒ
ǏȌǏ
Anthony Steains
ǒ
ǏȌǏ
Rýĸĸýııýǹěııěĸđ
ǒ
ǏȌǏ
1. ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹ
ŁØşùǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹ
óŁůıùǹŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪƄŁǹķýýŪěĸđţǿ
2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹ
ƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹLJƃýǹķýýŪěĸđţǿ
ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹ
ŪĘýǹŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹŪŁǹ
their departure.
My thanks to the team
ĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹşýıěýţǹŁĸǹŪĘýǹýDŽŁşŪţǹŁĐǹŁůşǹ
ýķŜıŁƊýýţǹØĸùǹDǹƄŁůıùǹıěĮýǹŪŁǹŪĘØĸĮǹýƃýşƊŁĸýǹĐŁşǹŪĘýěşǹ
óŁķķěŪķýĸŪǹØĸùǹĘØşùǹƄŁşĮǹùůşěĸđǹŪĘýǹóŁůşţýǹŁĐǹǑǏǑǓǿǹ
Jonathan Nicholls
ĘØěşķØĸ
ǑǕǹ9ýòşůØşƊǹǑǏǑǔ
111Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report
The Board
ĘýǹŁØşùǹěţǹóŁııýóŪěƃýıƊǹşýţŜŁĸţěòıýǹĐŁşǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹ
ŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹĐŁşǹěŪţǹıýØùýşţĘěŜȀǹŜůşŜŁţýȀǹţŪşØŪýđƊȀǹ
óůıŪůşýȀǹƃØıůýţȀǹţŪØĸùØşùţȀǹóŁĸŪşŁıǹØĸùǹķØĸØđýķýĸŪǿǹ
"ØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŁĐǹŪĘýǹ:şŁůŜǹěţǹùýıýđØŪýùǹŪŁǹŪĘýǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹţůòĪýóŪǹŪŁǹĐŁşķØıǹùýıýđØŪýùǹØůŪĘŁşěŪƊǹ
ıěķěŪţȂǹĘŁƄýƃýşȀǹóýşŪØěĸǹķØŪŪýşţǹĘØƃýǹòýýĸǹşýţýşƃýùǹĐŁşǹŁØşùǹ
ØŜŜşŁƃØıǿǹĘýţýǹķØŪŪýşţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǹØĸùǹěĸóıůùýǹ
ţŪşØŪýđƊȀǹóŁşŜŁşØŪýǹşýŜŁşŪěĸđȀǹţěđĸěLJóØĸŪǹĐůĸùěĸđǹùýóěţěŁĸţǹØĸùǹ
óŁşŜŁşØŪýǹŪşØĸţØóŪěŁĸţȀǹŪĘýǹ&ǹŪşØŪýđƊȀǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ
óŁķķěŪķýĸŪţȀǹşěţĮǹØŜŜýŪěŪýȀǹŪĘýǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹ
şØDžóĮěĸđǹŪØŪýķýĸŪȀǹùýıýđØŪýùǹØůŪĘŁşěŪƊǹıěķěŪţȀǹķØŪýşěØıǹ
ŜŁıěóěýţǹěĸóıůùěĸđǹŪĘŁţýǹŁĸǹùěƃěùýĸùţǹØĸùǹŪØƉȀǹØĸùǹŁØşùǹ
ØĸùǹŁķķěŪŪýýǹóŁķŜŁţěŪěŁĸǿ
ŁØşùǹóŁķŜŁţěŪěŁĸ
ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹŁØşùǹóŁķŜşěţýùǹŪĘýǹĘØěşķØĸȀǹ
ŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹĐŁůşǹ^Łĸț
ýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹěŁđşØŜĘěýţǹŁĐǹýØóĘǹŁĐǹŪĘýǹ"ěşýóŪŁşţǹŁĸǹŪĘýǹ
ŁØşùǹØŪǹŪĘýǹùØŪýǹŁĐǹŪĘěţǹşýŜŁşŪǹØĸùǹŪĘýěşǹķýķòýşţĘěŜǹŁĐǹŪĘýǹ
ŁķķěŪŪýýţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖȀǹØĸùǹØùùěŪěŁĸØıǹ
ěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹ"ěşýóŪŁşţȬǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹòØóĮđşŁůĸùǹ
ěţǹěĸóıůùýùǹŁĸǹŜØđýǹǐǑǕǿ
Board operations in 2024
ĘýǹŁØşùǹķýŪǹĐŁşķØııƊǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹ]ØěĸǹķýýŪěĸđţǹƄýşýǹ
ŪěķýùǹØşŁůĸùǹŪĘýǹLJĸØĸóěØıǹóØıýĸùØşȀǹƄěŪĘǹØĸǹØĸĸůØıǹţŪşØŪýđƊǹ
ţýţţěŁĸǹěĸǹfóŪŁòýşȀǹØĸùǹØùùěŪěŁĸØıǹķýýŪěĸđţǹóŁĸƃýĸýùȀǹŁşǹ
óŁķķůĸěóØŪěŁĸţǹţýĸŪȀǹØţǹØŜŜşŁŜşěØŪýǿǹŪŪýĸùØĸóýǹØŪǹķýýŪěĸđţǹ
ŁĐǹŪĘýǹŁØşùǹØĸùǹŁķķěŪŪýýţǹĘýıùǹùůşěĸđǹǑǏǑǓǹěţǹţĘŁƄĸǹ
ŁĸǹŜØđýǹǐǐǐǹĐŁşǹŪĘýǹŁØşùǹØĸùǹěĸǹŪĘýǹŁķķěŪŪýýţȬǹşýŜŁşŪţǹ
ŁĸǹŜØđýţǹǐǑǗȀǹǐǒǒǹØĸùǹǐǓǐǿǹŁØşùǹŜØŜýşţǹØşýǹóěşóůıØŪýùǹěĸǹ
ØùƃØĸóýǹŁĐǹķýýŪěĸđţȀǹŪŁǹýĸţůşýǹŪĘØŪǹ"ěşýóŪŁşţǹĘØƃýǹţůDžóěýĸŪǹ
ŪěķýǹŪŁǹóŁĸţěùýşǹŪĘýěşǹóŁĸŪýĸŪǹŜşěŁşǹŪŁǹŪĘýǹķýýŪěĸđǿǹDĐǹķØŪŪýşţǹ
şýŞůěşýǹØŜŜşŁƃØıǹØŪǹţĘŁşŪǹĸŁŪěóýȀǹƄşěŪŪýĸǹØŜŜşŁƃØıǹěţǹţŁůđĘŪǹ
ĐşŁķǹŪĘýǹ"ěşýóŪŁşţǿ
ĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýđůıØşıƊǹţŜýĸùǹ
ŪěķýǹØŪǹŪĘýǹŁķŜØĸƊȬţǹĘýØùǹŁDžóýȀǹØĸùǹķØěĸŪØěĸǹşýđůıØşǹ
óŁĸŪØóŪǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹ
ķýķòýşţǹŁĐǹţýĸ죺ǹķØĸØđýķýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹĘØěşķØĸǹ
ķýýŪţǹƄěŪĘǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěŪĘŁůŪǹŪĘýǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşţǹòýěĸđǺŜşýţýĸŪǿ
ţǹķØŪŪýşţǹŪĘØŪǹşýŞůěşýǹŪĘýǹŁØşùȬţǹùýóěţěŁĸǹØşýǹŁĐŪýĸǹóŁķŜıýƉǹ
ØĸùǹýƃŁıƃýǹŁƃýşǹØǹŜýşěŁùǹŁĐǹŪěķýȀǹěĸĐŁşķØıǹůŜùØŪýǹķýýŪěĸđţǹØşýǹ
ĘýıùȀǹØĸùǹşýđůıØşǹůŜùØŪýţǹØşýǹŜşŁƃěùýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹ
òýŪƄýýĸǹţóĘýùůıýùǹŁØşùǹķýýŪěĸđţȀǹŪŁǹØııŁƄǹŁØşùǹķýķòýşţǹ
ØùýŞůØŪýǹŪěķýǹŪŁǹýƉŜıŁşýȀǹůĸùýşţŪØĸùǹØĸùǹóĘØııýĸđýǹķØŪŪýşţǹ
ůĸùýşǹóŁĸţěùýşØŪěŁĸǿ
"ůşěĸđǹǑǏǑǓȀǹŪĘýǹŁØşùǹşýóýěƃýùǹşýđůıØşǹůŜùØŪýţǹŁĸǹòůţěĸýţţǹ
ŜýşĐŁşķØĸóýȀǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁȀǹŁŜýşØŪěŁĸţȀǹLJĸØĸóýȀǹ
&ǹØĸùǹŜýŁŜıýǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹţýĸ죺ǹ
ķØĸØđýķýĸŪǹěĸǹýØóĘǹòůţěĸýţţǹØşýØǿǹDĸǹØùùěŪěŁĸȀǹşýŜŁşŪţǹ
ĐşŁķǹŪĘýǹ:ýĸýşØıǹŁůĸţýıȀǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹØĸùǹŪĘýǹ
ĘØěşķýĸǹŁĐǹŪĘýǹŁķķěŪŪýýţǹØşýǹóŁĸţěùýşýùǹØŪǹýØóĘǹĐŁşķØıǹ
ŁØşùǹķýýŪěĸđǿǹĘýǹŪØòıýǹŁĸǹŜØđýţǹǐǐǕǹŪŁǹǐǐǖǹţĘŁƄţǹŪĘýǹĮýƊǹ
ØşýØţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹùůşěĸđǹŪĘýǹƊýØşǿ
The Board establishes the Group’s:
ØĸùǹýĸţůşýţǹŪĘØŪǹŪĘýƊǹØşýǹØıěđĸýùǹƄěŪĘǹŪĘýǹ:şŁůŜȬţǹóůıŪůşýǿǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǹŜşŁķŁŪýţǹĘěđĘǹţŪØĸùØşùţǹØĸùǹØǹĘěđĘțŜýşĐŁşķØĸóýȀǹŜşŁĐýţţěŁĸØıȀǹýĸŪşýŜşýĸýůşěØıǹ
ØĸùǹěĸóıůţěƃýǹóůıŪůşýȀǹşýLjýóŪěƃýǹŁĐǹŁůşǹòůţěĸýţţǹţŪşØŪýđƊǹØĸùǹƃØıůýţǿ
Read more on pages 113 and 122.
Values
fůşǹƃØıůýţǹØşýǹŪŁȁ
– ØĮýǹØǹşýţŜŁĸţěòıýȀǹ
ıŁĸđțŪýşķǹƃěýƄ
– óŪǹƄěŪĘǹěĸŪýđşěŪƊ
– ØĮýǹØǹóşýØŪěƃýǹØŜŜşŁØóĘ
– WěţŪýĸǹØĸùǹóŁııØòŁşØŪý
– ]ØĮýǹØǹùěDŽýşýĸóý
Read more on pages 16 and 100.
Strategy
fůşǹţŪşØŪýđƊǹěţǹŪŁǹùýıěƃýşǹıŁĸđțŪýşķǹ
ěĸóŁķýǹØĸùǹƃØıůýǹđşŁƄŪĘǹĐşŁķǹ
ŁůşǹůĸěŞůýǹŜŁşŪĐŁıěŁǹŁĐǹŜşŁŜýşŪěýţǹ
ŪĘşŁůđĘǹěĸƃýţŪķýĸŪȀǹóůşØŪěŁĸǹØĸùǹ
şýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜȀǹòýĸýLJŪěĸđǹ
ØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹ
ŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿ
Read more on pages 16 and 17.
Purpose
fůşǹŜůşŜŁţýǹěţǹěĸƃýţŪěĸđǹŪŁǹóşýØŪýǹ
ŪĘşěƃěĸđǹùýţŪěĸØŪěŁĸţǹěĸǹWŁĸùŁĸȬţǹ
©ýţŪǹ&ĸùǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹ
ƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿ
Read more on pages 16 and 17.
112 Shaftesbury Capital PLC | 2024 Annual Report

How the Board monitors culture
and employee engagement
fůşǹŜůşŜŁţýǹØĸùǹƃØıůýţǹĐŁşķǹŪĘýǹòØţěţǹŁĐǹŁůşǹóůıŪůşýȀǹØĸùǹŪŁđýŪĘýşǹØşýǹ
ĐůĸùØķýĸŪØıǹŪŁǹŪĘýǹƄØƊǹƄýǹŁŜýşØŪýǿǹfůşǹŜýŁŜıýǹØşýǹóýĸŪşØıǹŪŁǹŁůşǹóůıŪůşýǹØĸùǹ
óşěŪěóØıǹěĸǹùýıěƃýşěĸđǹŁůşǹţŪşØŪýđƊǿǹĘýǹŁØşùǹØĸùǹţýĸ죺ǹķØĸØđýķýĸŪǹşýóŁđĸěţýǹ
ŪĘØŪǹóůıŪůşýǹóŁķýţǹĐşŁķǹŪĘýǹŪŁŜȀǹØĸùǹóŁĸţěùýşǹşýđůıØşǹĐýýùòØóĮǹŪŁǹýĸţůşýǹŪĘØŪǹ
ŪĘýǹóůıŪůşýǹěţǹýķòýùùýùǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǿ
UýƊǹƄØƊţǹěĸǹƄĘěóĘǹƄýǹĘØƃýǹţŁůđĘŪǹŪŁǹýķòýùǹŁůşǹƃØıůýţȀǹØĸùǹŪĘýǹ
ƄØƊţǹ"ěşýóŪŁşţǹĘØƃýǹķŁĸěŪŁşýùǹŁůşǹóůıŪůşýȀǹŪĘěţǹƊýØşǹěĸóıůùýùȁ
ȟ ĘýǹŁØşùǹşýóýěƃýùǹØǹşýŜŁşŪǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹŁĸǹŪĘýǹ
şýţůıŪţǹŁĐǹŪĘýǹLJşţŪǹýķŜıŁƊýýǹţůşƃýƊȀǹØĸùǹùěţóůţţýùǹŪĘýǹ
LJĸùěĸđţǹØĸùǹěùýĸŪěLJýùǹØóŪěŁĸţǿǹ
ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ9fǹØĸùǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýȀǹţůŜŜŁşŪýùǹòƊǹŪĘýǹAýØùǹŁĐǹAȀǹıýùǹŁķŜØĸƊț
ƄěùýǹķýýŪěĸđţǹŪŁǹŜşŁƃěùýǹòůţěĸýţţǹůŜùØŪýţǹŪŁǹýķŜıŁƊýýţȀǹ
ěĸóıůùěĸđǹŁĸǹţŪşØŪýđƊȀǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŪØşđýŪţȀǹ
óůţŪŁķýşǹýĸđØđýķýĸŪǹØĸùǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǿǹĘýţýǹ
ķýýŪěĸđţǹŜşŁƃěùýùǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹýķŜıŁƊýýţǹŪŁǹ
ØţĮǹŞůýţŪěŁĸţǿ
ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹĘŁıùţǹşýđůıØşǹěĸĐŁşķØıǹţýţţěŁĸţǹƄěŪĘǹ
ýķŜıŁƊýýţǹƄĘěóĘǹŜşŁƃěùýǹØǹĐŁşůķǹĐŁşǹşýıØƊěĸđǹŪĘýǹ:şŁůŜȬţǹ
ŜşěŁşěŪěýţǹØĸùǹØııŁƄěĸđǹŪýØķǹķýķòýşţǹŪŁǹØţĮǹŞůýţŪěŁĸţǿ
ȟ Ęýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄýşýǹŪØĮýĸǹŁĸǹŪŁůşţǹŁĐǹŪĘýǹ
ŜŁşŪĐŁıěŁǹòƊǹŪĘýǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹıýØţěĸđǹŪýØķţǿ
ȟ ěóĘØşùǹĮýşţǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹØŪŪýĸùýùǹŪĘýǹ&ķŜıŁƊýýǹ
&ĸđØđýķýĸŪǹ9ŁşůķȀǹƄĘěóĘǹěţǹķØùýǹůŜǹŁĐǹØǹƄěùýǹşØĸđýǹ
ŁĐǹýķŜıŁƊýýţǹěĸǹŪýşķţǹŁĐǹşŁıýȀǹţýĸ죺ěŪƊǹØĸùǹýƉŜýşěýĸóýǿǹ
]ØŪŪýşţǹùěţóůţţýùǹěĸóıůùýùǹŪĘýǹŁķŜØĸƊȬţǹŜůşŜŁţýȀǹóůıŪůşýǹ
ØĸùǹƃØıůýţȀǹŜşěŁşěŪěýţǹØĸùǹŪØşđýŪţȀǹěĸŪýđşØŪěŁĸȀǹóŁķķůĸěóØŪěŁĸǹ
ØĸùǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǿ
ȟ ]ýķòýşţǹŁĐǹŪĘýǹţýĸ죺ǹıýØùýşţĘěŜǹŪýØķǹĪŁěĸǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýǹķýýŪěĸđţǹŁĸǹØǹşýđůıØşǹòØţěţǿǹĸƊǹţěđĸěLJóØĸŪǹ
ěĸĐŁşķØıǹĐýýùòØóĮǹěţǹşýŜŁşŪýùǹŪŁǹŪĘýǹŁØşùǹòƊǹŪĘýǹ
&ƉýóůŪěƃýǹŁķķěŪŪýýǿ
ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹAýØùǹŁĐǹAǹůŜùØŪýùǹŪĘýǹ^ŁķěĸØŪěŁĸǹ
ŁķķěŪŪýýǹŁĸǹŪĘýǹıýØùýşţĘěŜǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţǹ
ùýıěƃýşýùǹùůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹđŁØıţǹŁĐǹƄĘěóĘǹØıěđĸýùǹƄěŪĘǹŪĘýǹ
:şŁůŜȬţǹƃØıůýţǿǹ
ȟ ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹşýƃěýƄýùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹ
ŪĘýǹ:şŁůŜȬţǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮȀǹýĸţůşěĸđǹ
ØıěđĸķýĸŪǹŁĐǹòŁŪĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØĸùǹýķŜıŁƊýýǹ
şýķůĸýşØŪěŁĸǹƄěŪĘǹŪĘýǹ:şŁůŜȬţǹƃØıůýţǿ
ȟ ýĸ죺ǹķØĸØđýşţǹØóşŁţţǹŪĘýǹ:şŁůŜǹĪŁěĸýùǹŪĘýǹ"ěşýóŪŁşţǹØŪǹ
ŪĘýǹfóŪŁòýşǹŁØşùǹŪşØŪýđƊǹ"ØƊǹùěĸĸýşǿ
ȟ ŁşýǹđŁƃýşĸØĸóýǹŜŁıěóěýţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǹòƊǹŪĘýǹ
ŁØşùǹØĸùǹýķŜıŁƊýýţǹØşýǹşýŞůěşýùǹŪŁǹóŁķŜıýŪýǹØǹƃØşěýŪƊǹŁĐǹ
ýțıýØşĸěĸđǹķŁùůıýţǹŁĸǹØǹşýđůıØşǹòØţěţǿǹŁķŜıýŪěŁĸǹıýƃýıţǹØşýǹ
reported to the Board.
ȟ 9ýýùòØóĮǹĐşŁķǹŪĘýǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪŁşţǹŁĸǹŪĘýěşǹ
ěĸŪýşØóŪěŁĸţǹƄěŪĘǹŁŜýşØŪěŁĸØıǹØĸùǹLJĸØĸóýǹŪýØķţǹěţǹŜşŁƃěùýùǹ
ùěşýóŪıƊǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿ
ȟ fůşǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊȀǹØŜŜıěóØòıýǹŪŁǹØııǹýķŜıŁƊýýţȀǹ
ýĸóŁůşØđýţǹŁŜýĸĸýţţǹěĸǹşýŜŁşŪěĸđǹóŁĸóýşĸţǿǹŁĸŪØóŪţǹ
ØƃØěıØòıýǹůĸùýşǹŪĘýǹŜŁıěóƊǹěĸóıůùýǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹ
ŁķķěŪŪýýǿǹĸƊǹşýŜŁşŪţǹƄŁůıùǹòýǹěĸƃýţŪěđØŪýùǹØĸùǹşýŜŁşŪýùǹ
ŪŁǹŪĘýǹŁØşùǿǹ^ŁǹşýŜŁşŪţǹƄýşýǹķØùýǹùůşěĸđǹŪĘýǹƊýØşǿ
ǹ DĸĐŁşķØıǹţýţţěŁĸǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃý
113Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report
The role of the Board and its
Committees
The Board
WýùǹòƊǹRŁĸØŪĘØĸǹ^ěóĘŁııţ
Executive Committee
WýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹ
Audit Committee
WýùǹòƊǹůŪĘǹĸùýşţŁĸ
Executive Risk Committee
WýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹ
Nomination Committee
WýùǹòƊǹRŁĸØŪĘØĸǹ^ěóĘŁııţ
Health & Safety Committee
WýùǹòƊǹıěţŁĸǹ9ěţĘýş
Remuneration Committee
WýùǹòƊǹěóĘØşùǹĮýşţ
Disclosure Committee
WýùǹòƊǹěŪůıǹRŁòØĸŜůŪşØǹ
ESC Management Committee
WýùǹòƊǹĸùşýƄǹşěóý
ǖǹķýýŪěĸđţ
– Sets Group strategy
– fƃýşţýýţǹŪĘýǹØıěđĸķýĸŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜůşŜŁţýȀǹóůıŪůşýǹØĸùǹ
ƃØıůýţȀǹţŪşØŪýđƊǹØĸùǹşěţĮ
– ŁĸţěùýşţǹŪĘýǹòØıØĸóýǹŁĐǹěĸŪýşýţŪţǹòýŪƄýýĸǹţŪØĮýĘŁıùýşţǹĐŁşǹŪĘýǹ
ıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹ:şŁůŜ
– fƃýşţýýţǹŪĘýǹ:şŁůŜȬţǹđŁƃýşĸØĸóýǹØĸùǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ
:şŁůŜȬţǹ&ǺŪşØŪýđƊ
– AŁıùţǹůıŪěķØŪýǹŁƃýşţěđĘŪǹØĸùǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹ
óıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţ
– ©ŁşĮţǹŁĸǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹŜıØĸ
– ]ŁĸěŪŁşţǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹ
– ýƃěýƄţǹLJĸØĸóěØıǹŜýşĐŁşķØĸóý
ǓǹķýýŪěĸđţ
– fƃýşţýýţǹŪĘýǹ:şŁůŜȬţǹƃØıůØŪěŁĸǹØĸùǹ
LJĸØĸóěØıǹşýŜŁşŪěĸđǹŜşŁóýţţýţ
– ýƃěýƄţǹŪĘýǹØùýŞůØóƊǹØĸùǹýDŽýóŪěƃýĸýţţǹ
ŁĐǹěĸŪýşĸØıǹóŁĸŪşŁıţǹØĸùǹşěţĮǹ
ķØĸØđýķýĸŪǹţƊţŪýķţ
– ýƃěýƄţǹŪĘýǹěĸùýŜýĸùýĸóýǹØĸùǹ
ýDŽýóŪěƃýĸýţţǹŁĐǹŪĘýǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹ
auditors
Audit Committee report: pages 132 to 137.
Meets at least
ǓǹŪěķýţǹØǹƊýØş
– ýƃěýƄţǹØĸùǹķŁĸěŪŁşţǹ
ŪĘýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹØĸùǹ
ýķýşđěĸđǹşěţĮţ
– fƃýşţýýţǹŪĘýǹ
ýDŽýóŪěƃýĸýţţǹŁĐǹ
ŪĘýǹ:şŁůŜȬţǹşěţĮǹ
ķØĸØđýķýĸŪǹţƊţŪýķţ
Risk management: pages 59
to 61.
Principal risks and
uncertainties: pages 61 to 65.
Climate-related risks and
opportunities: pages 66 to 74.
ǒǹķýýŪěĸđţ
– ýƃěýƄţǹŪĘýǹţŪşůóŪůşýȀǹţěƓýǹØĸùǹ
óŁķŜŁţěŪěŁĸǹŁĐǹŪĘýǹŁØşùǹØĸùǹěŪţǹ
ŁķķěŪŪýýţ
– fƃýşţýýţǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹØĸùǹ
ùýƃýıŁŜķýĸŪǹŁĐǹØǹùěƃýşţýǹŜěŜýıěĸýǹŁĐǹŪØıýĸŪǹ
ØŪǹŁØşùǹØĸùǹţýĸ죺ǹķØĸØđýķýĸŪǹıýƃýıţ
– ]ØĮýţǹşýóŁķķýĸùØŪěŁĸţǹØòŁůŪǹ
ØŜŜŁěĸŪķýĸŪţǹŪŁǹŪĘýǹŁØşù
Nomination Committee report: pages 127
to 131.
Meets at least
ǓǹŪěķýţǹØǹƊýØş
– fƃýşţýýţǹŁóóůŜØŪěŁĸØıǹ
health, safety and
Ƅýııțòýěĸđ
– ]ŁĸěŪŁşţǹŪĘýǹ:şŁůŜȬţǹ
ŜŁıěóƊǹØĸùǹŜýşĐŁşķØĸóýǹ
ØđØěĸţŪǹòýţŪǹŜşØóŪěóýǹĐŁşǹ
health and safety
Health, safety and security:
page 103.
ǓǹķýýŪěĸđţ
– "ýŪýşķěĸýţǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹ
ĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹţýŪţǹ
ŪĘýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹĘØěşķØĸǹØĸùǹ
ùýţěđĸØŪýùǹţýĸ죺ǹķØĸØđýķýĸŪ
– &ĸţůşýţǹŪĘýşýǹěţǹØǹıěĸĮǹòýŪƄýýĸǹóůıŪůşýȀǹ
ŜýşĐŁşķØĸóýǹØĸùǹşýķůĸýşØŪěŁĸ
– ]ŁĸěŪŁşţǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹ
şýıØŪýùǹŜŁıěóěýţ
Remuneration Committee report: pages
138 to 161.
Meets regularly
throughout the year
– Monitors the status of
ŜŁŪýĸŪěØıǹěĸţěùýǹěĸĐŁşķØŪěŁĸǹ
in the business
– &ĸţůşýţǹùěţóıŁţůşýǹ
şýŞůěşýķýĸŪţǹØşýǹķýŪǹ
and that appropriate
şýóŁşùţǹØşýǹķØěĸŪØěĸýùǹ
ěĸǹşýţŜýóŪǹŁĐǹěĸţěùýǹ
ěĸĐŁşķØŪěŁĸ
Meets at least
ǓǹŪěķýţǹØǹƊýØş
– Łĸţěùýşţǹ&ǹķØŪŪýşţǹ
ěĸóıůùěĸđǹţŪşØŪýđƊȀǹ
ŜŁıěóěýţȀǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹØŪĘƄØƊǹØĸùǹ
óŁķķůĸěŪƊǹěĸěŪěØŪěƃýţǹØĸùǹ
ķØĮýţǹşýóŁķķýĸùØŪěŁĸţǹ
ŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýǹ
– ]ŁĸěŪŁşţǹěķŜıýķýĸŪØŪěŁĸǹ
ŁĐǹØĸùǹŜýşĐŁşķØĸóýǹ
ØđØěĸţŪǹŪĘýǹ:şŁůŜȬţǹ&ǹ
ŁòĪýóŪěƃýţǹØĸùǹŪØşđýŪţ
Sustainability: pages 78
to 99.
– ýƃěýƄţǹØĸùǹŜşěŁşěŪěţýţǹşýţŁůşóěĸđǹěĸǹŪĘýǹ:şŁůŜ
– ŁĸţěùýşţǹķØŪŪýşţǹşýĐýşşýùǹĐşŁķǹòýıŁƄǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹ
]ýýŪţǹĐŁşķØııƊǹØŪǹıýØţŪǹýƃýşƊǹŞůØşŪýş
Board activities: pages 116 to 117. Division of responsibilities of Directors: page 124. Directors’ biographies: pages 106 to 107.
114 Shaftesbury Capital PLC | 2024 Annual Report

115Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report
ĘýǹŁØşùǹķýŪǹĐŁşķØııƊǹţýƃýĸǹŪěķýţǹùůşěĸđǹŪĘýǹƊýØşǿǹǹĸůķòýşǹ
ŁĐǹŁŪĘýşǹķØŪŪýşţǹƄýşýǹØŜŜşŁƃýùǹòƊǹƄşěŪŪýĸǹşýţŁıůŪěŁĸǹŁĐǹŪĘýǹ
ŁØşùǿǹŪǹýƃýşƊǹţóĘýùůıýùǹŁØşùǹķýýŪěĸđȀǹŪĘýǹŁØşùǹşýóýěƃýţǹ
ůŜùØŪýţǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹŪĘýǹ:ýĸýşØıǹŁůĸţýıǹ
ØĸùǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹŁĸǹŪĘýǹŁŜýşØŪěĸđǹýĸƃ캣ĸķýĸŪȀǹ
ŜŁşŪĐŁıěŁǹØóŪěƃěŪěýţǹȡěĸóıůùěĸđǹţůţŪØěĸØòěıěŪƊǹØĸùǹţŪØĮýĘŁıùýşǹ
ýĸđØđýķýĸŪȢȀǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŜşŁţŜýóŪţȀǹĘýØıŪĘǹ
ØĸùǹţØĐýŪƊȀǹýķŜıŁƊýýţȀǹıýđØıǹķØŪŪýşţǹØĸùǹđŁƃýşĸØĸóýǿǹĘýǹ
&ƉýóůŪěƃýǹŁķķěŪŪýýǹķýķòýşţǹØŪŪýĸùǹýØóĘǹķýýŪěĸđǹØĸùǹŁŪĘýşǹ
ýķŜıŁƊýýţǹĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǹķØƊǹòýǹěĸƃěŪýùǹŪŁǹĪŁěĸǹ
ķýýŪěĸđţǹŪŁǹŜşýţýĸŪǹŪŁŜěóØıǺůŜùØŪýţǿ
ĘýǹŪØòıýǹòýıŁƄǹØĸùǹØĸùǹŁĸǹŪĘýǹØùĪØóýĸŪǹŜØđýǹŜşŁƃěùýţǹ
ýƉØķŜıýţǹŁĐǹķØŪŪýşţǹóŁĸţěùýşýùǹùůşěĸđǹŪĘýǹƊýØşǿ
Strategy
ȟ ýđůıØşıƊǹóŁĸţěùýşýùǹŪĘýǹķØóşŁǹýĸƃ캣ĸķýĸŪǿ
ȟ ŁĸţěùýşýùǹØĸùǹØŜŜşŁƃýùǹĮýƊǹţŪşØŪýđěóǹŜşěŁşěŪěýţȀǹ
ţŪşØŪýđěóǹŜşŁŜŁţØıţȀǹØĸùǹŜýşĐŁşķØĸóýǹķýŪşěóţǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹ
ŁķŜØĸƊȬţǹķýùěůķțŪýşķǹŪØşđýŪţǿ
Finance, tax and corporate reporting
ȟ ŜŜşŁƃýùǹŪĘýǹĘØıĐǹƊýØşǹØĸùǹƊýØşǹýĸùǹşýţůıŪţȀǹ
ěĸóıůùěĸđǹóŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹ:ŁěĸđǹŁĸóýşĸǹ
Øĸùǹ¨ěØòěıěŪƊǹŪØŪýķýĸŪţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿ
ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǓǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđǹØĸùǹŪĘýǹ
^ŁƃýķòýşǹǑǏǑǓǹŪşØùěĸđǹůŜùØŪýţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǔǹòůùđýŪǹØĸùǹşýƃěýƄýùǹŪĘýǹķýùěůķț
ŪýşķǹLJĸØĸóěØıǹŜşŁĪýóŪěŁĸţǿ
ȟ ŜŜşŁƃýùǹØǹɏǖǔǹķěııěŁĸǹŪýşķǹıŁØĸȀǹŪĘýǹşýLJĸØĸóěĸđǹŁĐǹ
ŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹŪĘýǹýƉŪýĸţěŁĸǹ
ŁĐǹŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸ죺ǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţȀǹ
ŪĘýǹşýŜØƊķýĸŪǹŁĐǹɏǘǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹ
ůĸţýóůşýùǹıŁØĸǹĸŁŪýţǹØĸùǹŪĘýǹĸŁƃØŪěŁĸǹŁĐǹěĸŪýşýţŪǹ
şØŪýǹĘýùđěĸđǹØşşØĸđýķýĸŪţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹůŜùØŪýùǹØƉǹŪşØŪýđƊǿ
ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǒǹLJĸØıǹùěƃěùýĸùǹŁĐǹǐǿǕǔǹŜýĸóýǹŜØěùǹěĸǹ
]ØƊǹǑǏǑǓǹØĸùǹŪĘýǹǑǏǑǓǹěĸŪýşěķǹùěƃěùýĸùǹŁĐǹǐǿǖǹŜýĸóýǹ
ŜØěùǹěĸǹfóŪŁòýşǹǑǏǑǓǿ
Principal Board activities in 2024
Stakeholder engagement
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹòůţěĸýţţȬǹóůţŪŁķýşǹţŪşØŪýđěýţȀǹ
ěĸóıůùěĸđǹŪĘýǹLJşţŪǹóůţŪŁķýşǹţůşƃýƊǿ
ȟ ýóýěƃýùǹşýđůıØşǹůŜùØŪýţǹŁĸǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹØóŪěƃěŪƊǹ
ØĸùǹķØŪŪýşţǹşØěţýùǹòƊǹţĘØşýĘŁıùýşţǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹLJşţŪǹ
ýķŜıŁƊýýǹţůşƃýƊǿ
ȟ ŁĸţěùýşýùǹŪĘýǹěķŜØóŪǹŁĐǹòůţěĸýţţǹùýóěţěŁĸţǹŁĸǹØǹƄěùýǹ
range of stakeholders.
ȟ ýóýěƃýùǹĐýýùòØóĮǹŁĸǹķýýŪěĸđţǹƄěŪĘǹƃØşěŁůţǹţŪØĮýĘŁıùýşţǿ
Governance
ȟ ŜŜşŁƃýùǹŪĘýǹØŜŜŁěĸŪķýĸŪţǹŁĐǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹ
ěØĸǹ©ýţŪýşķØĸǹØţǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ
ȟ ŜŜşŁƃýùǹşýƃěţýùȌĸýƄǹóŁşŜŁşØŪýǹŜŁıěóěýţȀǹěĸóıůùěĸđǹ
ĸýƄǹAýØıŪĘǹØĸùǹØĐýŪƊǹŁıěóƊȀǹØĸùǹŁķķěŪŪýýǹŪýşķţǹ
ŁĐǹşýĐýşýĸóýǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘØěşķØĸǹŁĐǹýØóĘǹŁĐǹŪĘýǹ
ůùěŪȀǹýķůĸýşØŪěŁĸǹØĸùǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹ:]ǹşýţŁıůŪěŁĸţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǓǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹ
şØDžóĮěĸđǹŪØŪýķýĸŪǿ
ȟ ŜŜşŁƃýùǹŪĘýǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţǹŁĐǹØııǹ"ěşýóŪŁşţǿ
ȟ ŁĸţěùýşýùǹŪĘýǹLJĸùěĸđţǹŁĐǹŪĘýǹŁØşùǹýƃØıůØŪěŁĸǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹıýđØıǹØĸùǹđŁƃýşĸØĸóýǹ
ùýƃýıŁŜķýĸŪţǹěĸóıůùěĸđǹŪĘýǹǑǏǑǓǹŁùýǹØĸùǹŪĘýǹ
&óŁĸŁķěóǹşěķýǹØĸùǹŁşŜŁşØŪýǹşØĸţŜØşýĸóƊǹóŪǹǑǏǑǒǿ
116

Sustainability
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹùýƃýıŁŜķýĸŪǹŁĐǹŪĘýǹůŜùØŪýùǹ
&ǹŪşØŪýđƊǹØĸùǹŜŁıěóěýţǹØĸùǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹ
sustainability targets.
ȟ ŁĸţěùýşýùǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿ
ȟ ŜŜşŁƃýùǹØķýĸùķýĸŪţǹŪŁǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ^ýŪǹ¸ýşŁǹ
ØşòŁĸǹØŪĘƄØƊǹşýLjýóŪěĸđǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹěǿ
ȟ ŜŜşŁƃýùǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǿ
Risk management and internal control
ȟ ŜŜşŁƃýùǹŪĘýǹ:şŁůŜǹěţĮǹ]ØĸØđýķýĸŪǹŁıěóƊǹØĸùǹ
9şØķýƄŁşĮǹØĸùǹŪĘýǹŁØşùȬţǹşěţĮǹØŜŜýŪěŪýǹěĸǹşýţŜýóŪǹŁĐǹ
ýØóĘǹŜşěĸóěŜØıǹşěţĮǿ
ȟ ŁĸţěùýşýùǹŪĘýǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţǹĐŁııŁƄěĸđǹ
şýƃěýƄǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹØĸùǹůùěŪǹŁķķěŪŪýýţȀǹ
ØĸùǹŪĘýǹşěţĮǹùěţóıŁţůşýţǹĐŁşǹŪĘýǹĘØıĐǹƊýØşǹØĸùǹĐůııǹƊýØşǹ
results.
People and culture
ȟ ýóýěƃýùǹĐýýùòØóĮǹĐşŁķǹŪĘýǹ&ķŜıŁƊýýǹ&ĸđØđýķýĸŪǹ
9Łşůķǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹØĸùǹŪĘýǹ
ĘØěşķØĸǹŁĐǹŪĘýǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹŁĸǹŪĘýǹ
ıýØùýşţĘěŜǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţǹùýıěƃýşýùǹ
during the year.
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹLJşţŪǹ
ýķŜıŁƊýýǹţůşƃýƊǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹěĸŪýđşØŪěŁĸǹ
ŁĐǹŪýØķţǹØĸùǹţƊţŪýķţǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹ
ŁķķěŪŪýýǹŁĸǹŁØşùǹØĸùǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸȀǹ
ěĸóıůùěĸđǹĸŁĸțLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýŪşěóţǿ
Operations
ȟ ŜŜşŁƃýùǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹŜşŁŜýşŪěýţǹŁĸǹRØķýţǹ
ŪşýýŪǹØĸùǹŪĘýǹùěţŜŁţØıǹŁĐǹŪĘýǹķØĪŁşěŪƊǹŁĐǹŪĘýǹ9ěŪƓşŁƃěØǹ
ŜŁşŪĐŁıěŁǹØĸùǹóýşŪØěĸǹŁŪĘýşǹŜşŁŜýşŪěýţǿ
ȟ ŜŜşŁƃýùǹŪĘýǹţØıýǹŁĐǹŪĘýǹ:şŁůŜȬţǹěĸŪýşýţŪǹěĸǹŪĘýǹ
WŁĸđķØşŪěĸǹØţţŁóěØŪýǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţŪşůóŪůşěĸđǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹ
ŪýØķǹŪŁǹĐŁóůţǹŁĸǹ:şŁůŜțƄěùýǹěĸƃýţŪķýĸŪǹØĸùǹŁŜýşØŪěŁĸţǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹěĸƃýţŪķýĸŪǹķØşĮýŪȀǹƃØıůØŪěŁĸţȀǹ
ŁóóůŜěýşǹŪşØùěĸđǹóŁĸùěŪěŁĸţȀǹşýĸŪǹóŁııýóŪěŁĸǹıýƃýıţȀǹ
ıýØţěĸđǹØóŪěƃěŪěýţȀǹķØşĮýŪěĸđǹţŪşØŪýđƊǹØĸùǹƃØóØĸóƊǹıýƃýıţǿ
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŁŜýşØŪěŁĸØıǹţŪşØŪýđƊȀǹóůţŪŁķýşǹ
strategy and health and safety.
ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹƄĘěóĘǹ
ùěùǹĸŁŪǹşýŞůěşýǹŁØşùǹØŜŜşŁƃØıǿ
117Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report
Engagement with stakeholders
ĘýǹŁØşùǹŜşěĸóěŜØııƊǹýĸđØđýţǹùěşýóŪıƊǹƄěŪĘǹýķŜıŁƊýýţǹØĸùǹ
ţĘØşýĘŁıùýşţǹòůŪǹěţǹØıţŁǹĮýŜŪǹØŜŜşěţýùǹŁĐǹýĸđØđýķýĸŪǹƄěŪĘǹ
ŁŪĘýşǹţŪØĮýĘŁıùýşţǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹşýŜŁşŪţǹĐşŁķǹŪĘýǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹ
ţýĸ죺ǹķØĸØđýķýĸŪȀǹØĸùǹØùƃěţýşţǹŪŁǹůĸùýşţŪØĸùǹŪĘýǹƃěýƄţǹ
ŁĐǹŪĘýǹ:şŁůŜȬţǹţŪØĮýĘŁıùýşţǹŁĸǹùØƊțŪŁțùØƊǹŁŜýşØŪěŁĸţǿǹfĸǹ
ŜØđýţǹǓǓǹŪŁǹǓǘȀǹƄýǹŁůŪıěĸýǹŪĘýǹƄØƊţǹƄýǹĘØƃýǹýĸđØđýùǹƄěŪĘǹ
ĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹŪĘýǹŁůŪóŁķýţǹŁĐǹŪĘØŪǹýĸđØđýķýĸŪǿ
Methods used by the Board
ĘýǹķØěĸǹķýŪĘŁùţǹůţýùǹòƊǹŪĘýǹŁØşùǹŪŁǹŜýşĐŁşķǹěŪţǹùůŪěýţǹ
ůĸùýşǹţýóŪěŁĸǹǐǖǑȡǐȢȡØȢǹŪŁǹȡĐȢǹŁĐǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǹ
ȡȩţǐǖǑȡǐȢȪȢǹěĸóıůùýȁ
ȟ fƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜůşŜŁţýȀǹţŪşØŪýđƊǹØĸùǹƃØıůýţȀǹ
ØĸùǹŪĘýěşǹØıěđĸķýĸŪǹƄěŪĘǹŁůşǹóůıŪůşýǿ
ȟ ŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýȀǹŜşěĸóěŜØıǹşěţĮţǹ
ØĸùǹşěţĮǹķěŪěđØŪěŁĸǿ
ĘýǹŁØşùǹóŁĸLJşķţǹŪĘØŪǹùůşěĸđǹŪĘýǹƊýØşǹůĸùýşǹşýƃěýƄǹěŪǹØóŪýùǹěĸǹŪĘýǹƄØƊǹŪĘØŪǹěŪǹóŁĸţěùýşýùȀǹ
ěĸǹđŁŁùǹĐØěŪĘȀǹƄŁůıùǹòýǹķŁţŪǹıěĮýıƊǹŪŁǹŜşŁķŁŪýǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹŪĘýǹ
òýĸýLJŪǹŁĐǹěŪţǹķýķòýşţǹØţǹØǹƄĘŁıýȀǹØĸùǹěĸǹùŁěĸđǹţŁǹĘØùǹşýđØşùǹŪŁǹŪĘýǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţýóŪěŁĸǹ
ǐǖǑȡǐȢȡØȢǹŪŁǹȡĐȢǹŁĐǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǿ
ȟ fƃýşţěđĘŪǹŁĐǹýķŜıŁƊýýǹşýţŁůşóěĸđǹØĸùǹƄýııțòýěĸđǿ
ȟ ǹùýùěóØŪýùǹţýóŪěŁĸǹƄěŪĘěĸǹýØóĘǹŁØşùǹØŜŜşŁƃØıǹŜØŜýşǹ
ţýŪŪěĸđǹŁůŪǹŪĘýǹıěĮýıƊǹěķŜØóŪǹŁĐǹØĸƊǹŜşŁŜŁţØıǹŁĸǹŪĘýǹ
şýıýƃØĸŪǹţŪØĮýĘŁıùýşţǿ
ȟ ýƃěýƄǹŁĐǹţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹůĸùýşŪØĮýĸǹòƊǹ
ŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹƄěùýşǹŪýØķǹØóşŁţţǹ
the business.
ȟ ŁĸţěùýşØŪěŁĸǹŁĐǹţŪØĮýĘŁıùýşǹţůşƃýƊţǿ
ȟ &ƉŪýşĸØıǹØţţůşØĸóýǹşýóýěƃýùǹĐşŁķǹŪĘýǹØůùěŪŁşţǹØĸùǹşýŜŁşŪţǹ
ĐşŁķǹòşŁĮýşţǹØĸùǹØùƃěţýşţǿ
©ĘěıţŪǹěŪǹěţǹĸŁŪǹØıƄØƊţǹŜŁţţěòıýǹŪŁǹķýýŪǹŪĘýǹŜşýĐýşýĸóýţǹŁĐǹØııǹ
ţŪØĮýĘŁıùýşţȀǹŪĘýǹŁØşùǹØěķţǹŪŁǹýĸţůşýǹŪĘØŪǹØııǹşýıýƃØĸŪǹĐØóŪŁşţǹ
ØşýǹóŁĸţěùýşýùǹòýĐŁşýǹØǹùýóěţěŁĸǹěţǹŪØĮýĸǿǹŁķýǹýƉØķŜıýţǹ
ŁĐǹĘŁƄǹŪĘýǹŁØşùǹóŁĸţěùýşýùǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹŪĘýǹ
ķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţǐǖǑȡǐȢǹùůşěĸđǹǑǏǑǓǹØşýǹţĘŁƄĸǹěĸǹŪĘýǹŪØòıýǹ
ŁĸǹŪĘýǹØùĪØóýĸŪǹŜØđýǿǹfŪĘýşǹýƉØķŜıýţǹŁĐǹĘŁƄǹŪĘýǹŁØşùǹĘØţǹ
óŁĸţěùýşýùǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹţǐǖǑȡǐȢǹķØŪŪýşţǹØşýǹ
ěĸóıůùýùǹěĸǹŪĘýǹţýóŪěŁĸǹȩAŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹ
ýķŜıŁƊýýǹýĸđØđýķýĸŪȪǹŁĸǹŜØđýǹǐǐǒǿ
Our section 172(1) statement
ǹ ŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØĸùǹýĸđØđýķýĸŪ
118

&ƉØķŜıýţǹŁĐǹŪĘýǹŁØşùɻţǹóŁĸţěùýşØŪěŁĸǹŁĐǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţǐǖǑȡǐȢǹěĸǹǑǏǑǓǹØşýǹţĘŁƄĸǹòýıŁƄǿ
Key matters Board considerations Outcomes
Customer
focus
ĘýǹŁķŜØĸƊǹŜıØóýţǹŪĘýǹóůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŪĘýǹ
òůţěĸýţţǿǹ"ůşěĸđǹǑǏǑǓǹŪĘýǹŁØşùǹđØƃýǹşýĸýƄýùǹĐŁóůţǹŪŁǹ
ŪĘěţǹØşýØǹěĸǹŁşùýşǹŪŁǹķØěĸŪØěĸǹţŪşŁĸđǹşýıØŪěŁĸţĘěŜţǹØĸùǹŪĘýǹ
ŜşŁƃěţěŁĸǹŁĐǹØŜŜşŁŜşěØŪýǹıýƃýıţǹŁĐǹţýşƃěóýǿ
During the year, the property
ŪýØķǹƄØţǹşýţŪşůóŪůşýùǹŪŁǹ
ØııŁƄǹđşýØŪýşǹóůţŪŁķýşǹ
ĐŁóůţǿǹ©ýǹØıţŁǹƄŁşĮýùǹƄěŪĘǹ
ŁůşǹŁůŪţŁůşóýùǹŜşŁƃěùýşţǹ
ŪŁǹýĸţůşýǹŪĘØŪǹŁůşǹýƉŜýóŪýùǹ
ţŪØĸùØşùţǹƄýşýǹùýıěƃýşýùȀǹ
ØĸùǹØǹóůţŪŁķýşǹţůşƃýƊǹ
ƄØţǹıØůĸóĘýùǿ
Strength of
balance sheet
]ØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹóØŜěŪØıǹţŪşůóŪůşýǹěţǹØǹĮýƊǹŜØşŪǹŁĐǹŪĘýǹ
ŁķŜØĸƊȬţǹţŪşØŪýđƊǿǹĘýǹŁØşùǹŪĘýşýĐŁşýǹóŁĸţěùýşţǹŪĘýǹ
ŁķŜØĸƊȬţǹLJĸØĸóěĸđǹţŪşůóŪůşýǹØĸùǹùýòŪǹķØŪůşěŪƊǹŜşŁLJıýǹŁĸǹ
ØǹşýđůıØşǹòØţěţǹŪŁǹýĸţůşýǹŪĘØŪǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹØĸùǹ
ØóóýţţǹŪŁǹţůDžóěýĸŪǹıěŞůěùěŪƊǹØşýǹķØěĸŪØěĸýùǿ
ĘýǹLJĸØĸóěØıǹţŪØòěıěŪƊǹŁĐǹŪĘýǹŁķŜØĸƊǹěţǹěķŜŁşŪØĸŪǹŪŁǹØǹƄěùýǹ
şØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹDĸǹóŁĸţěùýşěĸđǹLJĸØĸóěĸđţȀǹŪĘýǹƃěýƄţǹ
ŁĐǹěĸƃýţŪŁşţǹØĸùǹŪĘýǹĸýđŁŪěØŪěŁĸǹŁĐǹŪĘýǹŪýşķţǹØƃØěıØòıýǹĐşŁķȀǹ
ØĸùǹşýıØŪěŁĸţĘěŜţǹƄěŪĘȀǹùěDŽýşýĸŪǹLJĸØĸóýǹŜşŁƃěùýşţǹØşýǹđěƃýĸǹ
ŜØşŪěóůıØşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹŁØşùǿ
During the year the Board
óŁĸţěùýşýùǹķýùěůķțŪýşķǹ
ĐůĸùěĸđǹØĸùǹşýLJĸØĸóěĸđǹ
ŁŜŪěŁĸţǹØĸùǹØŜŜşŁƃýùǹķØŪŪýşţǹ
ěĸóıůùěĸđǹĸýƄǹŁşǹşýŜıØóýķýĸŪǹ
LJĸØĸóýǹØşşØĸđýķýĸŪţǹŪŁŪØııěĸđǹ
ɏǒǖǔǹķěııěŁĸȀǹŪĘýǹýƉŪýĸţěŁĸǹ
ŁĐǹŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸ죺ǹ
ůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţȀǹ
ØĸùǹŪĘýǹşýŜØƊķýĸŪǹŁĐǹɏǘǔǹ
ķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹ
ůĸţýóůşýùǹıŁØĸǹĸŁŪýţǿ
Acquisitions
and disposals
ţţýŪǹşŁŪØŪěŁĸǹŪĘşŁůđĘǹóØŜěŪØıǹşýóƊóıěĸđǹěţǹŁĸýǹŁĐǹŪĘýǹ
ŁķŜØĸƊȬţǹŜşěŁşěŪěýţǹØĸùǹƄýǹķØěĸŪØěĸǹØĸǹØóŪěƃýǹØĸùǹ
ùěţóěŜıěĸýùǹØŜŜşŁØóĘǹŪŁǹóØŜěŪØıǹØııŁóØŪěŁĸǿ
ĘýǹŁØşùǹđěƃýţǹŪĘŁşŁůđĘǹóŁĸţěùýşØŪěŁĸǹŪŁǹŜşŁŜŁţýùǹ
ØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţȀǹţŁǹŪĘØŪǹØĸŪěóěŜØŪýùǹşýŪůşĸţȀǹşěţĮţǹ
ØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹòØıØĸóýùǿǹĘýǹŁØşùǹØıţŁǹóŁĸţěùýşţǹ
ŪĘýǹěķŜØóŪǹŁĐǹŜşŁŜŁţØıţǹŁĸǹØǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǹƄĘŁǹ
ěĸóıůùýǹŪýĸØĸŪţȀǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţǿ
During the year the Board
ØŜŜşŁƃýùǹØǹĸůķòýşǹŁĐǹ
ØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹ
ěĸóıůùěĸđǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹ
ǑǔțǒǐǹRØķýţǹŪşýýŪǹØĸùǹŪĘýǹ
ùěţŜŁţØıǹŁĐǹŜşŁŜýşŪěýţǹƄěŪĘěĸǹ
ŪĘýǹ9ěŪƓşŁƃěØǹŜŁşŪĐŁıěŁǿ
Purpose,
culture
and values
ĘýǹŁØşùǹşýķØěĸţǹóŁķķěŪŪýùǹŪŁǹýķòýùùěĸđǹŁůşǹóůıŪůşýǹ
ØĸùǹƃØıůýţǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǹØĸùǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹ
ŁĸǹŪĘěţǹĐşŁķǹķØĸØđýķýĸŪǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿ
ĘýǹŁØşùǹƄØţǹòşěýĐýùǹŁĸǹ
ŪĘýǹŁůŪóŁķýţǹŁĐǹŪĘýǹLJşţŪǹ
ýķŜıŁƊýýǹţůşƃýƊǹØĸùǹŪĘýǹ
ěùýĸŪěLJýùǹØóŪěŁĸţȀǹØĸùǹşýóýěƃýùǹ
ĐýýùòØóĮǹĐşŁķǹŪĘýǹ&ķŜıŁƊýýǹ
&ĸđØđýķýĸŪǹ9Łşůķǿ
Environmental,
social and
community
impact
ĘØĐŪýţòůşƊǹØŜěŪØıǹķØěĸŪØěĸţǹěŪţǹóŁķķěŪķýĸŪǹŪŁǹ
ţůţŪØěĸØòěıěŪƊȀǹƄěŪĘǹŪĘýǹŁØşùǹØţǹØǹƄĘŁıýǹĘØƃěĸđǹ
şýţŜŁĸţěòěıěŪƊǹĐŁşǹŁƃýşţěđĘŪǹØĸùǹıýØùýşţĘěŜǹŁĐǹŪĘěţǹØşýØǿ
"ůşěĸđǹŪĘýǹƊýØşȀǹØţǹŁůşǹ&ǹŜşŁđşØķķýǹýƃŁıƃýùȀǹŪĘýǹŁØşùǹ
ƄØţǹòşěýĐýùǹŁĸǹŪĘýǹĐØóŪŁşţǹŪĘØŪǹůĸùýşŜěĸĸýùǹŪĘýǹĸýýùǹŪŁǹ
şýƃěýƄǹŪĘýǹŁķŜØĸƊȬţǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹùØŪýȀǹØĸùǹ
ŪĘýǹĐØóŪǹŪĘØŪǹŪĘýǹĸýƄǹØŪĘƄØƊǹùŁýţǹĸŁŪǹţěđĸěLJóØĸŪıƊǹóĘØĸđýǹ
ŪĘýǹěķŜØóŪǹĐŁşǹŪĘýǹŁķŜØĸƊȬţǹţŪØĮýĘŁıùýşţǿǹĘýǹŁØşùǹØıţŁǹ
óŁĸţěùýşýùǹƄØƊţǹěĸǹƄĘěóĘǹŪĘýǹěķŜØóŪǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ
óŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØóŪěƃěŪěýţǹóŁůıùǹòýǹěķŜşŁƃýùǿ
ĘýǹŁØşùǹØŜŜşŁƃýùǹØĸǹ
ůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ
ØŪĘƄØƊǹØĸùǹØǹĸýƄǹŁķķůĸěŪƊǹ
DĸƃýţŪķýĸŪǹŪşØŪýđƊǿ
¨ěţěŪŁşţ
&ķŜıŁƊýýţ
Shareholders
ůţŪŁķýşţ
ØşŪĸýşţ
9ěĸØĸóýǹŜşŁƃěùýşţ
Suppliers
WŁóØıǹ
óŁķķůĸěŪěýţ
Key
119Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report ɁǹfůşǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪ
s172(1) factors Relevant disclosures
Pages
a. The likely
consequences of
ØĸƊǺùýóěţěŁĸǹěĸǹŪĘýǹ
long term
fůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţ
ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪ
fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊ
fůşǹòůţěĸýţţǹķŁùýı
]ýØţůşěĸđǹŜýşĐŁşķØĸóý
ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄ
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ
Sustainability report
ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ
şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ
10 to 11
ǐǑǹŪŁǹǐǔ
16
ǐǖ
20 to 21
ǒǑǹŪŁǹǓǒ
ǓǓǹŪŁǹǓǘ
ǖǖ
ǖǗǹŪŁǹǘǘ
110 to 111
ǐǐǕǹŪŁǹǐǐǖ
b. The interests of
ŪĘýǺŁķŜØĸƊȬţǹ
employees
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹ
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ
fůşǹŜýŁŜıýǹØĸùǹóůıŪůşý
"ěƃýşţěŪƊȀǹýŞůěŪƊǹØĸùǹěĸóıůţěŁĸ
ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ
AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹýķŜıŁƊýýǹýĸđØđýķýĸŪǹ
&ķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹşýıØŪýùǹŜŁıěóěýţǹòýıŁƄǹŪĘýǹŁØşù
ǓǓǹŪŁǹǓǘ
ǖǖ
100 to 101
ǐǏǐǹØĸùǹǐǒǏ
110 to 111
ǐǐǒ
ǐǒǗǹŪŁǹǐǓǏ
c. The need to foster
ŪĘýǺŁķŜØĸƊȬţǹ
business
şýıØŪěŁĸţĘěŜţǺƄěŪĘǹ
suppliers, customers
ØĸùǺŁŪĘýşţ
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪ
&ǹŪşØŪýđƊȀǹØŜŜşŁØóĘǹØĸùǹŜşŁđşýţţǹ
DĸùůţŪşƊǹØĸùǹţůŜŜıƊǹóĘØěĸǹóŁııØòŁşØŪěŁĸ
]ŁùýşĸǹţıØƃýşƊǹØĸùǹĘůķØĸǹşěđĘŪţ
ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ
şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ
AŁƄǹƄýǹòýĘØƃý
ǓǓǹŪŁǹǓǘ
ǖǖ
ǗǏǹŪŁǹǘǏ
Ǘǘ
ǘǏ
110 to 111
ǐǐǕǹŪŁǹǐǐǖ
122
d. The impact of
the Company’s
ŁŜýşØŪěŁĸţǺŁĸǹŪĘýǹ
community and the
environment
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ
Sustainability report
fůşǹóŁķķůĸěŪƊ
ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸǹ
"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪ
ǓǓǹŪŁǹǓǘ
ǖǖ
ǖǗǹŪŁǹǘǘ
ǘǖǹŪŁǹǘǘ
110 to 111
ǐǒǗǹŪŁǹǐǕǐ
e. The desirability
ŁĐǹŪĘýǺŁķŜØĸƊǹ
maintaining a
reputation for
high standards of
business conduct
fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊ
fůşǹòůţěĸýţţǹķŁùýıǹ
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
ěţĮǹķØĸØđýķýĸŪǹ
^ŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ
ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸǹ
ŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪ
AŁƄǹƄýǹòýĘØƃý
"ěƃěţěŁĸǹŁĐǹşýţŜŁĸţěòěıěŪěýţ
DĸùýŜýĸùýĸóýǹØĸùǹýDŽýóŪěƃýĸýţţ
16
ǐǖ
ǓǓǹŪŁǹǓǘ
ǔǘǹŪŁǹǕǔ
ǖǖ
110 to 111
122
122
124
ǐǑǔ
f. The need to act
ĐØěşıƊǺØţǹòýŪƄýýĸǹ
members of
ŪĘýǺŁķŜØĸƊ
ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ
ýıØŪěŁĸţǹƄěŪĘǹţĘØşýĘŁıùýşţǹ
ĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţ
ǓǓǹŪŁǹǓǘ
ǐǑǑǹŪŁǹǐǑǒ
ǐǑǒ
120

121Shaftesbury Capital PLC | 2024 Annual Report

ŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪ
ĘýǹŁķŜØĸƊȬţǹşŪěóıýţǹŁĐǹţţŁóěØŪěŁĸǹØııŁƄǹŪĘýǹŁØşùǹŪŁǹ
ØůŪĘŁşěţýǹØĸƊǹØóŪůØıǹŁşǹŜŁŪýĸŪěØıǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪǹŪĘØŪǹķØƊǹ
ØşěţýǹĐşŁķǹ"ěşýóŪŁşţȬǹýƉŪýşĸØıǹşýıØŪěŁĸţĘěŜţǹŁşǹóŁķķěŪķýĸŪţǿǹ
ĸƊǹŜŁŪýĸŪěØıǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪǹØşýǹùýóıØşýùǹØŪǹŪĘýǹţŪØşŪǹ
ŁĐǹýØóĘǹŁØşùǹķýýŪěĸđǹØĸùǹØǹ"ěşýóŪŁşǹƄĘŁǹĘØţǹØǹóŁĸLjěóŪǹŁĐǹ
ěĸŪýşýţŪǹěţǹĸŁŪǹóŁůĸŪýùǹěĸǹŪĘýǹŞůŁşůķǹŁşǹýĸŪěŪıýùǹŪŁǹƃŁŪýǹƄĘýĸǹ
ŪĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýǹķØŪŪýşǹěĸǹƄĘěóĘǹŪĘýǹ"ěşýóŪŁşǹĘØţǹØĸǹ
ěĸŪýşýţŪǿǹfĸǹØĸǹØĸĸůØıǹòØţěţȀǹØóŪůØıǹØĸùǹŜŁŪýĸŪěØıǹóŁĸLjěóŪţǹØşýǹ
ĐŁşķØııƊǹşýƃěýƄýùǹěĸǹşýţŜýóŪǹŁĐǹòŁŪĘǹŪĘýǹĸØŪůşýǹŁĐǹ"ěşýóŪŁşţȬǹ
ýƉŪýşĸØıǹşŁıýţǹØĸùǹŪĘýěşǹŪěķýǹóŁķķěŪķýĸŪǿ
ĘýǹýƉŪýşĸØıǹěĸŪýşýţŪţǹŁĐǹĸýƄǹ"ěşýóŪŁşţǹØşýǹóŁĸţěùýşýùǹØţǹŜØşŪǹ
ŁĐǹŪĘýǹşýóşůěŪķýĸŪǹŜşŁóýţţȀǹØĸùȀǹěĐǹØŜŜşŁŜşěØŪýȀǹØůŪĘŁşěţýùǹ
òƊǹŪĘýǹŁØşùǹŁĸǹØŜŜŁěĸŪķýĸŪǿǹĸƊǹØùùěŪěŁĸØıǹýƉŪýşĸØıǹ
ØŜŜŁěĸŪķýĸŪţǹØşýǹţůòĪýóŪǹŪŁǹŁØşùǹØŜŜşŁƃØıȀǹØĸùǹØşýǹØıţŁǹ
óŁĸţěùýşýùǹƄěŪĘǹşýđØşùǹŪŁǹŪĘýǹĸØŪůşýǹŁĐǹŪĘýǹşŁıýǹØĸùǹŪěķýǹ
óŁķķěŪķýĸŪǿǹĘěţǹŜşŁóýţţǹƄØţǹĐŁııŁƄýùǹěĸǹØŜŜşŁƃěĸđǹěŪůıǹ
RŁòØĸŜůŪşØȬţǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪǹØţǹØǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹ
ŁĐǹ©AǹķěŪĘǹWȀǹƄĘěóĘǹƄØţǹýDŽýóŪěƃýǹĐşŁķǹǐǹ]ØşóĘǹǑǏǑǓȀǹØĸùǹ
ěĸǹØŜŜşŁƃěĸđǹěóĘØşùǹĮýşţȬǹĸýƄǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪǹØţǹŪĘýǹ
ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùȀǹƄĘěóĘǹƄØţǹýDŽýóŪěƃýǹĐşŁķǹ
ǐǹRØĸůØşƊǹǑǏǑǔǿ
ĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýţýǹŜşŁóýùůşýţǹŪŁǹòýǹƄŁşĮěĸđǹýDŽýóŪěƃýıƊǿ
How we behave
©ýǹØţŜěşýǹŪŁǹŪĘýǹĘěđĘýţŪǹţŪØĸùØşùţǹŁĐǹòůţěĸýţţǹóŁĸùůóŪǹòØţýùǹ
ŁĸǹĘŁĸýţŪƊȀǹşýţŜýóŪȀǹěĸŪýđşěŪƊǹØĸùǹŪşØĸţŜØşýĸóƊǹěĸǹýƃýşƊŪĘěĸđǹ
ƄýǹùŁǿǹýóØůţýǹƄýǹĘØƃýǹØǹşýıØŪěƃýıƊǹţķØııǹŪýØķǹŁĐǹýķŜıŁƊýýţȀǹ
ŁůşǹŁØşùǹØĸùǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĘØƃýǹØǹĘěđĘǹùýđşýýǹŁĐǹ
ŁƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹØóŪěƃěŪěýţȀǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţǿ
©ĘěıýǹƄýǹùŁǹĸŁŪǹĘØƃýǹØǹţŜýóěLJóǹĘůķØĸǹşěđĘŪţǹŜŁıěóƊȀǹŁůşǹ
ýƉŜýóŪØŪěŁĸţǹěĸǹŪĘěţǹØşýØǹØşýǹţýŪǹŁůŪǹØóşŁţţǹØǹĸůķòýşǹŁĐǹ
ŁůşǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţȀǹØĸùǹƄýǹýƉŜýóŪǹţůŜŜıěýşţȀǹØţǹØǹ
ķěĸěķůķȀǹŪŁǹØùĘýşýǹŪŁǹØııǹØŜŜıěóØòıýǹĘůķØĸǹşěđĘŪţȀǹýķŜıŁƊķýĸŪǹ
ØĸùǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹıýđěţıØŪěŁĸǹØĸùǹŪŁǹóŁķŜıƊǹƄěŪĘǹţŪØĸùØşùţǹ
ØĸùǹóŁùýţǹţŜýóěLJóǹŪŁǹŪĘýěşǹòůţěĸýţţǿ
©ýǹĘØƃýǹĐŁşķØıǹóŁķŜıěØĸóýǹŜŁıěóěýţǹěĸǹŜıØóýǹěĸǹşýıØŪěŁĸǹ
ŪŁǹØĸŪěțķŁĸýƊǹıØůĸùýşěĸđȀǹØĸŪěțòşěòýşƊǹØĸùǹóŁşşůŜŪěŁĸȀǹùØŪØǹ
ŜşŁŪýóŪěŁĸȀǹĐşØůùȀǹŪØƉǹýƃØţěŁĸȀǹđěĐŪţǹØĸùǹĘŁţŜěŪØıěŪƊȀǹţĘØşýǹ
ùýØıěĸđȀǹƄĘěţŪıýòıŁƄěĸđǹØĸùǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪǿǹııǹĸýƄǹ
ýķŜıŁƊýýţǹşýóýěƃýǹŪşØěĸěĸđǹŁĸǹŪĘýţýǹŜŁıěóěýţǹØţǹŜØşŪǹŁĐǹŪĘýěşǹ
ěĸùůóŪěŁĸǹŜşŁóýţţȀǹØĸùǹØĸĸůØıǹýțıýØşĸěĸđǹşýĐşýţĘýşǹŪşØěĸěĸđǹěţǹØǹ
şýŞůěşýķýĸŪǹĐŁşǹØııǹýķŜıŁƊýýţǿǹǹĐŁşķØıǹóŁķŜıěØĸóýǹţŪØŪýķýĸŪǹ
şýıØŪěĸđǹŪŁǹŪĘýţýǹŜŁıěóěýţǹěţǹØıţŁǹşýŞůěşýùǹŪŁǹòýǹţěđĸýùǹòƊǹ
ýķŜıŁƊýýţǹŁĸǹĪŁěĸěĸđǹØĸùǹØĸĸůØııƊǹŪĘýşýØĐŪýşǿǹDĸǹ9ýòşůØşƊǹǑǏǑǔȀǹ
ƄýǹŜůòıěţĘýùǹŁůşǹıØŪýţŪǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹşØDžóĮěĸđǹ
ŪØŪýķýĸŪȀǹƄĘěóĘǹóØĸǹòýǹĐŁůĸùǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿ
ţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǿǹĘěţǹţýŪţǹŁůŪǹŪĘýǹØóŪěŁĸţǹůĸùýşŪØĮýĸǹ
ùůşěĸđǹŪĘýǹƊýØşǹŪŁǹŜşýƃýĸŪǹķŁùýşĸǹţıØƃýşƊǹØĸùǹĘůķØĸǹ
ŪşØDžóĮěĸđǹěĸǹŁůşǹòůţěĸýţţǹØĸùǹţůŜŜıƊǹóĘØěĸǿ
fůşǹóůıŪůşýǹěţǹŁŜýĸȀǹĘŁĸýţŪǹØĸùǹŪşØĸţŜØşýĸŪȀǹØĸùǹŁůşǹ
ýķŜıŁƊýýţǹØşýǹýĸóŁůşØđýùǹŪŁǹţŜýØĮǹůŜǹěĐǹŪĘýƊǹƄěŪĸýţţǹŁşǹ
ţůţŜýóŪǹØĸƊǹƄşŁĸđùŁěĸđǹŁşǹòýĘØƃěŁůşǹƄĘěóĘǹùŁýţǹĸŁŪǹØıěđĸǹ
ƄěŪĘǹŁůşǹĘěđĘǹţŪØĸùØşùţǿǹ©ýǹĘØƃýǹØǹĐŁşķØıǹ©ĘěţŪıýòıŁƄěĸđǹ
ŁıěóƊȀǹůĸùýşǹƄĘěóĘǹýķŜıŁƊýýţǹØĸùǹţůŜŜıěýşţǹóØĸǹşýŜŁşŪǹØĸƊǹ
óŁĸóýşĸţǹýěŪĘýşǹùěşýóŪıƊǹŪŁǹŁůşǹ:ýĸýşØıǹŁůĸţýıȀǹŁůşǹŁķŜØĸƊǹ
ýóşýŪØşƊǹŁşǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýȀǹŁşǹŪĘşŁůđĘǹ
ØĸǹěĸùýŜýĸùýĸŪǹĘŁŪıěĸýǹØĸùǹŁĸıěĸýǹŜŁşŪØıǿǹ9ŁııŁƄěĸđǹşýóýěŜŪǹŁĐǹ
ØǹƄĘěţŪıýòıŁƄěĸđǹşýŜŁşŪȀǹƄýǹĘØƃýǹŜşŁóýùůşýţǹŪŁǹýĸţůşýǹŪĘØŪǹØĸǹ
ØŜŜşŁŜşěØŪýǹěĸƃýţŪěđØŪěŁĸǹěţǹůĸùýşŪØĮýĸǿǹĘěţǹŜŁıěóƊǹěţǹşýƃěýƄýùǹ
òƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØĸùǹŪĘýǹŁØşùǹØĸĸůØııƊǿ
Relations with shareholders
ĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýǹƃěýƄţǹŁĐǹŁůşǹţĘØşýĘŁıùýşţǹØĸùǹóŁĸŪØóŪǹ
ƄěŪĘǹŜŁŪýĸŪěØıǹěĸƃýţŪŁşţǹŪŁǹòýǹØĸǹěķŜŁşŪØĸŪǹØţŜýóŪǹŁĐǹóŁşŜŁşØŪýǹ
đŁƃýşĸØĸóýǿǹĸǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹěţǹ
şůĸǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşȀǹ
ěĸƃŁıƃěĸđǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹ
"ěşýóŪŁşǹŁĐǹŁķķýşóěØıǹ9ěĸØĸóýǹØĸùǹDĸƃýţŪŁşǹýıØŪěŁĸţǹķýýŪěĸđǹ
ƄěŪĘǹěĸƃýţŪŁşţǹØĸùǹØĸØıƊţŪţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹěĸǹØǹşØĸđýǹ
ŁĐǹĐŁşķØŪţǿǹĘěţǹěĸóıůùýţǹşýţůıŪţǹŜşýţýĸŪØŪěŁĸţȀǹƄýòóØţŪţȀǹ
şŁØùţĘŁƄţȀǹŁĸýțŪŁțŁĸýǹķýýŪěĸđţȀǹěĸùůţŪşƊǹóŁĸĐýşýĸóýţǹØĸùǹ
property tours.
Board and Committee meetings January February March April May
– ŁØşùǹķýýŪěĸđţ
– ůùěŪǹŁķķěŪŪýý
– ^ŁķěĸØŪěŁĸǹ
ŁķķěŪŪýý
– ýķůĸýşØŪěŁĸǹ
ŁķķěŪŪýý
– Board update – ŁØşùǹķýýŪěĸđ
– ůùěŪǹŁķķěŪŪýý
Key corporate events and
investor engagement
– Ęşýýǹ^Łĸț
ýƉýóůŪěƃýǹ
"ěşýóŪŁşţǹţŪýŜǹ
ùŁƄĸǹĐşŁķǹǒǐǹ
January
– ǑǏǑǒǹƊýØşǹýĸùǹ
results
– Year end
results analyst
presentation
– ǑǏǑǒǹĸĸůØıǹ
Report
– ǑǏǑǒǹƊýØşǹýĸùǹ
şŁØùţĘŁƄ
– óŞůěţěŪěŁĸǹŁĐǹǑǔț
ǒǐǹRØķýţǹŪşýýŪ
– şØùěĸđǹůŜùØŪý
– 2024 Annual
General Meeting
– ǑǏǑǒǹLJĸØıǹóØţĘǹ
ùěƃěùýĸùǹŁĐǹǐǿǕǔǹ
ŜýĸóýǹŜýşǹţĘØşýǹ
paid
Corporate governance report
Board and Committee meetings, key corporate events and investor engagement during 2024
122 Shaftesbury Capital PLC | 2024 Annual Report

ııǹ"ěşýóŪŁşţǹƄýşýǹŜşýţýĸŪǹØŪǹŪĘýǹǑǏǑǓǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđǹ
ƄĘýşýǹţĘØşýĘŁıùýşţǹƄýşýǹØòıýǹŪŁǹŜØşŪěóěŜØŪýȀǹØţĮǹŞůýţŪěŁĸţǹ
ØĸùǹƃŁŪýǿ
ţǹŜØşŪǹŁĐǹŁůşǹşýđůıØşǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýȀǹķýýŪěĸđţǹ
ƄýşýǹĘýıùǹƄěŪĘǹUǹØĸùǹŁƃýşţýØţǹýƉěţŪěĸđǹØĸùǹŜŁŪýĸŪěØıǹ
ěĸţŪěŪůŪěŁĸØıǹěĸƃýţŪŁşţǹØţǹƄýııǹØţǹƄěŪĘǹýŞůěŪƊǹķØşĮýŪǹØĸØıƊţŪţǿǹ
ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹţýĸ죺ǹ
ķØĸØđýķýĸŪǹĘØƃýǹØıţŁǹıýùǹŪŁůşţǹŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹƄĘěóĘǹŜşŁƃěùýǹ
ýƉěţŪěĸđǹØĸùǹŜŁŪýĸŪěØıǹěĸƃýţŪŁşţǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹţýýǹŁůşǹ
ùýţŪěĸØŪěŁĸţȀǹůĸùýşţŪØĸùǹŁůşǹķØĸØđýķýĸŪǹţŪşØŪýđƊǹØĸùǹķýýŪǹ
ţýĸ죺ǹķØĸØđýķýĸŪǿ
"ůşěĸđǹǑǏǑǓȀǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ
ýĸđØđýùǹƄěŪĘǹţĘØşýĘŁıùýşţǹŁĸǹşýķůĸýşØŪěŁĸǹķØŪŪýşţǿ
2024 investor relations calendar
February ȟ ýţůıŪţǹĐŁşǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒ
ȟ Analyst presentation
]ØşóĘǹ
ȟ ǑǏǑǒǹşýţůıŪţǹşŁØùţĘŁƄ
May
ȟ Annual General Meeting
ȟ şØùěĸđǹůŜùØŪý
July
ȟ DĸŪýşěķǹşýţůıŪţǹĐŁşǹŜýşěŁùǹýĸùýùǹǒǏǹRůĸýǹ
2024
ȟ Analyst presentation
August
ȟ ǑǏǑǓǹěĸŪýşěķǹşýţůıŪţǹşŁØùţĘŁƄ
^Łƃýķòýş ȟ şØùěĸđǹůŜùØŪý
Shareholders’ and stakeholders’ views
ĘýǹŁØşùǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹŁĸǹŪĘýǹŁķŜØĸƊȬţǹķØĪŁşǹ
ţĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţȀǹØĸùǹØǹùýùěóØŪýùǹţýóŪěŁĸǹ
ŁĸǹţŪØĮýĘŁıùýşǹěķŜØóŪǹěţǹěĸóıůùýùǹěĸǹýØóĘǹŁØşùǹØŜŜşŁƃØıǹ
ŜØŜýşǿǹ]ŁşýǹØòŁůŪǹŪĘýǹŁķŜØĸƊȬţǹóŁĸţěùýşØŪěŁĸǹŁĐǹØĸùǹ
ýĸđØđýķýĸŪǹƄěŪĘǹěŪţǹţŪØĮýĘŁıùýşţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýţǹǓǓǹ
ŪŁǹǓǘǹØĸùǹěĸǹŪĘýǹŁķŜØĸƊȬţǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪǹŁĸǹŜØđýţǹ
ǐǐǗǹŪŁǹǐǐǘǿ
June July August September October November December
– ŁØşùǹķýýŪěĸđ
– ůùěŪǹŁķķěŪŪýý
– ^ŁķěĸØŪěŁĸǹ
ŁķķěŪŪýýǹ
– ýķůĸýşØŪěŁĸǹ
ŁķķěŪŪýý
– Board Strategy
Day
– ŁØşùǹķýýŪěĸđ
– ůùěŪǹŁķķěŪŪýý
– ^ŁķěĸØŪěŁĸǹ
ŁķķěŪŪýý
– ýķůĸýşØŪěŁĸ
– ŁķķěŪŪýý
– ^ýƄǹɏǖǔǹķěııěŁĸǹ
ůĸţýóůşýùǹŪýşķǹ
loan
– ǑǏǑǓǹěĸŪýşěķǹ
results
– ǑǏǑǓǹěĸŪýşěķǹ
results analyst
presentation
– ^ýƄǹ^Łĸț
ýƉýóůŪěƃýǹ
"ěşýóŪŁşǹ
Madeleine
ŁţđşØƃýǹĪŁěĸţǹ
ĐşŁķǹǐǹůđůţŪ
– ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǹ
Charlotte Boyle
ţŪýŜţǹùŁƄĸǹĐşŁķǹ
ǒǐǹůđůţŪ
– ǑǏǑǓǹěĸŪýşěķǹ
şýţůıŪţǹşŁØùţĘŁƄ
– ^ýƄǹ^Łĸț
ýƉýóůŪěƃýǹ
"ěşýóŪŁşǹěØĸǹ
©ýţŪýşķØĸǹ
ĪŁěĸţǹĐşŁķǹǐǹ
ýŜŪýķòýş
– Sale of interest
ěĸǹWŁĸđķØşŪěĸǹ
ØţţŁóěØŪý
– ǑǏǑǓǹěĸŪýşěķǹ
óØţĘǹùěƃěùýĸùǹŁĐǹ
ǐǿǖǏǹŜýĸóýǹŜýşǹ
share paid
– şØùěĸđǹůŜùØŪý – ýLJĸØĸóěĸđǹŁĐǹ
ɏǒǏǏǹķěııěŁĸǹ
şýƃŁıƃěĸđǹóşýùěŪǹ
ĐØóěıěŪƊ
ĘýǹŁØşùǹØıţŁǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹĐşŁķǹķýķòýşţǹŁĐǹŪĘýǹ
&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹAýØùǹŁĐǹAǹŁĸǹýķŜıŁƊýýǹķØŪŪýşţȀǹ
ØĸùǹşýóýěƃýţǹůŜùØŪýţǹĐşŁķǹŪĘýǹ&ķŜıŁƊýýǹ&ĸđØđýķýĸŪǹ9Łşůķǿǹ
"ůşěĸđǹǑǏǑǓȀǹØùùěŪěŁĸØıǹůŜùØŪýţǹƄýşýǹŜşŁƃěùýùǹØòŁůŪǹŪĘýǹ
ŁůŪóŁķýţǹŁĐǹŪĘýǹLJşţŪǹýķŜıŁƊýýǹţůşƃýƊǹţěĸóýǹŪĘýǹķýşđýşǿ
ýŪØěıǹţĘØşýĘŁıùýşţǹķØƊǹşØěţýǹŞůýţŪěŁĸţǹŪĘşŁůđĘǹŪĘýǹŁķŜØĸƊǹ
ýóşýŪØşƊǹòƊǹýķØěıǹŪŁǹóŁţýóȹţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǿ
Corporate website
fůşǹóŁşŜŁşØŪýǹƄýòţěŪýǹȡĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȢǹ
đěƃýţǹƃěţěŪŁşţǹØóóýţţǹŪŁǹŁķŜØĸƊǹěĸĐŁşķØŪěŁĸȀǹØĸĸůØıǹşýŜŁşŪţȀǹ
şýţůıŪţǹŜşýţýĸŪØŪěŁĸţǹØĸùǹƄýòóØţŪţǿǹĘýşýǹØşýǹØıţŁǹıěĸĮţǹŪŁǹ
ŁůşǺùýţŪěĸØŪěŁĸǹƄýòţěŪýţȀǹóŁĸŪØóŪǹùýŪØěıţǹĐŁşǹţĘØşýĘŁıùýşǹ
ýĸŞůěşěýţȀǹØĸùǹěĸĐŁşķØŪěŁĸǹØòŁůŪǹŁůşǹƄĘěţŪıýòıŁƄěĸđǹĘŁŪıěĸýǹ
ØĸùǺŁĸıěĸýǹŜŁşŪØıǿ
Annual General Meeting
ĘýǹǑǏǑǔǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđǹŁĐǹŪĘýǹŁķŜØĸƊǹƄěııǹòýǹ
ĘýıùǹŁĸǹǑǑǹ]ØƊǹǑǏǑǔǹØŪǹǐǐǿǒǏǹØķǹȡWŁĸùŁĸǹŪěķýȢǹØŪǹŪĘýǹWŁĸùŁĸǹ
ŁDžóýţǹŁĐǹAýşòýşŪǹķěŪĘǹ9şýýĘěııţǹWWǹȡŪĘýǹȩ:]ȪȢǿǹĘýǹ:]ǹ
ĸŁŪěóýǹƄěııǹòýǹěţţůýùǹŪŁǹţĘØşýĘŁıùýşţǹØŪǹıýØţŪǹǑǏǹƄŁşĮěĸđǹùØƊţǹ
òýĐŁşýǹŪĘýǹķýýŪěĸđȀǹØĸùǹƄěııǹØıţŁǹòýǹķØùýǹØƃØěıØòıýǹŁĸǹŪĘýǹ
ŁķŜØĸƊȬţǹƄýòţěŪýǿǹĘØşýĘŁıùýşţǹØşýǹşýŞůýţŪýùǹŪŁǹóĘýóĮǹ
ŪĘýǹƄýòţěŪýǹĐŁşǹŪĘýǹıØŪýţŪǹùýŪØěıţǹóŁĸóýşĸěĸđǹŪĘýǹǑǏǑǔǹ:]ǿǹ
ýŜØşØŪýǹşýţŁıůŪěŁĸţǹƄěııǹòýǹŜşŁŜŁţýùǹŁĸǹýØóĘǹěţţůýǹØĸùȀǹěĸǹ
ØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹǑǏǑǓǹ
ȡŪĘýǹȩǑǏǑǓǹŁùýȪȢȀǹýØóĘǹ"ěşýóŪŁşǹƄěııǺŁDŽýşǹŪĘýķţýıƃýţǹĐŁşǹ
ýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸȀǹØţǹşýıýƃØĸŪǿ
ĘØşýĘŁıùýşţǹØşýǹØùƃěţýùǹŪŁǹƃŁŪýǹěĸǹØùƃØĸóýǹŁĐǹŪĘýǹķýýŪěĸđȀǹ
ŜşěŁşǹŪŁǹŪĘýǹŜşŁƉƊǹùýØùıěĸýǹţýŪǹŁůŪǺěĸǺŪĘýǹ:]ǹĸŁŪěóýǿ
ĘØşýĘŁıùýşţǹķØƊǹţůòķěŪǹØĸƊǹŞůýţŪěŁĸţǹòƊǹţýĸùěĸđǹØĸǹ
ýķØěıǹŪŁǺóŁţýóȹţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǹØĸùǹØǹşýţŜŁĸţýǹ
ƄěııǺòýǺŜşŁƃěùýùǿ
ĘýǹşýţůıŪţǹŁĐǹŪĘýǹƃŁŪýţǹŁĸǹØııǹşýţŁıůŪěŁĸţǹƄěııǹòýǹ
ŜůòıěţĘýùǺŁĸǺŁůşǹƄýòţěŪýǹĐŁııŁƄěĸđǹŪĘýǹ:]ǿ
123Shaftesbury Capital PLC | 2024 Annual Report

ĘýǹŁØşùǹóŁķŜşěţýţǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹĘØěşķØĸȀǹŪƄŁǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹĐŁůşǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşţǿǹĘýşýǹěţǹóıýØşǹùěƃěţěŁĸǹòýŪƄýýĸǹ&ƉýóůŪěƃýǹØĸùǹ^Łĸț
ýƉýóůŪěƃýǹşýţŜŁĸţěòěıěŪěýţȀǹƄĘěóĘǹýĸţůşýţǹØóóŁůĸŪØòěıěŪƊǹØĸùǹ
ŁƃýşţěđĘŪǿǹĘýǹŁØşùǹĘØţǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹđŁƃýşĸØĸóýǹ
ŪĘşŁůđĘŁůŪǹŪĘýǹ:şŁůŜǹØĸùǹěţǹţůŜŜŁşŪýùǹòƊǹŪĘýǹŁķŜØĸƊǹ
ýóşýŪØşƊǹØĸùǹŪĘýǹ:ýĸýşØıǹŁůĸţýıǿǹĘýǹĘØěşķØĸǹØĸùǹ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹķýýŪǹşýđůıØşıƊǹƄěŪĘŁůŪǹŪĘýǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşţȀǹØĸùǹØŪǹıýØţŪǹŁĸóýǹØǹƊýØşǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ
ķýýŪǹƄěŪĘŁůŪǹŪĘýǹĘØěşķØĸǿ
ĘýǹŁØşùǹùýıýđØŪýţǹţŁķýǹŁĐǹěŪţǹşýţŜŁĸţěòěıěŪěýţǹŪŁǹŪĘýǹ
^ŁķěĸØŪěŁĸȀǹůùěŪǹØĸùǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýţǿǹǹùýţóşěŜŪěŁĸǹ
ŁĐǹŪĘýǹƄŁşĮǹŁĐǹŪĘýţýǹŁķķěŪŪýýţǹóØĸǹòýǹĐŁůĸùǹěĸǹŪĘýěşǹşýŜŁşŪţǹ
ŁĸǹŜØđýǹǐǑǖȀǹǐǒǑǹØĸùǹǐǒǗȀǹşýţŜýóŪěƃýıƊǿǹ
&ØóĘǹŁķķěŪŪýýǹĘØţǹěŪţǹŁƄĸǹŪýşķţǹŁĐǹşýĐýşýĸóýȀǹƄĘěóĘǹØşýǹ
ØƃØěıØòıýǹŁĸǹŁůşǹƄýòţěŪýǹØĸùǹşýƃěýƄýùǹØĸĸůØııƊȀǹØĸùǹØţţýţţýţǹ
ěŪţǹýDŽýóŪěƃýĸýţţǹýƃýşƊǹƊýØşǹØţǹŜØşŪǹŁĐǹŪĘýǹýƃØıůØŪěŁĸǹŜşŁóýţţǹ
ţýŪǹŁůŪǹŁĸǹŜØđýǹǐǒǐǿ
ĘýǹŁØşùǹØıţŁǹùýıýđØŪýţǹŁŜýşØŪěŁĸØıǹķØŪŪýşţǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ
ŁķķěŪŪýýȀǹýƉóýŜŪǹĐŁşǹóýşŪØěĸǹķØŪŪýşţǹƄĘěóĘǹØşýǹşýţýşƃýùǹ
ĐŁşǹŪĘýǹŁØşùǿǹĘýǹóĘýùůıýǹŁĐǹŁØşùǹýţŜŁĸţěòěıěŪěýţǹóØĸǹòýǹ
ØóóýţţýùǹŁĸǹŁůşǹƄýòţěŪýǿ
ĘýǹşŁıýţǹŁĐǹĘØěşķØĸȀǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ
"ěşýóŪŁşǹØşýǹţýŜØşØŪýıƊǹĘýıùȀǹƄýııǹùýLJĸýùȀǹţýŪǹŁůŪǹěĸǹƄşěŪěĸđǹØĸùǹ
şýđůıØşıƊǹşýƃěýƄýùǹòƊǹŪĘýǹŁØşùǿǹĘýǹŪýşķţǹŁĐǹşýĐýşýĸóýǹĐŁşǹ
ýØóĘǹşŁıýǹØşýǹØƃØěıØòıýǹŁĸǹŁůşǹƄýòţěŪýǿ
Division of responsibilities
The roles of Board members and the Executive Committee
ĘýǹĐŁııŁƄěĸđǹŪØòıýǹţýŪţǹŁůŪǹŪĘýǹĮýƊǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹýØóĘǹěĸùěƃěùůØıǹŁşǹđşŁůŜȁ
Positions Names Key responsibilities
Chairman RŁĸØŪĘØĸǹ^ěóĘŁııţ
ȟ WýØùěĸđǹŪĘýǹŁØşùǹěĸǹŪĘýǹóŁĸţěùýşØŪěŁĸȀǹóĘØııýĸđýȀǹţůŜŜŁşŪǹØĸùǹŁƃýşţěđĘŪǹŁĐǹ
ŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹØĸùǹěŪţǹěķŜıýķýĸŪØŪěŁĸȀǹØĸùǹķŁĸěŪŁşěĸđǹŪĘýǹ:şŁůŜȬţǹ
şěţĮǹŜşŁLJıýǿ
ȟ fƃýşţýýěĸđǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹØŪǹŪĘýǹŁØşùǹıýƃýıǿ
ȟ &ĸţůşěĸđǹýDŽýóŪěƃýǹıěĸĮţǹòýŪƄýýĸǹţĘØşýĘŁıùýşţȀǹŁŪĘýşǹţŪØĮýĘŁıùýşţȀǹŪĘýǹŁØşùǹ
Øĸùǹţýĸ죺ǹķØĸØđýķýĸŪǿ
Chief Executive DØĸǹAØƄĮţƄŁşŪĘ
ȟ "ýƃýıŁŜěĸđǹØĸùǹěķŜıýķýĸŪěĸđǹŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹØĸùǹóŁķķýşóěØıǹŁòĪýóŪěƃýţǿ
ȟ fƃýşţýýěĸđǹŪĘýǹLJĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹ
óŁķķůĸěóØŪěŁĸǹƄěŪĘǹŪĘýǹŁØşùȀǹýķŜıŁƊýýţǹØĸùǹŁŪĘýşǹţŪØĮýĘŁıùýşţǿ
ȟ fƃýşţýýěĸđǹŪĘýǹţĮěııţȀǹùěƃýşţěŪƊȀǹķØĸØđýķýĸŪǹùýƃýıŁŜķýĸŪǹØĸùǹţůóóýţţěŁĸǹŁĐǹŪĘýǹ
:şŁůŜȬţǹýķŜıŁƊýýţǿ
Chief Financial
fDžóýş
Situl Jobanputra
ȟ ©ŁşĮěĸđǹóıŁţýıƊǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹěĸǹùýƃýıŁŜěĸđǹØĸùǹěķŜıýķýĸŪěĸđǹŪĘýǹ
ŁķŜØĸƊȬţǹţŪşØŪýđƊȀǹØĸùǹŁƃýşţýýěĸđǹóØŜěŪØıǹØııŁóØŪěŁĸȀǹěĸƃýţŪķýĸŪǹØĸùǹĮýƊǹ
ŪşØĸţØóŪěŁĸţǿ
ȟ şŁƃěùěĸđǹLJĸØĸóěØıǹıýØùýşţĘěŜȀǹùýƃýıŁŜěĸđǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹØĸùǹLJĸØĸóěØıǹ
ţŪşØŪýđƊȀǹØĸùǹķØĸØđěĸđǹŪĘýǹŁķŜØĸƊȬţǹóØŜěŪØıǹţŪşůóŪůşýǿ
ȟ ýţŜŁĸţěòıýǹĐŁşǹLJĸØĸóěØıǹşýŜŁşŪěĸđȀǹLJĸØĸóěØıǹŜıØĸĸěĸđǹØĸùǹØĸØıƊţěţȀǹěĸƃýţŪŁşǹ
şýıØŪěŁĸţȀǹŪşýØţůşƊȀǹŪØƉǹØĸùǹDǹĐůĸóŪěŁĸţǿ
Non-executive
Directors
ěóĘØşùǹĮýşţ
Ruth Anderson
]ØùýıýěĸýǹŁţđşØƃý
ěØĸǹ©ýţŪýşķØĸ
ȟ şŁƃěùěĸđǹóŁĸţŪşůóŪěƃýǹóĘØııýĸđýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹķŁĸěŪŁşěĸđǹŪĘýǹ
ùýıěƃýşƊǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹƄěŪĘěĸǹŪĘýǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ
óŁĸŪşŁıǹĐşØķýƄŁşĮţǹţýŪǹòƊǹŪĘýǺŁØşùǿ
Executive
Committee
DØĸǹAØƄĮţƄŁşŪĘ
Situl Jobanputra
]ěóĘýııýǹ]ó:şØŪĘ
ĸùşýƄǹşěóý
ȟ ©ŁşĮěĸđǹŁĸǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹŜıØĸǿ
ȟ ]ŁĸěŪŁşěĸđǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØĸùǹşýƃěýƄěĸđǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǿ
ȟ ýƃěýƄěĸđǹØĸùǹŜşěŁşěŪěţěĸđǹşýţŁůşóěĸđǹěĸǹŪĘýǹ:şŁůŜǿ
ȟ ŁĸţěùýşěĸđǹķØŪŪýşţǹşýĐýşşýùǹĐşŁķǹòýıŁƄǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿ
ııǹ"ěşýóŪŁşţǹĘØƃýǹØóóýţţǹŪŁǹŪĘýǹØùƃěóýǹØĸùǹţýşƃěóýţǹŁĐȁ
Positions Names Key responsibilities
Company Secretary ůŪĘǹØƃýƊ
ȟ ùƃěţěĸđǹŪĘýǹŁØşùǹŁĸǹóŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹķØŪŪýşţǹØĸùǹýĸţůşěĸđǹŪĘýǹţķŁŁŪĘǹ
LjŁƄǹŁĐǹěĸĐŁşķØŪěŁĸǹƄěŪĘěĸǹŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţȀǹØĸùǹòýŪƄýýĸǹţýĸ죺ǹ
ķØĸØđýķýĸŪǹØĸùǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ
General Counsel Alison Fisher
ȟ şŁƃěùěĸđǹıýđØıǹØùƃěóýǹØĸùǹđůěùØĸóýǹŪŁǹŪĘýǹŁØşùǿ
ȟ ýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǹŁĸǹóŁşŜŁşØŪýǹţýşƃěóýţǹØóŪěƃěŪěýţȀǹěĸóıůùěĸđǹAǹØĸùǹĘýØıŪĘǹ
and safety.
Corporate governance report
124 Shaftesbury Capital PLC | 2024 Annual Report

DĸùýŜýĸùýĸóýǹØĸùǹýDŽýóŪěƃýĸýţţ
DĸǹØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹǑǏǑǓǹŁùýȀǹØııǹ"ěşýóŪŁşţǹØşýǹţůòĪýóŪǹŪŁǹ
ØĸĸůØıǹýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸȀǹØţǹşýıýƃØĸŪȀǹØĸùǹØŪǹıýØţŪǹĘØıĐǹŪĘýǹ
ŁØşùȀǹýƉóıůùěĸđǹŪĘýǹĘØěşķØĸȀǹØşýǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşţǿǹĘýǹĘØěşķØĸǹƄØţǹěĸùýŜýĸùýĸŪǹŁĸǹØŜŜŁěĸŪķýĸŪǿ
ĘýǹŁØşùǹòýıěýƃýţǹŪĘØŪǹěŪǹØĸùǹěŪţǹŁķķěŪŪýýţǹĘØƃýǹŪĘýǹ
ØŜŜşŁŜşěØŪýǹóŁķòěĸØŪěŁĸǹŁĐǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹ
ŪŁǹýĸØòıýǹŪĘýķǹŪŁǹóØşşƊǹŁůŪǹŪĘýěşǹùůŪěýţǹýDŽýóŪěƃýıƊǿǹĘýǹ
^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹĮýýŜţǹŪĘýǹŪýĸůşýǹŁĐǹØııǹ"ěşýóŪŁşţȀǹŪĘýǹ
ýDŽýóŪěƃýĸýţţǹŁĐǹěĸùěƃěùůØıǹ"ěşýóŪŁşţȀǹØĸùǹŁØşùǹùěƃýşţěŪƊǹůĸùýşǹ
şýƃěýƄǿǹĘýǹŁØşùǹóŁĸţěùýşţǹØııǹŁůşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ
ŪŁǹòýǹěĸùýŜýĸùýĸŪǹØĸùǹĐşýýǹĐşŁķǹØĸƊǹòůţěĸýţţǹŁşǹŁŪĘýşǹ
şýıØŪěŁĸţĘěŜǹƄĘěóĘǹóŁůıùǹķØŪýşěØııƊǹěĸŪýşĐýşýǹƄěŪĘǹŪĘýǹ
ýƉýşóěţýǹŁĐǹŪĘýěşǹĪůùđýķýĸŪǿ
fůşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýķØěĸǹěĸùýŜýĸùýĸŪǹĐşŁķǹýƉýóůŪěƃýǹ
ķØĸØđýķýĸŪǹŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹŪĘýƊǹķýýŪǹşýđůıØşıƊǹƄěŪĘǹŪĘýǹ
ĘØěşķØĸǹŪŁǹØııŁƄǹŪĘýķǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹùěţóůţţǹŪĘýěşǹ
ƃěýƄţǹŜşěƃØŪýıƊǿ
ĘýǹŁØşùǹşýóŁđĸěţýţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹýØóĘǹ"ěşýóŪŁşǹòýěĸđǹ
ØòıýǹŪŁǹùýùěóØŪýǹţůDžóěýĸŪǹŪěķýǹŪŁǹýDŽýóŪěƃýıƊǹùěţóĘØşđýǹŪĘýěşǹ
ùůŪěýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǿǹĘýǹóŁķķěŪķýĸŪǹýƉŜýóŪýùǹěţǹ
óŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹŁĸǹýØóĘǹ"ěşýóŪŁşȬţǹØŜŜŁěĸŪķýĸŪǿ
©Ęýşýǹ"ěşýóŪŁşţǹŪØĮýǹŁĸǹØùùěŪěŁĸØıǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţȀǹ
ŪĘýţýǹØşýǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁØşùǹţůòĪýóŪǹŪŁǹţØŪěţĐØóŪěŁĸǹ
ŪĘØŪǹŪĘýǹŜØşŪěóůıØşǹ"ěşýóŪŁşǹĘØţǹţůDžóěýĸŪǹŪěķýǹŪŁǹóØşşƊǹŁůŪǹ
ŪĘýěşǹşýţŜŁĸţěòěıěŪěýţǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹŁķŜØĸƊǿǹĘýǹŁØşùǹ
ØŜŜşŁƃýùǹŪĘýǹØŜŜŁěĸŪţǹŁĐǹěŪůıǹRŁòØĸŜůŪşØǹØţǹØǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşǹŁĐǹ©AǹķěŪĘǺWǹØĸùǹŁĐǹěóĮØşùǹĮýşţǹØţǹŪĘýǹ
ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùǿ
The key responsibilities of Board members are set out in the table
on the page opposite.
125Shaftesbury Capital PLC | 2024 Annual Report

Gender Age
Board independence Ethnic group
Board composition as at 31 December 2024
Board skills and tenure as at 31 December 2024
Board skills
Leadership Real estate
Hospitality,
leisure, luxury,
fashion and retail
Environmental,
social and
community
Corporate
LJĸØĸóý
Accounting/
LJĸØĸóý
Fund
management/
LJĸØĸóěØıǹķØşĮýŪţ
DØĸǹAØƄĮţƄŁşŪĘ 9999999
Situl Jobanputra 9999999
RŁĸØŪĘØĸǹ^ěóĘŁııţ 99 999
ěóĘØşùǹĮýşţ 9999
Ruth Anderson 999 999
]ØùýıýěĸýǹŁţđşØƃý 999 9
ěØĸǹ©ýţŪýşķØĸ 9999
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŪýĸůşý
Year joined 2023 2024 2025 YTD
Length of time
(to 26 February 2025)
ĘØěşķØĸǺ
RŁĸØŪĘØĸǹ^ěóĘŁııţ
1
ǑǏǑǒ 2 years
Non-executive Directors
ěóĘØşùǹĮýşţ
1
ǑǏǑǒ 2 years
Ruth Anderson
1
ǑǏǑǒ 2 years
]ØùýıýěĸýǹŁţđşØƃý 2024 ǖǹķŁĸŪĘţǹ
ěØĸǹ©ýţŪýşķØĸ 2024 ǕǹķŁĸŪĘţ
1. ýLjýóŪěĸđǹŪĘýǹıýđØıǹţŪşůóŪůşýȀǹýƉŜØĸùýùǹŜŁşŪĐŁıěŁǹØĸùǹùěDŽýşýĸŪǹķØĸØđýķýĸŪǹŪýØķȀǹŪĘýǹŁØşùǹĘØţǹØđşýýùǹŪĘØŪǹýØóĘǹ"ěşýóŪŁşɻţǹŪýĸůşýǹţĘŁůıùǹòýǹóØıóůıØŪýùǹĐşŁķǹŪĘýǹùØŪýǹ
ŁĐǹŪĘýǹķýşđýşǹƄěŪĘǹĘØĐŪýţòůşƊǹWǿ
Male (4)
Female (3)
57.14% 42.86%
Asian/Asian-British (1)
White British or other white
(including minority-white groups) (6)
14.29% 85.71%
50-54 (1)
55-59 (2) 60-64 (2) 65+ (2)
14.29% 28.57% 28.57% 28.57%
Chairman (1)
Executive Directors (2) Non-executive Directors (4)
28.57% 57.14%14.29%
Board skills, experience and
background
Corporate governance report
126 Shaftesbury Capital PLC | 2024 Annual Report

Jonathan Nicholls
Chairman
Composition,
succession and
evaluation
Nomination Committee report
“During 2024 the Committee continued to focus
on the evolution of the Board, ensuring that
we have the right balance of diversity, skills
and experience following the post-merger
integration of the business.”
Dear Shareholder
On behalf of the Nomination Committee, I am pleased to
present our 2024 report.
Overview
During the year, we focused on the composition of the Board
following the integration of the business. The Committee has
also taken a keen interest in the development of our team
below Board level.
Continued evolution of the Board
As reported last year, following delivery of a number of post-
merger integration activities, it was decided that a smaller
ŁØşùǹƄŁůıùǹòýǹķŁşýǹýDŽýóŪěƃýǹØĸùǹşýLjýóŪěƃýǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ
ķŁƃýǹŪŁƄØşùţǹØǹķŁşýǹýDžóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ
During 2024, following the departure of three Non-executive
Directors in January, further consideration of the appropriate
balance of diversity, skills and experience for the Board, and
mindful of succession planning, it was agreed that two new
Non-executive Directors should be appointed, with experience
in the property, luxury or retail markets. The Committee
ØŜŜŁěĸŪýùǹýƉýóůŪěƃýǹţýØşóĘǹLJşķǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹ
to assist with the recruitment and, following a full process, we
were pleased to recommend the appointment of Madeleine
Cosgrave and Sian Westerman to the Board. Non-executive
Director Charlotte Boyle stepped down from the Board with
ýDŽýóŪǹĐşŁķǹǒǐǹůđůţŪǹǑǏǑǓǹĐŁııŁƄěĸđǹŪĘýǹØŜŜŁěĸŪķýĸŪǹŁĐǺěØĸǿ
Following these Board changes, I am pleased to report that
ǓǒǹŜýşǹóýĸŪǹŁĐǹŁůşǹŁØşùǹùěşýóŪŁşţǹØşýǹƄŁķýĸǿǹ©ýǹşýķØěĸǹ
óŁđĸěţØĸŪǹŁĐǹŪĘýǹWěţŪěĸđǹůıýţǹŪØşđýŪţǹĐŁşǹØŪǹıýØţŪǹŁĸýǹŁĐǹŪĘýǹ
roles of Chair, Senior Independent Director, Chief Executive
ØĸùǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹŪŁǹòýǹØǹĘýıùǹòƊǹØǹƄŁķØĸǹØĸùǹŪĘýǹ
Committee will include these targets in its consideration of
succession planning and the diversity, experience and skills
required for the Board.
Below-Board development, and
succession planning
"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹŁůşǹAýØùǹŁĐǹAǹ
ensured that the Committee was kept up to date on the
development and succession planning initiatives in place
below Board level. These have included a number of talent
and leadership development programmes which have
operated across the business.
DĸǹıěĸýǹƄěŪĘǹŪĘýǹıØŪýţŪǹØşĮýşǹýƃěýƄǹşýóŁķķýĸùØŪěŁĸţǹĐŁşǹ9&ǹ
ǒǔǏǹóŁķŜØĸěýţȀǹŪĘýǹŁķķěŪŪýýǹĘØţǹķØěĸŪØěĸýùǹěŪţǹŪØşđýŪǹĐŁşǹ
ǐǏǹŜýşǹóýĸŪǹŁĐǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹķýķòýşţǹØĸùǹŪĘýěşǹţýĸ죺ǹ
manager direct reports to identify with an ethnic minority
category by 2027. This target, and performance against it,
will be kept under review.
Jonathan Nicholls
Chairman of the Nomination Committee
ǑǕǹ9ýòşůØşƊǹǑǏǑǔ
127

Corporate governance report | Nomination Committee report
Nomination Committee at a glance
Nomination Committee members and meeting attendance
^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǒǹĘýıùȢ
Jonathan Nicholls (Chairman) ǒȌǒ Charlotte Boyle
2
ǑȌǑ
Richard Akers ǒȌǒ Helena Coles
3
ǏȌǏ
Ruth Anderson ǒȌǒ Anthony Steains
3
ǏȌǏ
Madeleine Cosgrave
1
ǐȌǐ Jennelle Tilling
3
ǏȌǏ
Sian Westerman
1
ǐȌǐ
ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ
ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǺķýýŪěĸđǿ
2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪƄŁǹķýýŪěĸđţǿ
ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ
to their departure.
Key responsibilities of the Committee
ȟ ]ŁĸěŪŁşţǹØĸùǹşýƃěýƄţǹŪĘýǹţŪşůóŪůşýȀǹţěƓýǹØĸùǹóŁķŜŁţěŪěŁĸǹȡěĸóıůùěĸđǹţĮěııţȀǹĮĸŁƄıýùđýȀǹýƉŜýşěýĸóýǹØĸùǹùěƃýşţěŪƊȢǹŁĐǹŪĘýǹ
Board and its Committees.
ȟ &ĸţůşýţǹŪĘØŪǹŪĘýşýǹØşýǹØŜŜşŁŜşěØŪýǹŜıØĸţǹěĸǹŜıØóýǹĐŁşǹŪĘýǹŁşùýşıƊǹØĸùǹýDŽýóŪěƃýǹţůóóýţţěŁĸǹŁĐǹŪĘýǹŁØşùǹØĸùǹţýĸ죺ǹķØĸØđýķýĸŪǿ
ȟ Oversees the development of a diverse pipeline for succession at Board and senior management levels.
ȟ UýýŜţǹ"ěşýóŪŁşţȬǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹěĸùýŜýĸùýĸóýǹůĸùýşǹóŁĸţěùýşØŪěŁĸǿ
ȟ Leads the process for Board appointments and makes recommendations to the Board.
ȟ ýƃěýƄţǹŪĘýǹŪěķýǹóŁķķěŪķýĸŪǹýƉŜýóŪýùǹĐşŁķǹ"ěşýóŪŁşţǿ
ȟ Oversees the Board evaluation process.
How the Committee operates
The Nomination Committee comprises Independent Non-executive Directors. At the beginning of the year, the members of
ŪĘýǹŁķķěŪŪýýǹƄýşýǹRŁĸØŪĘØĸǹ^ěóĘŁııţǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹěóĘØşùǹĮýşţȀǹůŪĘǹĸùýşţŁĸȀǹĘØşıŁŪŪýǹŁƊıýȀǹ
Helena Coles, Anthony Steains and Jennelle Tilling. Helena Coles, Anthony Steains and Jennelle Tilling stepped down from
ŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹ
ŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹ
ǑǏǑǓǹØĸùǹǐǺýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ
ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿ
DĸùýŜýĸùýĸŪǹýƉýóůŪěƃýǹţýØşóĘǹLJşķţǹØşýǹýĸđØđýùǹŪŁǹØţţěţŪǹěĸǹ&ƉýóůŪěƃýǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹ
ØĸùǹØŜŜŁěĸŪķýĸŪǹŜşŁóýţţýţȀǹØţǹØŜŜşŁŜşěØŪýǿǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹƄØţǹýĸđØđýùǹØţǹŪĘýǹýƉŪýşĸØıǹţýØşóĘǹØđýĸóƊǹŪŁǹ
ØţţěţŪǹƄěŪĘǹŪĘýǹşýóşůěŪķýĸŪǹŁĐǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØŜŜŁěĸŪýùǹùůşěĸđǹŪĘýǹƊýØşǿǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹĘØţǹĸŁǹ
connection with the Company or any individual Director, other than to assist with the Non-executive Director recruitment
process.
DĸǹķØĮěĸđǹşýóŁķķýĸùØŪěŁĸţǹŪŁǹŪĘýǹŁØşùǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹØŜŜŁěĸŪķýĸŪţȀǹŪĘýǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹţŜýóěLJóØııƊǹ
considers the expected time commitment of the proposed Non-executive Director, against the other commitments that they
already have external to the Company. Agreement of the Board is also required before a Director may accept any additional
óŁķķěŪķýĸŪţǿǹĘěţǹěţǹŪŁǹýĸţůşýǹŪĘØŪǹŜŁţţěòıýǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪǹØşýǹěùýĸŪěLJýùǹØĸùǹŪĘØŪǹ"ěşýóŪŁşţǹƄěııǹóŁĸŪěĸůýǹŪŁǹĘØƃýǹ
ţůDžóěýĸŪǹŪěķýǹŪŁǹùýƃŁŪýǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹØDŽØěşţǿ
All Directors are subject to annual election or re-election, as relevant, in accordance with the 2024 UK Corporate Governance
Code. The Committee considers the skills, knowledge and level of performance of all Directors before making its
recommendation to the Board.
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýDŽýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ
128 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Director recruitment process
The Committee considers Board composition and
determines desired skills and experience
ǹŜýşţŁĸǹţŜýóěLJóØŪěŁĸǹěţǹŜşýŜØşýùǹ
ĸǹýƉýóůŪěƃýǹţýØşóĘǹLJşķǹěţǹØŜŜŁěĸŪýùǹ
ǹţĘŁşŪıěţŪǹŁĐǹóØĸùěùØŪýţǹěţǹěùýĸŪěLJýùǹ
The Chairman and Chief Executive meet with shortlisted
candidates and provide feedback to the Committee
All Directors are given the opportunity to meet the
preferred candidate
The Committee makes a formal recommendation to
the Board
A tailored induction is provided to the new Director
Director recruitment, induction and
development
Our recruitment process for new Non-executive Directors
is set out in the graphic to the right. On joining the Board,
we provide an induction programme for each new Director,
ƄĘěóĘǹěţǹŪØěıŁşýùǹùýŜýĸùěĸđǹŁĸǹŪĘýǹěĸùěƃěùůØıȬţǹýƉŜýşěýĸóýǹØĸùǹ
expected role on the Board. Our induction programmes include
individual meetings with the Chairman, Executive Directors,
General Counsel, Company Secretary and members of senior
management, together with participation in site tours and
ķýýŪěĸđţǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹØùƃěţýşţȀǹƄĘěóĘǹķØƊǹěĸóıůùýǹŪĘýǹ
internal and external auditors, brokers, valuers and lawyers.
We also provide copies of past Board papers and access to
a reference library which includes corporate information and
ŜŁıěóěýţȀǹěĸĐŁşķØŪěŁĸǹŁĸǹùěşýóŪŁşţȬǹùůŪěýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǹ
and other useful materials.
The Chairman and the Committees together ensure that
Directors keep their skills and knowledge up to date, to allow
ŪĘýķǹŪŁǹĐůıLJıǹŪĘýěşǹşŁıýţǹŁĸǹŪĘýǹŁØşùǹØĸùǹŁķķěŪŪýýţǿǹĘýǹ
General Counsel and Company Secretary regularly update
the Board on legal and corporate governance matters.
"ěşýóŪŁşţǹØşýǹşýŞůěşýùǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹŁķŜØĸƊȬţǹ
mandatory training modules, and information on other training
opportunities and seminars is circulated to Directors. Directors
ØıţŁǹşýóýěƃýǹŜýşěŁùěóǹòşěýLJĸđţǹĐşŁķǹýƉŪýşĸØıǹØùƃěţýşţȀǹØĸùǹ
"ěşýóŪŁşţǹķØƊǹŪØĮýǹěĸùýŜýĸùýĸŪǹØùƃěóýǹØŪǹŪĘýǹŁķŜØĸƊȬţǹ
expense where they feel this appropriate.
Diversity and inclusion
The Board recognises that diversity of experience and
ŜýşţŜýóŪěƃýǹóØĸǹòşěĸđǹòýĸýLJŪţǹØóşŁţţǹŪĘýǹòůţěĸýţţǿ
ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŁØşùǹ"ěƃýşţěŪƊǹØĸùǹDĸóıůţěŁĸǹŁıěóƊǹØıěđĸţǹ
ƄěŪĘǹŪĘýǹŁķķěŪŪýýȬţǹØěķǹŁĐǹýĸţůşěĸđǹŪĘØŪǹŪĘýǹŁØşùǹĘØţǹŪĘýǹşěđĘŪǹ
ķěƉǹŁĐǹţĮěııţǹØĸùǹýƉŜýşěýĸóýǹŪŁǹùýıěƃýşǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ
ţŪşØŪýđƊȀǹØĸùǹşýLjýóŪţǹŪĘýǹŁØşùȬţǹƃěýƄǹŁĐǹŪĘýǹòýĸýLJŪţǹŁĐǹùěƃýşţěŪƊǹ
which encompasses diversity in the broadest sense, i.e. not just
of gender or ethnicity, but also experience and skills.
Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹǓǒǹŜýşǹóýĸŪǹŁĐǹŁůşǹŁØşùǹƄýşýǹƄŁķýĸȀǹ
and we had one Director from a minority ethnic background.
Whilst our Audit Committee is chaired by a woman, our senior
Board positions are held by men. The Board considers that
quotas are not appropriate in determining its composition and
has, therefore, chosen not to set formal targets; however, it
keeps diversity under consideration in all aspects of Board
composition, including the Committees and senior Board
ŜŁţěŪěŁĸţȀǹØĸùǹěţǹóŁĸţóěŁůţǹŁĐǹŪĘýǹWěţŪěĸđǹůıýǹŪØşđýŪţǹěĸǹķØĮěĸđǹ
all Board appointments.
In conducting searches, the Nomination Committee works
with executive search consultants that are required to provide
a diverse selection of candidates for Board appointments,
taking into account our Diversity and Inclusion Policy and the
WěţŪěĸđǹůıýţǹŪØşđýŪţȀǹƄěŪĘǹţýıýóŪěŁĸǹòØţýùǹůŜŁĸǹķýşěŪȀǹŁòĪýóŪěƃýǹ
criteria and alignment with our values.
Below Board level, we are proud that we have strong
representation from female employees across the business,
which has been recognised in the latest FTSE Women Leaders
şýƃěýƄǿǹfůşǹŪýØķǹěţǹǕǒǹŜýşǹóýĸŪǹĐýķØıýǹØĸùǹǔǓǹŜýşǹóýĸŪǹŁĐǹŁůşǹ
senior management are female. Whilst all appointments are
made on merit and based on objective criteria, we recognise
that diversity includes, but is not limited to, gender, and we can
do more to promote wider diversity. This is an area on which
we will continue to focus.
Initiatives we support to promote diversity within the real estate
sector include:
ȟ òýěĸđǹØǹķýķòýşǹŁĐǹýØıǹ&ţŪØŪýǹØıØĸóýȀǹØĸùǹěŪţǹ^ýƉŪ:ýĸǹ
Committee, whose objective is to achieve a better gender
balance at board and executive management level in the real
estate industry, by supporting the development of a female
talent pipeline across the sector; and
ȟ being a corporate sponsor of Freehold, and a member of
ěĸěŪěØŪěƃýţǹěĸóıůùěĸđǹòěıěŪƊ&ȀǹŪĘýǹşěŪěţĘǹşŁŜýşŪƊǹ9ýùýşØŪěŁĸǹ
Diversity & Inclusion Champions network and the Business
Disability Forum.
Looking ahead, the Nomination Committee will continue to
develop and monitor succession plans at both Board and
senior management level, and keep under review both the
diversity of, and development programmes for, our talented team.
129Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Executive Committee (excluding
the Executive Directors)
45%
55%
Male (10)
Female (12)
63%
37%
Male (37)
Female (64)
50% 50%
Male (1)
Female (1)
Direct reports into
Executive Committee
All employees
Gender diversity as at 31 December 2024
Sex or gender identity of Board and Executive Committee as at 31 December 2024
1
Number
of Board
members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chairman)
Number in
executive
management
(ExCo)
Percentage
of executive
management
(ExCo)
Men 4 ǔǖɬ 4 ǒ ǖǔɬ
Women ǒ Ǔǒɬ 0 ǐ Ǒǔɬ
Other categories 0 Ǐɬ 00Ǐɬ
^ŁŪǹţŜýóěLJýùȌŜşýĐýşǹĸŁŪǹŪŁǹţØƊ 0 Ǐɬ 00Ǐɬ
Ethnic background of Board and Executive Committee as at 31 December 2024
1
Number
of Board
members
Percentage
of the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chairman)
Number in
executive
management
(ExCo)
Percentage
of executive
management
(ExCo)
White British or other white
ȡěĸóıůùěĸđǹķěĸŁşěŪƊțƄĘěŪýǹđşŁůŜţȢ
6 ǗǕɬ ǒ ǒ ǖǔɬ
]ěƉýùȌķůıŪěŜıýǹýŪĘĸěóǹđşŁůŜţ 0 Ǐɬ 00Ǐɬ
ţěØĸȌţěØĸǹşěŪěţĘ ǐ ǐǓɬ ǐ ǐ Ǒǔɬ
ıØóĮȌĐşěóØĸȌØşěòòýØĸȌ
Black British
0 Ǐɬ 00Ǐɬ
Other ethnic group, including Arab 0 Ǐɬ 00Ǐɬ
^ŁŪǹţŜýóěLJýùȌŜşýĐýşǹĸŁŪǹŪŁǹţØƊ 0 Ǐɬ 00Ǐɬ
ǐǿǹ "ØŪØǹţýıĐțşýŜŁşŪýùǹØđØěĸţŪǹŪĘýǹóØŪýđŁşěýţǹţýŪǹŁůŪǹěĸǹUWǹǕǹĸĸýƉǹǐǿ
Corporate governance report | Nomination Committee report
130 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Actions from the 2024
Board evaluation
The operation of the Board was rated highly in almost
all areas. Great progress had been made since the
ķýşđýşǹěĸǹǑǏǑǒȀǹƄěŪĘǹŪĘýǹùýƃýıŁŜķýĸŪǹŁĐǹØǹŜŁţěŪěƃýǹ
Board culture. The dynamic was expected to develop
further following the recent Non-executive Director
appointments. Agreed actions included:
ýƃěýƄǹţŪØĮýĘŁıùýşǹşýŜŁşŪěĸđǹŪŁǹýĸţůşýǹŪĘýǹŁØşùǹ
receives a balanced overview
Consider the introduction of strategic
ůŜùØŪýǹòşěýLJĸđţǹùůşěĸđǹŪĘýǹƊýØş
ýƃěýƄǹŁØşùǹķØŪýşěØıţǹŪŁǹýĸţůşýǹţůóóěĸóŪȀǹ
clear reporting
2024 Board evaluation
The Chairman and Company Secretary considered
the approach to be taken and recommended that an
internal evaluation be undertaken, facilitated
by the Senior Independent Director and the
Company Secretary
The Nomination Committee approved the proposed
timing and overall approach
Each Director who had served on the Board from the
beginning of the year completed a questionnaire about
the operation of the Board and its Committees
Individual interviews were held with each Director
A report was prepared by the Senior Independent
"ěşýóŪŁşǹØĸùǹŁķŜØĸƊǹýóşýŪØşƊȂǹěŪţǹLJĸùěĸđţǹƄýşýǹ
considered by the Board and a number of actions
were agreed
ěóĘØşùǹĮýşţǹØţǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹ
óŁķŜıýŪýùǹØǹşýƃěýƄǹŁĐǹŪĘýǹĘØěşķØĸȬţǹŜýşĐŁşķØĸóý
Our Board evaluation process
In accordance with the recommendations of the UK Corporate
:ŁƃýşĸØĸóýǹŁùýǹǑǏǐǗǹØĸùǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹ
ŁùýǹǑǏǑǓǹƄýǹůĸùýşŪØĮýǹØǹşýƃěýƄǹŁĐǹŪĘýǹýDŽýóŪěƃýĸýţţǹŁĐǹ
ŪĘýǹŁØşùȬţǹŜýşĐŁşķØĸóýǹØĸùǹŪĘØŪǹŁĐǹěŪţǹŁķķěŪŪýýţǹØĸùǹ
Directors every year, with an external evaluation held at least
every three years. As an external evaluation of the Board, its
ŁķķěŪŪýýţǹØĸùǹěĸùěƃěùůØıǹ"ěşýóŪŁşţǹƄØţǹůĸùýşŪØĮýĸǹěĸǹǑǏǑǒȀǹ
it was decided that an internal evaluation would be undertaken
ěĸǹǑǏǑǓȀǹĐØóěıěŪØŪýùǹòƊǹěóĘØşùǹĮýşţȀǹŁůşǹýĸ죺ǹDĸùýŜýĸùýĸŪǹ
Director, and the Company Secretary. The evaluation also
óŁĸţěùýşýùǹŪĘýǹýDŽýóŪěƃýĸýţţǹŁĐǹěĸùěƃěùůØıǹ"ěşýóŪŁşţȀǹƄěŪĘǹ
feedback given to Directors by the Chairman of the Board,
ØĸùǹĐýýùòØóĮǹđěƃýĸǹŪŁǹŪĘýǹĘØěşķØĸǹòƊǹěóĘØşùǹĮýşţǹØţǹ
Senior Independent Director, at the end of the process. In
accordance with our three-year cycle, it is expected that an
internal performance evaluation will also be undertaken for
ŪĘýǹƊýØşǹýĸùěĸđǹǒǐǹ"ýóýķòýşǹǑǏǑǔǿ
Progress against actions from the 2023
Board evaluation
Agreed actions
Consideration of the skills required for the Board in
connection with succession planning
Continued focus on succession and talent development
DĸóşýØţýùǹşýŜŁşŪěĸđǹŁĸǹĸŁĸțLJĸØĸóěØıǹķýŪşěóţ
Non-executive Directors to meet at the end of scheduled
Board meetings
Our progress
ǹ ýƃěýƄǹóŁķŜıýŪýùǹØĸùǹĸýƄǹØŜŜŁěĸŪķýĸŪţǹķØùý
The Board continues to focus on these areas
ǹ ĘýǹŁØşùǹĘØţǹØđşýýùǹĸŁĸțLJĸØĸóěØıǹUDţ
The Board has, instead, held a number of Board-only
dinners, and Committee-only sessions are held in advance
of Committee meetings
131Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Ruth Anderson
Chairman
Audit, risk and
internal controls
Audit Committee report
“The Committee’s role is to oversee the
:şŁůŜȬţǹLJĸØĸóěØıǹşýŜŁşŪěĸđȀǹţƊţŪýķţǹŁĐǹşěţĮǹ
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ěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪǹşýıØŪěŁĸţĘěŜţǿȪ
"ýØşǹĘØşýĘŁıùýş
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9ŁııŁƄěĸđǹŪĘýǹŁķķěŪŪýýȬţǹóŁĸţěùýşØŪěŁĸǹØĸùǹóĘØııýĸđýȀǹƄýǹ
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ůĸùýşŪØĮýĸǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹŁķŜØĸƊǹěţǹşýØùƊǹŪŁǹşýŜŁşŪǹŁĸǹ
şŁƃěţěŁĸǹǑǘǹŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȀǹ
ƄĘěóĘǹşýıØŪýţǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ
óŁĸŪşŁıţǹĐşØķýƄŁşĮȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹ
òýđěĸĸěĸđǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǕǿ
Ruth Anderson
ĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹ
ǑǕǹ9ýòşůØşƊǹǑǏǑǔ
Corporate governance report
132

Audit Committee members and meeting attendance
^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǓǹĘýıùȢ
Ruth Anderson (Chairman) 4/4 Charlotte Boyle
2
ǒȌǒ
Richard Akers 4/4 Helena Coles
3
0/0
Madeleine Cosgrave
1
ǐȌǐ Anthony Steains
3
0/0
Sian Westerman
1
ǐȌǐ Jennelle Tilling
3
0/0
ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ
ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǹķýýŪěĸđǿ
Ǒǿǹ ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪĘşýýǹķýýŪěĸđţǿ
ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ
ŪŁǹŪĘýěşǹùýŜØşŪůşýǿ
Key responsibilities of the Committee
ȟ ]ŁĸěŪŁşţǹŪĘýǹěĸŪýđşěŪƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹLJĸØĸóěØıǹşýŜŁşŪěĸđǹØĸùǹţØŪěţLJýţǹěŪţýıĐǹŁĸǹţěđĸěLJóØĸŪǹØóóŁůĸŪěĸđǹĪůùđýķýĸŪţȀǹ
ØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţǹķØùýǹòƊǹķØĸØđýķýĸŪǿ
ȟ ùƃěţýţǹŪĘýǹŁØşùǹŁĸǹƃØşěŁůţǹţŪØŪýķýĸŪţǹķØùýǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪȀǹěĸóıůùěĸđǹŪĘŁţýǹŁĸǹƃěØòěıěŪƊȀǹđŁěĸđǹóŁĸóýşĸȀǹşěţĮţǹØĸùǹ
óŁĸŪşŁıţǹØĸùǹƄĘýŪĘýşȀǹƄĘýĸǹşýØùǹØţǹØǹƄĘŁıýȀǹŪĘýǹĸĸůØıǹýŜŁşŪǹěţǹĐØěşȀǹòØıØĸóýùǹØĸùǹůĸùýşţŪØĸùØòıýǹØĸùǹŜşŁƃěùýţǹŪĘýǹ
ěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹØţţýţţǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹţŪşØŪýđƊǿ
ȟ ýƃěýƄţǹŪĘýǹƄŁşĮǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţǿ
ȟ fƃýşţýýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹóŁĸţěùýşţǹŪĘýěşǹşýØŜŜŁěĸŪķýĸŪȀǹşýŜŁşŪţǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýěşǹ
ŜýşĐŁşķØĸóýȀǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýȀǹƄĘěóĘǹěĸóıůùýţǹŪĘýǹıýƃýıǹŁĐǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸțØůùěŪǹţýşƃěóýţǹØĸùǹĐýýţǿ
ȟ fƃýşţýýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹóŁĸţěùýşţǹŪĘýěşǹşýØŜŜŁěĸŪķýĸŪȀǹşýŜŁşŪţǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýěşǹ
ŜýşĐŁşķØĸóýȀǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýǿ
ȟ ýƃěýƄţǹŪĘýǹŁķŜØĸƊȬţǹţƊţŪýķţǹŁĐǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıȀǹěĸóıůùěĸđǹLJĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹØĸùǹ
óŁķŜıěØĸóýǹóŁĸŪşŁıţǿ
ȟ ýƃěýƄţǹŪĘýǹŁķŜØĸƊȬţǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊǹØĸùǹŜşŁóýùůşýţǿ
ȟ ýƃěýƄţǹŪĘýǹşýŜŁşŪěĸđǹŁĐǹŪĘýǹ:şŁůŜȬţǹLJĸØĸóěØıǹƊýØşǹýĸùǹđşýýĸĘŁůţýǹđØţǹØĸùǹýĸƃ캣ĸķýĸŪØıǹùØŪØǹùěţóıŁţůşýţǹØĸùǹěŪţǹ
9"ǹùěţóıŁţůşýţǿ
How the Committee operates
ĘýǹůùěŪǹŁķķěŪŪýýǹóŁķŜşěţýţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹŪǹŪĘýǹòýđěĸĸěĸđǹŁĐǹŪĘýǹƊýØşȀǹŪĘýǹķýķòýşţǹŁĐǹŪĘýǹ
ŁķķěŪŪýýǹƄýşýǹůŪĘǹĸùýşţŁĸǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹěóĘØşùǹĮýşţȀǹĘØşıŁŪŪýǹŁƊıýȀǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹ
ŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǿǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹ
ŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹ
]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹ
ǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ
ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿǹůŪĘǹ
ĸùýşţŁĸȀǹØţǹØǹóĘØşŪýşýùǹØóóŁůĸŪØĸŪǹƄěŪĘǹķØĸƊǹƊýØşţǹŁĐǹţýĸ죺ǹLJĸØĸóěØıǹýƉŜýşěýĸóýȀǹţØŪěţLJýţǹŪĘýǹşýŞůěşýķýĸŪǹĐŁşǹØŪǹıýØţŪǹ
ŁĸýǹķýķòýşǹŁĐǹŪĘýǹŁķķěŪŪýýǹŪŁǹĘØƃýǹØŜŜşŁŜşěØŪýȀǹşýóýĸŪǹØĸùǹşýıýƃØĸŪǹLJĸØĸóěØıǹýƉŜýşěýĸóýǿ
"ůşěĸđǹŪĘýǹƊýØşȀǹØŪǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýȬţǹşýŞůýţŪȀǹØııǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţǹƄýşýǹØŪŪýĸùýùǹòƊǹŪĘýǹĘěýĐǹ
9ěĸØĸóěØıǹfDžóýşȀǹţýĸ죺ǹķýķòýşţǹŁĐǹŪĘýǹLJĸØĸóýǹŪýØķȀǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹƃØıůýşţǹØĸùǹŁŪĘýşǹ
ýƉŪýşĸØıǹØùƃěţýşţǿǹĘýǹĘØěşķØĸȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹķýķòýşţǹŁĐǹţýĸ죺ǹķØĸØđýķýĸŪȀǹØıţŁǹØŪŪýĸùýùǹØııǹŁşǹŜØşŪţǹ
ŁĐǹķýýŪěĸđţȀǹØţǹØŜŜşŁŜşěØŪýǿ
ĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýýŪţǹşýđůıØşıƊǹƄěŪĘǹŪĘýǹƃØıůýşţȀǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşȀǹƄěŪĘŁůŪǹ
ķØĸØđýķýĸŪǹŜşýţýĸŪȀǹŪŁǹùěţóůţţǹØĸƊǹķØŪŪýşţǹƄĘěóĘǹŪĘýƊǹķØƊǹƄěţĘǹŪŁǹşØěţýǿ
ĘşŁůđĘŁůŪǹŪĘýǹƊýØşȀǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýŪǹƄěŪĘǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹķýķòýşţǹŁĐǹţýĸ죺ǹ
ķØĸØđýķýĸŪȀǹØţǹØŜŜşŁŜşěØŪýȀǹŪŁǹŁòŪØěĸǹØǹđŁŁùǹůĸùýşţŪØĸùěĸđǹŁĐǹĮýƊǹěţţůýţǹØDŽýóŪěĸđǹŪĘýǹ:şŁůŜȀǹƄĘěóĘǹĘýıŜýùǹěĸǹĘýşǹŁƃýşţěđĘŪǹ
ŁĐǹŪĘýǹØđýĸùØǹØĸùǹùěţóůţţěŁĸǹØŪǹķýýŪěĸđţǿ
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýDŽýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ
Audit Committee at a glance
133Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report ɁǹůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ
ěđĸěLJóØĸŪǹØóóŁůĸŪěĸđǹķØŪŪýşţǹØĸùǹĮýƊǹØşýØţǹŁĐǹØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţ
ĘýǹķŁţŪǹţěđĸěLJóØĸŪǹLJĸØĸóěØıǹĪůùđýķýĸŪǹěĸǹŪĘýǹŜşýŜØşØŪěŁĸǹŁĐǹŪĘýǹØĸĸůØıǹşýŜŁşŪǹěţǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹěŪţǹĪŁěĸŪǹƃýĸŪůşýǹ
ŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹƄěŪĘǹĐůşŪĘýşǹùýŪØěıţǹýƉŜıØěĸýùǹòýıŁƄǿ
Subject Issue How the Audit Committee addressed the issue
¨ØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹěŪţǹĪŁěĸŪǹ
ƃýĸŪůşýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǿ
9ůşŪĘýşǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹØŜŜşŁØóĘǹ
ŪØĮýĸǹòƊǹŪĘýǹƃØıůýşţǹěĸǹƃØıůěĸđǹŪĘýǹ
ŜŁşŪĐŁıěŁǹØĸùǹØǹţýĸţěŪěƃěŪƊǹØĸØıƊţěţǹŁĸǹ
ýŞůěƃØıýĸŪǹƊěýıùţǹØĸùǹ&¨ǹØşýǹţýŪǹŁůŪǹ
ěĸǹĸŁŪýǹǐǑǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǿ
For more information on portfolio and
operating review: see pages 32 to 43.
ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹ
ěţǹØǹĮýƊǹùýŪýşķěĸØĸŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹ
&ǹ^ȀǹØţǹƄýııǹØţǹěĸùěşýóŪıƊǹ
ěķŜØóŪěĸđǹýƉýóůŪěƃýǹØĸùǹýķŜıŁƊýýǹ
şýķůĸýşØŪěŁĸǿ
ĘýǹƃØıůØŪěŁĸǹěţǹóŁĸùůóŪýùǹòƊǹ
ěĸùýŜýĸùýĸŪǹƃØıůýşţǿǹAŁƄýƃýşȀǹ
ƃØıůØŪěŁĸţǹØşýǹěĸĘýşýĸŪıƊǹţůòĪýóŪěƃýǹ
ØĸùǹşýŞůěşýǹţěđĸěLJóØĸŪǹýţŪěķØŪýţǹŪŁǹ
òýǹķØùýǹěĸóıůùěĸđȀǹòůŪǹĸŁŪǹıěķěŪýùǹŪŁȀǹ
ķØşĮýŪǹƊěýıùţȀǹ&¨ţǹØĸùǹƃŁěùǹŜýşěŁùţǿǹ
Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹ
ŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹ
ƄØţǹɏǔǿǏǹòěııěŁĸǿǹĘýǹ:şŁůŜȬţǹţĘØşýǹŁĐǹ
ŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹĘýıùǹěĸǹŪĘýǹĪŁěĸŪǹ
ƃýĸŪůşýǹƄØţǹɏǕǔǿǒǺķěııěŁĸǿ
ĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýŪǹŪĘýǹ
ƃØıůýşţȀǹƄěŪĘŁůŪǹķØĸØđýķýĸŪǹŜşýţýĸŪȀǹŪŁǹşýƃěýƄǹ
ŪĘýǹǒǏǹRůĸýǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƃØıůØŪěŁĸţǿǹ
DĸǹØùùěŪěŁĸǹůţĘķØĸǹȺǹ©ØĮýLJýıùǹØĸùǹ&Ȁǹ
ƃØıůýşţǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁȀǹŜşŁƃěùýùǹ
ùýŪØěıýùǹŜØŜýşţǹŪŁǹŪĘýǹŁķķěŪŪýýǹěĸǹØùƃØĸóýǹŁĐǹ
ŪĘýǹRůıƊǹØĸùǹ9ýòşůØşƊǹŁķķěŪŪýýǹķýýŪěĸđţǿǹĘýǹ
ƃØıůýşţǹØŪŪýĸùýùǹŪĘýţýǹŁķķěŪŪýýǹķýýŪěĸđţǹØĸùǹ
ŪĘýǹŁķķěŪŪýýǹƄØţǹØòıýǹŪŁǹùěţóůţţǹŪĘýěşǹŜØŜýşţǹ
ØĸùǹşØěţýǹŞůýţŪěŁĸţȀǹěĸóıůùěĸđǹØĸƊǹóĘØĸđýţǹěĸǹ
ķýŪĘŁùŁıŁđƊǹØşěţěĸđǹĐşŁķǹŪĘýǹşŁŪØŪěŁĸǹŁĐǹƃØıůýşǹ
ĐŁşǹŪĘýǹĐŁşķýşǹĘØĐŪýţòůşƊǹŁƃýĸŪǹ:ØşùýĸǹØţţýŪţǿ
ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹůĸùýşıƊěĸđǹ
ØţţůķŜŪěŁĸţǹůţýùǹěĸǹŪĘýǹƃØıůØŪěŁĸţǹØĸùǹ
ŞůýţŪěŁĸýùǹŪĘýǹƃØıůýşţǹŁĸǹĘŁƄǹŪĘýǹóĘØĸđěĸđǹ
ķØóşŁýóŁĸŁķěóǹØĸùǹěĸŪýşýţŪǹşØŪýǹýĸƃ캣ĸķýĸŪȀǹ
ØţǹƄýııǹØţǹýƃěùýĸóýǹŁĐǹıýØţěĸđǹŪşØĸţØóŪěŁĸţȀǹ
ĘØùǹěķŜØóŪýùǹŪĘýǹƃØıůØŪěŁĸţǿǹĘýǹŁķķěŪŪýýǹ
ØıţŁǹóŁĸţěùýşýùǹØĸØıƊţěţǹØĸùǹóŁķķýĸŪØşƊǹòƊǹ
ķØĸØđýķýĸŪǹØĸùǹØĸǹØţţýţţķýĸŪǹòƊǹŪĘýǹýƉŪýşĸØıǹ
ØůùěŪŁşǿǹ9ŁııŁƄěĸđǹŪĘýţýǹşýƃěýƄţȀǹŪĘýǹŁķķěŪŪýýǹ
óŁĸóıůùýùǹŪĘØŪǹŪĘýǹƃØıůýşţǹØşýǹŁòĪýóŪěƃýǹØĸùǹ
ěĸùýŜýĸùýĸŪȀǹŪĘØŪǹŪĘýǹƃØıůØŪěŁĸţǹĘØùǹòýýĸǹóØşşěýùǹ
ŁůŪǹØŜŜşŁŜşěØŪýıƊȀǹØĸùǹŪĘØŪǹŪĘýǹùěţóıŁţůşýţǹěĸǹ
şýţŜýóŪǹŁĐǹƃØıůØŪěŁĸţǹƄýşýǹţůěŪØòıýǹĐŁşǹěĸóıůţěŁĸǹ
ěĸǹŪĘýǹ:şŁůŜȬţǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǿ
DĸǹØùùěŪěŁĸǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹØĸùǹóĘØııýĸđýùǹØţǹ
ØŜŜşŁŜşěØŪýǹØǹĸůķòýşǹŁĐǹŁŪĘýşǹěŪýķţǹŪĘØŪǹěķŜØóŪýùǹŪĘýǹ:şŁůŜȬţǹ
LJĸØĸóěØıǹţŪØŪýķýĸŪţȀǹěĸóıůùěĸđȁ
ȟ ŪĘýǹØóóŁůĸŪěĸđǹŪşýØŪķýĸŪǹŁĐǹØóŞůěţěŪěŁĸţǹŁĐǹěĸƃýţŪķýĸŪǹ
ŜşŁŜýşŪěýţǹƃěØǹóŁşŜŁşØŪýǹƃýĘěóıýţǹØĸùǹùěţŜŁţØıǹŁĐǹěĸƃýţŪķýĸŪǹ
ŜşŁŜýşŪěýţȀǹěĸóıůùěĸđǹĘýıùǹĐŁşǹţØıýǹóıØţţěLJóØŪěŁĸȂ
ȟ ŪĘýǹØóóŁůĸŪěĸđǹŪşýØŪķýĸŪǹĐŁşǹŪĘýǹùěţŜŁţØıǹŁĐǹŁůşǹţĘØşýǹěĸǹŪĘýǹ
WŁĸđķØşŪěĸǹØţţŁóěØŪýȂ
ȟ đŁěĸđǹóŁĸóýşĸǹØĸùǹƃěØòěıěŪƊǹØţţýţţķýĸŪȂ
ȟ şěţĮǹØŜŜýŪěŪýǹØĸùǹŜşěĸóěŜØıǹşěţĮţȂ
ȟ ØţţýţţķýĸŪǹŁĐǹěĸŪýşĸØıǹóŁĸŪşŁıţǹØĸùǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ
:ŁƃýşĸØĸóýǹŁùýȂ
ȟ ůţýǹŁĐǹØıŪýşĸØŪěƃýǹŜýşĐŁşķØĸóýǹķýØţůşýţȂǹØĸù
ȟ ŪĘýǹşýóŁƃýşØòěıěŪƊǹØĸùǹóıØţţěLJóØŪěŁĸǹŁĐǹěĸƃýţŪķýĸŪǹěĸǹ:şŁůŜǹ
óŁķŜØĸěýţǹØĸùǹØķŁůĸŪţǹŁƄýùǹòƊǹţůòţěùěØşěýţǹƄěŪĘěĸǹŪĘýǹ
ØşýĸŪǹŁķŜØĸƊǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǿ
134 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Financial reporting
2024 Annual Report
Ęýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØƃýǹóŁĸLJşķýùǹŪĘØŪǹŪĘýƊǹØşýǹĸŁŪǹØƄØşýǹ
ŁĐǹØĸƊǹķØŪýşěØıǹķěţţŪØŪýķýĸŪţǹěĸǹŪĘýǹěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹ
ýŜŁşŪǿǹĘýǹýƉŪýşĸØıǹØůùěŪŁşǹóŁĸLJşķýùǹŪĘØŪǹěŪǹĐŁůĸùǹĸŁǹķØŪýşěØıǹ
ķěţţŪØŪýķýĸŪţǹěĸǹŪĘýǹóŁůşţýǹŁĐǹěŪţǹƄŁşĮǿ
ĐŪýşǹşýƃěýƄěĸđǹşýŜŁşŪţǹĐşŁķǹķØĸØđýķýĸŪȀǹØĸùǹĐŁııŁƄěĸđǹ
ùěţóůţţěŁĸţǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţȀǹŪĘýǹ
ŁķķěŪŪýýǹěţǹţØŪěţLJýùǹŪĘØŪȁ
ȟ ŪĘýǹŜşŁóýţţýţǹůţýùǹĐŁşǹùýŪýşķěĸěĸđǹŪĘýǹƃØıůýţǹŁĐǹØţţýŪţǹØĸùǹ
ıěØòěıěŪěýţǹĘØƃýǹòýýĸǹØŜŜşŁŜşěØŪýıƊǹşýƃěýƄýùǹØĸùǹóĘØııýĸđýùȀǹ
ØĸùǹƄýşýǹţůDžóěýĸŪıƊǹşŁòůţŪȂ
ȟ ŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹØŜŜşŁŜşěØŪýıƊǹØùùşýţţýùǹŪĘýǹ
ţěđĸěLJóØĸŪǹØţţůķŜŪěŁĸţǹØĸùǹĮýƊǹýţŪěķØŪýţȀǹòŁŪĘǹěĸǹşýţŜýóŪǹ
ŁĐǹŪĘýǹØķŁůĸŪţǹşýŜŁşŪýùǹØĸùǹŪĘýǹùěţóıŁţůşýţȂ
ȟ ŪĘýǹ:şŁůŜǹĘØţǹØùŁŜŪýùǹØŜŜşŁŜşěØŪýǹØóóŁůĸŪěĸđǹŜŁıěóěýţȂǹØĸù
ȟ ŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţǹşýķØěĸǹ
ěĸùýŜýĸùýĸŪǹØĸùǹŁòĪýóŪěƃýǹěĸǹŪĘýěşǹƄŁşĮǿ
Viability and going concern
ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹ:ŁěĸđǹŁĸóýşĸǹŪØŪýķýĸŪǹěĸǹŪĘýǹ
ěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹýŜŁşŪȀǹØĸùǹŪĘýǹ¨ěØòěıěŪƊǹŪØŪýķýĸŪǹěĸǹ
ŪĘýǹĸĸůØıǹýŜŁşŪǿ
For more information on viability and going concern: see page 58
and pages 75 to 76.
Fair, balanced and understandable
ĘýǹŁØşùǹØţǹØǹƄĘŁıýǹěţǹşýţŜŁĸţěòıýǹĐŁşǹùýŪýşķěĸěĸđǹƄĘýŪĘýşǹ
ŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǹěţǹĐØěşȀǹòØıØĸóýùǹØĸùǹůĸùýşţŪØĸùØòıýȀǹ
ØĸùǹŜşŁƃěùýţǹŪĘýǹěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹ
ØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹţŪşØŪýđƊǿǹ
ĘýǹŁØşùǹØţĮýùǹŪĘýǹŁķķěŪŪýýǹŪŁǹşýƃěýƄǹŪĘýǹùşØĐŪǹǑǏǑǓǹ
ĸĸůØıǹýŜŁşŪǹØĸùǹØùƃěţýǹŁĸǹƄĘýŪĘýşǹŪĘýţýǹşýŞůěşýķýĸŪţǹ
ĘØùǹòýýĸǹķýŪǿǹ
DĸǹůĸùýşŪØĮěĸđǹěŪţǹşýƃěýƄȀǹŪĘýǹŁķķěŪŪýýǹùěţóůţţýùǹØǹşýŜŁşŪǹ
ĐşŁķǹŪĘýǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹóŁƃýşěĸđǹŪĘýǹĸĸůØıǹýŜŁşŪǹ
ØĸùǹóŁĸţěùýşýùǹƄĘýŪĘýşǹŪĘýǹĸĸůØıǹýŜŁşŪȀǹŪØĮýĸǹØţǹØǹƄĘŁıýȁ
ȟ ýƉŜıØěĸýùǹĘŁƄǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹĘØùǹěķŜØóŪýùǹŪĘýǹ
:şŁůŜȬţǹŁŜýşØŪěŁĸţǹØĸùǹLJĸØĸóěØıǹţŪØŪýķýĸŪţȂ
ȟ ĘØùǹòýýĸǹŁŜýĸǹØĸùǹĘŁĸýţŪǹØòŁůŪǹŪĘýǹóĘØııýĸđýţȀǹ
ŁŜŜŁşŪůĸěŪěýţǹØĸùǹţůóóýţţýţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşȂ
ȟ ŜşŁƃěùýùǹóıýØşǹýƉŜıØĸØŪěŁĸţǹŁĐǹŁůşǹUDţǹØĸùǹĘŁƄǹŪĘýƊǹıěĸĮǹ
ŪŁǹŁůşǹţŪşØŪýđƊǹØĸùǹşýķůĸýşØŪěŁĸȂ
ȟ ýƉŜıØěĸýùǹŁůşǹòůţěĸýţţǹķŁùýıȀǹţŪşØŪýđƊǹØĸùǹØóóŁůĸŪěĸđǹ
ŜŁıěóěýţǹţěķŜıƊȀǹóıýØşıƊǹØĸùǹŜşýóěţýıƊȂ
ȟ ěĸóŁşŜŁşØŪýùǹóıýØşǹţěđĸŜŁţŪěĸđǹŪŁǹØùùěŪěŁĸØıǹěĸĐŁşķØŪěŁĸǹ
ƄĘýşýǹĸýóýţţØşƊȂ
ȟ ĘØùǹØǹóŁĸţěţŪýĸŪǹŪŁĸýǹŪĘşŁůđĘŁůŪȂǹ
ȟ ØŜŜşŁŜşěØŪýıƊǹşýLjýóŪýùǹƄĘØŪǹĘØùǹòýýĸǹşýŜŁşŪýùǹØĸùǹ
óŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşȂ
ȟ ŜşŁƃěùýùǹŪĘýǹĸýóýţţØşƊǹěĸĐŁşķØŪěŁĸǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹ
ØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹ
ţŪşØŪýđƊȂǹØĸù
ȟ ĘØùǹòýýĸǹƄşěŪŪýĸǹěĸǹţŪşØěđĘŪĐŁşƄØşùǹıØĸđůØđýȀǹƄěŪĘŁůŪǹ
ůĸĸýóýţţØşƊǹşýŜýŪěŪěŁĸǿǹ
fĸǹóŁķŜıýŪěŁĸǹŁĐǹěŪţǹşýƃěýƄȀǹŪĘýǹŁķķěŪŪýýǹěùýĸŪěLJýùǹĸŁǹ
ķØŪýşěØıǹóŁĸóýşĸţǹŪŁǹòýǹşØěţýùǹƄěŪĘǹŪĘýǹŁØşùȀǹØĸùǹóŁĸóıůùýùǹ
ŪĘØŪǹěŪǹƄØţǹţØŪěţLJýùǹŪĘØŪǹŪĘýǹĸĸůØıǹýŜŁşŪǹƄØţǹĐØěşȀǹòØıØĸóýùǹ
ØĸùǹůĸùýşţŪØĸùØòıýǹØĸùǹŜşŁƃěùýţǹŪĘýǹěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹ
ĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹ
ķŁùýıǹØĸùǹţŪşØŪýđƊǿ
Internal controls and risk
management
Risk, control and assurance
Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóĘØěşýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ
ýƃØıůØŪýţǹŪĘýǹ:şŁůŜȬţǹţŪşØŪýđěóǹØĸùǹýķýşđěĸđǹşěţĮţȀǹØţţŁóěØŪýùǹ
óŁĸŪşŁıţǹØĸùǹķěŪěđØŪěĸđǹØşşØĸđýķýĸŪţȀǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǹ
ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹĘýǹůùěŪǹŁķķěŪŪýýǹşýóýěƃýţǹşýđůıØşǹ
ůŜùØŪýţǹŁĸǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȬţǹóŁĸóıůţěŁĸţǿ
ţǹŜØşŪǹŁĐǹěŪţǹşýƃěýƄǹŁĐǹŪĘýǹóŁĸŪşŁıǹýĸƃ캣ĸķýĸŪȀǹŪĘýǹůùěŪǹ
ŁķķěŪŪýýǹóŁĸţěùýşţǹşýŜŁşŪţǹĐşŁķǹķØĸØđýķýĸŪȀǹŪĘýǹƄŁşĮǹ
ůĸùýşŪØĮýĸǹòƊǹýƉŪýşĸØıǹØùƃěţýşţǹØĸùǹĐýýùòØóĮǹĐşŁķǹŪĘýǹ
ěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪŁşţǿǹUýƊǹóŁĸŪşŁıǹŁòţýşƃØŪěŁĸţȀǹ
ýƉóýŜŪěŁĸţǹØĸùǹķØĸØđýķýĸŪǹØóŪěŁĸţǹØşýǹşýƃěýƄýùǹØĸùǹ
ùěţóůţţýùǿǹĘýǹŁķķěŪŪýýǹşýŜŁşŪţǹŪŁǹŪĘýǹŁØşùǹŁĸǹěŪţǹşýƃěýƄǹŁĐǹ
ŪĘýǹ:şŁůŜȬţǹţƊţŪýķţǹŁĐǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıţǿ
9ěĸùěĸđţǹĐşŁķǹŪĘýǹěĸŪýşĸØıǹØůùěŪǹşýƃěýƄţǹØĸùǹşýŜŁşŪţǹĐşŁķǹ
ŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹØĸùǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹ
ƄýşýǹŜşýţýĸŪýùǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùȀǹŁĸǹŪĘýǹòØţěţǹŁĐǹŪĘýţýǹ
şýŜŁşŪţȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹĮýƊǹóŁĸŪşŁıţǹŪŁǹòýǹ
ƄŁşĮěĸđǹýDŽýóŪěƃýıƊǿ
ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹĸýƄǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪţǹ
ŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǿǹ"ůşěĸđǹǑǏǑǔȀǹ
ŪĘýǹŁķķěŪŪýýǹƄěııǹýĸţůşýǹŪĘØŪǹěŪǹóŁķŜıěýţǹƄěŪĘǹŪĘýǹ9ȬţǹĸýƄǹ
Audit Committees and the External Audit: Minimum Standard
ŜůòıěóØŪěŁĸȀǹØĸùǹƄěııǹķŁĸěŪŁşǹŪĘýǹƄŁşĮǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹ
ýƃØıůØŪýǹŪĘýǹ:şŁůŜȬţǹěĸŪýşĸØıǹóŁĸŪşŁıǹØĸùǹşěţĮǹķØĸØđýķýĸŪǹ
ţƊţŪýķţǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹŁķŜØĸƊǹěţǹşýØùƊǹŪŁǹşýŜŁşŪǹŁĸǹ
şŁƃěţěŁĸǹǑǘǹŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȀǹ
ƄĘěóĘǹşýıØŪýţǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ
óŁĸŪşŁıţǹĐşØķýƄŁşĮȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹ
òýđěĸĸěĸđǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǕǿ
For more information on the Company’s risk management and
internal controls: see pages 59 to 61.
Internal audit
"fǹěţǹØŜŜŁěĸŪýùǹŪŁǹØóŪǹØţǹŪĘýǹŁķŜØĸƊȬţǹěĸŪýşĸØıǹØůùěŪŁşǿǹ
ǹLJƃýțƊýØşǹěĸŪýşĸØıǹØůùěŪǹŜıØĸǹĘØţǹòýýĸǹØđşýýùȀǹƄěŪĘǹùýŪØěıýùǹ
ŜıØĸţǹĐŁşǹýØóĘǹƊýØşǹŪŁǹýĸţůşýǹŪĘØŪǹĮýƊǹşěţĮǹØşýØţǹØşýǹ
ØŜŜşŁŜşěØŪýıƊǹóŁƃýşýùǹŁƃýşǹŪĘýǹLJƃýțƊýØşǹŜýşěŁùǿǹýƃěýƄţǹ
ůĸùýşŪØĮýĸǹěĸǹŪĘýǹƊýØşǹěĸóıůùýùǹŜŁţŪțķýşđýşǹđŁƃýşĸØĸóýȀǹ
ýƉŜýĸţýţȀǹşýĸŪǹóŁııýóŪěŁĸȀǹLJĸØĸóěØıǹķØĸØđýķýĸŪǹØĸùǹ
òůùđýŪØşƊǹóŁĸŪşŁıȀǹØóóŁůĸŪţǹŜØƊØòıýȀǹƃØıůØŪěŁĸţȀǹŪşýØţůşƊȀǹ
óØţĘǹķØĸØđýķýĸŪǹØĸùǹòØĸĮǹóŁƃýĸØĸŪţȀǹěĸţůşØĸóýȀǹŜşŁĪýóŪǹ
ķØĸØđýķýĸŪǹØĸùǹıýđěţıØŪěƃýǹØĸùǹşýđůıØŪŁşƊǹóŁķŜıěØĸóýǿǹ
135Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report ɁǹůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹƄŁşĮǹØĸùǹýDŽýóŪěƃýĸýţţǹŁĐǹŪĘýǹ
ěĸŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹěĸŪýşĸØıǹØůùěŪǹŜıØĸȀǹØĸƊǹķØŪŪýşţǹěùýĸŪěLJýùǹ
ØţǹØǹşýţůıŪǹŁĐǹěĸŪýşĸØıǹØůùěŪţȀǹØĸùǹƄĘýŪĘýşǹşýóŁķķýĸùØŪěŁĸţǹ
ØşýǹØùùşýţţýùǹòƊǹķØĸØđýķýĸŪǹěĸǹØǹŪěķýıƊǹØĸùǹØŜŜşŁŜşěØŪýǹ
ƄØƊǿǹ"ůşěĸđǹŪĘýǹƊýØşǹŪĘýǹŜşýƃěŁůţǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹ
şýŪěşýùǹØĸùǹØǹĸýƄǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹƄØţǹØŜŜŁěĸŪýùǿǹĘýǹ
ŁķķěŪŪýýǹěţǹţØŪěţLJýùǹŪĘØŪǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşǹóŁĸŪěĸůýţǹŪŁǹòýǹ
ěĸùýŜýĸùýĸŪǹØĸùǹěŪţǹţýşƃěóýţǹşýķØěĸǹýDŽýóŪěƃýǿ
ĘýǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹĘØţǹùěşýóŪǹØóóýţţǹŪŁǹŪĘýǹĘØěşķØĸǹ
ŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹţĘŁůıùǹĘýǹƄěţĘǹŪŁǹşØěţýǹØĸƊǹóŁĸóýşĸţǹ
ŁůŪţěùýǹĐŁşķØıǹŁķķěŪŪýýǹķýýŪěĸđţǿ
Financial Reporting Council review
"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹ:şŁůŜǹşýóýěƃýùǹØǹıýŪŪýşǹĐşŁķǹŪĘýǹóŁşŜŁşØŪýǹ
şýŜŁşŪěĸđǹşýƃěýƄǹŪýØķǹŁĐǹŪĘýǹ9ǹóŁĸóýşĸěĸđǹěŪţǹşýƃěýƄǹŁĐǹ
ŪĘýǹ:şŁůŜȬţǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿǹ^ŁǹţěđĸěLJóØĸŪǹěţţůýţǹƄýşýǹ
ěùýĸŪěLJýùȀǹØĸùǹŪĘýǹýĸŞůěşƊǹƄØţǹóŁĸóıůùýùǹòƊǹŪĘýǹěĸóıůţěŁĸǹŁĐǹ
ýĸĘØĸóýùǹùěţóıŁţůşýǹěĸǹŪĘěţǹƊýØşȬţǹĸĸůØıǹýŜŁşŪȀǹţŜýóěLJóØııƊǹ
ĐŁşǹŪĘýǹŜØşýĸŪǹóŁķŜØĸƊǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹØĸùǹŁŪĘýşǹØşýØţǹ
ĘěđĘıěđĘŪýùǹòƊǹŪĘýǹ9ǿǹ
Task Force on Climate-Related
Financial Disclosures
ĘýǹŁķķěŪŪýýǹĘØţǹŁƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹ&ǹùØŪØǹØĸùǹ
şýŜŁşŪěĸđǹØĸùǹşýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹ
ØĸùǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹŁĸǹţůţŪØěĸØòěıěŪƊǹşýŜŁşŪěĸđǹØĸùǹ
ŜýşĐŁşķØĸóýǹùůşěĸđǹŪĘýǹƊýØşǿǹŪǹŪĘýǹƊýØşǹýĸùȀǹŪĘýǹŁķķěŪŪýýǹ
şýƃěýƄýùǹŪĘýǹùşØĐŪǹ9"ǹùěţóıŁţůşýţǹţýŪŪěĸđǹŁůŪǹŪĘýǹ:şŁůŜȬţǹ
ŪşØĸţěŪěŁĸØıǹØĸùǹŜĘƊţěóØıǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹşýıØŪěĸđǹ
ŪŁǹóıěķØŪýǹóĘØĸđýǿǹDĸǹŜØşŪěóůıØşȀǹŪĘýǹŁķķěŪŪýýǹşýƃěýƄýùǹ
ŪĘýǹţĘŁşŪȀǹķýùěůķȀǹØĸùǹıŁĸđțŪýşķǹĸØŪůşýǹŁĐǹŪĘýǹşěţĮţǹØĸùǹ
ŁŜŜŁşŪůĸěŪěýţǹØĸùǹóŁĸţěùýşýùǹŪĘØŪǹŪĘýǹØŜŜşŁØóĘǹØùŁŜŪýùǹòƊǹ
ŪĘýǹ:şŁůŜǹěĸǹØţţýţţěĸđǹŪĘýţýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹşýķØěĸţǹ
ØŜŜşŁŜşěØŪýǹØĸùǹşýØţŁĸØòıýǿ
For more information on the Company’s TCFD: see pages 66 to 74.
Cyber security
"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹŁķķěŪŪýýǹşýóýěƃýùǹůŜùØŪýţǹěĸǹşýıØŪěŁĸǹŪŁǹ
ØóŪěŁĸţǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹýĸĘØĸóýǹóƊòýşǹţýóůşěŪƊȀǹěĸóıůùěĸđǹ
ýķŜıŁƊýýǹŪşØěĸěĸđǹØĸùǹØƄØşýĸýţţǿ
Whistleblowing
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹ:şŁůŜȬţǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊǹ
ØĸùǹŜşŁóýùůşýţǹØĸĸůØııƊǹØĸùǹşýŜŁşŪţǹŁĸǹěŪţǹLJĸùěĸđţǹŪŁǹŪĘýǹ
ŁØşùǿǹĘýǹ:şŁůŜȬţǹƄĘěţŪıýòıŁƄěĸđǹŜşŁóýùůşýţǹěĸóıůùýǹØĸǹ
ěĸùýŜýĸùýĸŪȀǹóŁĸLJùýĸŪěØıǹĘŁŪıěĸýǹŪĘşŁůđĘǹƄĘěóĘǹýķŜıŁƊýýţǹ
ØĸùǹŪĘěşùǹŜØşŪěýţǹóØĸǹØĸŁĸƊķŁůţıƊǹşØěţýǹØǹķØŪŪýşǹŁĐǹóŁĸóýşĸǿǹ
ıŪýşĸØŪěƃýıƊȀǹýķŜıŁƊýýţǹØĸùǹŪĘěşùǹŜØşŪěýţǹóØĸǹóŁĸŪØóŪǹŪĘýǹ
:ýĸýşØıǹŁůĸţýıȀǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹŁşǹŪĘýǹĘØěşķØĸǹ
ŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹĸŁǹƄĘěţŪıýòıŁƄěĸđǹ
ěĸţŪØĸóýţǹƄýşýǹşýŜŁşŪýùǿ
Oversight of audit quality
External auditor
ĘýǹŁķŜØĸƊǹĘØţǹóŁķŜıěýùǹƄěŪĘǹŪĘýǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹŪØŪůŪŁşƊǹ
ůùěŪǹýşƃěóýţǹĐŁşǹWØşđýǹŁķŜØĸěýţǹ]ØşĮýŪǹDĸƃýţŪěđØŪěŁĸǹ
ȡ]ØĸùØŪŁşƊǹţýǹŁĐǹŁķŜýŪěŪěƃýǹýĸùýşǹşŁóýţţýţǹØĸùǹůùěŪǹ
ŁķķěŪŪýýǹýţŜŁĸţěòěıěŪěýţȢǹfşùýşǹǑǏǐǓǿ
ĘýǹŁķķěŪŪýýǹĘØţǹŜşěķØşƊǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŁƃýşţýýěĸđǹŪĘýǹ
şýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǿ
ƄǹƄØţǹLJşţŪǹØŜŜŁěĸŪýùǹØţǹŪĘýǹŁķŜØĸƊȬţǹýƉŪýşĸØıǹØůùěŪŁşǹ
ěĸǹǑǏǐǏȀǹØĸùȀǹĐŁııŁƄěĸđǹØǹóŁķŜýŪěŪěƃýǹØůùěŪǹŪýĸùýşǹŜşŁóýţţȀǹ
ƄØţǹşýØŜŜŁěĸŪýùǹØţǹýƉŪýşĸØıǹØůùěŪŁşǹěĸǹRØĸůØşƊǹǑǏǑǏǿǹĸùşýƄǹ
ØƊĸŪýşǹĘØţǹòýýĸǹŪĘýǹØůùěŪǹŜØşŪĸýşǹţěĸóýǹRØĸůØşƊǹǑǏǑǏǹØĸùǹŪĘýǹ
ǑǏǑǓǹLJĸØĸóěØıǹƊýØşǹěţǹĘěţǹLJĸØıǹƊýØşǹŁĐǹıýØùěĸđǹŪĘýǹØůùěŪǿǹǹĸýƄǹ
ØůùěŪǹŜØşŪĸýşǹĘØţǹòýýĸǹØŜŜŁěĸŪýùǹĐŁşǹŪĘýǹǑǏǑǔǹLJĸØĸóěØıǹƊýØşǿǹ
ŪǹŪĘýǹǑǏǑǓǹ:]ȀǹţĘØşýĘŁıùýşţǹşýØŜŜŁěĸŪýùǹƄǹØţǹŪĘýǹ
ýƉŪýşĸØıǹØůùěŪŁşǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹØĸùǹ
ØůŪĘŁşěţýùǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŪŁǹùýŪýşķěĸýǹŪĘýǹýƉŪýşĸØıǹ
ØůùěŪŁşȬţǹşýķůĸýşØŪěŁĸǿ
ĸùýşǹóůşşýĸŪǹşýđůıØŪěŁĸţȀǹŪĘýǹŁķŜØĸƊǹěţǹşýŞůěşýùǹŪŁǹşýŪýĸùýşǹ
ŪĘýǹØůùěŪǹòƊǹĸŁǹıØŪýşǹŪĘØĸǹŪĘýǹǑǏǒǏǹLJĸØĸóěØıǹƊýØşǹØţǹŪĘýǹǑǏǑǘǹ
LJĸØĸóěØıǹƊýØşǹěţǹŪĘýǹıØţŪǹŜýşěŁùǹŪĘØŪǹƄǹØşýǹØòıýǹŪŁǹØůùěŪǿ
"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹùýŜŪĘǹ
ŁĐǹùěţóůţţěŁĸţǹĘýıùǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹĘŁƄǹěŪǹ
ĘØùǹóĘØııýĸđýùǹŪĘýǹ:şŁůŜǹŁĸǹěŪţǹØŜŜşŁØóĘǹŪŁǹţěđĸěLJóØĸŪǹ
ØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţǿǹĘýǹŁķķěŪŪýýǹƄØţǹţØŪěţLJýùǹŪĘØŪǹ
ƄǹĘØùǹţůDžóěýĸŪıƊǹóĘØııýĸđýùǹŪĘýǹ:şŁůŜǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹ
ØĸùǹŪĘØŪǹěŪţǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹƄǹƄØţǹŁĸýǹŁĐǹŁŜýĸĸýţţǹØĸùǹ
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ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿ
136 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

DĸǹØţţýţţěĸđǹƄȬţǹóŁĸŪěĸůýùǹØůùěŪǹěĸùýŜýĸùýĸóýȀǹŪĘýǹ
ŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹıýƃýıǹŁĐǹĸŁĸțØůùěŪǹĐýýţǿǹ9ØóŪŁşţǹ
ŪØĮýĸǹěĸŪŁǹØóóŁůĸŪǹěĸóıůùýùȁ
ȟ óŁĸLJşķØŪěŁĸǹşýóýěƃýùǹŪĘØŪǹƄǹùěùǹĸŁŪǹŜýşĐŁşķǹØĸƊǹĸŁĸț
ØůùěŪǹţýşƃěóýţǹĐŁşǹŪĘýǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹ
ǒǐǹ"ýóýķòýşǹǑǏǑǓǹØŜØşŪǹĐşŁķǹŪĘýǹĘØıĐǹƊýØşǹşýƃěýƄǹĸŁŪýùǹěĸǹ
ŪĘýǹůùěŪǹĐýýţǹţýóŪěŁĸǿ
ȟ ŪĘýǹĸØŪůşýǹŁĐǹŪĘýǹƄŁşĮǹůĸùýşŪØĮýĸǹòƊǹƄǹØĸùǹóŁĸţěùýşØŪěŁĸǹ
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ŜıØóýȂǹØĸù
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ýƃěţýùǹ&ŪĘěóØıǹŪØĸùØşùǹǑǏǑǓǹȡȩ&ŪĘěóØıǹŪØĸùØşùȪȢȂǹ
ĘýǹŁķķěŪŪýýǹóŁĸóıůùýùǹŪĘØŪȁ
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ŁķķěŪŪýýǹķýķòýşţȂ
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ěĸùýŜýĸùýĸóýǹƄýşýǹĸŁŪǹěķŜØěşýùǹòƊǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸț
ØůùěŪǹţýşƃěóýţǿ
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DĸţŜýóŪěŁĸǹØĸùǹůŜýşƃěţěŁĸǹýŜŁşŪǹĐŁşǹƄǹěţţůýùǹěĸǹRůıƊǹǑǏǑǓǿ
Audit fees
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ĘýǹŁķķěŪŪýýȬţǹŜŁıěóƊǹěţǹŪĘØŪǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪţǹØşýǹĸŁŪǹ
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ěĸùýŜýĸùýĸóýǹØĸùǹŁòĪýóŪěƃěŪƊǹóŁůıùǹòýǹóŁķŜşŁķěţýùǿǹĸùýşǹ
ŁůşǹĸŁĸțØůùěŪǹţýşƃěóýţǹŜŁıěóƊȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹşýŞůěşýķýĸŪţǹ
ŁĐǹŪĘýǹ9Ȭţǹ&ŪĘěóØıǹŪØĸùØşùȀǹŁŪĘýşǹŪĘØĸǹěĸǹýƉóýŜŪěŁĸØıǹ
óěşóůķţŪØĸóýţǹĸŁĸțØůùěŪǹĐýýţǹţĘŁůıùǹĸŁŪǹýƉóýýùǹǖǏǹŜýşǹóýĸŪǹ
ŁĐǹŪĘýǹØůùěŪǹĐýýţǹŁƃýşǹØǹşŁııěĸđǹŪĘşýýțƊýØşǹŜýşěŁùǿǹĘýǹØƄØşùǹ
ŁĐǹØĸƊǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪǹŪŁǹŪĘýǹØůùěŪŁşǹěĸǹýƉóýţţǹŁĐǹŪĘýǹ
ıŁƄýşǹŁĐǹɏǔǏȀǏǏǏǹŁşǹǐǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹýţŪěķØŪýùǹØĸĸůØıǹıýƃýıǹ
ŁĐǹŪĘýǹØůùěŪŁşȬţǹĐýýţǹØŪǹŪĘØŪǹŪěķýǹěţǹţůòĪýóŪǹŪŁǹŜşěŁşǹØŜŜşŁƃØıǹŁĐǹ
ŪĘýǹŁķķěŪŪýýǿǹfůşǹĘěýĐǹ&ƉýóůŪěƃýǹŁşǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹ
ĘØƃýǹØůŪĘŁşěŪƊǹŪŁǹØŜŜşŁƃýǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪţǹŪŁǹŪĘýǹØůùěŪŁşǹ
òýıŁƄǹŪĘěţǺŪĘşýţĘŁıùǿ
^ŁĸțØůùěŪǹĐýýţǹƄýşýǹǐǏǹŜýşǹóýĸŪǹŁĐǹØůùěŪǹĐýýţǹěĸǹŪĘýǹƊýØşǹýĸùýùǹ
ǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡǑǏǑǒȁǹǐǐǹŜýşǹóýĸŪȢǹØĸùǹƄýşýǹǐǔǹŜýşǹóýĸŪǹ
ȡǑǏǑǒȁǹǑǖǹŜýşǹóýĸŪȢǹŁĐǹŪĘýǹØƃýşØđýǹØůùěŪǹĐýýǹĐŁşǹŪĘýǹŜşýóýùěĸđǹ
ŪĘşýýǹƊýØşţǿǹĘýǹýƉŪýşĸØıǹØůùěŪǹĐýýǹĐŁşǹŪĘýǹØůùěŪǹŁĐǹŪĘýǹĪŁěĸŪǹ
ƃýĸŪůşýǹØĸùǹØţţŁóěØŪýǹƄØţǹɏǓǔȀǏǏǏǹȡǑǏǑǒȁǹɏǗǗȀǏǏǏȢǿǹĘýǹ
:şŁůŜȬţǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŁĐǹŪĘěţǹƄØţǹɏǑǑȀǔǏǏǹȡǑǏǑǒȁǹɏǓǓȀǏǏǏȢǿǹ
Independence and reappointment
ĘýǹŁķķěŪŪýýǹşýķØěĸţǹţØŪěţLJýùǹƄěŪĘǹŪĘýǹýDŽýóŪěƃýĸýţţǹŁĐǹŪĘýǹ
ýƉŪýşĸØıǹØůùěŪǹØĸùǹƄěŪĘǹěŪţǹěĸŪýşØóŪěŁĸǹƄěŪĘǹƄǿǹDŪǹØıţŁǹşýķØěĸţǹ
óŁĸLJùýĸŪǹŪĘØŪǹƄȬţǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýǹØşýǹĸŁŪǹ
ěķŜØěşýùǹòƊǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸțØůùěŪǹţýşƃěóýţǿ
ĘýǹşýØŜŜŁěĸŪķýĸŪǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹěţǹşýØţţýţţýùǹØĸĸůØııƊǿ
137Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Richard Akers
Chairman
Remuneration
Directors’ remuneration report
“The Committee’s focus in 2024 was
on implementing the Policy to ensure
ŁůŪóŁķýţǺØşýǹØŜŜşŁŜşěØŪýıƊǹØıěđĸýùǹƄěŪĘǹ
ŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØĸùǹţŪşØŪýđěóǹ
ŜşŁđşýţţȀǹţŪØĮýĘŁıùýşţȬǹěĸŪýşýţŪţǹØĸùǹŪĘýǹ
Company’s culture.”
"ýØşǹĘØşýĘŁıùýş
DǹØķǹŜıýØţýùǹŪŁǹŜşýţýĸŪǹŁůşǹǑǏǑǓǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǿǹ
ǑǏǑǓǹƄØţǹŁůşǹLJşţŪǹĐůııǹLJĸØĸóěØıǹƊýØşǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹŁĐǹ
ØŜóŁǹØĸùǹĘØĐŪýţòůşƊǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿǹDĸǹŪĘýǹŜşěŁşǹƊýØşȀǹ
the Remuneration Committee’s focus was on the impact of the
ķýşđýşǹŁĸǹşýķůĸýşØŪěŁĸǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŪĘýǹƄěùýşǹ
employee team. During 2024, the Committee’s time was spent
on implementing the Directors’ Remuneration Policy which was
ØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹ:]ǹěĸǹRůĸýǹǑǏǑǒǿǹĘěţǹěĸóıůùýùǹ
ùýŪýşķěĸěĸđǹŪĘýǹŪýşķţǹŁĐǹŪĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹØĸùǹǹØƄØşùţȀǹ
ØĸùǹŪĘýǹƊýØşǹýĸùǹŁůŪóŁķýţȀǹŪŁǹýĸţůşýǹŜØƊǹěţǹØŜŜşŁŜşěØŪýıƊǹØıěđĸýùǹ
ƄěŪĘǹŜýşĐŁşķØĸóýǹØĸùǹŪĘýǹţŪØĮýĘŁıùýşǹýƉŜýşěýĸóýǿǹ
©ýǹƄýşýǹŜıýØţýùǹŪŁǹţýýǹǘǖǹŜýşǹóýĸŪǹŁĐǹƃŁŪýţǹóØţŪǹěĸǹĐØƃŁůşǹŁĐǹ
ŪĘýǹØùƃěţŁşƊǹƃŁŪýǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǿǹ
©ýǹıŁŁĮǹĐŁşƄØşùǹŪŁǹƊŁůşǹóŁĸŪěĸůýùǹţůŜŜŁşŪǿ
Business context
ǑǏǑǓǹƄØţǹØǹƊýØşǹŁĐǹŜŁţěŪěƃýǹLJĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹ
ŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹóĘØııýĸđěĸđǹýóŁĸŁķěóǹòØóĮǹùşŁŜǿǹ
ĘýǺòůţěĸýţţǹùýıěƃýşýùǹđŁŁùǹŜşŁđşýţţǹØđØěĸţŪǹŪĘýǹķýùěůķțŪýşķǹ
priorities that were set following the completion of the merger.
ĘěţǹĘØţǹěĸóıůùýùǹǐǕǿǑǹŜýşǹóýĸŪǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹ
ùşěƃýĸǹòƊǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹóŁţŪǹţØƃěĸđţȀǹØĸùǹǔǿǑǹŜýşǹóýĸŪǹ
đşŁƄŪĘǹěĸǹ&ǹ^ǹùşěƃýĸǹòƊǹŜŁşŪĐŁıěŁǹƃØıůØŪěŁĸǹđşŁƄŪĘǿ
ĘýţýǹLJĸØĸóěØıǹŁůŪóŁķýţǹĘØƃýǹòýýĸǹØóóŁķŜØĸěýùǹòƊǹýƉóýııýĸŪǹ
ŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýȀǹƄěŪĘǹıěķěŪýùǹƃØóØĸóƊȀǹĘěđĘǹĐŁŁŪĐØııȀǹ
óŁĸŪěĸůýùǹóůţŪŁķýşǹţØıýţǹđşŁƄŪĘȀǹ&¨ǹØĸùǹƃØıůØŪěŁĸǹđşŁƄŪĘǿǹ
ĘýǹòůţěĸýţţǹĘØţǹØóŪěƃýıƊǹşýóƊóıýùǹóØŜěŪØıȀǹƄěŪĘǹɏǑǓǕǿǕǹķěııěŁĸǹ
ŁĐǹØţţýŪǹùěţŜŁţØıţǹţěĸóýǹķýşđýşǹƄěŪĘǹɏǗǕǹķěııěŁĸǹşýěĸƃýţŪýùǹěĸǹ
ţŪşØŪýđěóǹØóŞůěţěŪěŁĸţǿǹǹĸýƄǹóůţŪŁķýşǹţůşƃýƊǹƄØţǹıØůĸóĘýùǹ
ùůşěĸđǹŪĘýǹƊýØşȀǹŪŁǹěùýĸŪěĐƊǹěķŜşŁƃýķýĸŪţǹØóşŁţţǹŁůşǹŁŜýşØŪěĸđǹ
ŜıØŪĐŁşķǹƄĘěıţŪǹŜşŁƃěùěĸđǹýƉóýııýĸŪǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǹ
ƄĘŁǹØşýǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŁůşǹòůţěĸýţţǿ
ĘýǹòůţěĸýţţǹĘØţǹØıţŁǹķØěĸŪØěĸýùǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹ
ƄěŪĘǹØóóýţţǹŪŁǹØŜŜşŁŜşěØŪýǹıýƃýıţǹŁĐǹıěŞůěùěŪƊȀǹƄěŪĘǹLJĸØĸóěĸđǹ
ěĸěŪěØŪěƃýţǹŪŁŪØııěĸđǹɏǒǖǔǹķěııěŁĸǹóŁķŜıýŪýùǹùůşěĸđǹǑǏǑǓǿǹĘýşýǹ
ĘØţǹòýýĸǹóŁĸŪěĸůýùǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýDžóěýĸŪǹØĸùǹýDŽýóŪěƃýǹ
óŁţŪǹòØţýȀǹƄěŪĘǹØǹşýùůóŪěŁĸǹŁĐǹŁůşǹ&ǹóŁţŪǹşØŪěŁǹŪŁǹǒǖǹŜýşǹ
óýĸŪȀǹĘØƃěĸđǹòýýĸǹŁƃýşǹǔǏǹŜýşǹóýĸŪǹØŪǹŪĘýǹŪěķýǹŁĐǹķýşđýşǿ
ýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǹØĸùǹùýıěƃýşƊǹŁĐǹŪĘýǹ&ǹţŪşØŪýđƊǹ
óŁĸŪěĸůýţǹŪŁǹòýǹØǹŜşěŁşěŪƊȀǹƄěŪĘǹØóĘěýƃýķýĸŪţǹěĸóıůùěĸđǹŪĘýǹ
ØùŁŜŪěŁĸǹŁĐǹØǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹØıŁĸđţěùýǹ
ŜşŁđşýţţěĸđǹØđØěĸţŪǹŁůşǹţůţŪØěĸØòěıěŪƊǹŪØşđýŪţǿǹfůşǹóŁķķěŪķýĸŪǹ
ŪŁǹŁůşǹùƊĸØķěóǹóůıŪůşýǹØĸùǹƃØıůýţǹƄØţǹşýLjýóŪýùǹěĸǹŪĘýǹ
ĐýýùòØóĮǹşýóýěƃýùǹĐşŁķǹŁůşǹLJşţŪǹýķŜıŁƊýýǹţůşƃýƊǿ
2024 incentive outcomes
ǑǏǑǓǹƄØţǹØĸǹýƉóýııýĸŪǹƊýØşǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȀǹØĸùǹ
ŪĘýǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹţůķķØşěţýùǹØòŁƃýǹěţǹşýLjýóŪýùǹěĸǹ
ŪĘýǹØóĘěýƃýķýĸŪţǹØđØěĸţŪǹŪĘýǹLJĸØĸóěØıǹØĸùǹĸŁĸțLJĸØĸóěØıǹ
performance targets set for our Executive Directors.
ĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹƄØţǹòØţýùǹǖǔǹŜýşǹóýĸŪǹŁĸǹLJĸØĸóěØıǹ
ķýØţůşýţǹØĸùǹǑǔǹŜýşǹóýĸŪǹŁĸǹĸŁĸțLJĸØĸóěØıǹŁòĪýóŪěƃýţǿǹŁŪØıǹ
şŁŜýşŪƊǹýŪůşĸǹȡȩȪȢǹŁĐǹǖǿǕǹŜýşǹóýĸŪǹƄØţǹØĘýØùǹŁĐǹŪĘýǹŁŪØıǹ
ýŪůşĸǹııțşŁŜýşŪƊǹěĸùýƉȀǹ&ǹ^ǹŜýşǹţĘØşýǹŁĐǹǑǏǏǿǑǹ
ŜýĸóýǹěĸóşýØţýùǹòƊǹǔǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşȀǹØĸùǹůĸùýşıƊěĸđǹ
ýØşĸěĸđţǹŜýşǹţĘØşýǹȡȩ&ȪȢǹěĸóşýØţýùǹòƊǹǐǐǿǐǹŜýşǹóýĸŪǿǹĘěţǹ
şýţůıŪýùǹěĸǹØııǹŪĘşýýǹķýŪşěóţǹòýěĸđǹØĘýØùǹŁĐǹŪĘşýţĘŁıùȀǹØıŪĘŁůđĘǹ
òýıŁƄǹķØƉěķůķǿǹıŪŁđýŪĘýşȀǹŁůşǹŜýşĐŁşķØĸóýǹùýıěƃýşýùǹǔǑǹŜýşǹ
óýĸŪǹŁĐǹŪĘýǹǖǔǹŜýşǹóýĸŪǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹØııŁóØŪýùǹŪŁǹŪĘýţýǹŪĘşýýǹ
LJĸØĸóěØıǹķýØţůşýţǿǹ
ĘýǹĸŁĸțLJĸØĸóěØıǹýıýķýĸŪǹóŁķŜşěţýùǹŁòĪýóŪěƃýţǹşýıØŪěĸđǹŪŁǹ
óŁşŜŁşØŪýǹţŪşØŪýđƊǹØĸùǹđŁØıţȀǹŜýŁŜıýȀǹLJĸØĸóěØıǹùýıěƃýşØòıýţǹ
ØĸùǹŜŁşŪĐŁıěŁǹķØĸØđýķýĸŪǿǹĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹŜýşĐŁşķýùǹ
ţŪşŁĸđıƊǹØđØěĸţŪǹŪĘýţýǹŁòĪýóŪěƃýţȀǹùýıěƃýşěĸđǹýƉŪýĸţěƃýǹ
ıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊȀǹşýţŜŁĸţěòıýǹLJĸØĸóěØıǹ
ķØĸØđýķýĸŪȀǹĸýƄǹýķŜıŁƊýýǹØĸùǹóůţŪŁķýşǹţůşƃýƊţȀǹŜşŁķŁŪěĸđǹ
ØǹŜŁţěŪěƃýǹØĸùǹŜşŁđşýţţěƃýǹƄŁşĮěĸđǹóůıŪůşýǹØĸùǹóĘØķŜěŁĸěĸđǹ
Łůşǹ&ǹţŪşØŪýđƊȀǹěĸóıůùěĸđǹùýƃýıŁŜķýĸŪǹŁĐǹØǹĸýƄǹŁķķůĸěŪƊǹ
DĸƃýţŪķýĸŪǹŪşØŪýđƊǹØĸùǹØĸǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǿǹ
ýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹĸŁĸțLJĸØĸóěØıǹŪØşđýŪţǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşţǹƄØţǹØţţýţţýùǹØŪǹòýŪƄýýĸǹǗǔǹØĸùǹǘǒǹŜýşǹóýĸŪǹŁĐǹŪĘýǹ
ǑǔǹŜýşǹóýĸŪǹŁŜŜŁşŪůĸěŪƊǹØııŁóØŪýùǹŪŁǹŪĘýţýǹķýØţůşýţȀǹşýLjýóŪěĸđǹ
ýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹýDŽŁşŪţǿ
ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘýǹØĸĸůØıǹòŁĸůţǹŁůŪóŁķýǹŁĐǹ
òýŪƄýýĸǹǕǏǿǑǔǹØĸùǹǕǑǿǑǔǹŜýşǹóýĸŪǹŁĐǹķØƉěķůķǹĐŁşǹǑǏǑǓǹěţǹ
ØǹĐØěşǹşýLjýóŪěŁĸǹŁĐǹŪĘýǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹùůşěĸđǹŪĘýǹƊýØşǿǹ
^ŁǺùěţóşýŪěŁĸǹƄØţǹØŜŜıěýùǹŪŁǹŪĘýǹĐŁşķůıØěóǹŁůŪóŁķýţǿ
ĘýşýǹƄýşýǹĸŁǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹȡȩȪȢǹØƄØşùţǹ
óØŜØòıýǹŁĐǹƃýţŪěĸđǹòØţýùǹŁĸǹŜýşĐŁşķØĸóýǹĐŁşǹŪĘýǹƊýØşǹýĸùěĸđǹ
ǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘýǹLJşţŪǹǹØƄØşùţǹĐŁşǹŪĘýǹóŁķòěĸýùǹ
Corporate governance report
138 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Incentive scheme performance measures
2025 annual bonus 2025 PSP
EPRA net tangible assets (NTA) per share (25%)
ȟ ǹĮýƊǹķýØţůşýǹùşěƃěĸđǹŪĘýǹıŁĸđțŪýşķǹŜŁŪýĸŪěØıǹŁĐǹŁůşǹØţţýŪţǿǹ
Underlying earnings per share (EPS) (30%)
ȟ ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹţůóóýţţǹěĸǹķØĸØđěĸđǹ
óŁţŪţǿǹŜƄýěđĘŪýùǹĐşŁķǹǑǔǹŜýşǹóýĸŪǹěĸǹǑǏǑǒǹŪŁǹşýLjýóŪǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹ
ùýıěƃýşěĸđǹěĸóŁķýǹđşŁƄŪĘȀǹóŁţŪǹţØƃěĸđţǹØĸùǹŁŜýşØŪěĸđǹýDžóěýĸóěýţǿ
Relative Total Property Return (TPR) (20%)
ȟ ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹØòŁƃýǹØĸƊǹ
óĘØĸđýţǹěĸǹƃØıůýǹĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹØţǹķýØţůşýùǹ
òƊǹŪĘýǺƄěùýıƊțůţýùǹ]DǹŁŪØıǹýŪůşĸǹııțşŁŜýşŪƊǹDĸùýƉǿ
^ŁĸțLJĸØĸóěØıǹȡóŁşŜŁşØŪýǹØĸùǹţůţŪØěĸØòěıěŪƊȢǹȡǑǔɬȢ
ȟ ýţŜŁĮýȀǹţŪşØŪýđěóǹŁòĪýóŪěƃýţǹĐŁşǹýØóĘǹ"ěşýóŪŁşȀǹØĸùǺŪĘýǹùýıěƃýşƊǹŁĐǹóŁķķŁĸǹ
ţůţŪØěĸØòěıěŪƊǹđŁØıţǿ
ĘýǹŁķķěŪŪýýǹşýŪØěĸţǹùěţóşýŪěŁĸǹůĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹŪŁǺØķýĸùǹŪĘýǹŜØƊŁůŪǹ
ŪŁǹýĸţůşýǹěŪǹØŜŜşŁŜşěØŪýıƊǹşýLjýóŪţǹůĸùýşıƊěĸđǹŜýşĐŁşķØĸóýǿ
Relative Total Shareholder Return (TSR) (50%)
ȟ ]ýØţůşýùǹşýıØŪěƃýǹŪŁǹşýØıǹýţŪØŪýǹţýóŪŁşǹ
ŜýýşţȀǹşýLjýóŪěĸđǹŪĘýǹŪŁŪØıǹşýŪůşĸţǹùýıěƃýşýùǹ
ŪŁǹţĘØşýĘŁıùýşţǿǹ
Total Accounting Return (TAR) (50%)
ȟ ýƄØşùţǹđşŁƄŪĘǹěĸǹ&ǹ^ǹØĸùǹùěƃěùýĸùţǹ
ŜØěùǹŪŁǹţĘØşýĘŁıùýşţǹŪŁǹŪĘýǹýƉŪýĸŪǹşýŪůşĸţǹ
ýƉóýýùǹşýØıǹýţŪØŪýǹţýóŪŁşǺŜýýşţǿ
ĘýǹŁķķěŪŪýýǹşýŪØěĸţǹŪĘýǹØòěıěŪƊǹůĸùýşǹŪĘýǹ
ŁıěóƊǹŪŁǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹůĸùýşǹ
ŪĘýǹǹƄĘýĸǹùýŪýşķěĸěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹØĸǹ
ØƄØşùǹŪĘØŪǹƃýţŪţǿ
òůţěĸýţţǹƄýşýǹđşØĸŪýùǹěĸǹǑǏǑǒǹØĸùǹƄěııǹƃýţŪǹěĸǹǑǏǑǕȀǹţůòĪýóŪǹ
ŪŁǺǹØĸùǹǹŜýşĐŁşķØĸóýǹĐŁşǹŪĘýǹŪĘşýýțƊýØşǹŜýşěŁùǹ
ýĸùěĸđǺǒǐǹ"ýóýķòýşǹǑǏǑǔǿ
Employees
ĘýǹŁķķěŪŪýýǹěţǹŜşŁƃěùýùǹƄěŪĘǹůŜùØŪýţǹŁĸǹşýķůĸýşØŪěŁĸǹ
ùýóěţěŁĸţǹŪØĮýĸǹĐŁşǹŪĘýǹƄěùýşǹýķŜıŁƊýýǹŜŁŜůıØŪěŁĸǿǹ"ůşěĸđǹŪĘýǹ
ƊýØşȀǹŪĘěţǹěĸóıůùýùǹůŜùØŪýţǹŁĸǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŜŁţŪț
ķýşđýşǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹţŪşØŪýđƊǹŜůŪǹěĸǹŜıØóýǹěĸǹǑǏǑǒǿǹ
ĘýǹŁķķěŪŪýýǹŪØĮýţǹěŪţǹùýóěţěŁĸţǹƄěŪĘǹŪĘýǹƄěùýşǹýķŜıŁƊýýǹ
ŜŁŜůıØŪěŁĸǹěĸǹķěĸùǹØĸùǹěţǹØƄØşýǹŁĐǹŪĘýǹěķŜØóŪǹŁĐǹùýóěţěŁĸţǹ
taken on the Company as a whole.
ĘýǹşýķůĸýşØŪěŁĸǹţŪşůóŪůşýǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ
ýķŜıŁƊýýţǹòşŁØùıƊǹØıěđĸţǹƄěŪĘǹŪĘØŪǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹ
ƄěŪĘǹýķŜıŁƊýýţǹòýěĸđǹýıěđěòıýǹĐŁşǹØǹùěţóşýŪěŁĸØşƊǹòŁĸůţǹØĸùǹ
ǹØƄØşùţȀǹØţǹƄýııǹØţǹţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹýķŜıŁƊýýǹòýĸýLJŪţǿǹ
ŁĸůţǹØƄØşùţǹòýıŁƄǹŁØşùǹıýƃýıǹØşýǹòØţýùǹǔǏǹŜýşǹóýĸŪǹŁĸǹŪĘýǹ
LJĸØĸóěØıǹķýØţůşýţǹùýţóşěòýùǹØòŁƃýǹØĸùǹǔǏǹŜýşǹóýĸŪǹŁĸǹĸŁĸț
LJĸØĸóěØıǹķýØţůşýţǿǹDĸǹØùùěŪěŁĸǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹşýŜŁşŪţǹ
ŪŁǹŪĘýǹŁØşùȀǹŪĘýǹŁØşùǹşýóýěƃýţǹĐýýùòØóĮǹĐşŁķǹŁůşǹ&ķŜıŁƊýýǹ
&ĸđØđýķýĸŪǹ9ŁşůķȀǹØŪŪýĸùýùǹěĸěŪěØııƊǹòƊǹĘØşıŁŪŪýǹŁƊıýǹØĸùǹ
ţůòţýŞůýĸŪıƊǹòƊǹķýȀǹØĸùǹƄØţǹůŜùØŪýùǹŁĸǹŪĘýǹLJĸùěĸđţǹŁĐǹŁůşǹ
LJşţŪǹýķŜıŁƊýýǹţůşƃýƊǿǹĘýǹŁØşùǹØıţŁǹķýŪǹţýĸ죺ǹķØĸØđýşţǹ
ĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǹØŪǹØǹùěĸĸýşǹĐŁııŁƄěĸđǹěŪţǹØĸĸůØıǹ
ţŪşØŪýđƊǹţýţţěŁĸȀǹƄĘěóĘǹŜşŁƃěùýùǹØǹđŁŁùǹŁŜŜŁşŪůĸěŪƊǹŪŁǹ
hear the views of our employees. Key elements of employee
şýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǔǹěĸóıůùýȁ
ȟ ØıØşƊǹěĸóşýØţýţǹýDŽýóŪěƃýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǔǹØşýǹóǿǹǑǿǓǹ
ŜýşǹóýĸŪǹŁĸǹØƃýşØđýȂǹóǿǹǓǿǑǹŜýşǹóýĸŪǹěĸóıůùěĸđǹŜşŁķŁŪěŁĸØıǹ
ěĸóşýØţýţȀǹƄĘěóĘǹØşýǹţýŪǹƄěŪĘǹşýđØşùǹŪŁǹķØşĮýŪǹıýƃýıţǿ
ȟ ııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹØĸĸůØıǹòŁĸůţǹ
ţóĘýķýǹØĸùǹƄěııǹşýóýěƃýǹØĸĸůØıǹòŁĸůţýţǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǓǹ
ŜýşĐŁşķØĸóýǹòØţýùǹŁĸǹŪĘýǹLJĸØĸóěØıǹŪØşđýŪţǹȡěĸǹıěĸýǹƄěŪĘǹŪĘŁţýǹ
ĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȢǹØĸùǹĸŁĸțLJĸØĸóěØıǹŁòĪýóŪěƃýţǿ
ȟ ýLjýóŪěĸđǹŁůşǹěĸóıůţěƃýǹóůıŪůşýǹØĸùǹŁůşǹùýţěşýǹŪŁǹØıěđĸǹØııǹ
ýķŜıŁƊýýţǹƄěŪĘǹıŁĸđțŪýşķǹđŁØıţȀǹØııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹ
şýóýěƃýùǹǹØƄØşùţǹěĸǹǑǏǑǓǹòØţýùǹŁĸǹŪĘýǹţØķýǹķýØţůşýţǹ
as the Executive Directors.
ȟ ııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹƄěııǹòýǹýıěđěòıýǹŪŁǹşýóýěƃýǹØĸĸůØıǹ
òŁĸůţýţǹØĸùǹǹØƄØşùţǹěĸǹǑǏǑǔǿ
ȟ ĘýǹýķŜıŁƊýşǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁĐǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹ
applies to all employees.
Implementation of Remuneration Policy
in 2025
ȟ ØıØşěýţȁǹ9ŁşǹǑǏǑǔȀǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹƄěııǹěĸóşýØţýǹ
òƊǹǑǿǓǹŜýşǹóýĸŪȀǹƄĘěóĘǹěţǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹ
ØŜŜıƊěĸđǹŪŁǹŪĘýǹƄěùýşǹƄŁşĮĐŁşóýǿ
ȟ DĸóýĸŪěƃýţȁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹěĸóýĸŪěƃýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹ
ǑǏǑǔǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǿǹĘýǹØĸĸůØıǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹ
ƄěııǹòýǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹØĸùǹěŪǹěţǹěĸŪýĸùýùǹŪĘØŪǹǹ
ØƄØşùţǹƄěııǹòýǹđşØĸŪýùǹØŪǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹěĸǹıěĸýǹƄěŪĘǹ
the current Remuneration Policy.
ĘýǹŁķķěŪŪýýǹĘØţǹóĘŁţýĸǹķýŪşěóţǹØĸùǹƄýěđĘŪěĸđţǹƄĘěóĘǹØşýǹ
ůĸóĘØĸđýùǹĐşŁķǹǑǏǑǓǹØĸùǹţůŜŜŁşŪǹŪĘýǹķýùěůķțŪýşķǹđşŁƄŪĘǹ
ŁòĪýóŪěƃýţǹŁĐǹŪĘýǹòůţěĸýţţȀǹŜşŁƃěùěĸđǹØĸǹØŜŜşŁŜşěØŪýǹòØıØĸóýǹ
òýŪƄýýĸǹěĸŜůŪǹØĸùǹŁůŪŜůŪǹķýŪşěóţȀǹLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹ
đŁØıţȀǹØĸùǹØòţŁıůŪýǹØĸùǹşýıØŪěƃýǹķýØţůşýķýĸŪǿǹ
Chairman and Non-executive Directors
9ŁşǹǑǏǑǔȀǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹĐýýţǹ
ȡěĸóıůùěĸđǹŁķķěŪŪýýǹĐýýţȢǹƄěııǹěĸóşýØţýǹòƊǹǑǿǔǹŜýşǹóýĸŪȀǹƄĘěóĘǹ
ěţǹòşŁØùıƊǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹØŜŜıƊěĸđǹŪŁǹŪĘýǹ
ƄěùýşǹƄŁşĮĐŁşóýǿǹĘýǹşýƃěţýùǹĐýýţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹØĸĸůØıǹ
şýŜŁşŪǹŁĸǹşýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǗǿ
139Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
Conclusion
ǑǏǑǓǹƄØţǹØǹţůóóýţţĐůıǹLJşţŪǹĐůııǹƊýØşǹŜŁţŪțķýşđýşǹĐŁşǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǿǹěđĸěLJóØĸŪǹƄŁşĮǹĘØţǹòýýĸǹůĸùýşŪØĮýĸǹ
on remuneration to ensure fairness across our employee
òØţýǹØĸùǹŪŁǹýĸţůşýǹØŜŜşŁŜşěØŪýǹØıěđĸķýĸŪǹòýŪƄýýĸǹŜØƊǹ
ØĸùǹŜýşĐŁşķØĸóýǿǹĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘýǹǑǏǑǓǹòŁĸůţǹ
ŁůŪóŁķýǹØĸùǹØŜŜşŁØóĘǹŪŁǹŜØƊǹěĸǹǑǏǑǔǹØşýǹØŜŜşŁŜşěØŪýǹěĸǹŪĘýǹ
óŁĸŪýƉŪǹŁĐǹŁƃýşØııǹòůţěĸýţţǹŜýşĐŁşķØĸóýǿ
ŪǹŪĘýǹţŪØşŪǹŁĐǹǑǏǑǓȀǹŪĘýǹŁķķěŪŪýýǹóŁĸóıůùýùǹØǹţĘØşýĘŁıùýşǹ
óŁĸţůıŪØŪěŁĸǹýƉýşóěţýȀǹØĸùǹƄýǹƄýşýǹđşØŪýĐůıǹĐŁşǹŪĘýǹóŁĸţŪşůóŪěƃýǹ
ĐýýùòØóĮǹşýóýěƃýùǿǹĘýǹùýóěţěŁĸǹŪŁǹşŁııǹŁƃýşǹŪĘýǹĐŁşķýşǹ
Capco Remuneration Policy (with certain commitments
ŪŁǹØùùşýţţǹŜşýƃěŁůţıƊǹşØěţýùǹěţţůýţȢǹƄØţǹţůŜŜŁşŪýùǹòƊǹ
ţĘØşýĘŁıùýşţǿǹĘěţǺěţǹŪĘýǹLJĸØıǹƊýØşǹŁĐǹŪĘØŪǹŁıěóƊǹØĸùǹƄýǹěĸŪýĸùǹ
ŪŁǹşýƃěýƄǹŪĘýǹŁıěóƊǹØĘýØùǹŁĐǹŪĘýǹòěĸùěĸđǹƃŁŪýǹØŪǹŪĘýǹǑǏǑǕǹ
:]ǿǹţǺŜØşŪǹŁĐǹŪĘěţǹşýƃěýƄȀǹƄýǹƄěııǹţýýĮǹĐýýùòØóĮǹĐşŁķǹŁůşǹ
ķØĪŁşǺţĘØşýĘŁıùýşţǿ
If you have any questions on this report, please feel free to
ùěşýóŪǹŪĘýķǹŪŁǹķýǹƃěØǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǿ
Richard Akers
Chairman of the Remuneration Committee
ǑǕǹ9ýòşůØşƊǹǑǏǑǔ
140 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report

Remuneration Committee at a glance
Remuneration Committee members and meeting attendance
^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǓǹĘýıùȢ
Richard Akers (Chairman) 4/4 Charlotte Boyle
2
ǒȌǒ
Ruth Anderson 4/4 Helena Coles
3
0/0
Madeleine Cosgrave
1
ǐȌǐ Anthony Steains
3
0/0
Sian Westerman
1
ǐȌǐ Jennelle Tilling
3
0/0
ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ
ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǺķýýŪěĸđǿ
2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪĘşýýǹķýýŪěĸđţǿ
ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ
ŪŁǹŪĘýěşǹùýŜØşŪůşýǿ
Key responsibilities of the Committee
ȟ "ýŪýşķěĸýţǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŪĘýǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮǹĐŁşǹţýĸ죺ǹķØĸØđýķýĸŪǿ
ȟ ]ŁĸěŪŁşţǹŪĘýǹØŜŜşŁŜşěØŪýĸýţţǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǿ
ȟ &ĸţůşýţǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýķůĸýşØŪýùǹĐØěşıƊǹØĸùǹşýţŜŁĸţěòıƊȀǹěĸǹØǹķØĸĸýşǹØıěđĸýùǹŪŁǹŪĘýǹıŁĸđțŪýşķǹěĸŪýşýţŪţǹŁĐǹ
the Company.
ȟ ýŪţǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹĘØěşķØĸȀǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹùýţěđĸØŪýùǹţýĸ죺ǹķØĸØđýķýĸŪȀǹěĸóıůùěĸđǹŪĘýǹ
Company Secretary.
ȟ UýýŜţǹůĸùýşǹşýƃěýƄǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸȀǹşýıØŪýùǹŜŁıěóěýţǹØĸùǹØıěđĸķýĸŪǹŁĐǹěĸóýĸŪěƃýţǹØĸùǹşýƄØşùţǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹ
óůıŪůşýǹØĸùǹƃØıůýţǿ
ȟ ŁĸţěùýşţǹŪĘýǹØŜŜşŁŜşěØŪýĸýţţǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹØşşØĸđýķýĸŪţǹĐŁşǹŁŪĘýşǹ
employees.
ȟ ýƃěýƄţǹØĸùǹØŜŜşŁƃýţǹŪĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹØĸùǹŁůŪóŁķýţǹȡůţěĸđǹùěţóşýŪěŁĸǹƄĘýşýǹØŜŜşŁŜşěØŪýȢǹĐŁşǹŪĘýǹØĸĸůØıǹòŁĸůţǹ
ţóĘýķýǹØĸùǹǿ
ȟ &ĸţůşýţǹŪĘØŪǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØĸùǹùěţóıŁţůşýţǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹØşýǹýØţƊǹŪŁǹşýØùǹØĸùǹůĸùýşţŪØĸùØòıýǿ
ȟ ŜŜŁěĸŪţǹØĸùǹķØĸØđýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹşýķůĸýşØŪěŁĸǹØùƃěţýşǿ
How the Committee operates
ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹóŁķŜşěţýţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹŪǹŪĘýǹòýđěĸĸěĸđǹŁĐǹŪĘýǹƊýØşȀǹŪĘýǹķýķòýşţǹ
ŁĐǹŪĘýǹŁķķěŪŪýýǹƄýşýǹěóĘØşùǹĮýşţǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹůŪĘǹĸùýşţŁĸȀǹĘØşıŁŪŪýǹŁƊıýȀǹAýıýĸØǹŁıýţȀǹ
ĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǿǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹ
ŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹ
ǑǏǑǓǿǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹ
ýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ
ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿ
9DǹýķůĸýşØŪěŁĸǹŁĸţůıŪØĸŪţǹWWǹȡȩ9DȪȢȀǹØĸǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹóŁĸţůıŪØĸóƊȀǹƄØţǹýĸđØđýùǹòƊǹŪĘýǹŁķķěŪŪýýǹ
ĐŁııŁƄěĸđǹØǹŪýĸùýşǹŜşŁóýţţǹěĸǹǑǏǑǒǹØĸùǹŜşŁƃěùýùǹØùƃěóýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹ9DǹØŪŪýĸùýùǹØııǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţȀǹØţǹ
ØŜŜşŁŜşěØŪýȀǹØĸùǹŜşŁƃěùýùǹØùƃěóýǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪŁđýŪĘýşǹƄěŪĘǹşýđůıØşǹķØşĮýŪǹØĸùǹòýţŪǹ
ŜşØóŪěóýǹůŜùØŪýţǿ
DĸǹØùùěŪěŁĸȀǹţŁķýǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţȀǹØţǹØŜŜşŁŜşěØŪýȀǹƄýşýǹØŪŪýĸùýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşȀǹŪĘýǹ
ŁķŜØĸƊǹýóşýŪØşƊǹØĸùǹŪĘýǹŁķŜØĸƊȬţǹAýØùǹŁĐǹAǹěĸǹşýıØŪěŁĸǹŪŁǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹşýıØŪýùǹŜŁıěóěýţǿǹ^Łǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşǹŜØşŪěóěŜØŪýùǹěĸǹùěţóůţţěŁĸţǹŁşǹùýóěţěŁĸţǹşýđØşùěĸđǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǿ
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýDŽýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ
141Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
Supporting clarity, simplicity, proportionality and predictability and ensuring risk
mitigation and alignment to culture
ĘýǹŪØòıýǹòýıŁƄǹýƉŜıØěĸţǹĘŁƄǹòŁŪĘǹŪĘýǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊȀǹØĸùǹŪĘýǹŁķķěŪŪýýȬţǹŜşØóŪěóýǹěĸǹØŜŜıƊěĸđǹŪĘýǹŁıěóƊǹŁƃýşǹŪĘýǹ
ƊýØşǹůĸùýşǹşýƃěýƄȀǹØùùşýţţǹŪĘýǹĐØóŪŁşţǹţýŪǹŁůŪǹěĸǹşŁƃěţěŁĸǹǓǏǹŁĐǹŪĘýǹǑǏǐǗǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȁ
Clarity Simplicity Risk
ȟ óĘěýƃýùǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹ
ýƉŜıØĸØŪěŁĸţǹĐŁşǹùýóěţěŁĸţǹŪØĮýĸǹ
ØĸùǺùěţóıŁţůşýǹŁĐǹŪĘýǹĸØŪůşýǹØĸùǹ
ƄýěđĘŪěĸđǹŁĐǹØĸĸůØıǹòŁĸůţǹØĸùǹ
ǺŜýşĐŁşķØĸóýǹķýØţůşýţǿ
ȟ ĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØĸùǹěŪţǹ
implementation look to support
ŪĘýǺƄěùýşǹĘØĐŪýţòůşƊǹØŜěŪØıǹ
òůţěĸýţţǺţŪşØŪýđƊǿ
ȟ óĘěýƃýùǹòƊǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹ
şýķůĸýşØŪěŁĸǹòýěĸđǹóŁķŜŁţýùǹ
ŁĐǹØǹıěķěŪýùǹĸůķòýşǹŁĐǹýıýķýĸŪţǹ
ùýţěđĸýùǹŪŁǹòØıØĸóýǹŪĘýǹşýŪýĸŪěŁĸǹØĸùǹ
incentivisation of Executive Directors
ƄěŪĘǹŪĘýǹùýıěƃýşƊǹŁĐǹţŪşØŪýđƊǹØĸùǹ
ţĘØşýĘŁıùýşǹşýŪůşĸţǿ
ȟ Executive Director remuneration is
óŁķŜŁţýùǹŁĐǹĐŁůşǹýıýķýĸŪţȁǹòØţýǹ
ţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹŁŪĘýşǹòýĸýLJŪţȀǹ
ØĸĸůØıǹòŁĸůţǹØĸùǹǿ
ȟ ǹşØĸđýǹŁĐǹĐýØŪůşýţǹŁĐǹ&ƉýóůŪěƃýǹ
Directors’ remuneration assist in
ķěŪěđØŪěĸđǹŪĘýǹşěţĮţǹŁĐǹýƉóýţţěƃýǹşýƄØşùţǹ
ØĸùǹěĸØŜŜşŁŜşěØŪýǹòýĘØƃěŁůşǿ
ȟ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹýƉŜýóŪýùǹŪŁǹ
òůěıùǹØǹķØŪýşěØıǹţĘØşýĘŁıùěĸđǹƄĘěóĘǹ
ķůţŪǹòýǹķØěĸŪØěĸýùǹĐŁşǹØǹŜýşěŁùǹ
ĐŁııŁƄěĸđǹùýŜØşŪůşýȂǹŪĘěţǹØıěđĸţǹ
ŪĘýķǹƄěŪĘǹŪĘýǹıŁĸđțŪýşķǹěĸŪýşýţŪţǹŁĐǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǿ
Predictability Proportionality Alignment to culture
ȟ Some of the features of Executive
Directors’ remuneration arrangements
that mitigate risk also ensure that
ŁůŪóŁķýţǹØşýǹƄěŪĘěĸǹØǹŜşýùěóŪØòıýǹ
range.
ȟ ĘØşýĘŁıùýşţǹØşýǹěĸĐŁşķýùǹŁĐǹŪĘýǹ
ŜŁŪýĸŪěØıǹķØƉěķůķǹƃØıůýţǹƄĘěóĘǹóØĸǹòýǹ
ØƄØşùýùǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹůĸùýşǹ
ŪĘýǹØĸĸůØıǹòŁĸůţǹØĸùǹǿ
ȟ óĘěýƃýùǹŪĘşŁůđĘǹţŪşŁĸđǹıěĸĮţǹòýŪƄýýĸǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹØĸùǹ
corporate performance.
ȟ óĘěýƃýùǹŪĘşŁůđĘǹţŪşŁĸđǹıěĸĮţǹòýŪƄýýĸǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹØĸùǹ
ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹƃØıůýţȁ
ȟ ØĮýǹØǹşýţŜŁĸţěòıýǹıŁĸđțŪýşķǹƃěýƄ
ȟ óŪǹƄěŪĘǹěĸŪýđşěŪƊ
ȟ Take a creative approach
ȟ WěţŪýĸǹØĸùǹóŁııØòŁşØŪý
ȟ ]ØĮýǹØǹùěDŽýşýĸóý
142 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report

1. Directors’ Remuneration Policy
ĘěţǹţýóŪěŁĸǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹýŜŁşŪǹţýŪţǹŁůŪǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹƄĘěóĘǹŪŁŁĮǹýDŽýóŪǹ
ĐŁııŁƄěĸđǹŪĘýǹǑǏǑǒǹ:]ǹŁĸǹǐǔǹRůĸýǹǑǏǑǒȀǹƄĘýĸǹěŪǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǿǹĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹóØĸǹØıţŁǹòýǹĐŁůĸùǹ
ŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌØòŁůŪțůţȌóŁşŜŁşØŪýțđŁƃýşĸØĸóýȌşýķůĸýşØŪěŁĸțŜŁıěóƊǿĘŪķıǿǹ"ýŪØěıţǹŁĐǹ
ØóŪůØıǹşýķůĸýşØŪěŁĸǹŜØěùȀǹţĘØşýǹØƄØşùţǹķØùýȀǹØĸùǹŪĘýǹØŜŜşŁØóĘǹŪŁǹşýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǓǹØşýǹţýŪǹŁůŪǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹ
ŁĸǹýķůĸýşØŪěŁĸȀǹƄĘěóĘǹţŪØşŪţǹŁĸǹŜØđýǹǐǔǐǿǹ©ĘěıýǹŪĘýǹǑǏǑǒǹţĘØşýĘŁıùýşțØŜŜşŁƃýùǹŁıěóƊǹƄěııǹóŁĸŪěĸůýǹŪŁǹØŜŜıƊǹěĸǹǑǏǑǔȀǹóýşŪØěĸǹ
ŜıýùđýţǹĘØƃýǹòýýĸǹķØùýǹěĸǹĘŁƄǹŪĘýǹŁıěóƊǹƄěııǹòýǹŁŜýşØŪýùǹØĸùǹŪĘýţýǹƄýşýǹţýŪǹŁůŪǹěĸǹŪĘýǹǑǏǑǒǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹýŜŁşŪǿ
1.1 Remuneration policy
ĘýǹĮýƊǹŁòĪýóŪěƃýţǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹýķůĸýşØŪěŁĸǹŁıěóƊǹØşýǹŪŁȁ
ȟ ŪşŁĸđıƊǹØıěđĸǹýƉýóůŪěƃýǹØĸùǹţĘØşýĘŁıùýşǹěĸŪýşýţŪţ
ȟ ĸùýşŜěĸǹØĸǹýDŽýóŪěƃýǹŜØƊțĐŁşțŜýşĐŁşķØĸóýǹóůıŪůşý
ȟ ůŜŜŁşŪǹŪĘýǹşýŪýĸŪěŁĸȀǹķŁŪěƃØŪěŁĸǹØĸùǹşýóşůěŪķýĸŪǹŁĐǹŪØıýĸŪýùǹŜýŁŜıýǹƄĘŁǹØşýǹóŁķķýşóěØııƊǹØţŪůŪý
ȟ &ĸóŁůşØđýǹýƉýóůŪěƃýţǹŪŁǹØóŞůěşýǹØĸùǹşýŪØěĸǹţěđĸěLJóØĸŪǹĘŁıùěĸđţǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹţĘØşýţ
ĘýǹŁķķěŪŪýýǹØěķţǹŪŁǹØóĘěýƃýǹØĸǹØŜŜşŁŜşěØŪýǹòØıØĸóýǹòýŪƄýýĸǹLJƉýùǹØĸùǹƃØşěØòıýǹşýķůĸýşØŪěŁĸȀǹØĸùǹòýŪƄýýĸǹƃØşěØòıýǹ
şýķůĸýşØŪěŁĸǹòØţýùǹŁĸǹţĘŁşŪțŪýşķǹØĸùǹıŁĸđýşțŪýşķǹŜýşĐŁşķØĸóýǿǹ9ěƉýùǹşýķůĸýşØŪěŁĸǹěĸóıůùýţǹòØţýǹţØıØşƊȀǹòýĸýLJŪţǹØĸùǹŜýĸţěŁĸǿǹ
¨ØşěØòıýǹşýķůĸýşØŪěŁĸǹěĸóıůùýţǹØĸǹØĸĸůØıǹòŁĸůţȀǹŁĐǹƄĘěóĘǹŜØşŪǹěţǹùýĐýşşýùǹěĸǹţĘØşýţȀǹØĸùǹØƄØşùţǹůĸùýşǹŪĘýǹýşĐŁşķØĸóýǹĘØşýǹ
ıØĸǺȡȩȪȢǿ
ĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹěţǹØıěđĸýùǹŪŁǹŪĘýǹţŪşØŪýđƊǹØĸùǹĸØŪůşýǹŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹşýLjýóŪţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹŪŁŪØıǹşýŪůşĸǹØĸùǹŪĘýǹ
ıŁĸđțŪýşķǹĸØŪůşýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹòůţěĸýţţȀǹşýƄØşùěĸđǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĐŁşǹùýıěƃýşěĸđǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹ
ŁķŜØĸƊȬţǹĮýƊǹŜýşĐŁşķØĸóýǹěĸùěóØŪŁşţǹȡȩUDţȪȢǿ
DĸǹŁşùýşǹŪŁǹØƃŁěùǹØĸƊǹóŁĸLjěóŪǹŁĐǹěĸŪýşýţŪȀǹşýķůĸýşØŪěŁĸǹěţǹķØĸØđýùǹŪĘşŁůđĘǹƄýııțùýLJĸýùǹŜşŁóýţţýţǹýĸţůşěĸđǹŪĘØŪǹĸŁǹěĸùěƃěùůØıǹěţǹ
ěĸƃŁıƃýùǹěĸǹŪĘýǹùýóěţěŁĸțķØĮěĸđǹŜşŁóýţţǹşýıØŪýùǹŪŁǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǿǹDĸǹŜØşŪěóůıØşȀǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹ
ěţǹţýŪǹØĸùǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķķěŪŪýýȂǹĸŁĸýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹěĸƃŁıƃýùǹěĸǹŪĘýǹùýŪýşķěĸØŪěŁĸǹŁĐǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǹ
arrangements.
&ØóĘǹƊýØşȀǹƄěŪĘǹŪĘýǹţůŜŜŁşŪǹŁĐǹýƉŪýşĸØıǹØùƃěţýşţȀǹŪĘýǹŁķķěŪŪýýǹůĸùýşŪØĮýţǹØǹşýƃěýƄǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹ
DŪǹĘØţǹŁƃýşţěđĘŪǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹţýĸ죺ǹķØĸØđýşţǹěķķýùěØŪýıƊǹòýıŁƄǹŁØşùǹıýƃýıȀǹØĸùǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǿǹDŪǹ
óŁĸţěùýşţǹŪĘýǹşýţŜŁĸţěòěıěŪěýţȀǹýƉŜýşěýĸóýǹØĸùǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŜØƊǹØóşŁţţǹŪĘýǹ:şŁůŜǿ
ĘýǹŁıěóƊǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹǑǏǑǒǹ:]ǹØĸùǹØŜŜıěýţǹŪŁǹěĸóýĸŪěƃýǹØƄØşùţǹƄěŪĘǹŜýşĐŁşķØĸóýǹŜýşěŁùţǹòýđěĸĸěĸđǹŁĸǹ
ǐǹRØĸůØşƊǹǑǏǑǒǿǹØƊķýĸŪţǹŪŁǹ"ěşýóŪŁşţǹóØĸǹŁĸıƊǹòýǹķØùýǹěĐǹŪĘýƊǹØşýǹóŁĸţěţŪýĸŪǹƄěŪĘǹØǹţĘØşýĘŁıùýşǹØŜŜşŁƃýùǹŁıěóƊǹŁşǹØķýĸùķýĸŪǹ
to the Policy.
"ýŪØěıţǹŁĐǹýØóĘǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸȀǹěŪţǹŁŜýşØŪěŁĸȀǹŜůşŜŁţýȀǹıěĸĮǹŪŁǹţŪşØŪýđƊǹØĸùǹŜýşĐŁşķØĸóýǹķýŪşěóţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘěţǹţýóŪěŁĸǿ
143Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
1.2 Executive Director policy table
ĘýǹŪØòıýǹòýıŁƄǹţůķķØşěţýţǹýØóĘǹŁĐǹŪĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŜØóĮØđýǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȁ
Purpose and
link to strategy
Operation Maximum opportunity Performance metrics
Base salary
ŁǹŜşŁƃěùýǹØĸǹ
appropriately
óŁķŜýŪěŪěƃýǹòØţýǹ
salary, whilst placing
emphasis on the
ŜýşĐŁşķØĸóýț
şýıØŪýùǹýıýķýĸŪţǹ
of remuneration.
The Committee
òýıěýƃýţǹòØţýǹţØıØşƊǹ
ĐŁşǹĘěđĘțŜýşĐŁşķěĸđǹ
ýƉŜýşěýĸóýùǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşţǹţĘŁůıùǹòýǹØŪǹ
ıýØţŪǹķýùěØĸǿ
ØţýǹţØıØşěýţǹØşýǹĸŁşķØııƊǹşýƃěýƄýùǹŁĸǹØĸǹ
ØĸĸůØıǹòØţěţȀǹƄěŪĘǹØĸƊǹěĸóşýØţýǹĸŁşķØııƊǹ
ŪØĮěĸđǹýDŽýóŪǹĐşŁķǹǐǹŜşěıǿǹĘýǹŁķķěŪŪýýǹ
şýƃěýƄţǹòØţýǹţØıØşěýţǹƄěŪĘǹşýĐýşýĸóýǹŪŁȁ
– fŪĘýşǹŜşŁŜýşŪƊǹóŁķŜØĸěýţǹȡěĸóıůùěĸđǹŪĘýǹ
óŁĸţŪěŪůýĸŪţǹŁĐǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹ
plan’s comparator group)
– UK companies of a similar size
– &ØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȬţǹŜýşĐŁşķØĸóýǹØĸùǹ
óŁĸŪşěòůŪěŁĸǹùůşěĸđǹŪĘýǹƊýØş
– Scope of each Executive Director’s
şýţŜŁĸţěòěıěŪěýţ
– ĘØĸđýţǹŪŁǹŪĘýǹşýķůĸýşØŪěŁĸǹØĸùǹŁƃýşØııǹ
óŁĸùěŪěŁĸţǹŁĐǹŁŪĘýşǹýķŜıŁƊýýţ
©ĘýĸǹşýƃěýƄěĸđǹòØţýǹţØıØşěýţȀǹŪĘýǹŁķķěŪŪýýǹ
ěţǹķěĸùĐůıǹŁĐǹŪĘýǹđýØşěĸđǹýDŽýóŪǹŪĘØŪǹěĸóşýØţýţǹ
ěĸǹòØţýǹţØıØşƊǹƄěııǹĘØƃýǹŁĸǹŪĘýǹŜŁŪýĸŪěØıǹŪŁŪØıǹ
remuneration of the Executive Directors.
ØţýǹţØıØşƊǹěĸóşýØţýţǹƄěııǹòýǹØŜŜıěýùǹěĸǹıěĸýǹ
ƄěŪĘǹŪĘýǹŁůŪóŁķýǹŁĐǹŪĘýǹşýƃěýƄǹØĸùǹƄěııǹ
ĸŁşķØııƊǹòýǹěĸǹıěĸýǹƄěŪĘǹěĸóşýØţýţǹØƄØşùýùǹŪŁǹ
other employees.
AŁƄýƃýşȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØùùěŪěŁĸØıǹ
ØùĪůţŪķýĸŪţǹěĸǹóýşŪØěĸǹóěşóůķţŪØĸóýţǹŪŁǹ
şýLjýóŪȀǹĐŁşǹýƉØķŜıýȀǹØĸǹěĸóşýØţýǹěĸǹţóŁŜýǹ
ŁşǹşýţŜŁĸţěòěıěŪƊȀǹùýƃýıŁŜķýĸŪǹěĸǹşŁıýȀǹŪŁǹ
ØùùşýţţǹØĸǹěĸóşýØţýǹěĸǹţěƓýǹŁşǹóŁķŜıýƉěŪƊǹ
ŁĐǹŪĘýǹòůţěĸýţţȀǹŪŁǹØùùşýţţǹØǹđØŜǹěĸǹķØşĮýŪǹ
ŜŁţěŪěŁĸěĸđǹØĸùȌŁşǹŪŁǹşýƄØşùǹŪĘýǹıŁĸđț
ŪýşķǹŜýşĐŁşķØĸóýǹŁĐǹØĸǹěĸùěƃěùůØıǿǹ9ŁşǹŪĘýǹ
ŜůşŜŁţýţǹŁĐǹţŪØŪěĸđǹØǹķØƉěķůķǹØţǹşýŞůěşýùǹ
òƊǹŪĘýǹşýķůĸýşØŪěŁĸǹşýđůıØŪěŁĸţȀǹĸŁǹěĸóşýØţýǹ
ƄěııǹòýǹØŜŜıěýùǹŪŁǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȬţǹ
òØţýǹţØıØşƊǹěĐǹŪĘýǹşýţůıŪěĸđǹòØţýǹţØıØşƊǹƄŁůıùǹ
òýǹØòŁƃýǹŪĘýǹůŜŜýşǹŞůØşŪěıýǹòØţýǹţØıØşƊǹĐŁşǹ
&fţǹØŪǹóŁķŜØĸěýţǹěĸǹŪĘýǹ9&ǺǒǔǏǿ
ĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹ
ěĸùěƃěùůØıǹØĸùǹŁķŜØĸƊǹ
performance when setting
òØţýǹţØıØşƊȀǹØţǹƄýııǹØţǹŪĘýǹ
đýĸýşØıǹěĸóşýØţýǹØƄØşùýùǹŪŁǹ
other employees
ýĸýLJŪţ
ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ
competitive with those
ŁDŽýşýùǹØŪǹóŁķŜØşØŪŁşǹ
companies.
ýĸýLJŪţǹƄěııǹòýǹěĸǹıěĸýǹƄěŪĘǹŪĘŁţýǹŁDŽýşýùǹ
ŪŁǹţŁķýǹŁşǹØııǹýķŜıŁƊýýţǹØĸùǹķØƊǹěĸóıůùýǹ
ŜşěƃØŪýǹùýĸŪØıǹØĸùǹĘýØıŪĘǹóØşýȀǹıěĐýǹěĸţůşØĸóýȀǹ
ŜýşţŁĸØıǹØóóěùýĸŪǹóŁƃýşȀǹŪşØƃýıǹěĸţůşØĸóýȀǹ
ěĸóŁķýǹŜşŁŪýóŪěŁĸȀǹØĸùǹØǹóØşǹØııŁƄØĸóýȀǹƄĘěóĘǹ
ķØƊǹòýǹŜØěùǹěĸǹóØţĘǿǹ
"ěşýóŪŁşţǹķØƊǹŜØşŪěóěŜØŪýǹěĸǹLjýƉěòıýǹòýĸýLJŪǹ
ØşşØĸđýķýĸŪţǹŁDŽýşýùǹŪŁǹŁŪĘýşǹýķŜıŁƊýýţȀǹ
ěĸóıůùěĸđǹŪĘýǹØòěıěŪƊǹŪŁǹòůƊǹŁşǹţýııǹØĸĸůØıǹ
leave. Directors may receive seasonal gifts
ØĸùǹØǹđěĐŪǹŁĸǹıýØƃěĸđǹŪĘýǹŁØşùǹȡěĸóıůùěĸđǹ
payment of any tax thereon), in appropriate
circumstances.
fŪĘýşǹòýĸýLJŪţǹķØƊǹòýǹěĸŪşŁùůóýùǹĐşŁķǹ
ŪěķýǹŪŁǹŪěķýǹŪŁǹýĸţůşýǹŪĘýǹòýĸýLJŪţǹŜØóĮØđýǹ
ěţǹØŜŜşŁŜşěØŪýıƊǹóŁķŜýŪěŪěƃýǹØĸùǹşýLjýóŪţǹ
ěĸùěƃěùůØıǹóěşóůķţŪØĸóýţǿǹ9ŁşǹýƉØķŜıýȀǹ
"ěşýóŪŁşţǹķØƊǹòýǹŁDŽýşýùǹşýıŁóØŪěŁĸǹØĸùȌ
ŁşǹýƉŜØŪşěØŪýǹòýĸýLJŪţǹţĘŁůıùǹØǹ"ěşýóŪŁşǹòýǹ
şýŞůěşýùǹŪŁǹşýıŁóØŪýǹØţǹØǹşýţůıŪǹŁĐǹýķýşđěĸđǹ
òůţěĸýţţǹşýŞůěşýķýĸŪţǿ
Set at a level which the Committee
óŁĸţěùýşţǹØŜŜşŁŜşěØŪýǹěĸǹıěđĘŪǹŁĐǹşýıýƃØĸŪǹ
ķØşĮýŪǹŜşØóŪěóýǹĐŁşǹŪĘýǹşŁıýǹØĸùǹěĸùěƃěùůØıǹ
óěşóůķţŪØĸóýţǿǹĘýǹóŁţŪǹŁĐǹØııǹòýĸýLJŪţǹƄěııǹ
ĸŁŪǹĸŁşķØııƊǹýƉóýýùǹǐǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹ
salary, with the exception of any future
ýƉŜØŪşěØŪýǹØĸùȌŁşǹşýıŁóØŪěŁĸǹòýĸýLJŪţȀǹƄĘěóĘǹ
ƄŁůıùǹòýǹùěţóıŁţýùǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹ
ýķůĸýşØŪěŁĸǿǹĸƊǹşýØţŁĸØòıýǹòůţěĸýţţț
şýıØŪýùǹýƉŜýĸţýţǹȡěĸóıůùěĸđǹŪØƉǹŪĘýşýŁĸȢǹóØĸǹ
òýǹşýěķòůşţýùǹěĐǹùýŪýşķěĸýùǹŪŁǹòýǹØǹŪØƉØòıýǹ
òýĸýLJŪǿǹ
^Ȍ
Pension
ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ
competitive with that
ŁDŽýşýùǹòƊǹóŁķŜØşØŪŁşǹ
companies.
ĘØĐŪýţòůşƊǹØŜěŪØıǹŁDŽýşţǹØǹùýLJĸýùǹ
óŁĸŪşěòůŪěŁĸǹŜýĸţěŁĸǹţóĘýķýǿǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹķØƊǹýıýóŪǹŪŁǹòýǹŜØěùǹţŁķýǹ
or all of their entitlement in cash.
ĘýǹķØƉěķůķǹóŁĸŪşěòůŪěŁĸǹĐŁşǹØĸƊǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşǹƄěııǹòýǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹıýƃýıǹØƃØěıØòıýǹ
for other employees at any given time (which
ěţǹóůşşýĸŪıƊǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȢǿ
^Ȍ
144 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report

Purpose and
link to strategy
Operation Maximum opportunity Performance metrics
Annual bonus
ŁǹěĸóýĸŪěƃěţýǹØĸùǹ
şýƄØşùǹŜýşĐŁşķØĸóýǿ
The Committee
selects performance
ķýØţůşýţǹØĸùǹŪØşđýŪţǹ
each year to reinforce
ŪĘýǹţŪşØŪýđěóǹòůţěĸýţţǹ
priorities for the year.
ĘýǹùýĐýşşØıǹěĸŪŁǹţĘØşýţǹ
of 40% of any annual
òŁĸůţǹěţǹùýţěđĸýùǹŪŁǹ
further align executives
ƄěŪĘǹţĘØşýĘŁıùýşţȬǹ
interests.
ĘýǹØĸĸůØıǹòŁĸůţǹØşşØĸđýķýĸŪţǹØşýǹşýƃěýƄýùǹ
ØŪǹŪĘýǹţŪØşŪǹŁĐǹýØóĘǹLJĸØĸóěØıǹƊýØşǹŪŁǹýĸţůşýǹ
ŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǹ
ØşýǹØŜŜşŁŜşěØŪýǹØĸùǹţůŜŜŁşŪǹŪĘýǹòůţěĸýţţǹ
strategy.
The Committee reviews performance against
ŪĘýǹØĸĸůØıǹòŁĸůţǹŪØşđýŪţǹòůŪǹĘØţǹŪĘýǹØòěıěŪƊǹŪŁǹ
ŪØĮýǹěĸŪŁǹØóóŁůĸŪǹòşŁØùýşǹĐØóŪŁşţǹØĸùȀǹţůòĪýóŪǹ
ŪŁǹŪĘýǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹķØƉěķůķȀǹķØƊǹ
ýƉýşóěţýǹŪƄŁțƄØƊǹùěţóşýŪěŁĸǹŪŁǹýĸţůşýǹŪĘØŪǹ
ŪĘýǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹŜşŁŜýşıƊǹşýLjýóŪţǹ
ŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹýØóĘǹ
Director.
ĘýǹşØŪěŁĸØıýǹĐŁşǹØƄØşùǹŁĐǹòŁĸůţýţǹƄěııǹòýǹ
ýƉŜıØěĸýùǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹ
Report.
ŁĸůţǹķØƊǹòýǹùýĐýşşýùǹěĸǹĘØĐŪýţòůşƊǹØŜěŪØıǹ
ţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹĐŁşǹŪĘşýýǹƊýØşţǹ
ůĸùýşǹŪĘýǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹƄěŪĘŁůŪǹ
ĐůşŪĘýşǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹòůŪǹţůòĪýóŪǹŪŁǹ
şěţĮǹŁĐǹĐŁşĐýěŪůşýǹţĘŁůıùǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹ
leave the Company in certain circumstances.
"ěşýóŪŁşţǹķØƊǹòýǹýĸŪěŪıýùǹŪŁǹòýǹŜØěùǹùěƃěùýĸùǹ
ýŞůěƃØıýĸŪţǹŁĸǹùýĐýşşýùǹòŁĸůţǿǹ"ýĐýşşýùǹ
òŁĸůţǹěţǹţůòĪýóŪǹŪŁǹķØıůţǹØţǹùýţóşěòýùǹěĸǹŪĘýǹ
ĸŁŪýţǹŪŁǹŪĘěţǹŪØòıýǿ
ĘýǹķØƉěķůķǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěţǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹ
ØĸĸůØıǹţØıØşƊǹƄěŪĘǹØǹòŁĸůţǹŁĐǹǖǔǹŜýşǹóýĸŪǹŁĐǹ
ţØıØşƊǹŜØƊØòıýǹĐŁşǹØóĘěýƃěĸđǹŪØşđýŪǹıýƃýıţǹŁĐǹ
ŜýşĐŁşķØĸóýǿǹ^ŁǹòŁĸůţǹěţǹŜØƊØòıýǹĐŁşǹòýıŁƄǹ
ŪĘşýţĘŁıùǹŜýşĐŁşķØĸóýǿǹĘýǹŜØƊķýĸŪǹĐŁşǹ
ŪĘşýţĘŁıùǹŜýşĐŁşķØĸóýǹƄěııǹĸŁŪǹýƉóýýùǹǐǏǹ
ŜýşǹóýĸŪǹŁĐǹķØƉěķůķǿǹƄØşùţǹØşýǹķØùýǹŁĸǹØǹ
ţŪşØěđĘŪțıěĸýǹòØţěţǹĐŁşǹŜýşĐŁşķØĸóýǹòýŪƄýýĸǹ
ŪĘşýţĘŁıùǹØĸùǹŪØşđýŪȀǹØĸùǹŁĸǹØǹţýŜØşØŪýǹ
ţŪşØěđĘŪțıěĸýǹòØţěţǹĐŁşǹŜýşĐŁşķØĸóýǹòýŪƄýýĸǹ
ŪØşđýŪǹØĸùǹķØƉěķůķǿ
Executives’ performance
ěţǹķýØţůşýùǹşýıØŪěƃýǹŪŁǹ
óĘØııýĸđěĸđǹŁĸýțƊýØşǹŪØşđýŪţǹ
ěĸǹĮýƊǹLJĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹ
ØĸùǹţŪşØŪýđěóǹķýØţůşýţǿǹĘýǹ
ķýØţůşýţǹţýıýóŪýùǹØĸùǹŪĘýěşǹ
weightings may vary each
ƊýØşǹØóóŁşùěĸđǹŪŁǹŪĘýǹđşŁůŜȬţǹ
ţŪşØŪýđěóǹŜşěŁşěŪěýţǿǹŪǹıýØţŪǹ
ǖǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹƄěııǹ
òýǹķýØţůşýùǹØđØěĸţŪǹLJĸØĸóěØıǹ
performance.
Performance Share
Plan ‘PSP’
ŁǹěĸóýĸŪěƃěţýǹØĸùǹ
şýƄØşùǹıŁĸđțŪýşķǹ
ŁůŪŜýşĐŁşķØĸóýȀǹØĸùǹ
help retain Executive
Directors over the
ıŁĸđýşțŪýşķǿ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹýıěđěòıýǹŪŁǹşýóýěƃýǹ
ØƄØşùţǹŁĐǹţĘØşýţǹůĸùýşǹŪĘýǹȀǹƄĘěóĘǹķØƊǹòýǹ
ķØùýǹØţǹØƄØşùţǹŁĐǹţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţȀǹ
ØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýǿǹ
In assessing the outcome of the performance
óŁĸùěŪěŁĸţȀǹŪĘýǹŁķķěŪŪýýǹķůţŪǹţØŪěţĐƊǹ
ěŪţýıĐǹŪĘØŪǹŪĘýǹLJđůşýţǹØşýǹØǹđýĸůěĸýǹşýLjýóŪěŁĸǹ
ŁĐǹůĸùýşıƊěĸđǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýȀǹØĸùǹ
ķØƊǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹƄĘýĸǹ
ùýŪýşķěĸěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹØĸǹØƄØşùǹŪĘØŪǹ
will vest.
"ěƃěùýĸùǹýŞůěƃØıýĸŪţǹķØƊǹòýǹŜØěùǿǹĘýǹ
ŁķķěŪŪýýǹĘØţǹŪĘýǹùěţóşýŪěŁĸǹěĸǹóýşŪØěĸǹ
óěşóůķţŪØĸóýţǹŪŁǹđşØĸŪǹØĸùȌŁşǹţýŪŪıýǹØĸǹØƄØşùǹ
ěĸǹóØţĘǿǹDĸǹŜşØóŪěóýǹŪĘěţǹƄěııǹŁĸıƊǹòýǹůţýùǹěĸǹ
exceptional circumstances for Executive
Directors.
ǹØƄØşùţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹØĸùǹ
óıØƄòØóĮǹØţǹùýţóşěòýùǹěĸǹŪĘýǹĸŁŪýţǹŪŁǹŪĘěţǹ
ŪØòıýǿ
ĘýǹķØƉěķůķǹđşØĸŪţǹƄĘěóĘǹķØƊǹòýǹķØùýǹŪŁǹ
ŜØşŪěóěŜØĸŪţǹØţǹØƄØşùţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹØşýǹ
ǒǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǿǹ
ǑǔǹŜýşǹóýĸŪǹŁĐǹØĸǹØƄØşùǹƃýţŪţǹĐŁşǹŪĘşýţĘŁıùǹ
performance, with full vesting taking place for
ýŞůØııěĸđǹŁşǹýƉóýýùěĸđǹķØƉěķůķǹŜýşĐŁşķØĸóýǹ
óŁĸùěŪěŁĸţǹØĸùǹţŪşØěđĘŪțıěĸýǹƃýţŪěĸđǹòýŪƄýýĸǹ
ŪĘşýţĘŁıùǹØĸùǹķØƉěķůķǿ
ǹØƄØşùţǹůţůØııƊǹƃýţŪǹŁĸǹ
ŪĘýǹŪĘěşùǹØĸĸěƃýşţØşƊǹŁĐǹŪĘýǹ
ùØŪýǹŁĐǹđşØĸŪȀǹØĸùǹØşýǹţůòĪýóŪǹ
ŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹ
ĘŁıùěĸđǹŜýşěŁùǿǹ
ĘýǹƃýţŪěĸđǹŁĐǹØƄØşùţǹěţǹ
ůţůØııƊǹţůòĪýóŪǹŪŁǹóŁĸŪěĸůýùǹ
ýķŜıŁƊķýĸŪǹØĸùǹŪĘýǹ
Company’s performance over
ØǹŪĘşýýțƊýØşǹŜýşĐŁşķØĸóýǹ
ŜýşěŁùǿǹ
DŪǹěţǹěĸŪýĸùýùǹŪĘØŪǹŪĘýǹ
performance measures that
ƄěııǹØŜŜıƊǹŪŁǹŪĘýǹǑǏǑǔǹØƄØşùţǹ
ƄěııǹòýǹţŜıěŪǹýŞůØııƊǹòýŪƄýýĸǹ
şýıØŪěƃýǹŁŪØıǹóóŁůĸŪěĸđǹ
ýŪůşĸǹØĸùǹşýıØŪěƃýǹŁŪØıǹ
ĘØşýĘŁıùýşǹýŪůşĸǹķýŪşěóţǹ
ƃţǿǹ9&ǹǒǔǏǹ&DţǿǹĘýǹ
performance measures,
ƄýěđĘŪěĸđţǹØĸùǹŪØşđýŪţǹƄĘěóĘǹ
ØŜŜıƊǹŪŁǹŪĘýǹǹØşýǹşýƃěýƄýùǹ
òƊǹŪĘýǹŁķķěŪŪýýǹØĸĸůØııƊǹ
ØĸùȀǹţůòĪýóŪǹŪŁǹóŁĸţůıŪØŪěŁĸǹ
ƄěŪĘǹţĘØşýĘŁıùýşţȀǹŪĘýǹ
ŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹ
to make changes to the
measures, the weightings
ØĸùȌŁşǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹ
ĐŁşǹĐůŪůşýǹØƄØşùţǹŪŁǹýĸţůşýǹ
that they remain relevant to
ŪĘýǹŁķŜØĸƊǹţŪşØŪýđƊǹØĸùǹ
ØşýǹţůěŪØòıƊǹţŪşýŪóĘěĸđǿ
All employee share
schemes
ĘýǹŁķŜØĸƊǹùŁýţǹĸŁŪǹóůşşýĸŪıƊǹŁŜýşØŪýǹ
ØĸƊǹØııțýķŜıŁƊýýǹţĘØşýǹţóĘýķýţǿǹAŁƄýƃýşȀǹěĐǹ
ţůóĘǹØǹţóĘýķýǹƄýşýǹěĸŪşŁùůóýùǹŪĘýǹ&ƉýóůŪěƃýǹ
"ěşýóŪŁşţǹƄŁůıùǹòýǹØòıýǹŪŁǹŜØşŪěóěŜØŪýǹŁĸǹŪĘýǹ
same terms as other employees.
DĸǹıěĸýǹƄěŪĘǹA]țØŜŜşŁƃýùǹıěķěŪţǿ
145Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
ǐǿǹ &ƉŜşýţţýùǹØţǹŁŪØıǹýŪůşĸǹƄěŪĘěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹěĸǹǑǏǑǒȀǹòůŪǹůŜùØŪýùǹŪŁǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹĘýşýǹĐŁşǹóŁĸţěţŪýĸóƊǹ
ƄěŪĘǹşýŜŁşŪěĸđǹŪĘşŁůđĘŁůŪǹŪĘýǹĸĸůØıǹýŜŁşŪǿ
1.3 Notes to the policy table performance measurement selection
ĸĸůØıǹòŁĸůţǹţóĘýķý
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹķØƊǹýØşĸǹòŁĸůţýţǹùýŜýĸùěĸđǹŁĸǹŪĘýǹŁķŜØĸƊȬţǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹěĸùěƃěùůØıǹ
ŜýşĐŁşķØĸóýǹŪØşđýŪţǹùýţěđĸýùǹŪŁǹùýıěƃýşǹţŪşØŪýđěóǹđŁØıţǿǹĘýǹóůşşýĸŪǹţŪşůóŪůşýǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹěţǹ
ěııůţŪşØŪýùǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǖǿǹĘýǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹýØóĘǹ
ØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǿǹĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹóĘØĸđýǹŪĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹěĸǹŪĘýǹØĸĸůØıǹ
òŁĸůţȀǹòůŪǹƄěŪĘěĸǹŪĘýǹòŁůĸùţǹţýŪǹŁůŪǹěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØòıýǿ
ĘýǹØĸĸůØıǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪØşđýŪţǹØşýǹţýŪǹòƊǹŪĘýǹŁķķěŪŪýýǹůţůØııƊǹěĸǹŪĘýǹLJşţŪǹŞůØşŪýşǹŁĐǹýØóĘǹƊýØşǹĐŁııŁƄěĸđǹ
ØĸǹØĸØıƊţěţǹŁĐǹýƉŪýşĸØıǹØĸùǹěĸŪýşĸØıǹýƉŜýóŪØŪěŁĸţǹóŁķŜěıýùǹòƊǹŪĘýǹŁķķěŪŪýýȬţǹěĸùýŜýĸùýĸŪǹØùƃěţýşǿǹĘýǹŁķķěŪŪýýǹţýŪţǹŪØşđýŪţǹěŪǹ
òýıěýƃýţǹŪŁǹòýǹØŜŜşŁŜşěØŪýıƊǹţŪşýŪóĘěĸđȀǹòůŪǹØóĘěýƃØòıýǿ
©ĘƊǹØşýǹŪĘýǹóůşşýĸŪǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØŜŜşŁŜşěØŪýǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȆ
Measure Reason
&ǹ^ýŪǹØĸđěòıýǹ
ţţýŪţǹŜýşǹţĘØşýǹȡ^Ȣ
ŁĸţěùýşýùǹòƊǹŪĘýǹŁķķěŪŪýýǹŪŁǹòýǹØĸǹěķŜŁşŪØĸŪǹùşěƃýşǹŁĐǹƃØıůýǹóşýØŪěŁĸǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǿ
ĸùýşıƊěĸđǹ&Øşĸěĸđţǹ
per share
ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹØùķěĸěţŪşØŪěŁĸȀǹLJĸØĸóěĸđǹØĸùǹ
other costs.
Relative Total
Property Return
ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹŜŁşŪĐŁıěŁǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹØòŁƃýǹØĸƊǹóĘØĸđýţǹěĸǹƃØıůýǹ
ĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹØţǹķýØţůşýùǹòƊǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹııǹşŁŜýşŪƊǹ
DĸùýƉȀǹØĸǹýƉŪýşĸØıǹòýĸóĘķØşĮǹƄěùýıƊǹůţýùǹěĸǹŪĘýǹŜşŁŜýşŪƊǹěĸùůţŪşƊǿ
WŁĸđțŪýşķǹěĸóýĸŪěƃýţ
ĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐŁşǹŪĘýǹǹóůşşýĸŪıƊǹóŁķŜşěţýǹŪƄŁǹķýØţůşýţȁ
ȟ ĘşýýțƊýØşǹşýıØŪěƃýǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹȡȀǹđşŁƄŪĘǹěĸǹ^ǹŜıůţǹùěƃěùýĸùţȢ
ǐ
ȟ ĘşýýțƊýØşǹşýıØŪěƃýǹŁŪØıǹĘØşýĘŁıùýşǹýŪůşĸǹȡȀǹěĸóşýØţýǹěĸǹŜşěóýǹŁĐǹØĸǹŁşùěĸØşƊǹţĘØşýǹŜıůţǹùěƃěùýĸùţȢ
ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘØŪǹŪĘýţýǹŪƄŁǹķýØţůşýţǹØşýǹóůşşýĸŪıƊǹŪĘýǹķŁţŪǹØŜŜşŁŜşěØŪýǹķýØţůşýţǹŁĐǹıŁĸđțŪýşķǹţůóóýţţǹĐŁşǹĘØĐŪýţòůşƊǹ
ØŜěŪØıǹØţǹıŁĸđțŪýşķǹşýıØŪěƃýǹŜýşĐŁşķØĸóýǹŜşŁƃěùýţǹØĸǹØŜŜşŁŜşěØŪýıƊǹŁòĪýóŪěƃýǹØĸùǹşýıýƃØĸŪǹķýØţůşýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ
ţůóóýţţȀǹƄĘěóĘǹěţǹţŪşŁĸđıƊǹØıěđĸýùǹƄěŪĘǹţĘØşýĘŁıùýşţȬǹěĸŪýşýţŪţǿ
ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘØŪǹ^ǹđşŁƄŪĘǹěţǹØĸǹěķŜŁşŪØĸŪǹěĸŪýşĸØıǹķýØţůşýǹŁĐǹţůóóýţţǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØŪǹŪĘěţǹŪěķýǿǹ
óóŁşùěĸđıƊȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹěŪǹØŜŜşŁŜşěØŪýǹŪŁǹşýƄØşùǹ^ǹŜýşĐŁşķØĸóýǹěĸǹòŁŪĘǹŪĘýǹţĘŁşŪțǹØĸùǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹ
ØşşØĸđýķýĸŪţȀǹƄěŪĘǹØǹŁĸýțƊýØşǹØòţŁıůŪýǹ^ǹŪØşđýŪǹòýěĸđǹůţýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹØşşØĸđýķýĸŪţǹØĸùǹŪĘşýýțƊýØşǹşýıØŪěƃýǹ
^ǹȡØţǹŪĘýǹķØěĸǹóŁķŜŁĸýĸŪǹŁĐǹŪĘşýýțƊýØşǹŁŪØıǹýŪůşĸȢǹòýěĸđǹůţýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǿ
ǹţěđĸěLJóØĸŪǹýıýķýĸŪǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ^ǹěţǹŪĘýǹƃØıůýǹŁĐǹŜşŁŜýşŪěýţǹƄĘěóĘǹØşýǹòØţýùǹŁĸǹěĸùýŜýĸùýĸŪǹýƉŪýşĸØıǹƃØıůØŪěŁĸţǹóØşşěýùǹ
ŁůŪǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹDǹ¨ØıůØŪěŁĸǹşŁĐýţţěŁĸØıǹŪØĸùØşùţǿ
ýıØŪěƃýǹǹĘýıŜţǹØıěđĸǹŪĘýǹěĸŪýşýţŪţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěŪĘǹţĘØşýĘŁıùýşţǹòƊǹěĸóýĸŪěƃěţěĸđǹţĘØşýǹŜşěóýǹđşŁƄŪĘǹØĸùȀǹěĸǹŪĘýǹ
ŁķķěŪŪýýȬţǹƃěýƄȀǹŜşŁƃěùýţǹØĸǹŁòĪýóŪěƃýǹķýØţůşýǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹıŁĸđțŪýşķǹţůóóýţţǿ
ĘýǹóůşşýĸŪǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹØşýǹţůķķØşěţýùǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǖǿǹ
ýşĐŁşķØĸóýǹěţǹķýØţůşýùǹşýıØŪěƃýǹŪŁǹØǹòýţŜŁĮýǹóŁķŜØşØŪŁşǹđşŁůŜǹŁĐǹŜşŁŜýşŪƊǹóŁķŜØĸěýţǹØĸùǹĘØĐŪýţòůşƊǹØŜěŪØıǿǹ
DĸǹŁşùýşǹĐŁşǹØĸƊǹØƄØşùţǹŪŁǹƃýţŪȀǹŪĘýǹŁķķěŪŪýýǹķůţŪǹØıţŁǹţØŪěţĐƊǹěŪţýıĐǹŪĘØŪǹŪĘýǹǹØĸùǹǹLJđůşýţǹØşýǹØǹđýĸůěĸýǹşýLjýóŪěŁĸǹŁĐǹ
ůĸùýşıƊěĸđǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǿǹDĸǹØţţýţţěĸđǹŪĘýǹýƉŪýĸŪǹŪŁǹƄĘěóĘǹŪĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĘØƃýǹòýýĸǹķýŪȀǹŪĘýǹŁķķěŪŪýýǹ
óŁĸţůıŪţǹƄěŪĘǹěŪţǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹØùƃěţýşǿǹĘýǹóØıóůıØŪěŁĸǹŁĐǹŪĘýǹşýŪůşĸţǹěţǹØıţŁǹşýƃěýƄýùǹòƊǹŪĘýǹŁķŜØĸƊȬţǹØůùěŪŁşţǹØţǹ
ØŜŜşŁŜşěØŪýǿǹĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹØşýǹţýŪǹòƊǹŪĘýǹŁķķěŪŪýýǹĐŁııŁƄěĸđǹØĸǹØĸØıƊţěţǹŁĐǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹýƉŜýóŪØŪěŁĸţȀǹØĸùǹØşýǹ
òýıěýƃýùǹŪŁǹòýǹØŜŜşŁŜşěØŪýıƊǹţŪşýŪóĘěĸđǿ
9ŁşǹĐůŪůşýǹØƄØşùţȀǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹóĘØĸđýǹŪĘýǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǿǹAŁƄýƃýşȀǹØĸƊǹ
ţůóĘǹóĘØĸđýţǹƄŁůıùǹŁĸıƊǹòýǹķØùýǹØĐŪýşǹóŁĸţůıŪěĸđǹƄěŪĘǹţĘØşýĘŁıùýşţǿ
146 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Discretions
ĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹţóĘýķýǹØĸùǹŪĘýǹȀǹŪĘýǹŁķŜØĸƊǹĘØţǹŪĘýǹţŪØĸùØşùǹùěţóşýŪěŁĸţǹŪŁǹŪØĮýǹØŜŜşŁŜşěØŪýǹØóŪěŁĸǹěĸǹŪĘýǹýƃýĸŪǹ
ŁĐǹůĸĐŁşýţýýĸǹýƃýĸŪţǹƄĘěóĘǹØDŽýóŪǹŪĘýǹţóĘýķýţȀǹţůóĘǹØţǹØǹƃØşěØŪěŁĸǹěĸǹţĘØşýǹóØŜěŪØıȀǹØţǹƄýııǹØţǹŪýşķěĸØŪěŁĸţǹØĸùǹŁĸǹØǹóĘØĸđýǹěĸǹ
óŁĸŪşŁıȀǹØţǹùýţóşěòýùǹěĸǹŪĘýǹŁıěóƊǿǹĘýǹŁķķěŪŪýýǹùŁýţǹĸŁŪǹěĸŪýĸùǹŪŁǹķØĮýǹØùĪůţŪķýĸŪţǹŪŁǹŪĘýǹķýŪĘŁùţǹòƊǹƄĘěóĘǹěŪǹķýØţůşýţǹŪĘýǹ
ŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹAŁƄýƃýşȀǹěŪǹşýţýşƃýţǹŪĘýǹùěţóşýŪěŁĸǹŪŁǹķØĮýǹØùĪůţŪķýĸŪţǹěĸǹƃýşƊǹýƉóýŜŪěŁĸØıǹóěşóůķţŪØĸóýţǿǹĘØşýĘŁıùýşţǹ
ƄŁůıùǹòýǹđěƃýĸǹùýŪØěıţǹŁĐǹØĸƊǹýƉýşóěţýǹŁĐǹùěţóşýŪěŁĸǿ
Payments resulting from existing arrangements
ĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØĸƊǹşýķůĸýşØŪěŁĸǹŜØƊķýĸŪţǹØĸùǹŜØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁDžóýǹȡěĸóıůùěĸđǹýƉýşóěţěĸđǹØĸƊǹùěţóşýŪěŁĸţǹěŪǹĘØţǹ
relating to such payments) even though they are not in line with the Policy set out in this report. This will apply where the entitlement
ŪŁǹŪĘýǹŜØƊķýĸŪǹØşŁţýȁ
ȡěȢǹòýĐŁşýǹŪĘýǹǑǏǐǓǹ:]ȂǹȡěěȢǹØŪǹØǹŪěķýǹƄĘýĸǹŪĘýǹşýıýƃØĸŪǹěĸùěƃěùůØıǹƄØţǹĸŁŪǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùȀǹěĸǹŪĘýǹŁŜěĸěŁĸǹŁĐǹ
ŪĘýǹŁķķěŪŪýýȀǹŪĘýǹŜØƊķýĸŪǹƄØţǹĸŁŪǹěĸǹóŁĸţěùýşØŪěŁĸǹĐŁşǹŪĘýǹěĸùěƃěùůØıǹòýóŁķěĸđǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊȂǹŁşǹȡěěěȢǹůĸùýşǹØǹ
şýķůĸýşØŪěŁĸǹŜŁıěóƊǹŜşýƃěŁůţıƊǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķŜØĸƊȬţǹţĘØşýĘŁıùýşţǿǹ9ŁşǹŪĘýţýǹŜůşŜŁţýţǹýĸŪěŪıýķýĸŪţǹØşěţěĸđǹůĸùýşǹŪĘýǹ
ŁķŜØĸƊȬţǹŜşýƃěŁůţǹşýķůĸýşØŪěŁĸǹŜŁıěóěýţǹȡØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹǑǏǐǓȀǹǑǏǐǖǹØĸùǹǑǏǑǏǹ:]ţȢǹƄěııǹòýǹěĸóŁşŜŁşØŪýùǹ
ěĸŪŁǹŪĘěţǹŜŁıěóƊȀǹȫŜØƊķýĸŪţȬǹěĸóıůùýţǹŪĘýǹŁķķěŪŪýýǹţØŪěţĐƊěĸđǹØƄØşùţǹŁĐǹƃØşěØòıýǹşýķůĸýşØŪěŁĸȀǹØĸùǹØĸǹýĸŪěŪıýķýĸŪǹůĸùýşǹØĸǹØƄØşùǹ
ŁƃýşǹţĘØşýţǹØşěţýţǹØŪǹŪĘýǹŪěķýǹŪĘýǹØƄØşùǹěţǹđşØĸŪýùǿ
]ØıůţǹØĸùǹóıØƄòØóĮ
ƄØşùţǹđşØĸŪýùǹůĸùýşǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØşşØĸđýķýĸŪţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹØĸùǹóıØƄòØóĮǹůĸŪěıǹŪĘýǹýĸùǹŁĐǹŪĘýǹşýţŜýóŪěƃýǹ
ĘŁıùěĸđǹŜýşěŁùţǿǹ"ýĐýşşýùǹòŁĸůţǹØƄØşùţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹŜşěŁşǹŪŁǹƃýţŪěĸđǿǹýØţŁĸţǹĐŁşǹØŜŜıƊěĸđǹķØıůţǹØĸùǹóıØƄòØóĮǹěĸóıůùýȁǹ
ěĸǹŪĘýǹýƃýĸŪǹŁĐǹđşŁţţǹķěţóŁĸùůóŪǹŁĐǹØǹ"ěşýóŪŁşǹƄĘěóĘǹěţǹóŁĸţěùýşýùǹŪŁǹĘØƃýǹĘØùǹØǹķØŪýşěØıǹùýŪşěķýĸŪØıǹěķŜØóŪǹŁĸǹŪĘýǹòůţěĸýţţǹŁşǹ
ØĸƊǹķýķòýşǹŁĐǹŪĘýǹ:şŁůŜǹŁşǹŪŁǹĘØƃýǹòşŁůđĘŪǹŪĘýǹòůţěĸýţţǹŁĐǹØĸƊǹţůóĘǹóŁķŜØĸƊǹěĸŪŁǹţěđĸěLJóØĸŪǹùěţşýŜůŪýǹěĸǹŪĘýǹýƃýĸŪǹŁĐǹØǹķØŪýşěØıǹ
ķěţţŪØŪýķýĸŪǹěĸǹŪĘýǹØůùěŪýùǹØóóŁůĸŪţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹØǹŜýşěŁùǹŪĘØŪǹƄØţǹƄĘŁııƊǹŁşǹŜØşŪıƊǹòýĐŁşýǹŪĘýǹýĸùǹŁĐǹŪĘýǹLJĸØĸóěØıǹƊýØşǹ
òƊǹşýĐýşýĸóýǹŪŁǹƄĘěóĘǹØĸƊǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹƄØţǹØţţýţţýùǹŁşǹěĸǹŪĘýǹýƃýĸŪǹŪĘØŪǹŪĘýǹØţţýţţķýĸŪǹŁĐǹŪĘýǹţØŪěţĐØóŪěŁĸǹŁĐǹØĸƊǹ
ŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹƄØţǹòØţýùǹŁĸǹýşşŁşǹŁşǹěĸØóóůşØŪýǹŁşǹķěţıýØùěĸđǹěĸĐŁşķØŪěŁĸǿǹDĸǹŪĘýǹıØŪŪýşǹŪƄŁǹţóýĸØşěŁţȀǹŪĘěţǹƄŁůıùǹòýǹŪŁǹŪĘýǹ
ýƉŪýĸŪǹØĸǹŁƃýşŜØƊķýĸŪǹşýţůıŪýùǿǹĘýǹØŜŜıěóØŪěŁĸǹŁĐǹØĸƊǹķØıůţǹŁşǹóıØƄòØóĮǹěţǹØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǿ
ýķůĸýşØŪěŁĸǹŁĐǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşù
^ŁǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸǹěţǹŁŜýşØŪýùǹţŁıýıƊǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹşýóýěƃýǹ
òØţýǹţØıØşƊȀǹòýĸýLJŪţȀǹŜýĸţěŁĸȀǹØĸùǹØĸĸůØıǹòŁĸůţȀǹØĸùǹţŁķýǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹǿǹAŁƄýƃýşȀǹŪĘýşýǹØşýǹţŁķýǹùěDŽýşýĸóýţǹěĸǹŁŜýşØŪěŁĸǹ
ØţǹţýŪǹŁůŪǹòýıŁƄȁ
ȟ DĸǹýƉóýŜŪěŁĸØıǹóěşóůķţŪØĸóýţȀǹţůóĘǹØţǹşýóşůěŪķýĸŪȀǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØƄØşùţǹķØƊǹòýǹđşØĸŪýùǹƄěŪĘŁůŪǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹŪŁǹ
ŜØşŪěóěŜØĸŪţǹòýıŁƄǹŪĘýǹŁØşù
ȟ &ķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹØşýǹĸŁŪǹţůòĪýóŪǹŪŁǹØĸƊǹķěĸěķůķǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪ
ȟ DĸóýĸŪěƃýǹØƄØşùţǹđşØĸŪýùǹŪŁǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹķØƊǹĸŁŪǹòýǹţůòĪýóŪǹŪŁǹĘŁıùěĸđǹŜýşěŁùţȀǹóıØƄòØóĮǹŁşǹķØıůţ
ĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪţ
ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹěţǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊǹØĸùǹŪĘýǹŁŪĘýşǹ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØşýǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹ
òØţýǹţØıØşƊȀǹŪŁǹòýǹØóĘěýƃýùǹĸŁşķØııƊǹƄěŪĘěĸǹLJƃýǹƊýØşţǹòƊǹşýŪØěĸěĸđǹØŪǹıýØţŪǹǔǏǹŜýşǹóýĸŪǹŁĐǹØĸƊǹƃýţŪýùǹţĘØşýǹØƄØşùţǹȡĸýŪǹŁĐǹŪØƉǹØĸùǹ
^DȢǿǹĘýşýǹěţǹØǹŪƄŁțƊýØşǹŜŁţŪțóýţţØŪěŁĸǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪǹŁĐǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹóØŜŪůşěĸđǹ
ØĸĸůØıǹòŁĸůţǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǑǹȡěĸǹşýţŜýóŪǹŁĐǹǑǏǑǐȢǹØĸùǹØııǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹ
ǑǏǑǐǿǹĘýǹóůşşýĸŪǹţĘØşýĘŁıùěĸđţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹØıţŁǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǔǖǿ
1.4 Performance scenario charts
ĘýǹŜŁŪýĸŪěØıǹşýƄØşùǹŁŜŜŁşŪůĸěŪěýţǹěııůţŪşØŪýùǹěĸǹ9ěđůşýǹǐǹØşýǹòØţýùǹŁĸǹŪĘýǹŁıěóƊǹƄĘěóĘǹƄěııǹØŜŜıƊǹěĸǹǑǏǑǔǹØĸùǹŜşŁƃěùýǹýţŪěķØŪýţǹŁĐǹ
ŪĘýǹŜŁŪýĸŪěØıǹĐůŪůşýǹşýƄØşùǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØĸùǹŪĘýǹŜŁŪýĸŪěØıǹţŜıěŪǹòýŪƄýýĸǹŪĘýǹùěDŽýşýĸŪǹýıýķýĸŪţǹŁĐǹ
şýķůĸýşØŪěŁĸǹůĸùýşǹŪĘşýýǹùěDŽýşýĸŪǹŜýşĐŁşķØĸóýǹţóýĸØşěŁţȁǹȫýıŁƄǹĘşýţĘŁıùȬȀǹȫØşđýŪȬǹØĸùǹȫ]ØƉěķůķȬǿ
ĘýǹýıŁƄǹĘşýţĘŁıùǹţóýĸØşěŁǹěĸóıůùýţǹòØţýǹţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹòýĸýLJŪţǹȡLJƉýùǹŜØƊȢǿǹ^ŁǹØĸĸůØıǹòŁĸůţǹŁşǹǹýıýķýĸŪţǹØşýǹ
ěĸóıůùýùǺȡƃØşěØòıýǹŜØƊȢǿǹĘýǹØşđýŪǹţóýĸØşěŁǹěĸóıůùýţǹLJƉýùǹŜØƊȀǹŁĸțŪØşđýŪǹòŁĸůţǹȡǔǏǹŜýşǹóýĸŪǹŁĐǹŁŜŜŁşŪůĸěŪƊȢǹØĸùǹŪĘşýţĘŁıùǹƃýţŪěĸđǹ
ŁĐǹǹØƄØşùţǿǹĘýǹ]ØƉěķůķǹţóýĸØşěŁǹěĸóıůùýţǹLJƉýùǹŜØƊȀǹķØƉěķůķǹòŁĸůţǹØĸùǹĐůııǹƃýţŪěĸđǹŁĐǹǹØƄØşùţǿǹ9ŁşǹƃØşěØòıýǹŜØƊȀǹŪĘýǹ
ØķŁůĸŪţǹěııůţŪşØŪýùǹØşýǹŪĘýǹĸŁşķØıǹķØƉěķůķǹŁŜŜŁşŪůĸěŪěýţǿǹĘýǹ]ØƉěķůķǹţóýĸØşěŁţǹØıţŁǹěĸóıůùýǹØĸǹěııůţŪşØŪěŁĸǹŁĐǹŪĘýǹØķŁůĸŪǹŪĘØŪǹ
ƄŁůıùǹòýǹŜØƊØòıýǹůĸùýşǹŪĘýǹǹýıýķýĸŪţǹěĐǹŪĘýşýǹƄØţǹţĘØşýǹŜşěóýǹØŜŜşýóěØŪěŁĸǹŁĐǹǔǏǹŜýşǹóýĸŪǹòýŪƄýýĸǹŪĘýǹùØŪýǹŁĐǹØƄØşùǹØĸùǹŪĘýǹ
ùØŪýǹŁĐǺƃýţŪěĸđǿ
147Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
£2,084
£936
£5,526
£4,379
On Target
Max
Max with growth
Below Threshold
100%
45%
21%
17%
27% 28%
26% 53%
41% 21%
21%
On Target
Max
Max with growth
Below Threshold
£1,493
£670
£3,964
£3,140
100%
45%
21%
17%
27%
26%
21%
28%
53%
41%
21%
LTIP Share price growth
Ian Hawksworth, Chief Executive (£000)
Situl Jobanputra, CFO (£000)
ŁŪØıǹ9ěƉýùǹýķůĸýşØŪěŁĸ
ĸĸůØıǹŁĸůţ
DŪǹţĘŁůıùǹòýǹĸŁŪýùǹŪĘØŪǹŪĘýǹǹØƄØşùţǹđşØĸŪýùǹěĸǹØǹƊýØşǹùŁǹĸŁŪǹĸŁşķØııƊǹƃýţŪǹůĸŪěıǹŪĘýǹŪĘěşùǹØĸĸěƃýşţØşƊǹŁĐǹŪĘýǹùØŪýǹŁĐǹđşØĸŪǹØĸùǹØşýǹ
ţůòĪýóŪǹŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁùǿǹĘýǹŜşŁĪýóŪýùǹƃØıůýţǹŁĐǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǹţĘŁƄĸǹĘýşýǹýƉóıůùýǹŪĘýǹěķŜØóŪǹŁĐǹ
ţĘØşýǹŜşěóýǹķŁƃýķýĸŪǹØĸùǹùěƃěùýĸùţǹȡŁŪĘýşǹŪĘØĸǹƄĘýşýǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŜşěóýǹØŜŜşýóěØŪěŁĸǹěţǹØţţůķýùȢǿ
1.5 Approach to recruitment remuneration
©ĘýĸǹĘěşěĸđǹŁşǹØŜŜŁěĸŪěĸđǹØǹĸýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹƄĘěóĘǹěĸóıůùýţǹØŜŜŁěĸŪěĸđǹØĸǹěĸùěƃěùůØıǹƄĘŁǹěţǹĸŁŪǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹòůŪǹ
ƄĘŁǹţŪěııǹĐØııţǹƄěŪĘěĸǹŪĘěţǹŁıěóƊȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹůţýǹŁĐǹØĸƊǹŁĐǹŪĘýǹýƉěţŪěĸđǹóŁķŜŁĸýĸŪţǹŁĐǹşýķůĸýşØŪěŁĸȀǹØţǹĐŁııŁƄţȁ
Element of
remuneration
Policy on recruitment Maximum
opportunity
Salary ØţýùǹŁĸǹţóŁŜýǹØĸùǹĸØŪůşýǹŁĐǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹŪĘýǹŜşŁŜŁţýùǹşŁıýȂǹŪĘýǹóØĸùěùØŪýȬţǹýƉŜýşěýĸóýȂǹ
ěķŜıěóØŪěŁĸţǹĐŁşǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹŜŁţěŪěŁĸěĸđǹƃţǹķØşĮýŪǹŜØƊǹıýƃýıţǹĐŁşǹóŁķŜØşØòıýǹşŁıýţȂǹ
ěĸŪýşĸØıǹşýıØŪěƃěŪěýţȂǹØĸùǹŪĘýǹóØĸùěùØŪýȬţǹóůşşýĸŪǹţØıØşƊǿ
ǹĸýƄǹ"ěşýóŪŁşǹķØƊǹòýǹØŜŜŁěĸŪýùǹØŪǹØǹţØıØşƊǹƄĘěóĘǹěţǹıýţţǹŪĘØĸǹŪĘýǹŜşýƃØěıěĸđǹķØşĮýŪǹşØŪýǹòůŪǹ
ěĸóşýØţýùǹŁƃýşǹØǹŜýşěŁùǹŪŁǹŪĘýǹùýţěşýùǹŜŁţěŪěŁĸěĸđǹţůòĪýóŪǹŪŁǹţØŪěţĐØóŪŁşƊǹŜýşĐŁşķØĸóýǿ
^Ȍ
Pension ǹóŁĸŪşěòůŪěŁĸǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹıýƃýıǹØƃØěıØòıýǹĐŁşǹŁŪĘýşǹýķŜıŁƊýýţǹØŪǹØĸƊǹđěƃýĸǹŪěķýǹȡóůşşýĸŪıƊǹ
ǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȢǹķØƊǹòýǹŁDŽýşýùȀǹóŁĸţěţŪýĸŪǹƄěŪĘǹŜŁıěóƊǿ
Consistent
with the Policy
ØòıýǹıěķěŪ
ýĸýLJŪţ ŜŜşŁŜşěØŪýǹòýĸýLJŪţǹƄěııǹòýǹŜşŁƃěùýùȀǹƄĘěóĘǹķØƊǹěĸóıůùýǹŪĘýǹóŁĸŪěĸůØŪěŁĸǹŁĐǹòýĸýLJŪţǹşýóýěƃýùǹěĸǹ
a previous role.
Consistent
with the Policy
ØòıýǹıěķěŪ
Annual bonus &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹýıěđěòıýǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹØĸĸůØıǹòŁĸůţǹţóĘýķýǹŁĸǹŪĘýǹţØķýǹòØţěţǹ
ØţǹýƉěţŪěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŜşŁțşØŪýùǹĐŁşǹŜşŁŜŁşŪěŁĸǹŁĐǹƊýØşǹţýşƃýùǿ
"ýŜýĸùěĸđǹŁĸǹŪĘýǹŪěķěĸđǹŁĐǹŪĘýǹØŜŜŁěĸŪķýĸŪȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹùýýķǹěŪǹØŜŜşŁŜşěØŪýǹŪŁǹţýŪǹ
ùěDŽýşýĸŪǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐşŁķǹŪĘýǹóůşşýĸŪǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹŪĘýǹLJşţŪǹ
performance year of appointment.
ǐǔǏǹŜýşǹóýĸŪǹ
of salary,
consistent with
ŁıěóƊǹØòıýǿ
Performance
Share Plan
^ýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹýıěđěòıýǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹţóĘýķýǹţýŪǹŁůŪǹ
ěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØòıýǿ
ǹǹØƄØşùǹóØĸǹòýǹķØùýǹţĘŁşŪıƊǹĐŁııŁƄěĸđǹØĸǹØŜŜŁěĸŪķýĸŪǹȡØţţůķěĸđǹŪĘýǹŁķŜØĸƊǹěţǹĸŁŪǹěĸǹØǹ
ŜşŁĘěòěŪýùǹŜýşěŁùȢǿ
ǒǏǏǹŜýşǹóýĸŪǹ
of salary,
consistent with
ŁıěóƊǺØòıýǿ
Other DĸǹùýŪýşķěĸěĸđǹØŜŜşŁŜşěØŪýǹşýķůĸýşØŪěŁĸǹĐŁşǹĸýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹŪØĮýǹ
ěĸŪŁǹóŁĸţěùýşØŪěŁĸǹØııǹşýıýƃØĸŪǹĐØóŪŁşţǹȡěĸóıůùěĸđǹŞůØĸŪůķȀǹŪĘýǹĸØŪůşýǹŁĐǹşýķůĸýşØŪěŁĸǹØĸùǹƄĘýşýǹ
ŪĘýǹóØĸùěùØŪýǹƄØţǹşýóşůěŪýùǹĐşŁķȢȀǹŪŁǹýĸţůşýǹŪĘØŪǹØşşØĸđýķýĸŪţǹØşýǹěĸǹŪĘýǹòýţŪǹěĸŪýşýţŪţǹŁĐǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹěŪţǹţĘØşýĘŁıùýşţǿ
ýķůĸýşØŪěŁĸȀǹƄĘěóĘǹķØƊǹòýǹŁůŪţěùýǹŪĘýǹůţůØıǹŜŁıěóƊǹıěķěŪţȀǹķØƊǹěĸóıůùýȁ
ȟ ĸǹØƄØşùǹķØùýǹěĸǹşýţŜýóŪǹŁĐǹØǹĸýƄǹØŜŜŁěĸŪķýĸŪǹŪŁǹȫòůƊǹŁůŪȬǹýƉěţŪěĸđǹěĸóýĸŪěƃýǹØƄØşùţǹ
ĐŁşĐýěŪýùǹŁĸǹıýØƃěĸđǹØǹŜşýƃěŁůţǹýķŜıŁƊýşǿǹDĸǹţůóĘǹóØţýţǹŪĘýǹóŁķŜýĸţØŪŁşƊǹØƄØşùǹƄŁůıùǹ
ŪƊŜěóØııƊǹòýǹØǹıěĮýțĐŁşțıěĮýǹØƄØşùǹƄěŪĘǹţěķěıØşǹŪěķýǹŪŁǹƃýţŪěĸđȀǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹØĸùǹ
ıěĮýıěĘŁŁùǹŁĐǹŪĘŁţýǹóŁĸùěŪěŁĸţǹòýěĸđǹķýŪǿǹĘýǹĐØěşǹƃØıůýǹŁĐǹŪĘýǹóŁķŜýĸţØŪŁşƊǹØƄØşùǹƄŁůıùǹĸŁŪǹ
òýǹđşýØŪýşǹŪĘØĸǹŪĘýǹØƄØşùţǹòýěĸđǹşýŜıØóýùǿǹŁǹĐØóěıěŪØŪýǹţůóĘǹØǹòůƊŁůŪȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹ
ůţýǹØĸǹØƄØşùǹůĸùýşǹØǹùěDŽýşýĸŪǹţŪşůóŪůşýǹŁşǹØĸǹØùùěŪěŁĸØıǹØƄØşùǹůĸùýşǹŪĘýǹǹ
ȟ ǹşýıŁóØŪěŁĸǹŜØóĮØđýȀǹţĘŁůıùǹŪĘěţǹòýǹşýŞůěşýù
ȟ 9ŁşǹØĸǹŁƃýşţýØţǹØŜŜŁěĸŪķýĸŪȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹĘØƃýǹùěţóşýŪěŁĸǹŪŁǹŁDŽýşǹóŁţŪțýDŽýóŪěƃýǹ
òýĸýLJŪţǹØĸùǹŜýĸţěŁĸǹŜşŁƃěţěŁĸţǹƄĘěóĘǹşýLjýóŪǹıŁóØıǹķØşĮýŪǹŜşØóŪěóýǹØĸùǹşýıýƃØĸŪǹıýđěţıØŪěŁĸ
ȟ DĸǹŪĘýǹýƃýĸŪǹŪĘØŪǹØĸǹýķŜıŁƊýýǹěţǹŜşŁķŁŪýùǹŪŁǹŪĘýǹŁØşùȀǹŪĘýǹŁķŜØĸƊǹƄŁůıùǹĘŁĸŁůşǹØĸƊǹ
existing contractual arrangements
148 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

1.6 Service contracts and exit payment policy
ĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹØŜŜşŁƃýùǹòƊǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹØĸùǹØşýǹŁĸýțƊýØşǹşŁııěĸđǹóŁĸŪşØóŪţǿǹĘýǹ
óŁķķýĸóýķýĸŪǹùØŪýţǹŁĐǹŪĘýǹóůşşýĸŪǹóŁĸŪşØóŪţǹØşýǹţĘŁƄĸǹòýıŁƄǿǹĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹķØƊǹòýǹŪýşķěĸØŪýùǹòƊǹýěŪĘýşǹŜØşŪƊǹđěƃěĸđǹ
ŁĸýǹƊýØşȬţǹĸŁŪěóýǹŪŁǹŪĘýǹŁŪĘýşǿǹDŪǹěţǹŪĘýǹŁķŜØĸƊȬţǹŜŁıěóƊǹŪĘØŪǹŜØƊķýĸŪţǹěĸǹıěýůǹŁĐǹĸŁŪěóýǹţĘŁůıùǹĸŁŪǹýƉóýýùǹŪĘýǹ"ěşýóŪŁşȬţǹóůşşýĸŪǹ
ţØıØşƊǹØĸùǹòýĸýLJŪţǹȡěĸóıůùěĸđǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸţȢǹĐŁşǹŪĘýǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹķØƊǹòýǹƃěýƄýùǹØŪǹŪĘýǹŁķŜØĸƊȬţǹ
şýđěţŪýşýùǹŁDžóýǿ
ĘýǹŁķķěŪŪýýǹƄěııǹòýǹýĸŪěŪıýùǹŪŁǹýĸŪýşǹěĸŪŁǹØǹţýŪŪıýķýĸŪǹØđşýýķýĸŪǹƄěŪĘǹØǹ"ěşýóŪŁşȀǹØĸùǹķØƊǹŜØƊǹØǹ"ěşýóŪŁşȬţǹıýđØıǹĐýýţǹěĸǹşýıØŪěŁĸǹ
ŪŁǹØĸƊǹţýŪŪıýķýĸŪǹØđşýýķýĸŪǿǹĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØùùěŪěŁĸØıǹěĸóěùýĸŪØıǹŜØƊķýĸŪţȀǹƄĘěóĘǹØşýǹĸŁŪǹķØŪýşěØıǹěĸǹŞůØĸŪůķȀǹŪŁǹØǹ
ùýŜØşŪěĸđǹ"ěşýóŪŁşǹŁĸǹýƉěŪȀǹěĐǹØŜŜşŁŜşěØŪýȀǹĐŁşǹýƉØķŜıýǹěĸǹţýŪŪıýķýĸŪǹŁĐǹùěţŜůŪýţǹŁşǹŪŁǹŜØƊǹŁŪĘýşǹěĸóěùýĸŪØıǹţůķţǹěĸǹóŁĸĸýóŪěŁĸǹƄěŪĘǹ
ŪĘýǹýƉěŪǿǹĘýǹŁķķěŪŪýýǹķØƊǹŜØƊǹƄĘØŪǹěŪǹĐýýıţǹØşýǹşýØţŁĸØòıýǹŁůŪŜıØóýķýĸŪǹĐýýţǹƄĘýşýǹóŁĸţěùýşýùǹØŜŜşŁŜşěØŪýǿ
©ĘýĸǹóŁĸţěùýşěĸđǹýƉěŪǹŜØƊķýĸŪţȀǹŪĘýǹŁķķěŪŪýýǹşýƃěýƄţǹØııǹŜŁŪýĸŪěØıǹěĸóýĸŪěƃýǹŁůŪóŁķýţȀǹĘØƃěĸđǹşýđØşùǹŪŁǹŪĘýǹşýØţŁĸǹĐŁşǹıýØƃěĸđǹ
ØĸùǹŪĘýǹ"ěşýóŪŁşȬţǹŜýşĐŁşķØĸóýǿǹĘýǹŜØƊķýĸŪǹŁĐǹØĸƊǹØĸĸůØıǹòŁĸůţǹěţǹţůòĪýóŪǹŪŁǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹòŁŪĘǹŪĘýǹóØţĘǹ
ØĸùǹùýĐýşşýùǹţĘØşýǹýıýķýĸŪţǹŁĐǹØĸǹØĸĸůØıǹòŁĸůţǹƄŁůıùǹĸŁşķØııƊǹòýǹŜØƊØòıýǹØŪǹŪĘýǹĸŁşķØıǹŜØƊķýĸŪǹùØŪýǿǹĸƊǹùýĐýşşýùǹţĘØşýǹ
ýıýķýĸŪǹóŁůıùǹòýǹŜØěùǹěĸǹóØţĘǿǹĸƊǹŁůŪţŪØĸùěĸđǹùýĐýşşýùǹòŁĸůţǹķØƊǹòýǹşýıýØţýùǹŁşǹŜØěùǹěĸǹóØţĘȀǹţůòĪýóŪǹŪŁǹóıØƄòØóĮǹĐŁşǹØǹŜýşěŁùǹŁĐǹ
ŪĘşýýǹƊýØşţǹĐşŁķǹŪĘýǹùØŪýǹŁĐǹđşØĸŪǿ
Commencement date Notice period
Ian Hawksworth ǐǖǹ]ØƊǹǑǏǐǏ ǐǑǹķŁĸŪĘţ
ěŪůıǹRŁòØĸŜůŪşØ ǐǹRØĸůØşƊǹǑǏǐǖ ǐǑǹķŁĸŪĘţ
ĸǹěĸùěƃěùůØıǹƄŁůıùǹđýĸýşØııƊǹòýǹóŁĸţěùýşýùǹØǹȫđŁŁùǹıýØƃýşȬǹěĐǹŪĘýƊǹıýĐŪǹŪĘýǹ:şŁůŜȬţǹýķŜıŁƊķýĸŪǹĐŁşǹşýØţŁĸţǹěĸóıůùěĸđǹěĸĪůşƊȀǹěııț
ĘýØıŪĘȀǹùěţØòěıěŪƊǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķķěŪŪýýȀǹşýùůĸùØĸóƊȀǹşýŪěşýķýĸŪǹƄěŪĘǹŪĘýǹØđşýýķýĸŪǹŁĐǹŪĘýǹýķŜıŁƊěĸđǹóŁķŜØĸƊȀǹŪĘýǹýķŜıŁƊěĸđǹ
óŁķŜØĸƊǹóýØţěĸđǹŪŁǹòýǹØǹķýķòýşǹŁĐǹŪĘýǹđşŁůŜȀǹŪĘýǹŪşØĸţĐýşǹŁĐǹŪĘýǹůĸùýşŪØĮěĸđǹŁşǹŜØşŪǹŁĐǹŪĘýǹůĸùýşŪØĮěĸđǹěĸǹƄĘěóĘǹŪĘýǹ"ěşýóŪŁşǹ
ƄŁşĮţǹŪŁǹØǹŜýşţŁĸǹƄĘěóĘǹěţǹĸŁŪǹØǹķýķòýşǹŁĐǹŪĘýǹ:şŁůŜȀǹŁşǹěĸǹØĸƊǹŁŪĘýşǹóěşóůķţŪØĸóýţǹØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýǿǹĘýǹŪØòıýǹ
òýıŁƄǹţůķķØşěţýţǹĘŁƄǹǹØƄØşùţǹØşýǹŪƊŜěóØııƊǹŪşýØŪýùǹěĸǹţŜýóěLJóǹıýØƃýşǹóěşóůķţŪØĸóýţȀǹƄěŪĘǹŪĘýǹLJĸØıǹŪşýØŪķýĸŪǹşýķØěĸěĸđǹţůòĪýóŪǹ
ŪŁǹŪĘýǹŁķķěŪŪýýȬţǹùěţóşýŪěŁĸǿǹ9ŁşǹýƉØķŜıýȀǹØĸǹěĸùěƃěùůØıǹķØƊǹòýǹóŁĸţěùýşýùǹØǹȫđŁŁùǹıýØƃýşȬǹĐŁşǹØĸƊǹŁŪĘýşǹşýØţŁĸǹØŪǹŪĘýǹØòţŁıůŪýǹ
ùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýǹƃýţŪěĸđǹŁĐǹØƄØşùţǹķØƊǹòýǹşýùůóýùǹĐŁşǹȫđŁŁùǹıýØƃýşţȬǿ
Reason for
leaving
Timing of vesting Treatment of awards
:ŁŁùǹıýØƃýş ^ŁşķØıǹƃýţŪěĸđǹùØŪýȀǹØıŪĘŁůđĘǹŪĘýǹŁķķěŪŪýýǹĘØţǹ
ùěţóşýŪěŁĸǹŪŁǹØóóýıýşØŪý
ƄØşùţǹØşýǹĸŁşķØııƊǹŜşŁțşØŪýùǹĐŁşǹŪěķýǹØĸùǹşýķØěĸǹ
ţůòĪýóŪǹŪŁǹŁůŪţŪØĸùěĸđǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹ
©ĘýşýǹƃýţŪěĸđǹěţǹØóóýıýşØŪýùȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹ
ùýŪýşķěĸýǹŪĘýǹýƉŪýĸŪǹŪŁǹƄĘěóĘǹŪĘýǹŜýşĐŁşķØĸóýǹ
óŁĸùěŪěŁĸţǹĘØùǹòýýĸǹţØŪěţLJýùǹØŪǹŪĘýǹùØŪýǹŁĐǹıýØƃěĸđǿǹ
ĘýǹĘŁıùěĸđǹŜýşěŁùǹƄŁůıùǹóŁĸŪěĸůýǹŪŁǹØŜŜıƊǿ
Change of
control
DķķýùěØŪýıƊ ƄØşùţǹƄěııǹĸŁşķØııƊǹòýǹŜşŁțşØŪýùǹĐŁşǹŪěķýǹØĸùǹ
şýķØěĸǹţůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿ
AŁƄýƃýşȀǹŪĘýǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹØııŁƄǹ
ØƄØşùţǹŪŁǹƃýţŪǹěĸǹĐůııǹěĸǹţůóĘǹóěşóůķţŪØĸóýţǹěĐǹěŪǹ
ùýýķţǹŪĘěţǹŪŁǹòýǹĐØěşǹØĸùǹşýØţŁĸØòıýǿǹĘýǹĘŁıùěĸđǹ
ŜýşěŁùǹƄŁůıùǹóýØţýǹŪŁǺØŜŜıƊǿ
ĸƊǹŁŪĘýşǹ
reason
ƄØşùţǹıØŜţý
ĘýşýǹØşýǹĸŁǹŁòıěđØŪěŁĸţǹŁĸǹŪĘýǹŁķŜØĸƊǹóŁĸŪØěĸýùǹƄěŪĘěĸǹŪĘýǹýƉěţŪěĸđǹ"ěşýóŪŁşţȬǹţýşƃěóýǹóŁĸŪşØóŪţǹƄĘěóĘǹƄŁůıùǹđěƃýǹşěţýǹŪŁǹ
ŜØƊķýĸŪţǹĸŁŪǹùěţóıŁţýùǹěĸǹŪĘěţǹşýŜŁşŪǿ
ĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹŁĐǹØĸƊǹĐůŪůşýțØŜŜŁěĸŪýùǹ"ěşýóŪŁşţǹƄěııǹŜşŁƃěùýǹĐŁşǹķěŪěđØŪěŁĸǹěĸǹŪĘýǹýƃýĸŪǹŁĐǹŪýşķěĸØŪěŁĸǿ
1.7 Non-Executive Director policy table
Ęýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹùŁǹĸŁŪǹĘØƃýǹţýşƃěóýǹóŁĸŪşØóŪţǹòůŪǹěĸţŪýØùǹĘØƃýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǿǹĘýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǹŁĐǹ
ŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýƃěýƄýùǹòƊǹŪĘýǹŁØşùǹØĸĸůØııƊǹØĸùǹóŁĸŪØěĸǹØǹŁĸýțķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹĘØěşķØĸȬţǹıýŪŪýşǹŁĐǹ
ØŜŜŁěĸŪķýĸŪǹóŁĸŪØěĸţǹØǹŪĘşýýțķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǹķØƊǹòýǹƃěýƄýùǹØŪǹŪĘýǹŁķŜØĸƊȬţǹşýđěţŪýşýùǹŁDžóýǿ
149Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹţýýĮěĸđǹýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸǹØŪǹǑǏǑǔǹ:]ȁǹùØŪýţǹŁĐǹØŜŜŁěĸŪķýĸŪǹØĸùǹ
ůĸýƉŜěşýùǺŪýşķţ
Date of appointment
Unexpired term as at
31 December 2024
RŁĸØŪĘØĸǹ^ěóĘŁııţ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ
ěóĘØşùǹĮýşţ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ
ůŪĘǹĸùýşţŁĸ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ
]ØùýıýěĸýǹŁţđşØƃý ǐǹůđůţŪǹǑǏǑǓ ǕǹķŁĸŪĘţ
Sian Westerman ǐǹýŜŪýķòýşǹǑǏǑǓ ǕǹķŁĸŪĘţ
ĘýǹŪØòıýǹòýıŁƄǹţůķķØşěţýţǹýØóĘǹŁĐǹŪĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŜØóĮØđýǹĐŁşǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹȡěĸóıůùěĸđǹŪĘýǹ
ĘØěşķØĸȢǿǹĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹùŁǹĸŁŪǹşýóýěƃýǹØĸƊǹŜýĸţěŁĸȀǹòŁĸůţǹŁşǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹòýĸýLJŪţǹĐşŁķǹŪĘýǹŁķŜØĸƊǿǹ
ĘěţǺŜŁıěóƊǹØıţŁǹØŜŜıěýţǹŪŁǹŪĘýǹşýóşůěŪķýĸŪǹŁĐǹĸýƄǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ
Purpose and link
to strategy
Operation
Maximum opportunity
Performance
metrics
Fee
ŁǹşýóşůěŪǹØĸùǹ
retain appropriately
ŞůØıěLJýùǹ^Łĸț
executive Directors
ĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹØşýǹşýƃěýƄýùǹ
ŁĸǹØĸǹØĸĸůØıǹòØţěţȀǹƄěŪĘǹØĸƊǹěĸóşýØţýǹŪØĮěĸđǹýDŽýóŪǹĐşŁķǹǐǹ]ØƊǿ
ĘýǹŁØşùǹØĸùǹŁķķěŪŪýýǹşýƃěýƄǹĐýýţǹƄěŪĘǹşýĐýşýĸóýǹŪŁȁ
ȟ fŪĘýşǹŜşŁŜýşŪƊǹóŁķŜØĸěýţ
ȟ UK companies of a similar size
ȟ ĘýǹŪěķýǹŪĘØŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýŞůěşýùǹŪŁǹ
ùýƃŁŪýǹŪŁǹŪĘýǹşŁıý
In exceptional circumstances, if there is a temporary yet
ķØŪýşěØıǹěĸóşýØţýǹěĸǹŪĘýǹŪěķýǹóŁķķěŪķýĸŪţǹĐŁşǹ^ŁĸțýƉýóůŪěƃýǹ
"ěşýóŪŁşţȀǹŪĘýǹŁØşùǹķØƊǹŜØƊǹýƉŪşØǹĐýýţǹŁĸǹØǹŜşŁțşØŪØǹòØţěţǹŪŁǹ
şýóŁđĸěţýǹŪĘýǹØùùěŪěŁĸØıǹƄŁşĮıŁØùǿ
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹ
ķØƊǹěĸóıůùýǹØǹòØţěóǹĐýýǹ
ØĸùǹŁķķěŪŪýýȌD"ǹĐýýţǹ
ØţǹùěţóıŁţýùǹěĸǹŪĘýǹĸĸůØıǹ
Report on Remuneration.
These are set at a level that
ěţǹóŁĸţěùýşýùǹØŜŜşŁŜşěØŪýıƊǹ
competitive in light of market
ŜşØóŪěóýȀǹØĸùǹƄěııǹĸŁŪǹýƉóýýùǹ
ŪĘýǹØđđşýđØŪýǹĐýýţǹŜýşķěŪŪýùǹ
òƊǹŪĘýǹŁķŜØĸƊȬţǹşŪěóıýţǹŁĐǹ
ţţŁóěØŪěŁĸǿ
^Ȍ
ýĸýLJŪţ
ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ
competitive with
ŪĘŁţýǹŁDŽýşýùǹ
at comparator
companies
ĘýǹĘØěşķØĸȬţǹòýĸýLJŪţǹěĸóıůùýǹŜşěƃØŪýǹĘýØıŪĘóØşýǹØĸùǹ
ŜýşţŁĸØıǹØóóěùýĸŪǹØĸùǹŪşØƃýıǹěĸţůşØĸóýǿ
fŪĘýşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹóŁƃýşýùǹòƊǹŪĘýǹ
ŁķŜØĸƊȬţǹŪşØƃýıǹěĸţůşØĸóýǹŜŁıěóƊǹţĘŁůıùǹŪĘýƊǹòýǹşýŞůěşýùǹŪŁǹ
ŪşØƃýıǹŁĸǹŁķŜØĸƊǹòůţěĸýţţǿ
ĸƊǹşýØţŁĸØòıýǹòůţěĸýţţțşýıØŪýùǹýƉŜýĸţýţǹóØĸǹòýǹşýěķòůşţýùǹ
ȡěĸóıůùěĸđǹŪØƉǹŪĘýşýŁĸǹěĐǹùýŪýşķěĸýùǹŪŁǹòýǹØǹŪØƉØòıýǹòýĸýLJŪȢǿ
"ěşýóŪŁşţǹķØƊǹşýóýěƃýǹţýØţŁĸØıǹđěĐŪţǹØĸùǹØǹđěĐŪǹŁĸǹıýØƃěĸđǹ
ŪĘýǺŁØşùǹȡěĸóıůùěĸđǹŜØƊķýĸŪǹŁĐǹØĸƊǹŪØƉǹŪĘýşýŁĸȢȀǹěĸǹ
appropriate circumstances.
The maximum value of the
òýĸýLJŪţǹŜşŁƃěùýùǹŪŁǹ^Łĸț
ýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹ
the cost of purchasing them in
ŪĘýǺķØşĮýŪǿ
^Ȍ
1.8 External directorships
ĘýǹŁķŜØĸƊȬţǹŜŁıěóƊǹěţǹŪŁǹýĸóŁůşØđýǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŪŁǹŪØĮýǹůŜǹŁĸýǹŁşǹķŁşýǹĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşţĘěŜţȀǹţůòĪýóŪǹŪŁǹŁØşùǹ
ØŜŜşŁƃØıǿǹ9ýýţǹşýóýěƃýùǹĐŁşǹţýşƃěĸđǹØţǹØǹĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşǹŁĐǹØǹóŁķŜØĸƊǹŁůŪţěùýǹŪĘýǹĘØĐŪýţòůşƊǹØŜěŪØıǹ:şŁůŜǹØşýǹşýŪØěĸýùǹòƊǹ
the Executive Director.
1.9 Consideration of conditions elsewhere in the Company
©ĘýĸǹţýŪŪěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŜØƊǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹŪĘýǹşýķůĸýşØŪěŁĸǹØĸùǹŁƃýşØııǹóŁĸùěŪěŁĸţǹŁĐǹØııǹýķŜıŁƊýýţǿǹţǹ
ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹşýıØŪěƃýıƊǹţķØııǹƄŁşĮĐŁşóýȀǹŪĘýǹŁķķěŪŪýýǹùŁýţǹĸŁŪǹóŁĸţůıŪǹƄěŪĘǹýķŜıŁƊýýţǹƄĘýĸǹùýóěùěĸđǹýķůĸýşØŪěŁĸǹ
ŁıěóƊȀǹòůŪǹěŪǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹŁĸǹţØıØşƊǹěĸóşýØţýţȀǹòŁĸůţǹØĸùǹţĘØşýǹØƄØşùţǹķØùýǹŪŁǹ:şŁůŜǹýķŜıŁƊýýţǹ
ØĸùǹěţǹØƄØşýǹŁĐǹĘŁƄǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹ"ěşýóŪŁşţǹóŁķŜØşýţǹƄěŪĘǹŪĘØŪǹŁĐǹŁŪĘýşǹýķŜıŁƊýýţǿǹ9ŁşǹýƉØķŜıýȀǹţØıØşƊǹěĸóşýØţýţǹØşýǹ
đýĸýşØııƊǹĸŁǹĘěđĘýşǹŪĘØĸǹěĸóşýØţýţǹØƄØşùýùǹŪŁǹŁŪĘýşǹýķŜıŁƊýýţȀǹƄĘěóĘǹØşýǹţýŪǹƄěŪĘǹşýĐýşýĸóýǹŪŁǹķØşĮýŪǹùØŪØǿ
1.10 Consideration of shareholder views
DŪǹěţǹŪĘýǹŁķķěŪŪýýȬţǹŜŁıěóƊǹŪŁǹýĸđØđýǹƄěŪĘǹķØĪŁşǹţĘØşýĘŁıùýşţǹØţǹØŜŜşŁŜşěØŪýǿǹ9ŁşǹýƉØķŜıýȀǹŜşěŁşǹŪŁǹLJĸØıěţěĸđǹØĸƊǹķØĪŁşǹóĘØĸđýţǹ
ŪŁǹěŪţǹýƉýóůŪěƃýǹýķůĸýşØŪěŁĸǹŁıěóƊǿǹĘØşýĘŁıùýşǹĐýýùòØóĮǹŁĸǹŪĘýǹŜşýƃěŁůţǹýķůĸýşØŪěŁĸǹŁıěóƊǹØĸùǹěĸƃýţŪŁşǹđůěùýıěĸýţǹƄýşýǹ
óŁĸţěùýşýùǹòƊǹŪĘýǹŁķķěŪŪýýǹƄĘýĸǹŜşýŜØşěĸđǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊȀǹØĸùǹØǹĸůķòýşǹŁĐǹòýţŪǹŜşØóŪěóýǹķýØţůşýţǹƄýşýǹěĸóŁşŜŁşØŪýùǿ
150 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Salary 47.0% ØƉØòıýǹòýĸýLJŪţǹǑǿǒɬ ýĸţěŁĸǹǗǿǑɬ ŁĸůţǹǓǑǿǔɬ PSP N/A
Salary 46.4% ØƉØòıýǹòýĸýLJŪţǹǑǿǑɬ ýĸţěŁĸǹǗǿǐɬ ŁĸůţǹǓǒǿǒɬ PSP N/A
ěŪůıǹRŁòØĸŜůŪşØ
DØĸǹAØƄĮţƄŁşŪĘ
Salary 19.3% ØƉØòıýǹòýĸýLJŪţǹǐǿǐɬ ýĸţěŁĸǹǒǿǓɬ ŁĸůţǹǑǓǿǐɬ ǹǔǑǿǐɬ
Salary 19.8% ØƉØòıýǹòýĸýLJŪţǹ1.1% ýĸţěŁĸǹ3.5% ŁĸůţǹǑǔǿǓɬ ǹǔǏǿǑɬ
ěŪůıǹRŁòØĸŜůŪşØ
DØĸǹAØƄĮţƄŁşŪĘ
ŁķŜŁţěŪěŁĸǹŁĐǹǑǏǑǓǹţěĸđıýǹLJđůşýţǹȡɬȢ
ŁķŜŁţěŪěŁĸǹŁĐǹǑǏǑǒǹţěĸđıýǹLJđůşýţǹȡɬȢ
1
ǐǿ ţǹşýŜŁşŪýùǹěĸǹıØţŪǹƊýØşȬţǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØĸùǹţůķķØşěţýùǹěĸǹŪĘýǹŜşŁţŜýóŪůţǹĐŁşǹŪĘýǹķýşđýşǹŪşØĸţØóŪěŁĸȀǹƄěŪĘǹòŁŪĘǹŪĘýǹşýŜŁşŪǹØĸùǹŪĘýǹŪşØĸţØóŪěŁĸǹ
ØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţȀǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǹƃýţŪýùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹƄýşýǹŪĘýşýĐŁşýǹşýŞůěşýùǹŪŁǹòýǹěĸóıůùýùǹěĸǹ
ŪĘýǹǑǏǑǒǹţěĸđıýǹLJđůşýǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹţĘØşýǹŜşěóýǹŁĸǹŪĘýǹùØŪýǹŁĐǹƃýţŪěĸđǹȡǐǑǓǿǔǹŜýĸóýȢǿ
2. Annual report on remuneration
ĘěţǹţýóŪěŁĸǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹýƉŜıØěĸţǹĘŁƄǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊ
ĘØţǹòýýĸǹěķŜıýķýĸŪýùǹùůşěĸđǹŪĘýǹƊýØşǿǹĘýǹşýŜŁşŪǹěţǹķØùýǹůŜǹŁĐǹŪĘýǹĐŁııŁƄěĸđǹŜØşŪţȁ
Subject Issue
Pay outcomes for 2024 ǑǿǐǹěĸđıýǹŪŁŪØıǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸ
ǑǿǑǹĸĸůØıǹòŁĸůţǹŁůŪóŁķýţǹĐŁşǹǑǏǑǓ
ǑǿǒǹØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁDžóýǹ
2.4 Payments to previous Directors
Directors’ share ownership
ØĸùǹţĘØşýǹěĸŪýşýţŪţ
ǑǿǔǹǹØĸùǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǹđşØĸŪýùǹěĸǹǑǏǑǓ
ǑǿǕǹfůŪţŪØĸùěĸđǹǹØĸùǹùýĐýşşýùǹòŁĸůţǹØƄØşùţ
ǑǿǖǹŪØŪýķýĸŪǹŁĐǹ"ěşýóŪŁşţȬǹţĘØşýĘŁıùěĸđţǹØĸùǹţĘØşýǹěĸŪýşýţŪţ
DķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁıěóƊǹěĸǹǑǏǑǔ ǑǿǗǹDķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹěĸǹǑǏǑǔ
Pay comparison ǑǿǘǹýşóýĸŪØđýǹóĘØĸđýǹěĸǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹƃýşţůţǹýķŜıŁƊýýǹŜØƊ
ǑǿǐǏǹĘěýĐǹ&ƉýóůŪěƃýǹŜØƊǹşØŪěŁ
ǑǿǐǐǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸđıýǹLJđůşýǹŁĐǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹĘěţŪŁşƊǹØĸùǹǹŜýşĐŁşķØĸóý
ǑǿǐǑǹýıØŪěƃýǹěķŜŁşŪØĸóýǹŁĐǹţŜýĸùǹŁĸǹŜØƊ
ýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹķýķòýşţĘěŜȀǹ
đŁƃýşĸØĸóýǹØĸùǹƃŁŪěĸđǹ
ǑǿǐǒǹDĸùýŜýĸùýĸŪǹØùƃěţýşǹŪŁǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýý
ǑǿǐǓǹĘØşýĘŁıùýşǹƃŁŪěĸđ
Pay outcomes for 2024
ǑǿǐǹěĸđıýǹŪŁŪØıǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸ
©ĘØŪǹěţǹěĸóıůùýùǹěĸǹŪĘýǹǑǏǑǓǹţěĸđıýǹLJđůşýȆ
ȟ ĘýǹţØıØşƊǹŁşǹĐýýţǹŜØěùǹěĸǹŪĘýǹƊýØşǹĐŁşǹŪĘýǹŜýşěŁùǹŁĐǹŞůØıěĐƊěĸđǹţýşƃěóý
ȟ ĘýǹƃØıůýǹŁĐǹØĸƊǹòýĸýLJŪţȀǹŁĸǹØǹđşŁţţțŁĐțŪØƉǹòØţěţȀǹƄĘýşýǹØŜŜıěóØòıý
ȟ ĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹĐŁşǹŪĘýǹƊýØşǹȝǹěĸóıůùěĸđǹòŁŪĘǹóØţĘǹØĸùǹŪĘýǹùýĐýşşýùǹýıýķýĸŪţ
ȟ ĘýǹóØţĘǹƃØıůýǹŁĐǹØĸƊǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁşǹØııŁƄØĸóýǹěĸǹıěýů
ĘýǹLJđůşýţǹòýıŁƄǹěııůţŪşØŪýǹŪĘýǹóŁĸŪşěòůŪěŁĸǹŪĘØŪǹýØóĘǹýıýķýĸŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹķØùýǹŪŁǹŪĘýǹţěĸđıýǹLJđůşýǹ
ùěţóıŁţůşýţǿ
151Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹţěĸđıýǹŪŁŪØıǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹĐŁşǹýØóĘǹ"ěşýóŪŁşǹěĸǹǑǏǑǓǹØĸùǹǑǏǑǒǿǹĘýǹóĘØşŪţǹŁĸǹŪĘýǹŜşýƃěŁůţǹŜØđýǹ
ěııůţŪşØŪýǹŪĘýǹóŁĸŪşěòůŪěŁĸǹŪĘØŪǹýØóĘǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸǹķØùýǹŪŁǹŪĘýǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿ
ěĸđıýǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹǑǏǑǓǹØĸùǹǑǏǑǒǹȡůùěŪýùȢ
Executive Directors
Base
salary
£’000
Taxable
òýĸýLJŪţ
1
£’000
Pension-
related
òýĸýLJŪţ
2
£’000
ŁŪØıǹLJƉýùǹ
remuneration
£’000
Annual
bonus
3
£’000
PSP
vesting
4
£’000
Total variable
remuneration
£’000
Total
£’000
Total
excluding
PSP
4
£’000
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2023
Current Executive
Directors
Ian Hawksworth 747 ǖǐǘ 37 Ǔǐ 131 ǐǑǕ 915 ǗǗǕ 675 Ǘǘǖ – ǐȀǘǓǏ 675 ǑȀǗǒǖ 1,590 ǒȀǖǑǒ ǐȀǖǗǒ
ěŪůıǹRŁòØĸŜůŪşØ 536 ǔǏǘ 25 ǑǗ 94 Ǘǘ 655 ǕǑǕ 500 Ǖǔǒ – ǐȀǑǗǗ 500 ǐȀǘǓǐ 1,155 ǑȀǔǕǖ ǐȀǑǖǘ
Former Executive
Directors
Ęşěţǹ©Øşù
ǔ
– Ǔǐǘ – ǑǗ – ǕǓ – ǔǐǐ – ǔǑǘ – – – ǔǑǘ – ǐȀǏǓǏ ǐȀǏǓǏ
]ěóĘýııýǹ]ó:şØŪĘ
Ǖ
– Ǖǖ – ǔ – ǐǑ – ǗǓ – ǐǏǐ – ǐȀǏǕǕ – ǐȀǐǕǖ – ǐȀǑǔǐ ǹǐǗǔ
ǐǿǹ ŁķŜşěţýţǹķýùěóØıǹěĸţůşØĸóýȀǹŜýşķØĸýĸŪǹĘýØıŪĘǹěĸţůşØĸóýȀǹıěĐýǹØţţůşØĸóýȀǹŪşØƃýıǹěĸţůşØĸóýǹØĸùǹóØşǹØııŁƄØĸóýǹØĸùȌŁşǹòýĸýLJŪțěĸțĮěĸùǹƃØıůýǹŁĐǹóŁķŜØĸƊǹóØşȀǹƄĘýşýǹ
ØŜŜıěóØòıýǿ
2. ŁķŜşěţýţǹŜØƊķýĸŪţǹěĸǹıěýůǹŁĐǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸţǹŪŁǹýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùȀǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǒȀǹóŁĸŪşěòůŪěŁĸţǹŪŁǹùýLJĸýùǹóŁĸŪşěòůŪěŁĸǹŜıØĸţǹòƊǹĘşěţǹ
©ØşùǹŁĐǹɏǖȀǗǒǒǹØĸùǹòƊǹ]ěóĘýııýǹ]ó:şØŪĘǹŁĐǹɏǐǐȀǕǘǔǿǹ^Łǹ"ěşýóŪŁşǹŜØşŪěóěŜØŪýùǹěĸǹØǹùýLJĸýùǹòýĸýLJŪǹŜýĸţěŁĸǹţóĘýķýǿ
ǒǿǹ ØşŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹýØşĸýùǹěţǹùýĐýşşýùǹěĸŪŁǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹĐŁşǹŪĘşýýǹƊýØşţȀǹţůòĪýóŪǹŪŁǹĐŁşĐýěŪůşýǹţĘŁůıùǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹ
ıýØƃýǹŪĘýǹŁķŜØĸƊǿǹ9ŁşǹǑǏǑǓǹØĸùǹǑǏǑǒȀǹǓǏǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹěţǹùýĐýşşýùǹěĸŪŁǹţĘØşýţǿ
4. ţǹşýŜŁşŪýùǹěĸǹǑǏǑǑǹØĸùǹǑǏǑǒǹØĸùǹţůķķØşěţýùǹěĸǹŪĘýǹŜşŁţŜýóŪůţǹĐŁşǹŪĘýǹķýşđýşǹŪşØĸţØóŪěŁĸǹƄĘěóĘǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţȀǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǹ
ƃýţŪýùǹØĐŪýşǹŪĘýǹŜůòıěóØŪěŁĸǹŁĐǹŪĘýǹǑǏǑǑǹĸĸůØıǹýŜŁşŪǹØĸùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒȀǹØĸùǹƄýşýǹŪĘýşýĐŁşýǹşýŞůěşýùǹŪŁǹòýǹěĸóıůùýùǹěĸǹŪĘýǹǑǏǑǒǹ
ţěĸđıýǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸȀǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýǹŜşěóýǹŁĸǹŪĘýǹùØŪýǹŁĐǹƃýţŪěĸđǹȡǐǑǓǿǔǹŜýĸóýȢǿǹŁŪØıǹşýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǒǹýƉóıůùěĸđǹŪĘýţýǹ
ØķŁůĸŪţǹĘØţǹØıţŁǹòýýĸǹţĘŁƄĸǿǹ"ěƃěùýĸùǹýŞůěƃØıýĸŪţǹĘØƃýǹòýýĸǹěĸóıůùýùǹĐŁşǹØııǹƃýţŪýùǹØƄØşùţȀǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹţØķýǹŜşěóýȀǹŁĸǹØǹşýěĸƃýţŪķýĸŪǹòØţěţǿ
ǔǿǹ Ęşěţǹ©ØşùǹĪŁěĸýùǹŪĘýǹŁØşùǹØţǹĘěýĐǹfŜýşØŪěĸđǹfDžóýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹıýĐŪǹŪĘýǹŁķŜØĸƊǹŁĸǹǑǑǹ"ýóýķòýşǹǑǏǑǒǿǹAěţǹ
şýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǒǹşýLjýóŪţǹŪĘýǹŜýşěŁùǹĘýǹƄØţǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹùŁýţǹĸŁŪǹěĸóıůùýǹŪĘýǹƃØıůýǹŁĐǹØĸƊǹĘØĐŪýţòůşƊǹWǹţĘØşýţǹƄĘěóĘǹƃýţŪýùǹěĸǹóŁĸĸýóŪěŁĸǹ
ƄěŪĘǹŪĘýǹķýşđýşǹòýĐŁşýǹĘýǹĪŁěĸýùǹŪĘýǹŁØşùǿ
Ǖǿǹ ]ěóĘýııýǹ]ó:şØŪĘǹţŪýŜŜýùǹùŁƄĸǹØţǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹşýķØěĸţǹØĸǹýķŜıŁƊýýǹŁĐǹŪĘýǹ:şŁůŜǿǹAýşǹLJƉýùǹŜØƊǹØĸùǹØĸĸůØıǹòŁĸůţǹĐŁşǹǑǏǑǒǹ
şýLjýóŪǹŪĘýǹŜýşěŁùǹţĘýǹƄØţǹěĸǹşŁıýǹØţǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹØĸùǹŪĘýǹƃØıůýǹŁĐǹĘýşǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţȀǹƄĘěóĘǹƃýţŪýùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşȀǹĘØţǹòýýĸǹ
ţĘŁƄĸǹěĸǹŪĘýǹǑǏǑǒǹǹƃýţŪěĸđǺóŁıůķĸǿ
ĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţ
Fees
£’000
ØƉØòıýǹòýĸýLJŪţ
6
£’000
Total remuneration
£’000
2024 2023 2024 2023 2024 2023
Current Non–executive Directors
RŁĸØŪĘØĸǹ^ěóĘŁııţ
ǐ
314 ǑǔǏ 4 4 318 ǑǔǓ
ěóĘØşùǹĮýşţ
ǐ
110 ǖǘ 1 – 111 ǖǘ
ůŪĘǹĸùýşţŁĸ
ǐ
95 ǖǖ – – 95 ǖǖ
]ØùýıýěĸýǹŁţđşØƃý
2
33 – – – 33 –
Sian Westerman
2
27 – – – 27 –
Former Non–executive Directors
Charlotte Boyle
ǒȀǔ
56 ǐǒǐ – – 56 ǐǒǐ
Helena Coles
ǐǿǒ
7 ǕǗ – – 7 ǕǗ
ĸŪĘŁĸƊǹŪýØěĸţ
ǒȀǔ
7 ǐǑǒ – Ǔǘ 7 ǐǖǑ
Rýĸĸýııýǹěııěĸđ
ǐȀǒ
7 ǖǖ – 2 7 ǖǘ
Henry Staunton
ǓȀǔ
– ǐǏǐ – 2 – ǐǏǒ
RŁĸØŪĘØĸǹWØĸý
ǓȀǔ
– ǖǔ – – – ǖǔ
ǐǿǹ RŁĸØŪĘØĸǹ^ěóĘŁııţȀǹěóĘØşùǹĮýşţȀǹůŪĘǹĸùýşţŁĸȀǹRýĸĸýııýǹěııěĸđǹØĸùǹAýıýĸØǹŁıýţǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿ
2. ]ØùýıýěĸýǹŁţđşØƃýǹƄØţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǐǹůđůţŪǹǑǏǑǓǿǹěØĸǹ©ýţŪýşķØĸǹƄØţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǐǹýŜŪýķòýşǹǑǏǑǓǿ
ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹůđůţŪǹ
2024.
4. AýĸşƊǹŪØůĸŪŁĸǹØĸùǹRŁĸØŪĘØĸǹWØĸýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿǹ
ǔǿǹ ţǹùěţóıŁţýùǹěĸǹıØţŪǹƊýØşȬţǹşýŜŁşŪȀǹěĸǹşýóŁđĸěŪěŁĸǹŁĐǹŪĘýǹěĸóşýØţýùǹƄŁşĮıŁØùǹŜıØóýùǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹóŁķŜıýŪěĸđǹŪĘýǹķýşđýşȀǹěĸǹǑǏǑǒǹØùùěŪěŁĸØıǹŁĸýțŁDŽǹ
ŜØƊķýĸŪţǹƄýşýǹķØùýǹØţǹĐŁııŁƄţȁǹAýĸşƊǹŪØůĸŪŁĸǹɏǓǘȀǔǏǏȀǹĘØşıŁŪŪýǹŁƊıýǹɏǒǗȀǏǏǏȀǹRŁĸØŪĘØĸǹWØĸýǹɏǔǘȀǔǏǏȀǹØĸùǹĸŪĘŁĸƊǹŪýØěĸţǹɏǒǗȀǏǏǏǿǹĘýţýǹØķŁůĸŪţǹƄýşýǹòØţýùǹ
ŁĸǹØǹóŁĸţýşƃØŪěƃýǹýţŪěķØŪýǹŁĐǹŪĘýǹØùùěŪěŁĸØıǹŪěķýǹóŁķķěŪŪýùǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹØDŽØěşţǹŁĸǹØǹŪýķŜŁşØşƊǹòØţěţǿ
Ǖǿǹ ŁķŜşěţýţǹķýùěóØıǹěĸţůşØĸóýǹØĸùǹŪşØƃýıǹýƉŜýĸţýţǹşýıØŪěĸđǹŪŁǹŁØşùǹķýýŪěĸđǹØŪŪýĸùØĸóýǹƄĘýşýǹŪĘýţýǹØşýǹŪØƉØòıýȀǹŁşǹƄŁůıùǹòýǹěĐǹŪĘýǹ"ěşýóŪŁşǹƄýşýǹşýţěùýĸŪǹěĸǹŪĘýǹUǹĐŁşǹ
ŪØƉǹŜůşŜŁţýţǿǹ©ĘýşýǹØŜŜıěóØòıýȀǹŪĘýǹŁķŜØĸƊǹŜØƊţǹŪĘýǹŪØƉǹŜØƊØòıýǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹýƉŜýĸţýţǹØţǹŪĘýƊǹØşýǹěĸóůşşýùǹěĸǹŪĘýǹĐůıLJıķýĸŪǹŁĐǹ"ěşýóŪŁşţȬǹùůŪěýţǿ
152 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

2.2 Annual bonus outcomes for 2024 (Audited)
fŜŜŁşŪůĸěŪƊ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØùǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹýØşĸǹòŁĸůţýţǹŁĐǹůŜǹŪŁǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹŜýşĐŁşķØĸóýǹěĸǹǑǏǑǓǿǹǓǏǹŜýşǹóýĸŪǹŁĐǹŪĘýǹ
ŪŁŪØıǹØķŁůĸŪǹŁĐǹØĸƊǹòŁĸůţǹýØşĸýùǹěţǹùýĐýşşýùǹĐŁşǹŪĘşýýǹƊýØşţȀǹţůòĪýóŪǹŪŁǹĐŁşĐýěŪůşýǹţĘŁůıùǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹıýØƃýǹŪĘýǹŁķŜØĸƊǿ
ýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪØşđýŪţ
ŁĸůţýţǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄýşýǹòØţýùǹǖǔǹŜýşǹóýĸŪǹŁĸǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýȀǹØĸùǹǑǔǹŜýşǹóýĸŪǹŁĸǹěĸùěƃěùůØıǹ
performance.
9ěĸØĸóěØıǹķýØţůşýţȁǹĘýǹǑǏǑǓǹòŁĸůţǹěĸóıůùýùǹŪĘşýýǹLJĸØĸóěØıǹķýØţůşýţǹƄěŪĘǹŪĘýǹĐŁııŁƄěĸđǹƄýěđĘŪěĸđţȁ
ȟ &ǹ^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹĘØşýǹȡǑǔȌǖǔȢ
ȟ ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹĘØşýǹȡǒǏȌǖǔȢ
ȟ ýıØŪěƃýǹŁŪØıǹşŁŜýşŪƊǹýŪůşĸǹȡǑǏȌǖǔȢ
^ŁĸțLJĸØĸóěØıǹķýØţůşýţȁǹĘýǹŁķķěŪŪýýǹØţţýţţýùǹěĸùěƃěùůØıǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹţýŪǹŁĐǹĸŁĸțLJĸØĸóěØıǹŁòĪýóŪěƃýţǹƄĘěóĘǹØıěđĸǹƄěŪĘǹ
ŪĘýǹŁķŜØĸƊȬţǹŁòĪýóŪěƃýţǹŁůŪıěĸýùǹŁĸǹŜØđýţǹǐǕǹØĸùǹǐǖǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪǿǹǹţůķķØşƊǹŁĐǹŪĘýǹØóĘěýƃýķýĸŪǹØđØěĸţŪǹŪĘýǹ"ěşýóŪŁşţȬǹ
ĸŁĸțLJĸØĸóěØıǹŁòĪýóŪěƃýţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǔǒǹŪŁǹǐǔǓǿ
fůŪóŁķýǹŁĐǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹķýØţůşýţǹȡůùěŪýùȢ
ĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹŪĘØŪǹØŜŜıěýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹØĸùǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹ
ŪĘýķǹØşýǹţýŪǹŁůŪǹòýıŁƄȁǹ
Performance measure Weighting Target range Actual performance
% of bonus
opportunity
awarded
(out of 100%)
ĘşýţĘŁıù
ȡǐǏɬǹŜØƊŁůŪȢ
Target
ȡǔǏɬǹŜØƊŁůŪȢ
]ØƉěķůķ
ȡǐǏǏɬǹŜØƊŁůŪȢ
^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹţĘØşý ǑǔȌǖǔ ǐǘǏǿǏŜ ǐǘǔǿǏŜ ǑǏǔǿǏŜ 200.2p 76%
ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹţĘØşý ǒǏȌǖǔ ǒǿǘŜ ǓǿǐŜ ǓǿǔŜ 4.0p 30%
Relative Total Property Return ǑǏȌǖǔ
&ŞůØıǹŪŁǹ]Dǹ
ŁŪØıǹýŪůşĸǹııțǹ
şŁŜýşŪƊǹěĸùýƉ
fůŪŜýşĐŁşķØĸóýǹŁĐǹ
Ǐǿǔɬ
fůŪŜýşĐŁşķØĸóýǹŁĐǹ
ǐǿǔɬ
fůŪŜýşĐŁşķØĸóýǹŁĐǹ
ǏǿǕɬ 55%
^ŁĸțLJĸØĸóěØıǹŁòĪýóŪěƃýţ Ǒǔɬ "ěţóıŁţůşýǹŁĐǹŁòĪýóŪěƃýţǹØĸùǹŪĘýěşǹØóĘěýƃýķýĸŪǹěţǹţýŪǹŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđý 85-93%
Total bonus 60.25-62.25%
ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţ
ĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹţýŪǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹòýŪƄýýĸǹ
ŪĘýǹŪØşđýŪǹØĸùǹķØƉěķůķǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹĐŁşǹǹØĸùǹ&ǹ^ȀǹØĸùǹůĸùýşıƊěĸđǹ&ǹŜýşĐŁşķØĸóýǹƄØţǹòýŪƄýýĸǹŪĘşýţĘŁıùǹØĸùǹ
ŪØşđýŪǿǹóóŁşùěĸđıƊȀǹǔǑǹŜýşǹóýĸŪǹŁĐǹķØƉěķůķǹòýóŁķýţǹŜØƊØòıýǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹ
ķýØţůşýţǿǹ^ŁǹùěţóşýŪěŁĸǹƄØţǹØŜŜıěýùǹòƊǹŪĘýǹŁķķěŪŪýýǹŪŁǹØùĪůţŪǹŪĘýǹĐŁşķůıØěóǹŁůŪóŁķýţǿ
ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹĸŁĸțLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţ
ĘýǹŁķķěŪŪýýǹţýŪǹóıýØşǹĸŁĸțLJĸØĸóěØıǹķýØţůşýţǹĐŁşǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹƄĘěóĘǹƄýşýǹţŜıěŪǹěĸŪŁǹLJƃýǹóØŪýđŁşěýţǹóŁƃýşěĸđǹţŪşØŪýđěóǹ
òůţěĸýţţǹŜşěŁşěŪěýţǿǹĘýǹşýıØŪěƃýǹƄýěđĘŪěĸđǹŁĐǹŪĘýǹóØŪýđŁşěýţǹƃØşěýùǹşýLjýóŪěĸđǹŪĘýǹĸØŪůşýǹŁĐǹýØóĘǹşŁıýǿǹĐŪýşǹŪĘýǹƊýØşǹýĸùȀǹŪĘýǹ
ŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØđØěĸţŪǹŪĘýěşǹĸŁĸțLJĸØĸóěØıǹŪØşđýŪţǹĐŁşǹǑǏǑǓǿǹǹţůķķØşƊǹŁĐǹŪĘýǹ
ØţţýţţķýĸŪǹŁĐǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýţýǹŁòĪýóŪěƃýţǹØĸùǹŪĘýǹĮýƊǹØóĘěýƃýķýĸŪţǹěĸǹŪĘýǹƊýØşǹěţǹţýŪǹŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđýǿ
153Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹĸŁĸțLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹȡóŁĸŪěĸůýùȢ
Area
Director
Achievements
Ian
Hawksworth
Situl
Jobanputra
Corporate ǑǕȌǒǏ ǑǓȌǑǔ
ȟ şŁđşýţţǹŁĸǹùýıěƃýşěĸđǹŁĸǹŁķŜØĸƊǹŜşěŁşěŪěýţǹØĸùǹķýùěůķțŪýşķǹŪØşđýŪţ
ȟ "ýıěƃýşýùǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹěĸóıůùěĸđǹşýţůıŪţǹŜşýţýĸŪØŪěŁĸţȀǹƄýòóØţŪţȀǹ
şŁØùţĘŁƄţȀǹěĸùůţŪşƊǹóŁĸĐýşýĸóýţȀǹØĸùǹěĸƃýţŪŁşǹØĸùǹķýùěØǹŜŁşŪĐŁıěŁǹŪŁůşţ
ȟ &ƉýóůŪěŁĸǹŁĐǹŁķŜØĸƊǹţŪşØŪýđƊǹƄěŪĘǹØŜŜşŁŜşěØŪýǹşýţŜŁĸţěòěıěŪěýţǹØķŁĸđţŪǹŪĘýǹýƉýóůŪěƃýǺŪýØķ
ȟ "ýƃýıŁŜķýĸŪǹŁĐǹĸýƄǹĸŁĸțLJĸØĸóěØıǹUDţǹ
ȟ &DŽýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪ
People/
Positive
impact
ǐǖȌǑǏ ǐǑǿǔȌǐǑǿǔ
ȟ ]ŁŪěƃØŪýùǹŪĘýǹŪýØķǹŪĘşŁůđĘŁůŪǹØǹŜýşěŁùǹŁĐǹţěđĸěLJóØĸŪǹóĘØĸđýȀǹùýıěƃýşěĸđǹýƉóýııýĸŪǹ
performance against strategy
ȟ ŁţěŪěƃýǹşýţůıŪţǹŁĐǹýķŜıŁƊýýǹţůşƃýƊȀǹØòŁƃýǹòýĸóĘķØşĮǹØĸùǹěĸǹıěĸýǹƄěŪĘǹŜýýşţȀǹƄěŪĘǹØĸǹØóŪěŁĸǹ
ŜıØĸǹùýƃýıŁŜýùǹŪŁǹØùùşýţţǹţŜýóěLJóǹØşýØţǹěùýĸŪěLJýù
ȟ "ýıěƃýşƊǹŁĐǹıýØùýşţĘěŜǹØĸùǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţȀǹùýƃýıŁŜěĸđǹŪØıýĸŪǹØóşŁţţǹŪĘýǹòůţěĸýţţ
ȟ "ýƃýıŁŜķýĸŪǹŁĐǹŜŁţěŪěƃýǹØĸùǹŜşŁđşýţţěƃýǹƄŁşĮěĸđǹóůıŪůşýǹØĸùǹýĸƃ캣ĸķýĸŪȀǹØĸùǹķŁùýııěĸđǹ
òýĘØƃěŁůşǹěĸǹıěĸýǹƄěŪĘǹŁķŜØĸƊǹƃØıůýţǹ
ȟ "ýƃýıŁŜķýĸŪǹŁĐǹţýĸ죺ǹıýØùýşţĘěŜǹŪýØķǹØĸùǹţůóóýţţěŁĸǹŜıØĸĸěĸđ
ȟ ŁķŜıýŪěŁĸǹŁĐǹţýıĐțùýƃýıŁŜķýĸŪǹěĸěŪěØŪěƃýţ
Financial ǐǖȌǑǏ ǑǑǿǔȌǑǔ
ȟ "ýıěƃýşýùǹǐǕǹŜýşǹóýĸŪǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹŪĘşŁůđĘǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹóŁţŪǹ
ýDžóěýĸóěýţȀǹşýţůıŪěĸđǹěĸǹØǹŜşŁđşýţţěƃýǹùěƃěùýĸùǹ
ȟ DĸěŪěØıǹóŁţŪǹşýùůóŪěŁĸǹŪØşđýŪǹØóĘěýƃýùǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹĐůşŪĘýşǹýDžóěýĸóěýţǹěùýĸŪěLJýùȀǹŪŁǹ
òýǹěķŜıýķýĸŪýùǹŁƃýşǹŪěķý
ȟ ŁķŜıýŪěŁĸǹŁĐǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊȂǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹ
ŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸ죺ǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹýƉýşóěţýùȂǹØĸùǹşýLJĸØĸóěĸđǹŁĐǹɏǒǏǏǹķěııěŁĸǹ
şýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹýĸĘØĸóěĸđǹıěŞůěùěŪƊǹØĸùǹýƉŪýĸùěĸđǹķØŪůşěŪƊǹŜşŁLJıý
ȟ &DžóěýĸŪǹşýţŜŁĸţýǹŪŁǹ9ǹıýŪŪýş
Portfolio
management/
Transactions,
performance
& technology
ǐǕȌǑǏ ǑǑǿǔȌǑǔ
ȟ "ýıěƃýşýùǹýƉóýııýĸŪǹıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊǹşýţůıŪěĸđǹěĸǹǖǿǖǹŜýşǹóýĸŪǹ&¨ǹ
đşŁƄŪĘǹØĸùǹǓǿǔǹŜýşǹóýĸŪǹƃØıůØŪěŁĸǹđşŁƄŪĘǹ
ȟ ǓǖǒǹıýØţěĸđǹŪşØĸţØóŪěŁĸţȀǹşýŜşýţýĸŪěĸđǹɏǓǗǿǖǹķěııěŁĸǹŁĐǹşýĸŪȀǹóŁķŜıýŪýùǹǘǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹ
"ýóýķòýşǹǑǏǑǒǹ&¨ǹØĸùǹǐǓǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪǹ
ȟ AěđĘǹŁóóůŜØĸóƊǹķØěĸŪØěĸýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹƄěŪĘǹŁĸıƊǹǑǿǕǹŜýşǹóýĸŪǹŁĐǹ&¨ǹØƃØěıØòıýǹŪŁǺıýŪ
ȟ ɏǐǔǗǹķěııěŁĸǹùěţŜŁţØıǹŜşŁóýýùţǹşýØıěţýùȀǹƄěŪĘǹɏǗǒǹķěııěŁĸǹşýěĸƃýţŪýùǹěĸǹţŪşØŪýđěóǹØóŞůěţěŪěŁĸţǹ
improving the quality of the portfolio
ȟ ØıýǹŁĐǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹWŁĸđķØşŪěĸǹŪŁǹŁůşǹØţţŁóěØŪýǹŜØşŪĸýşǹĐŁşǹĸýŪǹóØţĘǹóŁĸţěùýşØŪěŁĸǹ
ŁĐǹɏǘǓǹķěııěŁĸ
ȟ WØůĸóĘǹŁĐǹóůţŪŁķýşǹţůşƃýƊǹƄěŪĘǹŁůŪŜůŪţǹĐŁóůţýùǹŁĸǹŜşŁƃěùěĸđǹýƉóýııýĸŪǹţýşƃěóýǹŪŁǹ
ŁůşǺóůţŪŁķýşţ
ȟ ]ØĸØđýķýĸŪǹŁĐǹýƉŪýşĸØıǹţůŜŜıěýşǹŜýşĐŁşķØĸóý
ȟ "ýıěƃýşýùǹķØŪýşěØıǹěķŜşŁƃýķýĸŪţǹěĸǹùØŪØǹķØĸØđýķýĸŪǹØĸùǹşýŜŁşŪěĸđ
ȟ ŁķŜıýŪýùǹěĸŪýđşØŪěŁĸǹŁĐǹŜşýțķýşđýşǹLJĸØĸóýǹţƊţŪýķţ
ESG ǘȌǐǏ ǐǐǿǔȌǐǑǿǔ
ȟ ĘØķŜěŁĸýùǹŁķŜØĸƊțƄěùýǹţůŜŜŁşŪǹŁĐǹ&ǹØĸùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđěýţǹØĸùǹ
ŜØşŪěóěŜØŪýùǹěĸǹěĸěŪěØŪěƃýţǹùůşěĸđǹŪĘýǹƊýØşǹ
ȟ WØůĸóĘýùǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǹØĸùǹŜşŁƃěùýùǹóŁķķůĸěŪƊǹóŁĸŪşěòůŪěŁĸţǹƄěŪĘǹØǹ
ƃØıůýǹŁĐǹɏǏǿǘǹķěııěŁĸ
ȟ óĘěýƃýùǹşýțƃØıěùØŪěŁĸǹŁĐǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţ
ȟ ŁţěŪěƃýǹĐýýùòØóĮǹĐşŁķǹǑǏǑǓǹŁØşùǹýƃØıůØŪěŁĸ
Total 85/100 93/100
ĘýǹLJĸØĸóěØıǹØĸùǹĸŁĸțLJĸØĸóěØıǹŁůŪóŁķýţǹĘØƃýǹşýţůıŪýùǹěĸǹòŁĸůţýţǹŁĐǹòýŪƄýýĸǹǕǏǿǑǔɬǹØĸùǹǕǑǿǑǔɬǹŁĐǹķØƉěķůķǹĐŁşǹǑǏǑǓǿǹĘýǹ
ŁķķěŪŪýýǹòýıěýƃýţǹŪĘěţǹěţǹØǹĐØěşǹşýLjýóŪěŁĸǹŁĐǹŪĘýǹŁƃýşØııǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹùůşěĸđǹŪĘýǹƊýØşǿ
ůķķØşƊǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹØĸĸůØıǹòŁĸůţýţǹȡůùěŪýùȢ
Executive Director
Cash
60%
Deferred shares
40% Total
Ian Hawksworth ɏǓǏǔȀǏǕǏ ɏǑǖǏȀǏǓǐ £675,101
ěŪůıǹRŁòØĸŜůŪşØ ɏǒǏǏȀǑǘǓ ɏǑǏǏȀǐǘǕ £500,490
154 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

ǑǿǒǹØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁDžóýǹȡůùěŪýùȢ
"ůşěĸđǹǑǏǑǓȀǹŜØƊķýĸŪţǹŪŁŪØııěĸđǹɏǕǔǓȀǑǘǕǹƄýşýǹŜØěùǹŪŁǹĘşěţǹ©ØşùȀǹŪĘýǹ:şŁůŜȬţǹĐŁşķýşǹĘěýĐǹfŜýşØŪěĸđǹfDžóýşȀǹòƊǹƄØƊǹŁĐǹŜØƊķýĸŪǹ
ěĸǹıěýůǹŁĐǹţØıØşƊǹØĸùǹóýşŪØěĸǹóŁĸŪşØóŪůØıǹòýĸýLJŪţǹȡěĸóıůùěĸđǹŜýĸţěŁĸȀǹóØşǹØııŁƄØĸóýȀǹıěĐýǹěĸţůşØĸóýȀǹĘýØıŪĘǹěĸţůşØĸóýȀǹùýØŪĘǹěĸǹţýşƃěóýǹ
ŜýĸţěŁĸǹØĸùǹŪşØƃýıǹěĸţůşØĸóýȢǹěĸǹşýţŜýóŪǹŁĐǹĘěţǹǐǑǹķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǹȡóŁķķýĸóěĸđǹŁĸǹǐǑǹ"ýóýķòýşǹǑǏǑǒȢǿǹAýǹƄØţǹØıţŁǹŜØěùǹ
ɏǑǏȀǏǏǏǹěĸǹıěýůǹŁĐǹĘěţǹØóóşůýùǹòůŪǹůĸŪØĮýĸǹĘŁıěùØƊǿ
2.4 Payments to previous Directors (Audited)
"ůşěĸđǹǑǏǑǓȀǹĸŁǹŜØƊķýĸŪţǹƄýşýǹķØùýǹŪŁǹŜşýƃěŁůţǹ"ěşýóŪŁşţǹŪĘØŪǹĐØııǹƄěŪĘěĸǹŪĘýǹùěţóıŁţůşýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹýđůıØŪěŁĸţǿ
Directors’ share ownership and share interests
2.5 PSP and deferred bonus awards granted in 2024 (Audited)
ǑǏǑǓǹǹØƄØşùţ
fĸǹǑǏǹ]ØşóĘǹǑǏǑǓȀǹŪĘýǹĐŁııŁƄěĸđǹǹØƄØşùţȀǹţŪşůóŪůşýùǹØţǹĸěıțóŁţŪǹŁŜŪěŁĸţȀǹƄýşýǹđşØĸŪýùǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȁ
Scheme
Market price
on date of grant
1
Basis of award
Number
of awards
Face value
of awards
Percentage
vesting at
threshold
2
Performance
period end
3
Ian Hawksworth
PSP –
ĸěıțóŁţŪǹŁŜŪěŁĸţ
ǐǒǑǿǘŜ ǒǏǏɬǹŁĐǹţØıØşƊ
ǐȀǕǗǕȀǑǒǏǹ ɏǑȀǑǓǐȀǏǏǏ
Ǒǔɬ
ǒǐǹ"ýóýķòýşǹ
ǑǏǑǕ
ěŪůıǹRŁòØĸŜůŪşØ ǐȀǑǏǘȀǘǒǑ ɏǐȀǕǏǗȀǏǏǏ
ǐǿǹ ĘýǹØƄØşùţǹƄýşýǹđşØĸŪýùǹØŪǹØǹŜşěóýǹŁĐǹǐǒǑǿǘǹŜýĸóýȀǹòýěĸđǹŪĘýǹŪĘşýýțùØƊǹØƃýşØđýǹţĘØşýǹŜşěóýǹŜşěŁşǹŪŁǹđşØĸŪ
2. ĘşýţĘŁıùǹƃýţŪěĸđǹůĸùýşǹýØóĘǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹ
ǒǿǹ ĘýǹŜýşĐŁşķØĸóýǹŜýşěŁùǹşůĸţǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǓǹŪŁǹǒǐǹ"ýóýķòýşǹǑǏǑǕ
ĘýǹØƄØşùţǹƄěııǹòýóŁķýǹýƉýşóěţØòıýǹŁĸǹǑǏǹ]ØşóĘǹǑǏǑǖǹØĸùǹØşýǹţůòĪýóŪǹŪŁǹŪƄŁǹŜýşĐŁşķØĸóýǹóşěŪýşěØȀǹýØóĘǹƄěŪĘǹØǹǔǏǹŜýşǹóýĸŪǹƄýěđĘŪěĸđȁ
Threshold (25%) Maximum (100%)
ýıØŪěƃýǹǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏɬȢ ]ýùěØĸ Upper quartile
ýıØŪěƃýǹǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏɬȢ ]ýùěØĸ Upper quartile
ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹşýŪØěĸţǹŪĘýǹØòěıěŪƊǹŪŁǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹƄĘýĸǹùýŪýşķěĸěĸđǹŪĘýǹƃýţŪěĸđǹŁĐǹŪĘýǹØƄØşùţǿ
"ýĐýşşýùǹòŁĸůţǹØƄØşùţ
fĸǹǑǏǹ]ØşóĘǹǑǏǑǓȀǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǹƄýşýǹđşØĸŪýùǹŪŁǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǿǹĘýţýǹØƄØşùţǹşýŜşýţýĸŪǹ
ŪĘýǹùýĐýşşýùǹýıýķýĸŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǒǹşýŜŁşŪýùǹƄěŪĘěĸǹŪĘýǹŁķŜØĸƊȬţǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿ
Scheme
Market price
on date of grant
1
Basis of award
Number
of awards
Face value
of awards
Ian Hawksworth
"ýĐýşşýùǹòŁĸůţǹȝ
ĸěıțóŁţŪǹŁŜŪěŁĸţ
ǐǒǑǿǘŜ
ǓǏɬǹŁĐǹǑǏǑǒǹ
ØĸĸůØıǹòŁĸůţ
ǑǖǏȀǏǒǒ ɏǒǔǗȀǗǖǓ
ěŪůıǹRŁòØĸŜůŪşØ ǐǘǕȀǕǐǒ ɏǑǕǐȀǑǘǘ
ǐǿǹ ĘýǹØƄØşùţǹƄýşýǹđşØĸŪýùǹØŪǹØǹŜşěóýǹŁĐǹǐǒǑǿǘǹŜýĸóýȀǹòýěĸđǹŪĘýǹŪĘşýýțùØƊǹØƃýşØđýǹţĘØşýǹŜşěóýǹŜşěŁşǹŪŁǹđşØĸŪ
2.6 Outstanding PSP and deferred bonus awards (Audited)
fůŪţŪØĸùěĸđǹØƄØşùţǹķØùýǹůĸùýşǹŪĘýǹ
ØȢǹĸĸůØıǹǹØƄØşùţ
ǐȀǑ
Year granted
Option price
(pence) if any
Held at
1 January 2024
Granted during
the year
Exercised
during the year
Lapsed during
the year
Held at
31 December
2024
Exercisable
during or
between
Ian Hawksworth 2024 ^ěı – ǐȀǕǗǕȀǑǒǏ ––ǐȀǕǗǕȀǑǒǏ ǑǏǑǖȝǑǏǒǓ
ǑǏǑǒ ^ěı ǐȀǘǑǕȀǓǗǒ –––ǐȀǘǑǕȀǓǗǒ ǑǏǑǕȝǑǏǒǒ
ěŪůıǹRŁòØĸŜůŪşØ 2024 ^ěı – ǐȀǑǏǘȀǘǒǑ ––ǐȀǑǏǘȀǘǒǑ ǑǏǑǖȝǑǏǒǓ
ǹǑǏǑǒ ^ěı ǐȀǒǗǐȀǖǔǒ –––ǐȀǒǗǐȀǖǔǒ ǑǏǑǕȝǑǏǒǒ
Total 3,308,236 2,896,162 – – 6,204,398
ǐǿǹ ůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹŪĘØŪǹØŜŜıƊǹŪŁǹØƄØşùţǹķØùýǹůĸùýşǹŪĘýǹȀǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǔǖ
2. ůòĪýóŪǹŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁù
155Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
Value of Executive Director shareholdings and share
interests as at 31 December 2024 (Audited)
Situl Jobanputra
Ian Hawksworth
Actual holding as a % of base salary
Deferred bonus (net of tax) as a % of base salary
Shareholding guideline
433%
267%
Directors’ shareholdings (including connected
persons) – 2024 and 2023 (Audited)
2024
Number
2023
Number
Executive Director
Ian Hawksworth
ǐ
2,245,623 ǑȀǐǔǕȀǖǒǔ
ěŪůıǹRŁòØĸŜůŪşØ
ǐ
910,779 ǘǐǏȀǖǖǘ
Non–executive Director
RŁĸØŪĘØĸǹ^ěóĘŁııţ 192,970 ǐǘǑȀǘǖǏ
ěóĘØşùǹĮýşţ 133,550 ǐǒǒȀǔǔǏ
ůŪĘǹĸùýşţŁĸ 16,780 ǐǕȀǖǗǏ
]ØùýıýěĸýǹŁţđşØƃý – ^Ȍ
Sian Westerman – ^Ȍ
Former Director
Charlotte Boyle
2
15,052 ǐǔȀǏǔǑ
Helena Coles
2
20,136 ǑǏȀǐǒǕ
ĸŪĘŁĸƊǹŪýØěĸţ
2
– –
Rýĸĸýııýǹěııěĸđ
2
41,950 ǓǐȀǘǔǏ
ǐǿ &ƉóıůùýţǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǿ
2. AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹ
ŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹ
ŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹĘýěşǹţĘØşýĘŁıùěĸđţǹØşýǹţŪØŪýùǹØţǹØŪǹŪĘýǹùØŪýǹŁĐǹóýØţěĸđǹŪŁǹ
òýǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǿ
òȢǹ"ýĐýşşýùǹòŁĸůţǹØƄØşùţ
Year granted
Option price
(pence) if any
Held at 1
January 2024
Granted during
the year
Exercised
during the year
Lapsed during
the year
Held at 31
December 2024
Exercisable
during or
between
Ian Hawksworth 2024 ^ěı – ǑǖǏȀǏǒǒ ––ǑǖǏȀǏǒǒ ǑǏǑǖȝǑǏǒǓ
ǑǏǑǒ ^ěı ǒǔǕȀǗǕǓ –––ǒǔǕȀǗǕǓ ǑǏǑǕȝǑǏǒǒ
ěŪůıǹRŁòØĸŜůŪşØ 2024 ^ěı – ǐǘǕȀǕǐǒ ––ǐǘǕȀǕǐǒ ǑǏǑǖȝǑǏǒǓ
ǑǏǑǒ ^ěı ǑǒǖȀǏǑǒ –––ǑǒǖȀǏǑǒ ǑǏǑǕȝǑǏǒǒ
Total 593,887 466,646 1,060,533
2.7 Statement of Directors’ shareholdings and share interests (Audited)
ØȢǹ"ěşýóŪŁşţȬǹţĘØşýĘŁıùěĸđţ
ĘýǹòýĸýLJóěØıǹěĸŪýşýţŪţǹěĸǹŪĘýǹţĘØşýţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹýØóĘǹ"ěşýóŪŁşǹƄĘŁǹţýşƃýùǹùůşěĸđǹŪĘýǹǑǏǑǓǹLJĸØĸóěØıǹƊýØşȀǹØţǹØŪǹŪĘýǹıØŪýşǹ
ŁĐǹóýţţØŪěŁĸǹŁĐǹòýěĸđǹØǹ"ěşýóŪŁşǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡØĸùǹƄĘěóĘǹØşýǹůĸóĘØĸđýùǹØţǹØŪǹǑǕǹ9ýòşůØşƊǹǑǏǑǔȀǹòýěĸđǹØǹùØŪýǹĸŁŪǹķŁşýǹ
ŪĘØĸǹŁĸýǹķŁĸŪĘǹòýĐŁşýǹŪĘýǹùØŪýǹŁĐǹŪĘýǹ^ŁŪěóýǹŁĐǹǑǏǑǔǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđȢȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǿǹĘýǹĘěýĐǹ&ƉýóůŪěƃýǹ
ěţǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊǹØĸùǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfDžóýşǹěţǹ
şýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊȀǹŪŁǹòýǹØóĘěýƃýùǹòƊǹşýŪØěĸěĸđǹØŪǹıýØţŪǹǔǏǹ
ŜýşǹóýĸŪǹŁĐǹØĸƊǹƃýţŪýùǹţĘØşýǹØƄØşùţǹȡĸýŪǹŁĐǹŪØƉȢǿǹ
ĘýşýǹěţǹØǹŜŁţŪțóýţţØŪěŁĸǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪǹŁĐǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹóØŜŪůşěĸđǹƃýţŪýùǹØĸĸůØıǹ
òŁĸůţǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǑǹȡěĸǹşýţŜýóŪǹŁĐǹǑǏǑǐȢǹØĸùǹØııǹǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǐǿ
ĘýǹóůşşýĸŪǹţĘØşýĘŁıùěĸđţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØĸùǹŪĘýěşǹƃØıůýǹòØţýùǹŁĸǹØǹţĘØşýǹŜşěóýǹŁĐǹǐǑǔǿǔǹŜýĸóýȀǹòýěĸđǹŪĘýǹŜşěóýǹŁĐǹ
ØǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýǹŁĸǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡòýěĸđǹŪĘýǹıØţŪǹùØƊǹĐŁşǹŪşØùěĸđǹùůşěĸđǹŪĘýǹƊýØşȢȀǹØşýǹěııůţŪşØŪýùǹěĸǹŪĘýǹŪØòıýǹ
òýıŁƄǿǹĘýǹţĘØşýţǹƄĘěóĘǹØşýǹěĸóıůùýùǹěĸǹŪĘýţýǹĘŁıùěĸđţǹØşýȁǹŪĘŁţýǹĘýıùǹòýĸýLJóěØııƊǹòƊǹŪĘýǹ"ěşýóŪŁşȀǹŪĘýěşǹţŜŁůţýǹŁşǹùýŜýĸùýĸŪǹĐØķěıƊǹ
ķýķòýşţȂǹţĘØşýţǹĘýıùǹƄěŪĘěĸǹDţȀǹ&ţǹŁşǹŜýĸţěŁĸţȂǹţĘØşýţǹŪĘØŪǹØşýǹţůòĪýóŪǹŪŁǹØǹŜşýțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁùȀǹţůóĘǹØţǹùýĐýşşýùǹòŁĸůţȂǹ
ØĸùǹƃýţŪýùǹòůŪǹůĸýƉýşóěţýùǹØƄØşùţǿǹĘýǹıØţŪǹŪĘşýýǹóØŪýđŁşěýţǹØşýǹěĸóıůùýùǹŁĸǹØǹĸýŪțŁĐțŪØƉǹòØţěţǿ
156 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

òȢǹ"ěşýóŪŁşţȬǹţĘØşýǹěĸŪýşýţŪţǹȡůùěŪýùȢ
"ýŪØěıţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţĘØşýǹţóĘýķýǹěĸŪýşýţŪţȀǹěĸóıůùěĸđǹěĸĐŁşķØŪěŁĸǹŁĸǹƃýţŪýùǹØĸùǹůĸƃýţŪýùǹţĘØşýǹØƄØşùţǹŪĘØŪǹşýķØěĸǹ
ţůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ
ȡěȢǹůķķØşƊǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹěĸŪýşýţŪţǹěĸǹţĘØşýţǹØĸùǹţĘØşýǹţóĘýķýţ
Executive Director Shares held
Nil–cost option
awards in respect of
deferred bonus
Awards no
longer subject
to performance
conditions
Nil–cost option
awards subject
to performance
conditions Total
Ian Hawksworth ǑȀǑǓǔȀǕǑǒ ǕǑǕȀǗǘǖ – ǒȀǕǐǑȀǖǐǒ 6,485,233
ěŪůıǹRŁòØĸŜůŪşØ ǘǐǏȀǖǖǘ ǓǒǒȀǕǒǕ – ǑȀǔǘǐȀǕǗǔ 3,936,100
Total 3,156,402 1,060,533 – 6,204,398 10,421,333
ĘýǹķØşĮýŪǹŜşěóýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýţǹŁĸǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡòýěĸđǹŪĘýǹıØţŪǹùØƊǹĐŁşǹŪşØùěĸđǹùůşěĸđǹŪĘýǹƊýØşȢǹƄØţǹǐǑǔǿǔǹ
ŜýĸóýȀǹØĸùǹùůşěĸđǹŪĘýǹƊýØşǹŪĘýǹŜşěóýǹƃØşěýùǹòýŪƄýýĸǹǐǑǐǿǖǹŜýĸóýǹØĸùǹǐǔǒǿǘǹŜýĸóýǿǹ
2.8 Implementation of the Remuneration Policy in 2025
Salary
Ęýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǿǹ9ŁşǹǑǏǑǔȀǹýDŽýóŪěƃýǹĐşŁķǹǐǹRØĸůØşƊȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹĘěýĐǹ9ěĸØĸóěØıǹ
fDžóýşǹĘØƃýǹşýóýěƃýùǹØĸǹěĸóşýØţýǹŁĐǹǑǿǓǹŜýşǹóýĸŪȀǹƄĘěóĘǹěţǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹƄěùýşǹƄŁşĮĐŁşóýǹěĸóşýØţýǹŁĐǹǑǿǓǹŜýşǹóýĸŪǿ
ĘýǹţØıØşěýţǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ
&ƉýóůŪěƃýǹ"ěşýóŪŁşǹţØıØşěýţǹȝǹǑǏǑǓǹØĸùǹǑǏǑǔ
2025 2024 Percentage increase
Ian Hawksworth ɏǖǕǔȀǏǏǏ ɏǖǓǖȀǏǏǏ 2.4%
ěŪůıǹRŁòØĸŜůŪşØ ɏǔǓǘȀǏǏǏ ɏǔǒǕȀǏǏǏ 2.4%
ýĸţěŁĸǹØĸùǹòýĸýLJŪţ
&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýóýěƃýǹØǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁşǹóØţĘǹØııŁƄØĸóýǹŁĐǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹƄĘěóĘǹěţǹØıěđĸýùǹƄěŪĘǹŪĘýǹƄŁşĮĐŁşóýǹ
óŁĸŪşěòůŪěŁĸǹşØŪýȀǹØĸùǹòýĸýLJŪţǹØţǹùýţóşěòýùǹěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹŁĸǹŜØđýǹǐǓǒǿ
ĸĸůØıǹòŁĸůţ
fŜŜŁşŪůĸěŪƊ
ĘýǹØĸĸůØıǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǹĐŁşǹǑǏǑǔǹØŪǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹƄěŪĘǹǓǏǹŜýşǹóýĸŪǹŁĐǹØĸƊǹòŁĸůţǹØƄØşùýùǹŪŁǹ
òýǹùýĐýşşýùǹěĸŪŁǹţĘØşýţǹĐŁşǹŪĘşýýǹƊýØşţǿ
ýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹ
9ŁşǹǑǏǑǔȀǹŪĘýǹŪĘşýýǹLJĸØĸóěØıǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǹĐşŁķǹǑǏǑǓǿǹĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹ^ǹŜýşǹţĘØşýȀǹ
ĸùýşıƊěĸđǹ&ǹØĸùǹŁŪØıǹşŁŜýşŪƊǹýŪůşĸǹŪŁǹòýǹƄýııǹØıěđĸýùǹƄěŪĘǹţĘØşýĘŁıùýşţȬǹěĸŪýşýţŪţǿ
Performance conditions Weighting Description
&ǹ^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹĘØşý ǑǔȌǖǔ ǹĮýƊǹķýØţůşýǹùşěƃěĸđǹŪĘýǹıŁĸđțŪýşķǹŜŁŪýĸŪěØıǹŁĐǹŁůşǹØţţýŪţǹ
ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹĘØşý ǒǏȌǖǔ ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹţůóóýţţǹěĸǹķØĸØđěĸđǹ
óŁţŪţǿǹ©ýěđĘŪěĸđǹşýLjýóŪţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹùýıěƃýşěĸđǹóŁţŪǹţØƃěĸđţǹØĸùǹ
ŁŜýşØŪěĸđǹýDžóěýĸóěýţ
Relative Total Property Return ǑǏȌǖǔ ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹŜŁşŪĐŁıěŁǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹ
ØòŁƃýǹØĸƊǹóĘØĸđýţǹěĸǹƃØıůýǹĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹ
ØţǹķýØţůşýùǹòƊǹŪĘýǹƄěùýıƊțůţýùǹ]DǹŁŪØıǹýŪůşĸǹııțşŁŜýşŪƊǹDĸùýƉ
ĘýǹşýķØěĸěĸđǹǑǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹƄěııǹòýǹòØţýùǹŁĸǹĸŁĸțLJĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹŁòĪýóŪěƃýţǿ
157Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
ĘýǹǹŪØşđýŪǹěţǹěĸóıůùýùǹěĸǹŪĘýǹŁķŜØĸƊȬţǹUDţǹŁĸǹŜØđýǹǑǏǿǹĘýǹUDţǹØşýǹěĸǹŜØşŪǹùýŜýĸùýĸŪǹůŜŁĸǹŪĘýǹŁóóůşşýĸóýǹŁĐǹóýşŪØěĸǹ
ùěţóşýŪýǹýƃýĸŪţǿǹĘýşýĐŁşýȀǹƄĘěıţŪǹŪĘýǹŁůŪŜýşĐŁşķØĸóýǹŪØşđýŪţǹŪĘØŪǹØŜŜıƊǹŪŁǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǹØşýǹùěţóıŁţýùȀǹŪĘýǹŁØşùǹĘØţǹ
ùýóěùýùǹŪĘØŪȀǹØţǹŪĘýǹ:şŁůŜǹŁŜýşØŪýţǹěĸǹţŜýóěLJóǹıŁóØŪěŁĸţǹƄěŪĘěĸǹŪĘýǹóŁķŜýŪěŪěƃýǹóýĸŪşØıǹWŁĸùŁĸǹŜşŁŜýşŪƊǹķØşĮýŪȀǹŜşŁţŜýóŪěƃýǹ
ùěţóıŁţůşýǹŁĐǹţŜýóěLJóǹţĘŁşŪțŪýşķǹ^ǹØĸùǹ&ǹŪØşđýŪţȀǹŁşǹĸŁĸțLJĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţȀǹƄŁůıùǹŜşŁƃěùýǹØǹıýƃýıǹŁĐǹěĸĐŁşķØŪěŁĸǹ
ŪŁǹóŁůĸŪýşŜØşŪěýţǹŪĘØŪǹóŁůıùǹŜşýĪůùěóýǹŪĘýǹŁķŜØĸƊȬţǹóŁķķýşóěØıǹěĸŪýşýţŪţǿǹĘýǹŁķķěŪŪýýǹƄěııǹŜůòıěţĘǹŪĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹ
şýŪşŁţŜýóŪěƃýıƊǹŁĸóýǹŪĘýƊǹĘØƃýǹóýØţýùǹŪŁǹòýǹóŁķķýşóěØııƊǹţýĸţěŪěƃýȀǹƄĘěóĘǹěţǹýƉŜýóŪýùǹŪŁǹòýǹƄĘýĸǹŪĘýǹòŁĸůţǹØķŁůĸŪţǹØşýǹ
ùýŪýşķěĸýùǿǹ
Further information on the Company’s KPIs can be found on pages 20 to 21.
Performance Share Plan
ǹØƄØşùţǹŁĐǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹǑǏǑǔǹţØıØşƊǹƄěııǹòýǹķØùýǹŪŁǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØţǹØƄØşùţǹŁĐǹĸěıțóŁţŪǹŁŜŪěŁĸţǿǹĘýǹŜýşĐŁşķØĸóýǹ
óŁĸùěŪěŁĸţǹØĸùǹóŁķŜØşØŪŁşǹđşŁůŜǹŪĘØŪǹƄěııǹØŜŜıƊǹŪŁǹŪĘýţýǹØƄØşùţȀǹØĸùǹØııǹŁůŪţŪØĸùěĸđǹØƄØşùţȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ
ýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐŁşǹǹØƄØşùţ
Threshold (25%) Maximum (100%)
ǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏǹŜýşǹóýĸŪȢ ]ýùěØĸ Upper quartile
ǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏǹŜýşǹóýĸŪȢ ]ýùěØĸ Upper quartile
ĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹşýķůĸýşØŪěŁĸ
ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹĘØěşķØĸȬţǹĐýýǹØĸùǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹěţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǿǹĘýǹ
ĐýýţǹŜØěùǹŪŁǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊȀǹØıŪĘŁůđĘǹĐýýţǹķØƊǹĸŁŪǹòýǹěĸóşýØţýùǹýƃýşƊǹƊýØşǿǹ
9ŁııŁƄěĸđǹŪĘýǹǑǏǑǓǹşýƃěýƄȀǹěŪǹƄØţǹØđşýýùǹŪĘØŪǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹƄŁůıùǹòýǹěĸóşýØţýùǹòƊǹǑǿǔǹŜýşǹóýĸŪȀǹ
ƄĘěóĘǹěţǹòşŁØùıƊǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹØƄØşùýùǹŪŁǹýķŜıŁƊýýţǿǹĘýǹĐýýţǹƄĘěóĘǹƄěııǹŪØĮýǹýDŽýóŪǹĐşŁķǹǐǹ]ØƊǹǑǏǑǔǹØşýǹţýŪǹ
ŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ
ǑǏǑǔǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹşýķůĸýşØŪěŁĸ
2025 2024
Chairman ɏǒǐǖȀǖǔǏ £310,000
^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹòØţěóǹĐýý ɏǕǕȀǕǑǔ £65,000
ŁķķěŪŪýýǹķýķòýş ɏǔȀǐǑǔ £5,000
Committee Chairman ɏǑǏȀǔǏǏ £20,000
ýĸ죺ǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁş ɏǐǒȀǖǒǔ £13,400
158 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report

Pay comparison
2.9 Percentage change in Directors’ remuneration versus employee pay
ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹƊýØşțŁĸțƊýØşǹŜýşóýĸŪØđýǹóĘØĸđýǹěĸǹŪĘýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹǒǐǹ
"ýóýķòýşǹǑǏǑǒȀǹǒǐǹ"ýóýķòýşǹǑǏǑǑȀǹǒǐǹ"ýóýķòýşǹǑǏǑǐǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǏǹŁĐǹýØóĘǹ"ěşýóŪŁşǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹØƃýşØđýǹƊýØşț
ŁĸțƊýØşǹŜýşóýĸŪØđýǹóĘØĸđýǹěĸǹşýķůĸýşØŪěŁĸǹŁĐǹØǹóŁķŜØşØŪŁşǹđşŁůŜǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹýķŜıŁƊýýţȁ
Salary/fees (% change) ýĸýLJŪţǹȡɬǹóĘØĸđýȢ Annual bonus (% change)
2024 2023
1
2022 2021 2020 2024 2023
2
2022 2021 2020 2024 2023 2022 2021 2020
Executive Directors
Ian Hawksworth 3.89 ǗǿǑǗ ǒǿǖǔ Ǐǿǖǘ ǑǿǘǑ (9.76) ǒǑǿǑǕ ǐǏǿǖǐ ǖǿǕǘ – (24.75) țǐǏǿǘǑ ǓǑǿǑǒ ^Ȍ ȝǐǏǏ
ěŪůıǹRŁòØĸŜůŪşØ 5.30 ǐǔǿǓǑ ǒǿǖǕ ǐǿǕǖ ǖǿǐǗ (10.71) 40.00 ȝǐǕǿǕǖ –4.00 Ǔǿǐǖ (23.43) țǑǿǒǘ ǓǑǿǒǓ ^Ȍ ȝǐǏǏ
Non-executive Directors
3
RŁĸØŪĘØĸǹ^ěóĘŁııţ 25.60 ^Ȍ ^Ȍ ^Ȍ ^Ȍ 00.00 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ
ěóĘØşùǹĮýşţ 39.24 ^Ȍ ^Ȍ ^Ȍ ^Ȍ 30.90 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ
ůŪĘǹĸùýşţŁĸ 23.38 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ
]ØùýıýěĸýǹŁţđşØƃý N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ
Sian Westerman N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍȝ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ
Average employee
4
6.88 ǐǒǿǑǒ ǐǏǿǒ ǓǿǕǒ ǓǿǘǓ 1.16 ǐǒǿǐǒ Ǒǿǘǔ ǒǏǿǔǐ ǐǑǿǒǓ (23.95) ǒǒǿǕǒ ǑǏǿǘǘ ǔǓǿǐǗ ȝǕǘǿǓǖ
ǐǿǹ ĘØĸđýţǹěĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹěĸǹǑǏǑǒǹşýLjýóŪýùǹŪĘýǹěĸóşýØţýùǹţóŁŜýǹŁĐǹşŁıýţǹĐŁııŁƄěĸđǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿ
2. ĘØĸđýţǹěĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹòýĸýLJŪţǹşýLjýóŪýùǹěĸóıůţěŁĸǹŁĐǹŜýşķØĸýĸŪǹĘýØıŪĘǹěĸţůşØĸóýǹØĸùǹıěĐýǹěĸţůşØĸóýǹěĸǹŪĘýǹǑǏǑǒǹLJđůşýǹěĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹěĸóşýØţýùǹóŁţŪǹŁĐǹ
ĘýØıŪĘǹěĸţůşØĸóýǿǹ"ůýǹŪŁǹŪĘýǹşýıØŪěƃýıƊǹţķØııǹƃØıůýţǹŁĐǹŪĘýţýǹØķŁůĸŪţȀǹţķØııǹØòţŁıůŪýǹěĸóşýØţýţǹóØĸǹşýţůıŪǹěĸǹıØşđýǹŜýşóýĸŪØđýǹóĘØĸđýţǿ
ǒǿǹ RŁĸØŪĘØĸǹ^ěóĘŁııţȀǹěóĘØşùǹĮýşţǹØĸùǹůŪĘǹĸùýşţŁĸǹĪŁěĸýùǹŪĘýǹŁØşùǹŁĸǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹØĸùǹŪĘýşýĐŁşýǹŁĸıƊǹşýóýěƃýùǹĐýýţǹĐşŁķǹǐǒǹ]ØşóĘǹǑǏǑǒǿǹ]Øùýıýěĸýǹ
ŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹùůşěĸđǹǑǏǑǓǹØĸùǹĸŁǹóŁķŜØşØŪŁşţǹóØĸǹòýǹóØıóůıØŪýùǿ
4. ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹĘØţǹĸŁǹùěşýóŪǹýķŜıŁƊýýţȀǹěĸĐŁşķØŪěŁĸǹĐŁşǹ:şŁůŜǹýķŜıŁƊýýţǹĘØţǹòýýĸǹùěţóıŁţýùǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţǿǹŁǹØııŁƄǹØǹķýØĸěĸđĐůıǹóŁķŜØşěţŁĸȀǹŪĘýǹ
ØĸØıƊţěţǹĐŁşǹýķŜıŁƊýýţǹěţǹòØţýùǹŁĸǹØǹóŁĸţěţŪýĸŪǹđşŁůŜǹŁĐǹěĸùěƃěùůØıţǹĐŁşǹýØóĘǹóŁķŜØşěţŁĸȀǹòýěĸđǹŪĘŁţýǹýķŜıŁƊýùǹòƊǹŪĘýǹ:şŁůŜǹØŪǹòŁŪĘǹǐǹRØĸůØşƊǹØĸùǹǒǐǹ"ýóýķòýşǹŁĐǹ
ýØóĘǹŜýşěŁùȀǹØĸùǹĘØţǹòýýĸǹóØıóůıØŪýùǹŁĸǹØǹĐůııțŪěķýǹýŞůěƃØıýĸŪǹòØţěţǿǹĘýǹ"ěşýóŪŁşţǹØşýǹýƉóıůùýùǹĐşŁķǹŪĘýǹØƃýşØđýǹýķŜıŁƊýýǹLJđůşýţǿ
2.10 Chief Executive pay ratio
ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹĐýƄýşǹŪĘØĸǹǑǔǏǹýķŜıŁƊýýţȀǹěŪǹěţǹĸŁŪǹıýđØııƊǹşýŞůěşýùǹŪŁǹşýŜŁşŪǹŜØƊǹşØŪěŁţǿǹAŁƄýƃýşȀǹŪĘýǹşØŪěŁţǹòýıŁƄǹØşýǹ
ùěţóıŁţýùǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţǿ
ĘýǹŪØòıýǹòýıŁƄǹţýŪţǹŁůŪǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹDØĸǹAØƄĮţƄŁşŪĘȀǹƄĘŁǹĘØţǹòýýĸǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸóýǹǑǏǐǏȀǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹǑǔ
th
,
ķýùěØĸǹØĸùǹǖǔ
th
ǹŜýşóýĸŪěıýǹýķŜıŁƊýýǹƄěŪĘěĸǹŪĘýǹýķŜıŁƊýýǹşýĐýşýĸóýǹđşŁůŜǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹfŜŪěŁĸǹǹØţǹùýLJĸýùǹěĸǹŪĘýǹ
ŁķŜØĸěýţǹȡ]ěţóýııØĸýŁůţǹýŜŁşŪěĸđȢǹýđůıØŪěŁĸţǹǑǏǐǗǹƄØţǹůţýùǹŪŁǹóØıóůıØŪýǹŪĘýǹşØŪěŁţȀǹØţǹŪĘěţǹóØıóůıØŪěŁĸǹķýŪĘŁùŁıŁđƊǹƄØţǹ
óŁĸţěùýşýùǹŪŁǹòýǹŪĘýǹķŁţŪǹØóóůşØŪýǹķýŪĘŁùǿǹ9ŁşǹǑǏǑǓȀǹŪĘýǹýķŜıŁƊýýţǹěĸóıůùýùǹěĸǹŪĘýǹóØıóůıØŪěŁĸǹØşýǹŪĘŁţýǹýķŜıŁƊýùǹòƊǹŪĘýǹ:şŁůŜǹ
ØŪǹƊýØşǹýĸùȀǹŁĸǹØǹĐůııțŪěķýǹýŞůěƃØıýĸŪǹòØţěţǿǹĘýǹLJđůşýǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹěţǹŪĘýǹţěĸđıýǹLJđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹĐŁşǹ
ýØóĘǹLJĸØĸóěØıǹƊýØşȁ
Year Method 25
th
percentile pay ratio Median pay ratio 75
th
percentile pay ratio
2024 fŜŪěŁĸǹ ǑǏǿǐȁǐ ǐǑǿǗȁǐ ǖǿǕȁǐ
ǑǏǑǒ fŜŪěŁĸǹ ǓǒǿǕȁǐ ǑǕǿǔȁǐ ǐǓǿǐȁǐ
2022 fŜŪěŁĸǹǹ ǒǐǿǏȁǐ ǐǖǿǒȁǐ ǐǏǿǘȁǐ
ǑǏǑǐ fŜŪěŁĸǹǹ Ǒǒǿǘȁǐ ǐǓǿǑȁǐ ǘǿǔȁǐ
2020 fŜŪěŁĸǹ ǐǓǿǓȁǐ ǖǿǘȁǐ ǕǿǏȁǐ
ĘýǹşýķůĸýşØŪěŁĸǹůţýùǹŪŁǹóØıóůıØŪýǹŪĘýǹǑǏǑǓǹŜØƊǹşØŪěŁţǹěţǹţýŪǹŁůŪǹòýıŁƄȁ
Chief Executive
£000
25
th
percentile
£000
Median
£000
75
th
percentile
£000
Base salary ǖǓǖ ǔǕ Ǘǔ ǐǑǔ
Total remuneration ǐȀǔǘǏ ǖǘ ǐǑǓ ǑǐǏ
"ůýǹŪŁǹŪĘýǹşýıØŪěƃýǹƄýěđĘŪěĸđǹŁĐǹƃØşěØòıýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪĘýǹŜØƊǹşØŪěŁţǹƄěııǹòýǹţěđĸěLJóØĸŪıƊǹţķØııýşǹěĸǹƊýØşţǹ
ƄĘýĸǹǹØƄØşùţǹùŁǹĸŁŪǹƃýţŪǿǹDĸǹØùùěŪěŁĸȀǹùůýǹŪŁǹŪĘýǹ:şŁůŜȬţǹşýıØŪěƃýıƊǹţķØııǹĸůķòýşǹŁĐǹýķŜıŁƊýýţȀǹŪĘýǹşØŪěŁţǹóØıóůıØŪýùǹķØƊǹƃØşƊǹ
òýŪƄýýĸǹƊýØşţǹØţǹØǹşýţůıŪǹŁĐǹýķŜıŁƊýýţǹĪŁěĸěĸđǹŁşǹıýØƃěĸđǹŪĘýǹ:şŁůŜǿ
159Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Corporate governance report | Directors’ remuneration report
Total property
return (%)
Total accounting
return (%)
Dividends
(£m)
1
Employee costs
(£m)
0
20
40
60
80
100
120
140
31 Dec
2014
31 Dec
2015
31 Dec
2016
31 Dec
2017
31 Dec
2024
31 Dec
2023
31 Dec
2022
31 Dec
2021
31 Dec
2020
31 Dec
2019
31 Dec
2018
FTSE 350 Real Estate Index Shaftesbury Capital
£
ǐǿǹ ɏǓǿǒǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǿǘǹķěııěŁĸȢǹŁĐǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŜØěùǹùůşěĸđǹǑǏǑǓǹƄØţǹşýŪØěĸýùǹòƊǹØǹ:şŁůŜțóŁĸŪşŁııýùǹýĸŪěŪƊǹĐŁııŁƄěĸđǹŪĘýǹùěƃěùýĸùǹŪĘşýţĘŁıùǹŪýţŪǹØţǹţýŪǹŁůŪǹěĸǹŪĘýǹ
ýƉóĘØĸđýØòıýǹòŁĸùǹóŁĸùěŪěŁĸţǿǹɏǐǓǿǔǹķěııěŁĸǹŁĐǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŜØěùǹùůşěĸđǹǑǏǑǒǹƄØţǹŜØěùǹŜşěŁşǹŪŁǹŪĘýǹķýşđýşǿ
7.6
2.2
2024
2023
+5.4
65.4
43.8
2024
2023
+21.6
7.0
5.8
2024
2023
+1.2
23.0
25.1
2024
2023
-2.1
ǑǿǐǐǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸđıýǹLJđůşýǹŁĐǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹĘěţŪŁşƊǹØĸùǹǹ
performance
ĘýǹđşØŜĘǹòýıŁƄǹţĘŁƄţǹŪĘýǹŪŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹŁĐǹɏǐǏǏǹěĸƃýţŪýùǹěĸǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ
ȡĸŁƄǹĘØĐŪýţòůşƊǹØŜěŪØıǹWȢǹŁĸǹǐǹRØĸůØşƊǹǑǏǐǔȀǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹ9&ǹǒǔǏǹýØıǹ&ţŪØŪýǹDĸùýƉǿǹĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹŪĘěţǹ
òýĸóĘķØşĮǹŪŁǹòýǹŪĘýǹķŁţŪǹşýıýƃØĸŪǹòýĸóĘķØşĮǹĐŁşǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǿ
ĘýǹŪØòıýǹòýıŁƄǹŪĘýǹđşØŜĘǹţĘŁƄţȀǹĐŁşǹýØóĘǹLJĸØĸóěØıǹƊýØşȀǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹDØĸǹAØƄĮţƄŁşŪĘȀǹƄĘŁǹĘØţǹòýýĸǹ
ĘěýĐǺ&ƉýóůŪěƃýǹţěĸóýǹǑǏǐǏǿ
Total shareholder return
Financial year 2015 2016 2017 2018 2019 2020 2021 2022 2023
2
2024
ěĸđıýǹLJđůşýǹɏȬǏǏǏ ǒȀǑǖǔ ǘǐǗ ǐȀǒǏǖ ǘǘǐ ǐȀǔǕǕ Ǘǐǒ ǐȀǔǐǏ ǑȀǐǑǐ ǒȀǖǑǒ 1,590
ĸĸůØıǹòŁĸůţǹɬǹŁĐǹķØƉ ǘǐǿǑǔ ǑǐǿǑǔ ǕǐǿǕǏ Ǒǒǿǖǔ Ǘǒǿǒǒ 0 ǖǒǿǖǔ ǐǏǏǿǏǏ ǗǑǿǔǏ 60.25
]ǹƃýţŪěĸđǹɬǹŁĐǹķØƉ ǓǏǹŁşǹǗǏ
ǐ
000^Ȍ ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A
PSP vesting % of max ǕǏ 000000Ǒǔ ǕǒǹØĸùǹǕǕǿǖǑ N/A
ǐǿǹ "ýŜýĸùěĸđǹŁĸǹŪĘýǹØƄØşùǿǹıýØţýǹşýĐýşǹŪŁǹǑǏǐǔǹĸĸůØıǹýŜŁşŪǹĐŁşǹķŁşýǹěĸĐŁşķØŪěŁĸǿ
2. ǹƃýţŪěĸđǹĐŁşǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǿǹ^ŁŪýǹŪĘØŪǹØƄØşùţǹƄýşýǹØıţŁǹţůòĪýóŪǹŪŁǹŜşŁțşØŪěĸđǹĐŁşǹŪěķýǿ
2.12 Relative importance of spend on pay
ĘýǹòØşǹđşØŜĘţǹòýıŁƄǹěııůţŪşØŪýǹùěƃěùýĸùţǹŜØěùǹØĸùǹŪŁŪØıǹýķŜıŁƊýýǹŜØƊǹýƉŜýĸùěŪůşýǹȡƄĘěóĘǹěĸóıůùýţǹŜýĸţěŁĸȀǹƃØşěØòıýǹŜØƊǹØĸùǹ
ĸØŪěŁĸØıǹěĸţůşØĸóýȢǹĐŁşǹŪĘýǹLJĸØĸóěØıǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹØĸùǹŪĘýǹƊýØşțŁĸțƊýØşǹóĘØĸđýǹěĸǹ
ýØóĘǿǹĘýǹǑǏǑǒǹùěţóıŁţůşýǹěţǹòØţýùǹţŁıýıƊǹŁĸǹØŜóŁȌĘØĐŪýţòůşƊǹØŜěŪØıǹŜşýțǹØĸùǹŜŁţŪțķýşđýşǹØĸùǹùŁýţǹĸŁŪǹŪØĮýǹěĸŪŁǹØóóŁůĸŪǹ
ĘØĐŪýţòůşƊȬţǹùěƃěùýĸùţǹØĸùǹýķŜıŁƊýýǹţŜýĸùǿǹĘýǹØĐŁşýķýĸŪěŁĸýùǹķýØţůşýţǹØşýǹŪĘŁţýǹŜşýţóşěòýùǹòƊǹŪĘýǹşýķůĸýşØŪěŁĸǹùěţóıŁţůşýǹ
şýđůıØŪěŁĸţȂǹĘŁƄýƃýşȀǹŪĘýƊǹùŁǹĸŁŪǹşýLjýóŪǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹUDţȀǹƄĘěóĘǹØşýǹýƉŜıØěĸýùǹŁĸǹŜØđýţǹǑǏǹØĸùǹǑǐǿǹóóŁşùěĸđıƊȀǹòØşǹ
đşØŜĘţǹţĘŁƄěĸđǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŁĸýțƊýØşǹǹØĸùǹǹØşýǹØıţŁǹěĸóıůùýùǿ
160 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Remuneration Committee adviser and voting
2.13 Independent adviser to the Remuneration Committee
ĘýǹŁķķěŪŪýýǹØŜŜŁěĸŪýùǹ9DǹØţǹěŪţǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹØùƃěţýşǹěĸǹǑǏǑǒǹĐŁııŁƄěĸđǹØǹóŁķŜýŪěŪěƃýǹŪýĸùýşǿǹ9DǹěţǹØǹķýķòýşǹ
ŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁĸţůıŪØĸŪţǹ:şŁůŜǹØĸùǹØùĘýşýţǹŪŁǹěŪţǹóŁùýǹŁĐǹóŁĸùůóŪǿǹĘýǹŁķķěŪŪýýǹĘØţǹşýóýěƃýùǹóŁĸLJşķØŪěŁĸǹŁĐǹ
ěĸùýŜýĸùýĸóýǹĐşŁķǹ9DȀǹØĸùǹěţǹţØŪěţLJýùǹŪĘØŪǹŪĘýǹØùƃěóýǹşýóýěƃýùǹƄØţǹŁòĪýóŪěƃýǹØĸùǹěĸùýŜýĸùýĸŪǿǹDĸǹØùùěŪěŁĸǹŪŁǹØùƃěóýǹŜşŁƃěùýùǹ
ŪŁǹŪĘýǹŁķķěŪŪýýȀǹ9DǹŜşŁƃěùýùǹţĘØşýǹØƄØşùǹƃØıůØŪěŁĸǹØĸùǹţĘØşýǹŜıØĸǹěķŜıýķýĸŪØŪěŁĸǹţýşƃěóýţǹŪŁǹŪĘýǹŁķŜØĸƊǿǹ"ůşěĸđǹǑǏǑǓȀǹŪĘýǹ
ŁķŜØĸƊǹƄØţǹóĘØşđýùǹØǹŪŁŪØıǹŁĐǹɏǔǘȀǏǏǏǹòƊǹ9DǹěĸǹşýţŜýóŪǹŁĐǹØùƃěóýǹŪŁǹŪĘýǹŁķķěŪŪýýǿǹ9ýýţǹƄýşýǹóĘØşđýùǹŁĸǹØǹŪěķýǹţŜýĸŪǹòØţěţǿ
2.14 Shareholder voting
ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹØùƃěţŁşƊǹƃŁŪýǹŁĸǹŪĘýǹǑǏǑǒǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǹØĸùǹŪĘýǹòěĸùěĸđǹ
ƃŁŪýǹŁĸǹŪĘýǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŪĘýǹǑǏǑǒǹ:]ǿ
¨ŁŪěĸđǹŁĸǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǹØĸùǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŪĘýǹǑǏǑǒǹ:]
Year Votes for % for Votes against % against Total votes cast
Votes withheld
(abstentions)
2024 ŜŜşŁƃØıǹŁĐǹýķůĸýşØŪěŁĸǹýŜŁşŪ ǐȀǓǑǘȀǗǔǏȀǑǖǓ ǘǖǿǏǕ ǓǒȀǒǓǔȀǔǔǐ ǑǿǘǓ ǐȀǓǖǒȀǐǘǔȀǗǑǔ ǑǓȀǐǏǕȀǕǐǕ
ǑǏǑǒ ŜŜşŁƃØıǹŁĐǹýķůĸýşØŪěŁĸǹŁıěóƊ ǐȀǑǖǘȀǔǑǔȀǖǘǏ ǗǘǿǐǗ ǐǔǔȀǑǐǗȀǗǓǘ ǐǏǿǗǑ ǐȀǓǒǓȀǖǓǓȀǕǒǘ ǐǏȀǖǘǏȀǖǘǏ
Ęěţǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹƄØţǹØŜŜşŁƃýùǹĐŁşǹěţţůýǹòƊǹŪĘýǹŁØşùǹŁĐǹ"ěşýóŪŁşţǹŁĸǹǑǕǹ9ýòşůØşƊǹǑǏǑǔǿ
Richard Akers
Chairman of the Remuneration Committee
161Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ

Directors’ report
Ęýǹ"ěşýóŪŁşţǹŜşýţýĸŪǹŪĘýěşǹĸĸůØıǹýŜŁşŪǹØĸùǹŪĘýǹØůùěŪýùǹóŁĸţŁıěùØŪýùǹLJĸØĸóěØıǹ
statements for the year ended 31 December 2024.
Additional disclosures
Certain Directors’ report disclosures, including a number of
those required under the Companies Act 2006 (the “CA 2006”),
Schedule 7, Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008, the Listing Rules and
the Disclosure Guidance and Transparency Rules, have been
incorporated into this Directors’ report by reference and can
be found within other sections of the Annual Report as follows:
Content Pages
Strategic report (which includes information on
likely future developments in the business of the
Company)
Inside cover
to 103
Chief Executive’s statement
12 to 15
Our purpose-led strategy
16
Our business model
17
Key performance indicators
20 and 21
Portfolio and operating review
32 to 43
Stakeholder engagement
44 to 49
Our people and culture
100 and 101
Financial review
50 to 58
Risk management
59 to 65
Principal risks and uncertainties
61 to 65
Task Force on Climate-related Financial
Disclosures
66 to 74
Viability statement
75 and 76
Going concern statement
58
Sustainability (which includes information on
the Group’s environmental, sustainability and
community matters and the Group’s disclosures
on greenhouse gas emissions, energy consumption
ØĸùǹýĸýşđƊǹýDžóěýĸóƊǹØóŪěƃěŪěýţȢ
78 to 99
Section 172(1) statement
118 to 120
Non-pre-emptive issue of equity (note 24 to the
LJĸØĸóěØıǹţŪØŪýķýĸŪţȢ
207
DĸŪýşýţŪţǹěĸǹţěđĸěLJóØĸŪǹóŁĸŪşØóŪţǹȡĸŁŪýǹǑǗǹŪŁǹŪĘýǹ
LJĸØĸóěØıǹţŪØŪýķýĸŪţȢ
209
Company status and listings
The Company has a primary and premium listing on the
London Stock Exchange main market and a secondary listing
on the Johannesburg Stock Exchange and the A2X. For the
purposes of its listing on the Johannesburg Stock Exchange,
the Company maintains an overseas branch register in South
Africa. The Company’s secured exchangeable bonds due in
2026 are listed on the Frankfurt Stock Exchange.
Directors
Ęýǹ"ěşýóŪŁşţǹŁĐǹŪĘýǹŁķŜØĸƊǹƄĘŁǹĘýıùǹŁDžóýǹùůşěĸđǹŪĘýǹ
ƊýØşǹØĸùǹůŜǹŪŁǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţȀǹŁşǹ
ùůşěĸđǹŪĘýǹƊýØşǹØĸùǹŜşěŁşǹŪŁǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹŪĘýǹLJĸØĸóěØıǹ
ţŪØŪýķýĸŪţȀǹƄýşýǹØţǺĐŁııŁƄţȁ
Chairman
Jonathan Nicholls
Executive
Directors
Ian Hawksworth
Situl Jobanputra
Non-
executive
Directors
Richard Akers
Ruth Anderson
Madeleine Cosgrave (appointed 1 August 2024)
Sian Westerman (appointed 1 September 2024)
Charlotte Boyle (stepped down 31 August 2024)
Helena Coles (stepped down 31 January 2024)
Anthony Steains (stepped down 31 January 2024)
Jennelle Tilling (stepped down 31 January 2024)
Biographies of each current Director can be found on pages
106 and 107.
Details of the remuneration of current Directors, and other
Directors who served during the year and prior to the date
ŁĐǹţěđĸěĸđǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţȀǹØıŁĸđţěùýǹùýŪØěıţǹŁĐǹýØóĘǹ
Director’s interests in the Company’s shares, are set out in
the Directors’ remuneration report (which is incorporated by
reference into this report) on pages 138 to 161.
The powers of the Directors are determined by UK legislation
and the Company’s Articles of Association (the “Articles”),
ŪŁđýŪĘýşǹƄěŪĘǹØĸƊǹţŜýóěLJóǹØůŪĘŁşěŪěýţǹŪĘØŪǹţĘØşýĘŁıùýşţǹķØƊǹ
approve from time to time.
The rules governing the appointment and replacement of
Directors are contained in UK legislation and the Company’s
Articles. In compliance with the UK Corporate Governance
Code 2024 (the “2024 Code”), all the current Directors will
şýŪěşýǹĐşŁķǹŁDžóýǹØĸùǹƄěııǹŁDŽýşǹŪĘýķţýıƃýţǹĐŁşǹýıýóŪěŁĸǹŁşǹşýț
election, as relevant, at the 2025 Annual General Meeting.
ŁķŜýĸţØŪěŁĸǹĐŁşǹıŁţţǹŁĐǹŁDžóý
The Company does not have any agreements with any
Executive Director or employee that would provide compensation
ĐŁşǹıŁţţǹŁĐǹŁDžóýǹŁşǹýķŜıŁƊķýĸŪǹşýţůıŪěĸđǹĐşŁķǹØǹŪØĮýŁƃýşȀǹ
except that provisions of the Company share schemes may
cause share options and awards to vest on a takeover.
Corporate governance report
162 Shaftesbury Capital PLC | 2024 Annual Report

"ěşýóŪŁşţȬǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪ
The Company has procedures in place for the management
ŁĐǹóŁĸLjěóŪţǹŁĐǹěĸŪýşýţŪǿǹĘŁůıùǹØǹ"ěşýóŪŁşǹòýóŁķýǹØƄØşýǹŪĘØŪǹ
they, or a connected party, have an interest in an existing or
proposed transaction with the Group, they should notify the
Company Secretary before or at the next Board meeting.
Directors have a continuing obligation to notify any changes
ŪŁǺŪĘýěşǹŜŁŪýĸŪěØıǹóŁĸLjěóŪţǿ
Directors’ indemnities and insurance
In accordance with the Company’s Articles, the Company has
ěĸùýķĸěLJýùǹŪĘýǹ"ěşýóŪŁşţǹŪŁǹŪĘýǹĐůııǹýƉŪýĸŪǹØııŁƄýùǹòƊǹUǹıØƄǿǹ
The indemnity arrangements were in force throughout the year
ȡØĸùǹØŪǹŪĘýǹùØŪýǹŁĐǹØŜŜşŁƃØıǹŁĐǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţȢǹØĸùǹ
are qualifying indemnity provisions under the CA 2006. The
ŁķŜØĸƊǹķØěĸŪØěĸţǹùěşýóŪŁşţȬǹØĸùǹŁDžóýşţȬǹıěØòěıěŪƊǹěĸţůşØĸóýȀǹ
which is reviewed annually.
Articles of Association
Changes to the Articles must be approved by shareholders in
accordance with UK legislation.
Dividends
The Directors have proposed the following dividends:
Interim dividend paid on
1 October 2024
1.70 pence per ordinary share
şŁŜŁţýùǹLJĸØıǹùěƃěùýĸùǹ
to be paid on 30 May 2025
1.80 pence per ordinary share
Total dividend for 2024 3.50 pence per ordinary share
ĘýǹŜşŁŜŁţýùǹLJĸØıǹùěƃěùýĸùǹƄěııǹòýǹŜØěùǹƄĘŁııƊǹØţǹØǹşŁŜýşŪƊǹ
Income Distribution (“PID”). There will be no ordinary dividend
(“non-PID”). The dividend will be paid on 30 May 2025 to
shareholders whose names are on the register on 25 April
2025. The interim dividend consisted of 1.0 pence paid as a
D"ǺØĸùǹǏǿǖǹŜýĸóýǹŜØěùǹØţǹØǹĸŁĸțD"ǿ
Capital structure
Details of the Company’s issued ordinary share capital,
including details of movements in the issued share capital
during the year, and authorities to issue or repurchase shares
ØşýǹţĘŁƄĸǹòýıŁƄǹØĸùǹěĸǹĸŁŪýǹǑǓǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹ
page 207. Each share carries the right to one vote at general
meetings of the Company.
The Company was granted authority at the 2024 Annual
General Meeting to make market purchases of its own ordinary
shares. This authority will expire at the conclusion of the 2025
Annual General Meeting, or, if earlier, on 23 August 2025, and
a resolution will be proposed to seek further authority to make
market purchases of the Company’s own ordinary shares. No
ordinary shares were purchased under this authority during the
year or in the period from 1 January 2025 to 26 February 2025
(the latter being a date not more than one month before the
date of the Notice of 2025 Annual General Meeting).
At 26 February 2025, the Company had an unexpired authority
to repurchase shares up to a maximum of 182,481,970 shares
with a nominal value of £45.6 million, and the Directors had an
unexpired authority to allot up to a maximum of 1,217,446,234
shares with a nominal value of £304.4 million, of which
608,723,117 shares with a nominal value of £152.2 million
óØĸǺŁĸıƊǹòýǹØııŁŪŪýùǹŜůşţůØĸŪǹŪŁǹØǹşěđĘŪţǺěţţůýǿ
ĘýşýǹØşýǹĸŁǹţŜýóěLJóǹşýţŪşěóŪěŁĸţǹŁĸǹŪĘýǹŪşØĸţĐýşǹŁĐǹţĘØşýţǹ
beyond those standard provisions set out in the Articles.
^ŁǺţĘØşýĘŁıùýşǹĘŁıùţǹţĘØşýţǹóØşşƊěĸđǹţŜýóěØıǹşěđĘŪţǹƄěŪĘǹ
şýđØşùǺŪŁǹóŁĸŪşŁıǹŁĐǹŪĘýǹŁķŜØĸƊǿ
ţýǹŁĐǹLJĸØĸóěØıǹěĸţŪşůķýĸŪţ
DĸĐŁşķØŪěŁĸǹŁĸǹLJĸØĸóěØıǹşěţĮǹķØĸØđýķýĸŪǹŁòĪýóŪěƃýţǹØĸùǹŜŁıěóěýţȀǹ
including hedging policies and exposure of the Company in
şýıØŪěŁĸǹŪŁǹŪĘýǹůţýǹŁĐǹLJĸØĸóěØıǹěĸţŪşůķýĸŪţȀǹóØĸǹòýǹĐŁůĸùǹěĸǹĸŁŪýǹ
ǑǑǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹŜØđýţǹǑǏǐǹŪŁǹǑǏǕǿ
Change of control provisions
There are a number of agreements which (should consent not
be obtained from the counterparty to a change of control) alter
or terminate upon a change of control of the Company. The
£350 million, the £300 million and the £75 million Shaftesbury
Capital facilities, the Covent Garden £380 million loan notes,
the £450 million Shaftesbury AV Limited facility, and the
ɏǐǒǓǿǗǺķěııěŁĸǹĘØĐŪýţòůşƊǹWǹWěķěŪýùǹĐØóěıěŪƊǹóŁĸŪØěĸǹŜşŁƃěţěŁĸţǹ
requiring outstanding facilities to be repaid on a change of
control. The £275 million exchangeable bonds (due to be repaid
in 2026) provide bondholders the right of early redemption on
ØǹóĘØĸđýǹŁĐǹóŁĸŪşŁıȀǹţůòĪýóŪǹŪŁǹóýşŪØěĸǹýƉóýŜŪěŁĸţǿ
ĘýǹWěııěýǹŞůØşýǹùýƃýıŁŜķýĸŪǹĪŁěĸŪǹƃýĸŪůşýǹóŁĸŪØěĸţǹŜşŁƃěţěŁĸţǹ
which are triggered by a change of control.
The Performance Share Plan includes provisions relating to the
treatment of awards in the event of a change of control.
Substantial shareholdings
ĘýǹţěđĸěLJóØĸŪǹĘŁıùěĸđţǹŁĐǹƃŁŪěĸđǹşěđĘŪţǹěĸǹŪĘýǹţĘØşýǹóØŜěŪØıǹ
ŁĐǹŪĘýǹŁķŜØĸƊǹĸŁŪěLJýùǹŪŁǹŪĘýǹ9ěĸØĸóěØıǹŁĸùůóŪǹůŪĘŁşěŪƊǹ
and disclosed in accordance with Disclosure Guidance and
Transparency Rule 5, as at 26 February 2025, are shown in
ŪĘýǺŪØòıýǹòýıŁƄǿ
Substantial shareholdings disclosed as at 26 February 2025
Holder
Number of
shares held at time of
ıØţŪǹĸŁŪěLJóØŪěŁĸ
ýşóýĸŪØđýǹŁĐǹŪŁŪØıǹěţţůýùǹţĘØşýǹ
óØŜěŪØıǹĘýıùǹØŪǹŪěķýǹ
ŁĐǹıØţŪǹĸŁŪěLJóØŪěŁĸ
1,2
Nature of holding
Date of last
ĸŁŪěLJóØŪěŁĸ
Norges Bank 459,649,804 23.53% Direct interest 8 March 2023
BlackRock, Inc. 115,373,385 5.89% Indirect interest 29 March 2024
1. ^ŁŪěLJýùǹĘŁıùěĸđţǹØşýǹóØıóůıØŪýùǹƄěŪĘǹşýĐýşýĸóýǹŪŁǹŪĘýǹŪŁŪØıǹěţţůýùǹţĘØşýǹóØŜěŪØıǹŁĸǹŪĘýǹùØŪýǹŪĘýǹŪĘşýţĘŁıùǹƄØţǹşýØóĘýùǿ
2. The existing issued share capital of the Company includes 128,350,793 ordinary shares held by a Group entity, of which 127,008,786 are held as security under the
terms of the £275 million exchangeable bond. The 128,350,793 ordinary shares will not vote whilst they are held by a Group entity.
163Shaftesbury Capital PLC | 2024 Annual Report

Corporate governance report | Directors’ report
Corporate governance statement
ĘýǹěĸĐŁşķØŪěŁĸǹĐůıLJııěĸđǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹóŁşŜŁşØŪýǹ
governance statement should be deemed to be incorporated
within this Directors’ report. This includes the requisite
disclosures in relation to diversity (see pages 104 to 161)
ØĸùǺţĘØşýǹóØŜěŪØıǹȡţýýǹĸŁŪýǹǑǓǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹ
ȡŜØđýǺǑǏǖȢȢǿ
Application of the Principles of the UK Corporate Governance
Code 2018 (the “2018 Code”) can be found on pages 104 to
161. Full details of the 2018 and 2024 Codes can be found
ŁĸǺŪĘýǹ9ěĸØĸóěØıǹýŜŁşŪěĸđǹŁůĸóěıȬţǹƄýòţěŪýȁǹ
https://www.frc.org.uk.
Employees
Information on the Group’s employees, and engagement with
our employees during the year, can be found on pages 46 and
ǓǖȀǹŜØđýţǹǐǏǏǹØĸùǹǐǏǐȀǹŜØđýǹǐǐǒǹØĸùǹěĸǹĸŁŪýǹǔǹŪŁǹŪĘýǹLJĸØĸóěØıǹ
statements on page 190.
Engagement with stakeholders
Information on the ways in which the Directors have regard
to the need to foster the Company’s relationships with
stakeholders, including customers, the local community and
LJĸØĸóýǹŜşŁƃěùýşţȀǹØĸùǹŪĘýǹýDŽýóŪǹŁĐǹŪĘØŪǹşýđØşùǹŁĸǹŜşěĸóěŜØıǹ
decisions taken by the Board, is set out in the stakeholder
engagement section on pages 44 to 49 and our section 172(1)
statement on pages 118 to 120 of this report.
Political donations
The Company did not make any political donations during the
year (2023: nil).
The environment
Details of the Group’s ESC Strategy and its aims and activities
during the year are set out on pages 78 to 99. Further
information is available on the Company’s website:
https://www.shaftesburycapital.com/en/responsibility/
our-approach.html.
Disclosure to external auditor
So far as the Directors are aware, there is no relevant audit
information of which the external auditor is unaware. Each
Director has taken all steps that they ought to have taken as
a Director in order to make themself aware of any relevant
audit information, and to establish that the auditor is aware of
ŪĘØŪǹěĸĐŁşķØŪěŁĸǿǹĘěţǹóŁĸLJşķØŪěŁĸǹěţǹđěƃýĸǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹ
section 418 of the CA 2006.
Independent auditor
The Board has recommended that PricewaterhouseCoopers
LLP (“PwC”), who have indicated their willingness to continue in
ŁDžóýȀǹòýǹşýØŜŜŁěĸŪýùǹØţǹŪĘýǹŁķŜØĸƊȬţǹěĸùýŜýĸùýĸŪǹØůùěŪŁşǹ
and that a resolution seeking PwC’s reappointment will be
proposed at the 2025 Annual General Meeting. The external
audit contract was last put out to competitive tender in 2019
and PwC was reappointed as external auditor in January 2020.
Under current regulations, the Company is required to retender
ŪĘýǹØůùěŪǹòƊǹĸŁǹıØŪýşǹŪĘØĸǹŪĘýǹǑǏǒǏǹLJĸØĸóěØıǹƊýØşǿ
Events after the reporting period
Details of events after the reporting period can be found in
ĸŁŪýǹǒǑǹŪŁǹŪĘýǹLJĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹŜØđýǹǑǐǑǿ
Annual General Meeting
The 2025 Annual General Meeting of the Company will be
held on 22 May 2025 at 11.30 am (London time) at the London
ŁDžóýţǹŁĐǹAýşòýşŪǹķěŪĘǹ9şýýĘěııţǹWWǹȡŪĘýǹȩ:]ȪȢǿǹĘýǹ:]ǹ
ĸŁŪěóýǹƄěııǹóŁĸŪØěĸǹŪĘýǹţŜýóěLJóǹùýŪØěıţǹØĸùȀǹŪŁđýŪĘýşǹƄěŪĘǹØĸǹ
explanation of the business to be dealt with at the meeting,
will be included as a separate document sent to shareholders
dependent on their election via electronic or hard copy
means. The notice of AGM will be issued to shareholders at
least 20 working days before the meeting, and will also be
made available on the Company’s website. Shareholders are
requested to check the website for the latest details concerning
the 2025 AGM.
By order of the Board
Ruth Pavey
Company Secretary
26 February 2025
164 Shaftesbury Capital PLC | 2024 Annual Report

Financial statements
165Shaftesbury Capital PLC | 2024 Annual Report

Financial statements
Directors’ responsibilities
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law
and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have
prepared the Group financial statements in accordance with UK-adopted international accounting standards and the Company
financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Standards, comprising FRS 101, ‘Reduced Disclosure Framework’, and applicable law).
Under company law, Directors must not approve the financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing the
financial statements, the Directors are required to:
– select suitable accounting policies and then apply them consistently;
– state whether applicable UK-adopted international accounting standards have been followed for the Group financial statements
and United Kingdom Accounting Standards, comprising FRS 101 have been followed for the Company financial statements,
subject to any material departures disclosed and explained in the financial statements;
– make judgements and accounting estimates that are reasonable and prudent; and
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company
will continue in business.
The Directors are responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s
and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company
and enable them to ensure that the financial statements and the Directors’ remuneration report comply with the Companies
Act 2006.
The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information
necessary for shareholders to assess the Group’s and Company’s position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in the Corporate governance section of the Annual Report confirm
that, to the best of their knowledge:
– the Group financial statements, which have been prepared in accordance with UK-adopted international accounting standards,
give a true and fair view of the assets, liabilities, financial position and profit of the Group;
– the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards,
comprising FRS 101, give a true and fair view of the assets, liabilities and financial position of the Company; and
– the Strategic Report includes a fair review of the development and performance of the business and the position of the
Group and Company, together with a description of the principal risks and uncertainties that it faces.
In the case of each director in office at the date the Directors’ report is approved:
– so far as the Director is aware, there is no relevant audit information of which the Group’s and Company’s auditors are
unaware; and
– they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit
information and to establish that the Group’s and Company’s auditors are aware of that information.
The financial statements on pages 174 to 217 were approved by the Board of Directors on 26 February 2025 and signed on its
behalf by:
Ian Hawksworth Situl Jobanputra
Chief Executive Chief Financial Officer
26 February 2025
166 Shaftesbury Capital PLC | 2024 Annual Report

Independent auditors’ report
to the members of Shaftesbury
Capital PLC
Report on the audit of the financial statements
Opinion
In our opinion:
– Shaftesbury Capital PLC’s Group financial statements and Company financial statements (the “financial statements”) give a true
and fair view of the state of the Group’s and of the Company’s affairs as at 31 December 2024 and of the Group’s profit and the
Group’s cash flows for the year then ended;
– the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards
as applied in accordance with the provisions of the Companies Act 2006;
– the Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and
applicable law); and
– the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Consolidated and Company balance sheets
as at 31 December 2024; the Consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated and
Company statements of changes in equity and the Consolidated statement of cash flows for the year then ended; and the notes to the
financial statements, comprising material accounting policy information and other explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities
under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were
not provided.
Other than those disclosed in Note 5 (c), we have provided no non-audit services to the Company or its controlled undertakings
in the period under audit.
Our audit approach
Overview
Audit scope – We audited the complete financial information of the Group, which comprises the Group’s property portfolio
and the Group’s share of joint ventures and associates.

Key audit matters – Valuation of investment property (Group)
– Valuation of investment in Group companies and amounts owed by subsidiaries (Company)
Materiality – Overall Group materiality: £52.3 million (2023: £52.1 million) based on 1 per cent of total assets.
– Overall Company materiality: £36.6 million (2023: £37.4 million) based on 1 per cent of total assets.
– Performance materiality: £39.2 million (2023: £39.1 million) (Group) and £27.4 million
(2023: £28.1 million) (Company).
167Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Independent auditors’ report
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not
due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results
of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Valuation of the acquired assets and liabilities of Shaftesbury PLC was a key audit matter last year, due to the acquisition of
Shaftesbury PLC in March 2023. This represented a large and non-recurring transaction in 2023, but it is no longer a key audit
matter this year. Otherwise, the key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Valuation of investment property (Group)
Refer to the Audit Committee report and notes 1, 6, and 12 of the
financial
statements.
The valuation of the Group’s investment property is the key component of
the
net asset value. The result of the revaluation this year was a profit of
£202.9 million (2023: £68.5 million loss) as set out in notes 6 and 12, and
is
accounted for within ‘Gain/Loss on revaluation and sale of investment
property’ in the Group’s Consolidated income statement.
The Group engages third party real estate valuation experts (‘third party
valuers’) to support them with determining the fair value of the Group’s
properties. These valuers were engaged to perform valuations in accordance
with the Royal Institution of Char
tered Surveyors Valuation – Professional
Standards (“RICS”).
The Group’s property portfolio comprises mixed use investment property
(including retail, food and beverage, office and residential) in London’s West
End, and these properties are not uniform in nature. There are a number of
different assumptions made by t
he Group’s third party valuers, CBRE (for the
Covent Garden properties) and Cushman & Wakefield (for the remainder of
the West End wholly owned property portfolio), in determining fair value.
The assumptions on which the property values are based are influenced by
tenure and tenancy details, prevailing market yields and the estimated rental
values for each property. Macroeconomic factors and uncertain market
conditions also impact the valuation
of investment property.
In addition, the valuation of the investment property is particularly subjective
given the current macroeconomic conditions. There is also growing scrutiny
on
the valuation of assets given the potential impacts of climate change.
Accordingly we identified this area as a key audit matter. The focus of our
work was on the Investment property financial statement line item, but we
also
perform similar procedures over property assets held as owner
occupied and within joint ventures and associates.
A
ssessing the third party valuers’ expertise and objectivity
We assessed the competence and capabilities of the valuers and verified their
qualifications. The valuers are reputable and established real estate valuation
f
irms. We also assessed their independence by discussing the scope of their
work and reviewing the terms of their engagement for unusual terms or
f
ee arrangements.
We engaged our own auditors’ real estate valuation experts who are qualified
chartered surveyors with relevant market knowledge to support our audit
procedures. This included reading the external valuation reports prepared
by CBRE, Cushman & Wakefield, and the other valuers engaged to undertake
property valuations for the Group’s joint ventures and associates. Our audit
experts also attended meetings with the third party valuers to discuss and
challenge assumptions applied, supporting the audit team with identifying
where additional audit evidence was required. Our audit experts also
confirmed that the valuation approaches applied by the third party valuers
were in accordance with the RICS standards and in accordance with IFRS 13,
and therefore suitable for use in determining the fair value of investment
property for the purpose of the financial statements.
Data provided to the third party valuers
For investment properties the key data that management provides to the
t
hird party valuers is tenancy schedules. These contain information for each
property, of leases, square footages, use and other details. We tested a
sample of this data to ensure it was complete and accurate.
A
ssumptions and estimates used by the third party valuers
With the assistance of our own valuation experts, we met with the third party
valuers independently of management and gained an understanding of the
valuation methods and assumptions used. The nature of assumptions used
varied across the portfolio depending on the nature of each property, but they
included estimated investment yields and rental values and also factored in
void rates and rent free periods.
We utilised independent sources of information and employed our own data
analytics tools to develop our own ranges of the expected yields and capital
value movements for the properties in the portfolio, based on their individual
uses and locations. This allowed us to identify assumptions and property
capital value movements that fell outside of our expected range, and
t
herefore focus our audit challenge on understanding the reasons for these
(from the third party valuers and management) and obtaining further audit
evidence as required. For the Group’s largest properties (by capital value) we
also made specific enquiries of the third party valuers and assessed the basis
f
or the key assumptions used in determining these property values, obtaining
audit evidence to support these.
168 Shaftesbury Capital PLC | 2024 Annual Report

Key audit matter How our audit addressed the key audit matter
Valuation of investment property (Group) continued
Assumptions and estimates used by the third party valuers continued
We evaluated whether, based on these procedures together with our
experience of this sector, the estimate or assumptions applied were
reasonable. We considered the reasonableness of assumptions that are not
so
readily comparable with published benchmarks, in particular ERV where,
for a sample of individual properties, we specifically challenged the third party
valuers to support their individual ERV assumptions with reference to available
evidence and in the context of the impact of macroeconomic uncertainties
and trends.
It was evident from our interaction with the external valuers, and from our
review of the valuation reports, that close attention had been paid to each
property’s individual characteristics at a detailed, tenant by tenant level, as
well as considering spec
ific factors such as the latest leasing and sale activity,
the desirability of the asset and the extent to which macroeconomic factors
impacted or not on the asset.
Overall findings
Based on the procedures performed and the evidence obtained, we
concluded that the valuation of investment property was reasonable.
Key audit matter How our audit addressed the key audit matter
Valuation of investment in Group companies and amounts owed by
subsidiaries (Company)
Refer to notes II and III of the financial statements.
The Company holds investments in Group companies of £2,129.4 million
(2023: £2,129.4 million), and amounts owed by subsidiaries of £1,523.4 million
(2023: £1,616.3 million).
The impairment assessment of the Company’s investments in subsidiaries
and
determination of any expected credit loss allowance in respect of
amounts owed by subsidiaries is performed on an annual basis.
Management’s current year assessment concluded that the carrying value of
investments was supported by the net assets of the underlying subsidiaries.
The classification of the amounts owed by subsidiaries is presented as non
-
current receivables this year, reflecting the conclusions of a post-merger
entity reorganisation that is expected to be completed during 2025.
This area was identified as a key audit matter given the materiality of
these
balances.
We assessed the accounting policies for investments and amounts owed
by
subsidiaries to ensure these were compliant with UK Generally Accepted
Accounting Practice (specifically FRS 101). We verified that the methodology
used by management in arriving at the carrying value of each subsidiary and
the expected credit loss for amo
unts owed by subsidiaries, was compliant
with UK GAAP FRS 101.
We obtained management’s impairment and expected credit loss allowance
assessments and validated that input data used was consistent with the
Group
financial statements and underlying subsidiary carrying values.
Based on our audit procedures and the evidence we obtained, we concluded
that the valuation of investments in Group companies and amounts owed by
subsidiaries were supportable.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls,
and the industry in which they operate.
All audit procedures were performed by the Group engagement team.
The impact of climate risk on our audit
We also read the disclosures included in the Strategic Report in relation to climate change, explaining the governance processes
in place to assess climate risk and additional reporting requirements. The Group has made commitments to a Net Zero Carbon
Pathway by 2040. A detailed description of the commitments and targets to achieve these is set out in the Strategic Report.
As part of our audit we made enquiries of management to understand the process adopted to assess the potential impacts of
climate risks on the Group’s financial statements. The key area of the financial statements where management evaluated that
climate risk has a potential significant impact is in relation to the valuation of investment properties (see note 12 of the Group
financial statements). We also considered this an area which may be potentially materially impacted by climate risk and
consequently we focused our audit work in this area. Further details of our audit work performed is set out in the key audit
matters section of this report, ‘Valuation of investment property (Group)’.
We also considered the disclosures in relation to climate change in the financial statements and whether these were consistent
with the information included in the Strategic Report, including the Task Force on Climate-related Financial Disclosures (TCFD).
Our procedures did not identify any material issues in the context of our audit of the financial statements as a whole, and as set out
in the key audit matters section of this report, ‘Valuation of investment property (Group)’.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of
169Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Independent auditors’ report
our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements,
both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group
Financial statements – Company
Overall materiality £52.3 million (2023: £52.1 million). £36.6 million (2023: £37.4 million).
How we determined it 1 per cent of total assets 1 per cent of total assets
Rationale for benchmark applied
The key measure of the Group’s performance is the valuation
of investment property and the balance sheet as a whole. On this
basis, and consistent with the prior year, we set an overall Group
materiality level based on total assets.
The Company is predominantly an investment holding
Company and therefore total assets is deemed the
most appropriate benchmark.
In addition to overall Group materiality, specific materialities were also applied to certain areas of the Consolidated income
statement and related working capital balances. Our specific materialities were aligned with the metrics in the Annual Report and
Group financial statements that we believe are of particular interest to the members and we determined those metrics to be gross
profit and gross finance costs. In order to reflect their specific characteristics, we applied materiality levels of £8.3 million which is
5 per cent of the current year gross profit (2023: £7.0 million, 5 per cent) and £3.9 million which is 5 per cent of current year gross
finance costs (2023: £5.3 million, 5 per cent).
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of
our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in
determining sample sizes. Our performance materiality was 75 per cent (2023: 75 per cent) of overall materiality, amounting to
£39.2 million (2023: £39.1 million) for the Group financial statements and £27.4 million (2023: £28.1 million) for the Company
financial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment
and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range
was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £2.6 million
(Group audit) (2023: £2.6 million) and £1.8 million (Company audit) (2023: £1.9 million) as well as misstatements below those
amounts that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to adopt the going concern basis
of accounting included:
– Obtaining management’s analysis of the going concern of the Group and Company and supporting cash flow forecasts and
covenant compliance calculations. Management prepared forecasts for a base case, severe but plausible downside case,
and undertook reverse stress testing;
– Understanding and assessing the reasonableness of the key assumptions used in the cash flow forecasts, including assessing
whether we considered the downside sensitivities to be appropriately severe, the availability of committed finance and covenant
compliance during the forecast period;
– Corroborating key assumptions in the cash flow forecasts (e.g. investment property valuations, rental income and finance costs)
to other evidence including external research and historical performance, and ensuring this was consistent with our audit work in
these and other areas;
– Evaluating the audit evidence we obtained and assessing whether management’s conclusions were supportable; and
– Reviewing the disclosures in the financial statements relating to the going concern basis of preparation and evaluating whether
these provided an explanation of the Directors’ assessment that was consistent with the audit evidence we obtained.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern
for a period of at least 12 months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s and the
Company’s ability to continue as a going concern.
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to
add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered
it appropriate to adopt the going concern basis of accounting.
170 Shaftesbury Capital PLC | 2024 Annual Report

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’
report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the
other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this
report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic Report and Directors’ report, we also considered whether the disclosures required by the UK
Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and
matters as described below.
Strategic Report and Directors Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors’
report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with
applicable legal requirements.
In light of the knowledge and understanding of the Group and Company and their environment obtained in the course of the audit,
we did not identify any material misstatements in the Strategic Report and Directors’ report.
Directors’ remuneration
In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part of
the corporate governance statement relating to the Company’s compliance with the provisions of the UK Corporate Governance
Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other
information are described in the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate
governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and
we have nothing material to add or draw attention to in relation to:
– The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks;
– The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks
and an explanation of how these are being managed or mitigated;
– The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern
basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s and Company’s ability
to continue to do so over a period of at least twelve months from the date of approval of the financial statements;
– The Directors’ explanation as to their assessment of the Group’s and Company’s prospects, the period this assessment covers
and why the period is appropriate; and
– The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing
attention to any necessary qualifications or assumptions.
Our review of the Directors’ statement regarding the longer-term viability of the Group and Company was substantially less in
scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement;
checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering
whether the statement is consistent with the financial statements and our knowledge and understanding of the Group and
Company and their environment obtained in the course of the audit.
171Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Independent auditors’ report
In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the
corporate governance statement is materially consistent with the financial statements and our knowledge obtained during
the audit:
– The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and
provides the information necessary for the members to assess the Group’s and Company’s position, performance, business
model and strategy;
– The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and
– The section of the Annual Report describing the work of the Audit Committee.
We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s
compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the
Listing Rules for review by the auditors.
Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of
the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative
but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and
regulations related to those governed by the Financial Conduct Authority, and we considered the extent to which non-compliance
might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact
on the financial statements such as the Companies Act 2006 and compliance with UK income tax rules, specifically compliance with
the Real Estate Investment Trust (REIT) status Part 12 of the Corporation Tax Act 2010. We evaluated management’s incentives and
opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined
that the principal risks were related to the posting of inappropriate journal entries to revenue primarily, and management bias in
accounting estimates and judgemental areas of the financial statements particularly in relation to the estimation of the fair value
of investment property (and other property portfolio assets). Audit procedures performed by the engagement team included:
– Enquiries with management and parties outside of the finance function, including the Group’s internal auditors, regarding any
known or suspected instances of non-compliance with laws and regulations and fraud;
– Evaluation of management’s controls designed to prevent and detect irregularities;
– Evaluation of audit evidence obtained to support the Group’s compliance with the Real Estate Investment Trust (REIT) status
Part 12 of the Corporation Tax Act 2010;
– Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation
to the valuation of investment property (see the key audit matters set out earlier in this report);
– Identifying and testing journal entries, in particular any journal entries posted to revenue with unusual account combinations; and
– Reviewing the whistleblowing log and relevant minutes of meetings, including those of the Board and Audit Committee.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-
compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting fro
m error,
as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
172 Shaftesbury Capital PLC | 2024 Annual Report

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations.
We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit
sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with
Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
– we have not obtained all the information and explanations we require for our audit; or
– adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received
from branches not visited by us; or
– certain disclosures of Directors’ remuneration specified by law are not made; or
– the Company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with
the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee, we were appointed by the members on 3 June 2010 to audit the financial
statements for the year ended 31 December 2010 and subsequent financial periods. The period of total uninterrupted engagement
is 15 years, covering the years ended 31 December 2010 to 31 December 2024.
Other matter
The Company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to include these
financial statements in an annual financial report prepared under the structured digital format required by DTR 4.1.15R – 4.1.18R
and filed on the National Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no assurance over
whether the structured digital format annual financial report has been prepared in accordance with those requirements.
Andrew Paynter (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
26 February 2025
173Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Consolidated income statement and consolidated statement of comprehensive income
Consolidated income statement
For the year ended 31 December 2024
Revenue
4
227.1
195.1
Costs
4
(60.0)
(53.2)
Gross profit
4
167.1
141.9
Other income
–
2.7
Administration expenses
5
(42.7)
(83.8)
Gain/(loss) on revaluation and sale of investment property
6
194.6
(65.0)
Change in value of investments and other receivables
7
(7.0)
(12.5)
22
–
52.0
312.0
35.3
Finance income
8
14.8
15.6
Finance costs
9
(72.0)
(67.5)
Other finance income
8
4.5
4.1
Other finance costs
9
(6.5)
(31.3)
Change in fair value of derivative financial instruments
15
(0.9)
(11.3)
(60.1)
(90.4)
14
4.5
0.2
31
–
805.5
Loss on sale of associate
14
(4.0)
–
252.4
750.6
Taxation
10
(0.3)
(0.2)
252.1
750.4
3
13.8p
45.5p
3
13.8p
45.3p
Consolidated statement of
comprehensive income
For the year ended 31 December 2024
252.1
750.4
13
(0.1)
1.8
252.0
752.2
174 Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Consolidated balance sheet
Consolidated balance sheet
As at 31 December 2024
Investment property
12
4,899.1
4,740.2
Property, plant and equipment
13
25.5
24.0
Investments in joint ventures and associates
14
–
83.4
Derivative financial instruments
15
–
1.4
Trade and other receivables
16
139.7
116.1
5,064.3
4,965.1
Trade and other receivables
16
30.4
42.7
Derivative financial instruments
15
3.4
8.3
Cash and cash equivalents
17
124.0
200.2
157.8
251.2
Investment property held for sale
12
9.8
–
9.8
–
Total assets
5,231.9
5,216.3
Borrowings
19
(1,467.8)
(1,534.8)
Lease liabilities
20
(2.7)
(2.7)
Derivative financial instruments
15
(1.8)
(7.2)
(1,472.3)
(1,544.7)
Borrowings
19
–
(94.9)
Lease liabilities
20
(0.3)
(0.3)
(0.2)
(0.2)
Trade and other payables
18
(84.8)
(96.0)
(85.3)
(191.4)
Total liabilities
(1,557.6)
(1,736.1)
Net assets
3,674.3
3,480.2
Share capital
24
488.2
488.2
Other components of equity
3,186.1
2,992.0
3,674.3
3,480.2
These consolidated financial statements on pages 174 to 212 have been approved for issue by the Board of Directors on
26 February 2025 and signed on its behalf by:
Ian Hawksworth Situl Jobanputra
Chief Executive Chief Financial Officer
175Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Consolidated statement of changes in equity
Consolidated statement of
changes in equity
For the year ended 31 December 2024
shares
1
reserve
2
At 1 January 2023
212.8
232.5
–
1.5
293.7
9.8
(0.4)
811.7
1,561.6
Profit for the year
–
–
–
–
–
–
–
750.4
750.4
Other comprehensive income for the year
–
–
–
–
–
–
–
1.8
1.8
Total comprehensive income for the year
–
–
–
–
–
–
–
752.2
752.2
Completion of all-share merger
273.9
–
(32.1)
–
962.3
–
–
–
1,204.1
Dividends
11
–
–
–
–
–
–
–
(41.9)
(41.9)
share options
3
1.5
–
(0.8)
–
–
(9.8)
–
11.9
2.8
Fair value of share-based payment
29
–
–
–
–
–
1.3
–
–
1.3
Realisation of cash flow hedge
–
–
–
–
–
–
0.1
–
0.1
488.2
232.5
(32.9)
1.5
1,256.0
1.3
(0.3)
1,533.9
3,480.2
–
–
–
–
–
–
–
252.1
252.1
–
–
–
–
–
–
–
(0.1)
(0.1)
–
–
–
–
–
–
–
252.0
252.0
Dividends
11
–
–
–
–
–
–
–
(61.1)
(61.1)
Fair value of share-based payment
29
–
–
–
–
–
3.1
–
–
3.1
–
–
–
–
–
–
0.1
–
0.1
488.2
232.5
(32.9)
1.5
1,256.0
4.4
(0.2)
1,724.8
3,674.3
1. Represents the nominal value of 128,350,793 shares issued to a controlled entity in respect of secured shares previously held as collateral for the exchangeable bonds and 3,146,886
shares held by the Group’s Employee Benefit Trust in respect of employee share awards.
2. Represents non-qualifying consideration received following previous share placings and the all-share merger with Shaftesbury PLC completed on 6 March 2023. The amounts taken to
the merger reserve do not currently meet the criteria for qualifying consideration and therefore will not form part of distributable reserves as they form part of linked transactions.
3. Represents the issue of 6,170,629 new shares and subsequent realisation of the outstanding share-based payment reserve on the close out of the Group’s share scheme prior to
completion of the all-share merger. Following the vesting, 3,146,886 shares were purchased by the Group’s Employee Benefit Trust.
176 Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Consolidated statement of cash flows
Consolidated statement
of cash flows
For the year ended 31 December 2024
Cash generated from operations
27
108.7
29.8
(72.0)
(59.5)
15.0
16.1
51.7
(13.6)
(130.4)
(51.2)
(2.3)
(3.4)
136.6
88.1
–
118.1
1.2
1.5
82.5
–
15.6
2.7
103.2
155.8
(305.0)
(1,151.0)
135.0
1,126.0
–
(5.0)
Cash dividends paid
11
(61.1)
(41.9)
(231.1)
(71.9)
Net movement in cash and cash equivalents
(76.2)
70.3
200.2
129.9
Cash and cash equivalents at 31 December
17
124.0
200.2
177Shaftesbury Capital PLC | 2024 Annual Report

Financial statements
Notes to the financial statements
For the year ended 31 December 2024
1 Principal accounting policies
General information
Shaftesbury Capital PLC (the “Company”) was incorporated and registered in England and Wales and domiciled in the United
Kingdom on 3 February 2010 under the Companies Act 2006 as a public company limited by shares, registration number 7145051.
The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity
of the Company is to act as the ultimate parent company of Shaftesbury Capital PLC Group (the “Group”), whose principal activity
is the investment and management of property.
The Group’s assets principally comprise investment property within the West End of London, including Covent Garden, Carnaby,
Soho and Chinatown.
Basis of preparation
The Group’s consolidated financial statements are prepared in accordance with United Kingdom-adopted international accounting
standards (“UK-adopted IFRS” or “IFRS”), and the applicable legal requirements of the Companies Act 2006.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as
modified for the revaluation of property and derivative financial instruments.
All income, expenses and cash flows are generated from continuing operations and there is no material seasonal impact on the
Group’s financial performance.
Going concern
The Directors have considered the appropriateness of adopting the going concern basis in preparing the consolidated financial
statements. The Group’s going concern assessment covers the period to 30 June 2026 (the “going concern period”), being at least
12 months from the date of authorisation of these consolidated financial statements.
The core West End occupational market continues to demonstrate its enduring appeal, with excellent levels of leasing activity,
low vacancy and continued customer sales growth. There is good leasing demand across all uses, delivering rental income and
valuation growth.
While geopolitical risk remains elevated and there is macroeconomic volatility, the West End and the Group’s unique portfolio
of prime investments have demonstrated remarkable resilience. The Group maintains a strong balance sheet with a focus on
resilience, flexibility and efficiency. There is significant headroom against debt covenants and access to significant liquidity.
In preparing the assessment of going concern, the Directors have considered projections of the Group’s liquidity, committed
capital expenditure, income, costs, cash flows and debt covenants.
The Directors have assessed a base case and a downside scenario (being a “severe but plausible” scenario).
As at the year end, the Group had net debt of £1.4 billion, an EPRA LTV ratio of 27 per cent and Group interest cover of 2.9 times.
The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern
period. Drawn debt is at fixed rates or currently has interest rate protection in place. Interest rate hedging is in place which caps
SONIA exposure at 3.0 per cent on £250 million of notional value to December 2025. Further hedging arrangements will be put in
place as appropriate.
The Group’s debt matures between March 2026 and 2037. Debt maturities during the going concern assessment period relate
to the £275 million exchangeable bond, which can be repaid or refinanced in both the base case and the downside scenario.
The Group’s financial resources are expected to be sufficient to cover its commitments over the going concern period.
Relative to the Group’s base case forecast, the downside scenario includes the following key assumptions:
– Substantial reduction in forecast rental income due to combination of extended voids and tenant failures;
– Elevated SONIA rates in excess of current market expectations; and
– Declines in rental values, along with a widening of valuation yields, resulting in reduced asset values.
178 Shaftesbury Capital PLC | 2024 Annual Report

The near-term impact of climate change risks within the going concern period have been considered in the downside scenario and
are expected to be immaterial.
Under the downside scenario, the Group is expected to remain in compliance with the loan-to-value and interest cover covenants
of its individual financing arrangements.
In addition to considering a downside scenario, the Board has also undertaken reverse stress testing, which indicates that
the Group could withstand a decrease of approximately 45 per cent in income and valuations before breaching its debt
financial covenants.
Based on their analysis, the Directors are satisfied that there is a reasonable expectation that the Group will be able to meet its
ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements
and have therefore resolved that the Group’s consolidated financial statements be prepared on a going concern basis.
Critical accounting judgements and key sources of estimation and uncertainty
The preparation of consolidated financial statements in accordance with IFRS requires the Directors to make judgements,
estimates and assumptions that affect the reported amounts of assets, liabilities, equity, income and expenses from sources not
readily apparent. Although these estimates and assumptions are based on management’s best knowledge of the amount, historical
experiences and other factors, actual results ultimately may differ from those estimates. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if
the revision affects only that period.
The most significant area of estimation uncertainty is in respect of the valuation of the property portfolio where external valuations
are obtained.
The fair value of the Group’s investment and trading property (trading property included within the Lillie Square joint venture) at
31 December 2024 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for
the wholly-owned property portfolio, and JLL for the Lillie Square joint venture. The valuations conform to the Royal Institution of
Chartered Surveyors (“RICS”) Valuation Professional Standards.
As various inputs used in the valuation calculations are based on assumptions, property valuations are inherently subjective and
subject to a degree of estimation uncertainty. The Group’s external valuers have made a number of assumptions including, but
not limited to, market yields, ERVs and void periods. These assumptions are in accordance with the RICS Valuation Professional
Standards, however, if any prove to be incorrect, it may mean that the value of the Group’s properties differs from their valuation
reported in the financial statements, which could have a material effect on the Group’s financial position. The key unobservable
inputs used in the valuation models are those in respect of equivalent yields and ERV, which are summarised within note 12
‘Property portfolio’ and additional information is provided on page 226. Further information on the approach taken by the valuers
in valuing the property portfolio and a sensitivity analysis on equivalent yields and ERV, which are the most significant assumptions
impacting the fair values, is set out in note 12 ‘Property portfolio’.
Other areas of judgement and estimation in the financial statements (which are not considered critical) include REIT compliance,
the impairment of and expected credit loss allowance on trade receivables, and share-based payments.

179Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
1 Principal accounting policies continued
New accounting policies
In the current year, the Group has applied the below amendments to IFRS Standards and Interpretations issued by the International
Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2024.
– IAS 1 ‘Presentation of Financial Statements’ (amendment) (Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants)
– IFRS 16 ‘Leases’ (amendment) (Lease liability in a sale and leaseback)
– IAS 7 ‘Statement of cash flows’ and IFRS 7 ‘Financial Instruments: Disclosures’ (amendment) (Supplier finance arrangements)
The adoption of the above amendments has not had a material impact on the amounts reported in the consolidated financial
statements or on the disclosures apart from the amendments to IAS 1, which have resulted in additional disclosure in note 22,
but have not had an impact on the classification of the Group’s liabilities.
At the date of approval of the consolidated financial statements the following new accounting standards and amendments to
accounting standards were in issue but are not yet effective. These new standards and amendments have not been applied in
these consolidated financial statements.
– IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (amendment) (Lack of Exchangeability)
– IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ (amendment) (Classification and Measurement of
Financial Instruments)
– IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (new standard)
The amendment to IAS 21 is effective for periods beginning on or after 1 January 2025 whilst the amendments to IFRS 9 and IFRS 7
are effective for annual periods beginning on or after 1 January 2026. The Group has assessed the impact of these amendments
and does not anticipate any material impact on the consolidated financial statements.
IFRS 18 is effective for annual periods beginning on or after 1 January 2027. The Group is assessing the impact of this new
standard and the Group’s financial reporting will be presented in accordance with this standard from 1 January 2027, in line
with requirements.
Basis of consolidation
These consolidated financial statements include the consolidation of Capital & Counties CGP Limited Partnership. The members of
this qualifying partnership have taken advantage of exemptions available in Statutory Instrument 2008/569 and therefore will not
produce consolidated financial statements at the partnership level or submit such annual reports to Companies House.
The consolidated financial statements are prepared in British pounds sterling, which is also determined to be the functional
currency of the Company.
Subsidiaries
Subsidiaries are fully consolidated from the date on which the Group has control, is exposed, or has rights to variable returns from
its involvement with an entity and has the ability to affect those returns through its power over an entity. Subsidiaries cease to be
consolidated from the date this control is lost.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business
as defined by IFRS 3 ‘Business Combinations’).
The cost of an acquisition is measured as the aggregate of the consideration transferred, which includes the cash paid and
the aggregate of the fair values, at the date of exchange, of other assets transferred, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree, and the amount of any non-controlling interests in
the acquiree.
Acquisition-related costs are expensed as incurred. The acquiree’s identifiable assets, liabilities and contingent liabilities that
meet the conditions for recognition under IFRS 3 ‘Business Combinations’ are recognised at their fair value at the acquisition date.
Goodwill represents the excess of the cost of acquisition of a business combination over the fair value of the identifiable net assets
of the business acquired at the date of acquisition. In the case that the fair value of the identifiable net assets acquired is greater
than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognised as a gain on
bargain purchase in the consolidated income statement.
180 Shaftesbury Capital PLC | 2024 Annual Report

Joint ventures and associates
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement.
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting rights.
When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for
as an associate.
Investments in joint ventures and associates are accounted for using the equity method. On initial recognition the investment is
recognised at cost, and the carrying amount is subsequently increased or decreased to recognise the Group’s share of the profit
or loss of the joint venture or associate after the date of acquisition.
The Group’s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the
Group’s share of the joint ventures or associates’ post-tax profit or loss for the period is also presented separately in the
consolidated income statement.
Where there is an indication that the Group’s investment in a joint venture or associate may be impaired, the Group evaluates the
recoverable amount of its investment, being the higher of the joint venture or associate’s fair value less costs to sell and value in use.
If the recoverable amount is lower than the carrying value an impairment loss is recognised in the consolidated income statement.
If the Group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the
Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint
venture or associate.
Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of
the investment.
Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated
income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying
value of the investment in joint venture or associate less costs of disposal.
Revenue recognition
Rental receivable arises from operating leases granted to customers and is recognised as revenue on a straight-line basis over the
lease term.
Tenant lease incentives, and in certain instances surrender premium payments which are directly linked to new leases, are
amortised on a straight-line basis over the non-cancellable period of the lease, being the earlier of its expiry date or the date of the
first break option as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in
gross profit.
Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or
accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease
modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised
through costs in the year.
When a concession is provided for rent receivables past due the concession is accounted for as an impairment through the
expected credit loss model in accordance with IFRS 9.
Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent
reviews and turnover rent, are recorded as income in the periods in which they are earned.
Service charge income in the ordinary course of business is recorded as income over time in the year in which the services
are provided. As the Group acts as a principal, service charge income and costs are shown gross in the financial statements.
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181Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
1 Principal accounting policies continued
Income taxes
Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated
using rates that have been enacted or substantially enacted by the balance sheet date.
Deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary
differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit
or loss (except leases); or are associated with investments in subsidiaries, joint ventures and associates where the timing of the
reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that
the temporary differences will not reverse in the foreseeable future.
Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are
expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be
available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a
legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to
settle balances on a net basis.
Tax is included in the consolidated income statement except when it relates to items recognised directly in equity, in which case the
related tax is also recognised directly in equity.
Share-based payment
The Group administers the following share-based remuneration to employees and Directors:
Long-term incentive plan
Long-term incentive awards will only vest and become exercisable upon achievement of performance targets, linked to the Group’s
total accounting return and total shareholder return, as well as being conditional upon continued employment with the Group. The
fair value of the awards is determined using an option pricing model, which applies assumptions around expected yields, forfeiture
rates, exercise price and volatility, at the grant date of the awards. Non-market vesting conditions are taken into account by
adjusting the number of awards expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over
the vesting period is based on the number of awards that will eventually vest. Market vesting conditions are factored into the fair
value of the awards granted. The cumulative expense is not adjusted for failure to meet a market vesting condition.
The cost of granting share options to employees is charged to the consolidated income statement over the vesting period of
the options with a corresponding increase in equity. Employer’s National Insurance contributions are payable, on exercise, on the
market value of the award and are accrued for within the share-based payments expense in the consolidated income statement.
Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement.
Deferred shares
Executive Directors’ annual bonuses may be deferred in Company shares or nil-cost options for three years under the long-term
incentive plan without further performance conditions but subject to risk of forfeiture should an Executive Director leave the
Company in certain circumstances. The Group accrues the cost of the non-cash bonus over the relevant period. Employer’s
National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the
share-based payments expense in the consolidated income statement.
Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement.
Own shares held in connection with employee share plans and other share-based payment arrangements are treated as treasury
shares and deducted from equity.
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182 Shaftesbury Capital PLC | 2024 Annual Report

Investment property
Investment property is owned or leased by the Group and held for long-term rental income and capital appreciation.
The Group has chosen to use the fair value model. Property and any related obligations are initially recognised when the significant
risks and rewards attached to the property have transferred to the Group. Payments made in respect of the future acquisition of
investment property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment
property is recorded at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally
qualified external valuers on the basis of market value.
The fair value of property is arrived at by adjusting the market value as above for directly attributable tenant lease incentives,
deferred letting fees and fixed head leases.
Property held under leases is stated gross of the recognised lease liability.
The valuation is based upon assumptions as outlined within the property portfolio note. These assumptions conform to the RICS
Valuation Professional Standards.
When the Group redevelops a property for continued future use, that property is classified as investment property during
the redevelopment period and continues to be measured at fair value. Gains or losses arising from changes in the fair value
of investment property are recognised in the consolidated income statement in the period in which they arise. Depreciation is
not provided in respect of investment property including plant and equipment integral to such investment property. Investment
properties cease to be recognised as investment property when they have been disposed of or when they cease to be held for
the purpose of generating rental income or for capital appreciation.
Disposals are recognised on completion. Gains or losses arising are recognised in the consolidated income statement. The gain
or loss on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the
commencement of the accounting period, plus capital expenditure in the period.
When the use of a property changes from trading property to investment property, the property is transferred at fair value with
any resulting gain or loss recognised in the consolidated income statement.
Investment property is classified as held for sale when the property has exchanged, though not yet completed. Transfers from
investment property to investment property held for sale will occur at market value. The Group will subsequently determine the
fair value of the property less costs to sell, and to the extent that the market value of the property exceeds the fair value of the
property less costs to sell, an impairment loss will be recognised. Should an uplift occur in valuation in a subsequent period,
a gain shall be recognised however, the gain recognised may not exceed the cumulative impairment loss recognised.
Trading property
Trading property comprises those properties that in the Directors’ view are not held for long-term rental income or capital
appreciation and are expected to be disposed of within one year of the balance sheet date or to be developed with the intention
to sell.
Such property is constructed, acquired, or if transferred from investment and development property, transferred at fair value
which is deemed to represent cost. Subsequently trading property is carried at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
selling costs. This approximates market value as determined by professionally qualified external valuers at the balance sheet date.
Details of the valuation methodology are set out in note 12 ‘Property Portfolio’.
The amount of any write down of trading property to market value is recognised as an expense in the period the write down
occurs. Should a valuation uplift occur in a subsequent period, the amount of any reversal shall be recognised as a reduction in the
previous write down in the period in which the uplift occurs. This may not exceed the property’s cost. The sale of trading property
is recognised as revenue when the buyer obtains control of the property. Total costs incurred in respect of trading property are
recognised simultaneously as an expense.
Owner-occupied property
Owner-occupied property comprises property held for use in the production or supply of goods or services or for administrative
purposes. Transfers are made from investment property to owner-occupied property when there is a change in use of the
property. The property is transferred and subsequently carried at market value, which is determined in the same manner as
investment property. Revaluation gains are recognised in equity. A revaluation loss will reverse any previous revaluation gain
recorded in equity with the residual recognised in profit or loss.
183Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
1 Principal accounting policies continued
Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract.
Group as a lessee
The Group’s leases predominately relate to head leases in relation to leasehold properties. At the commencement date of the
lease, the Group recognises a right of use asset equal to the value of the lease liability and direct costs incurred, less any lease
incentives received by the Group. The right of use asset is recognised within investment property. The lease liability is measured at
the present value of lease payments over the lease term. The lease payments include fixed payments and variable lease payments
that depend on an index or rate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g. changes to
future payments resulting from a change in an index or rate used to determine such lease payments).
The Group’s lease liabilities are detailed in note 20.
Short-term leases and leases of a low-value
As a lessee the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and
short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
Group as a lessor
As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers
substantially all the risk and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it
does not.
Other financial assets
The Group’s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates.
Listed equity investments
Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial
assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income
statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair
value recognised in the consolidated income statement.
The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to
purchase or sell the asset. The financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
Listed equity investments included the Group’s investment in Shaftesbury PLC until the date of the all-share merger during the
prior year.
Amounts receivable from joint ventures and associates
Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition,
the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the
financial asset.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject
to impairment review. The financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
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184 Shaftesbury Capital PLC | 2024 Annual Report

Derivative financial instruments
The Group uses non-traded derivative financial instruments to manage exposure to interest rate risk. They are initially recognised
on the trade date at fair value and subsequently remeasured at fair value based on market price. The method of recognising the
resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item
being hedged. Instruments that have not been designated as qualifying for hedge accounting are classified as fair value through
profit and loss. Changes in the fair value of these instruments are split into interest (calculated as the accrued and realised cash
flows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised
in change in fair value of derivative financial instruments in the consolidated income statement.
Trade and other receivables
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology
for assessment of impairment is defined in the following paragraph.
Impairment of financial assets
The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial
assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates
are based on forward-looking information as well as historical evidence of collection.
For rent receivables, all customers are allocated a risk rating, as determined by management, and provided a rating of maximum,
high, medium and low risk. The classification is developed by taking into consideration information on the customer’s credit rating,
current financial position, historical trading performance, historical default rate and the operational performance of the business.
In assessing the provision the Group identifies risk factors associated by sector (retail, food and beverage, office and residential)
and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by
customer basis, the Group considers both recent payment history and future expectations of the customer’s ability to pay or
possible default in order to recognise an expected credit loss allowance. Based on sector and rent receivable type, a provision
is made in addition to a full provision for maximum risk customers or customers with significant financial issues.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the original impairment was recognised, the impairment reversal is recognised in the consolidated income statement
on a basis consistent with the original charge.
Tenant lease incentives are impaired based on an assessment of affordability.
For amounts receivable from joint ventures and associates, impairment is assessed by comparing the carrying amount of the loans
and receivables to the discounted present value of the estimated future cash flows from the joint ventures and associates.
Cash and cash equivalents
Cash and cash equivalents are recognised at fair value. Cash and cash equivalents comprise cash on hand, deposits held at call
with financial institutions, certain tenant deposits and other short-term highly liquid investments with original maturities of three
months or less.
Tenant deposits held against tenants’ rent payment obligations in bank accounts administered by the Group are classified as cash
and cash equivalents. Tenant deposits held against tenants’ rent payment obligations in bank accounts administered by the Group’s
managing agent are not included within the consolidated balance sheet.
The Group holds cash on deposit as security for certain secured term loans and secured bank facilities, and where there are
certain conditions restricting their use. Cash held on deposit which has conditions restricting its use and is not available on demand,
liquid or readily convertible, is classified within other receivables.
Trade and other payables
Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are
recognised at fair value and subsequently measured at amortised cost until settled.
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185Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
1 Principal accounting policies continued
Borrowings
Borrowings comprise bank loans, secured loan facilities, loan notes and compound financial instruments.
Bank loans, secured loan facilities and loan notes are ordinarily recognised initially at their net proceeds as an approximation of
fair value. If the transaction price is not an approximation of fair value at initial recognition, the Group determines the fair value as
evidenced by a quoted price in an active market for an identical instrument or based on a valuation technique that uses data from
observable markets. Bank loans and loan notes are subsequently carried at amortised cost. Any transaction costs, premiums or
discounts are capitalised and recognised over the contractual life of the loan using the effective interest rate method, or on a
straight-line basis where it is impractical to do so.
In the event of early repayment, transaction costs, premia or discounts paid and unamortised costs are recognised immediately in
the consolidated income statement.
Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares. The exchangeable
bonds were bifurcated into a liability and embedded derivative option component on initial recognition. The carrying value of
the liability at initial recognition is the difference between the fair value of the entire instrument as a whole and the embedded
derivative’s fair value. Any directly attributable transaction costs are allocated to each component in proportion to their initial
carrying amounts. The issue costs apportioned to the embedded derivative are recognised immediately in the consolidated
income statement.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using
the effective interest method. Any transaction costs apportioned to the liability are included in the carrying amount and recognised
over the contractual life of the liability using the effective interest rate method.
When a facility has been modified an assessment of modification and extinguishment is performed reviewing both quantitative and
qualitative factors.
Interest related to the financial liability is recognised in the consolidated income statement. The embedded derivative is measured
at fair value with the fair value adjustment accounted for in the consolidated income statement.
Pensions
The costs of the defined contribution scheme and the Group’s personal pension plans are charged against profits or losses in the
year in which they are incurred.
Contingent liabilities and capital commitments
Contingent liabilities are disclosed where there are present or possible obligations arising from past events, but the economic
impact is uncertain in timing, occurrence or amount. A description of the nature and, where possible, an estimate of the financial
effect of contingent liabilities are disclosed.
Capital commitments are disclosed when the Group has a contractual future obligation which has not been provided for at the
balance sheet date. Amounts are only provided for where such obligations are onerous.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as
a deduction from equity, net of any tax effects.
Own shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss
is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference
between the carrying amount and the consideration, if reissued, is recognised in the share premium.
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186 Shaftesbury Capital PLC | 2024 Annual Report

2 Segmental reporting
IFRS 8 requires operating segments to be reported in a manner consistent with the internal financial reporting reviewed by the
chief operating decision maker. The chief operating decision maker of the Group is the Executive Committee, which consists of the
Chief Executive, Chief Financial Officer and the two Executive Directors. The information reviewed by the Executive Committee is
prepared on a basis consistent with these financial statements. That is, the information is provided and monitored at a Group level
and includes the IFRS reported results, EPRA and underlying measures.
In assessing the identification of operating segments, the Group considers the activities of the chief operating decision maker
including decision making authorities for allocation of resources and the information they regularly receive. This consideration
also factors that performance measures are set and only monitored at a single Group level. The Annual Report includes additional
operational information on the property portfolio grouped by village and use.
This information is used within certain levels of the business and is also considered useful for readers of the Annual Report but is
not used by the chief operating decision maker for monitoring performance or the allocation of resources.
3 Performance measures
The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (“APMs”) in
these annual results. An APM is a financial measure of historical or future financial performance, position or cash flow of the Group
which is not a measure defined or specified in IFRS. Details of all APMs used by the Group are set out in the APM section on page 218.
As is usual practice in the sector, the Group presents APMs for certain indicators, including earnings, earnings per share and
net tangible assets, making adjustments as set out by EPRA in its Best Practice Recommendations. These recommendations are
designed to make the financial statements of public real estate companies more comparable across Europe, enhancing the
transparency, comparability and coherence of the sector.
One of the key performance measures which the Group uses is underlying earnings. The underlying earnings measure reflects the
underlying financial performance of the Group’s West End property rental business and is used for the calculation of dividends.
The measure aligns with the main principles of EPRA earnings. EPRA earnings excludes valuation movements on the wholly-owned,
joint venture and associate properties, profit or loss on disposal of investment properties and investments in associates, fair value
changes of financial instruments and listed investments, cost of early close out of debt, gain on bargain purchase and IFRS 3
merger-related transaction costs.
Following updated guidance issued by EPRA in 2024, EPRA earnings now also includes adjustments for certain non-operating and
exceptional items. The non-operating and exceptional items adjusted for by the Group in the current and prior year include the fair
value movements of the option component of the exchangeable bond, the unwinding of the IFRS 3 fair value of debt following the
completion of the all-share merger in March 2023 and merger-related integration and other non-underlying expenses incurred.
These costs are non-recurring as they relate to significant transactions outside the ongoing operations of the Group.
In calculating underlying earnings in both years, additional adjustments are made to exclude the financial performance of the Lillie
Square joint venture, associated tax adjustments and the interest receivable on the loan issued to the joint venture by the Group.
Lillie Square is not considered to be a core part of the operations of the Group and therefore its results are not included in
underlying earnings.
A summary of the number of shares, on a basic and diluted basis, in issue at the year end, and on a weighted average basis for the
year, is set out in the table below:
Number of shares
1,953.2
1,953.2
1,757.0
1,953.2
Own shares – employee benefit trust
(3.1)
(3.1)
(2.6)
(3.1)
Own shares – exchangeable bond
1
(128.4)
(128.4)
(105.5)
(128.4)
Number of shares – basic
2
1,821.7
1,821.7
1,648.9
1,821.7
Dilutive effect of contingently issuable share option awards
3
5.7
10.0
6.5
6.5
Dilutive effect of contingently issuable deferred share awards
3
0.7
1.6
0.6
0.6
Number of shares – diluted
4
1,828.1
1,833.3
1,656.0
1,828.8
1. Includes 127,008,786 shares held as collateral for the exchangeable bonds.
2. Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share.
3. Further information on these potential ordinary shares can be found in note 29 ‘Share based payments’.
4. Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings and net assets per share.
187Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
3 Performance measures continued
Earnings per share – IFRS
2024
2023
Basic earnings (£m)
252.1
750.4
Basic earnings per share (pence)
13.8p
45.5p
13.8p
45.3p
Earnings per share – EPRA and Underlying earnings
Basic earnings
252.1
750.4
(Gain)/loss on revaluation and sale of investment property
6
(194.6)
65.0
Change in value of investments and other receivables
7
7.0
12.5
Change in fair value of financial instruments – interest rate derivatives
15
6.3
7.4
22
–
(52.0)
Exceptional finance items – accelerated unwind of unamortised finance costs and interest on early close out of debt
1
9
1.0
26.8
Loss on sale of associate
1
14
4.0
–
Gain on bargain purchase
31
–
(805.5)
Merger-related transaction costs
5
–
35.8
Deferred tax adjustments
10
–
(0.1)
Merger-related integration costs and non-underlying administrative expenses
5
3.3
8.7
Other exceptional finance items
2
0.4
9.1
Impact of change in accounting policy on gross profit
3
–
5.1
(1.5)
(5.1)
(3.0)
3.3
(0.9)
6.6
1.2
(0.1)
75.3
67.9
EPRA earnings per share (pence)
4
4.1
4.1
Joint ventures adjustment – Lillie Square
5
(2.3)
(7.5)
73.0
60.4
Underlying earnings per share (pence)
6
4.0
3.7
1. Reflects the accelerated unwind of unamortised costs on the refinancing of the revolving credit facility. The 2023 amount comprises £24.6 million unamortised fair value adjustment
that arose on completion of the merger which was accelerated on the early redemption of the Carnaby and Chinatown bonds in April 2023 and the unamortised costs on the loan
facility of £2.2 million which was accelerated on early repayment during the prior year. The unwind of the remaining fair value balance on the Longmartin debt of £1.4 million has been
recognised in the loss on sale of associate on sale of our 50 per cent share during the year.
2. Other exceptional finance items include the unwind of the fair value adjustments on the debt facilities acquired on merger of £6.1 million (including our share of the fair value unwind
of the Longmartin debt of £0.6 million up to date of disposal), offset by the fair value movement of the exchangeable bond option of £5.4 million (31 December 2023: £3.9 million) and
other non-underlying finance income of £0.3 million. £5.5 million (31 December 2023: £4.5 million) of the unwind of the fair value of the debt is recorded through other finance costs
included in note 10 ‘Finance costs’ and £0.6 million (31 December 2023: £0.7 million) within the profit from Longmartin per note 14 ‘Investments in joint ventures and associates’.
3. The £5.1 million relates to the alignment of accounting policies on completion of the merger in the prior year. £4.1 million of the adjustment was recognised through the straight lining
of tenant lease incentives and £1.0 million in property expenses. Historically, the Group amortised tenant lease incentives and deferred letting fees on a straight-line basis over the
lease term to lease expiry as the assumption was that the lessees were reasonably certain not to exercise their option to break. This was amended in the prior year, such that all
lease incentives are amortised over the non-cancellable period of the lease. As a result, other receivables within the consolidated balance sheet at 31 December 2023 decreased by
£5.1 million with a corresponding reduction to gross profit. The £5.1 million reduction to gross profit had been adjusted for in order to reflect the true performance of the business
during 2023.
4. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of updated EPRA Best Practice Recommendations Guidelines in
September 2024.
5. The Lillie Square joint venture is not considered part of the core underlying business of the Group and therefore its results are excluded from underlying earnings. The adjustment
includes £3.8 million (31 December 2023: £3.7 million) interest receivable by the Group on the interest-bearing loans issued to the joint venture, offset by £1.5 million (31 December
2023: £3.8 million) of adjustments made to EPRA earnings for profit on sale and transfer of trading property, loss on revaluation of investment property and reversal of write down
of trading property.
6. Had the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC completed on 1 January 2023, the underlying earnings of the Group would have been £62.8 million
or 3.4 pence per share.
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188 Shaftesbury Capital PLC | 2024 Annual Report

Net assets per share
2024
2023
IFRS total equity
1
3,674.3
3,674.3
3,674.3
3,480.2
3,480.2
3,480.2
Unrecognised surplus on trading property – joint venture
0.1
0.1
0.1
1.7
1.7
1.7
Fair value of financial instruments – interest rate derivatives
2
(3.4)
(3.4)
–
(9.7)
(9.7)
–
Fair value adjustment of exchangeable bond
3
(0.4)
(0.4)
–
2.0
2.0
–
333.1
–
–
332.2
–
–
Adjustment of fixed rate debt from carrying value to fair value
4
–
–
50.8
–
–
29.8
0.5
0.5
–
5.2
5.2
–
4,004.2
3,671.1
3,725.2
3,811.6
3,479.4
3,511.7
NAV per share (pence)
218.4p
200.2p
203.2p
208.4p
190.3p
192.0p
1. IFRS total equity of 200.4 pence per share (31 December 2023: 190.3 pence per share).
2. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 15 ‘Derivative financial instruments’.
3. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of £275 million.
4. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 15 ‘Derivative financial instruments’.
Headline earnings per share
Headline earnings per share is calculated in accordance with Circular 1/2023 issued by the South African Institute of Chartered
Accountants, a requirement of the Group’s Johannesburg Stock Exchange secondary listing. This measure is not a requirement
of IFRS.
Basic earnings
252.1
750.4
–
(805.5)
4.0
–
(194.6)
65.0
61.5
9.9
3.4p
0.6p
4 Gross profit
All revenue has been generated from operations within the United Kingdom.
Rental receivable
197.2
171.9
Straight-lining of tenant lease incentives
1
7.8
3.9
22.1
19.3
227.1
195.1
Provision for expected credit loss
(3.9)
(2.0)
Property expenses
1
(33.1)
(31.1)
(22.1)
(19.3)
(0.9)
(0.8)
(60.0)
(53.2)
Gross profit
167.1
141.9
1. Included in the prior year is a charge of £5.1 million relating to the alignment of accounting policies on completion of the merger. £4.1 million of the adjustment was recognised through
the straight lining of tenant lease incentives and £1.0 million in property expenses.
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189Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
5 Administration expenses
Depreciation
0.3
0.4
Employee costs
23.0
25.1
16.1
13.8
Merger-related transaction costs
1
–
35.8
3.3
8.7
42.7
83.8
1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year.
(a) Employee costs (including Executive Directors)
Wages and salaries
16.3
19.9
2.1
2.6
1.5
1.5
Share-based payment
1
3.1
1.1
23.0
25.1
1. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. Details of the share option
schemes, and principal assumptions made at the last grant and measurement dates are set out in note 29 ‘Share-based payments’.
(b) Employee numbers
Average monthly number of people (including Executive Directors) employed
2024
2023
Total average headcount
98
105
The details of individual Directors’ remuneration and pension benefits as set out in the tables contained in the Directors’
Remuneration Report on pages 138 to 161 form part of these consolidated financial statements.
(c) Auditors’ remuneration
Company and Group consolidated financial statements
1.0
1.1
0.3
0.2
–
0.1
1.3
1.4
Audit related assurance services including interim review
0.1
0.2
1.4
1.6
The Group’s auditors, PricewaterhouseCoopers LLP, have engaged on assignments in addition to their audit engagement duties
where their expertise and experience of the Group are important. 2024 non-audit fees, including the interim review, represented
10.0 per cent of the total audit fee (31 December 2023: 11.0 per cent). Further details on the Audit Committee’s non-audit services
policy can be found on page 137.
6 Gain/(loss) on revaluation and sale of investment property
Gain/(loss) on revaluation of investment property
202.9
(68.5)
(Loss)/profit on sale of investment property
(8.3)
3.5
194.6
(65.0)

190 Shaftesbury Capital PLC | 2024 Annual Report

7 Change in value of investments and other receivables
Included in the change in value of investments and other receivables are impairments in relation to amounts receivable from
the Lillie Square joint venture of £5.2 million (31 December 2023: £12.5 million) and other impairments of £1.8 million
(31 December 2023: nil).
The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans and a working
capital facility.
Due to the joint venture being in a net liability position, and incurring losses in the year, the equity investment is held at nil
(31 December 2023: nil).
As at the balance sheet date, prior to impairment, the Group held an interest-bearing loan at £89.9 million (31 December 2023:
£90.1 million) and working capital facility of £29.2 million (31 December 2023: £29.0 million).
As required by IFRS 9, an impairment assessment was performed comparing the carrying amount of the interest-bearing loans and
working capital facility to the present value of the estimated future cash flows from the joint venture.
The key assumptions made in the impairment assessment were the expected cash flows to be generated over the project life and
the timing thereof. In terms of IFRS 9 requirements the Group applied a discount rate of 4.25 per cent (being the effective interest
rate on the loan to the joint venture) to the cash flows which are in line with the strategic plan of the joint venture.
As a result, the Group has booked an impairment of £5.2 million during 2024 leading to a cumulative impairment of £48.3 million
(31 December 2023: £43.1 million cumulative impairment). The cumulative impairment takes into consideration the losses from the
joint venture.
Factoring in the impairment, the interest-bearing loan is held at a net book value of £70.7 million (31 December 2023: £76.0 million)
and working capital facility at nil (31 December 2023: nil). The balances are included within Trade and other receivables at the
balance sheet date. Further details are set out in note 16 ‘Trade and other receivables’.
8 Finance income
On deposits and current accounts
5.0
6.3
9.8
9.3
14.8
15.6
4.2
4.1
0.3
–
4.5
4.1
9 Finance costs
On bank facilities and loan notes
35.8
40.3
On exchangeable bonds
1
8.5
8.4
–
1.8
27.4
16.5
0.3
0.5
72.0
67.5
Non-underlying finance charges
2
6.5
31.3
6.5
31.3
1. On 30 November 2020 the Group issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds
have been split between the financial liability element and an option component. The debt component is accounted for at amortised cost and, after taking into account transaction
costs, accrues interest at an effective interest rate of 3.1 per cent, of which 2 per cent (£5.5 million) represents the cash coupon on the bond.
2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of
the business. Non-underlying finance charges include £1.0 million (31 December 2023: £2.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility
during the year and £5.5 million (31 December 2023: £4.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an
additional £24.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds.

191Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
10 Taxation
Current income tax charge
0.5
0.2
(0.2)
–
0.3
0.2
On accelerated capital allowances
–
0.1
0.9
(1.4)
(0.9)
1.3
–
–
0.3
0.2
Factors affecting the tax charge for the year
The tax charge for the year is £0.3 million (31 December 2023: £0.2 million) against a profit before tax of £252.4 million
(31 December 2023: £750.6 million). A reconciliation against the standard rate of corporation tax in the United Kingdom (“UK”)
is set out below:
Profit before tax
252.4
750.6
Profit on ordinary activities multiplied by the standard rate in the UK of 25.0% (2023: 23.5%)
63.1
176.4
Revaluation (gains)/losses attributable to the REIT business
(50.8)
3.9
2.8
18.4
(1.5)
(0.2)
–
(189.3)
(12.6)
(6.5)
(0.1)
(1.0)
1.3
(0.1)
(1.7)
(1.4)
(0.2)
–
0.3
0.2
As a UK REIT, the Group is exempt from UK corporation tax on income and gains from qualifying activities. Non-qualifying activities
are subject to UK corporation tax.
As a UK REIT, the Group must distribute at least 90 per cent of the Group’s income profits from its tax-exempt property rental
business (calculated by reference to tax rather than accounting rules), by way of a dividend, which is known as a Property
Income Distribution (“PID”). A corporation tax charge will arise for the Group at the main corporation tax rate if the minimum PID
requirement is not met within 12 months of the end of the period. Further details regarding the PID is set out in note 11 ‘Dividends’.
The main corporation tax rate increased from 19 to 25 per cent with effect from 1 April 2023.
192 Shaftesbury Capital PLC | 2024 Annual Report

11 Dividends
Group and Company
PID
Non-PID
Date paid
2024
2023
Pence per share
£m
£m
0.7
1.0
20 March 2023
–
14.5
Interim cash dividend of 1.5 pence per share
–
1.5
18 September 2023
–
29.3
Final dividend of 1.65 pence per share
0.65
1.0
31 May 2024
32.2
–
Interim cash dividend of 1.7 pence per share
1.0
0.7
1 October 2024
33.2
–
Dividend expense
1
65.4
43.8
1. Includes £4.3 million (31 December 2023: £1.9 million) paid to a controlled entity, Capco Investment London (No.7) Scottish Limited Partnership, in respect of 128,350,793 shares, of
which 127,008,786 are held as collateral for the exchangeable bonds. The entity has provided an undertaking not to exercise its voting rights in respect of such ordinary shares but will
receive the proposed dividend, all of which was retained by the Group following calculation of the dividend threshold test as set out in the exchangeable bond conditions. The Group’s
dividend expense recorded in the consolidated statement of cash flows is £61.1 million (31 December 2023: £41.9 million).
As a UK REIT, Shaftesbury Capital is required to distribute at least 90 per cent of the Group’s income profits from its tax-exempt
property rental business, by way of a PID.
These distributions can be subject to withholding tax at 20 per cent. Dividends from profits of the Group’s taxable residual
business are ordinary dividends and will be taxed as an ordinary dividend.
On 26 February 2025, the Directors proposed a final cash dividend for 2024 of 1.8 pence per ordinary share which will be paid
wholly as a PID. The final cash dividend will be paid on 30 May 2025 to all shareholders on the register on 25 April 2025.
12 Property Portfolio
At 1 January
4,740.2
1,715.1
Investment property acquired on merger at 6 March 2023 fair value
–
3,141.0
84.9
17.4
43.1
35.1
(162.2)
(81.5)
Transfer to owner-occupied property
13
–
(18.4)
Gain/(loss) on revaluation
6
202.9
(68.5)
Transfer to held for sale
1
(9.8)
-
4,899.1
4,740.2
Adjustment in respect of fixed head leases
(3.0)
(3.0)
Adjustment in respect of tenant lease incentives and deferred letting fees
16
47.5
37.9
4,943.6
4,775.1
1. Two properties had exchanged for sale at year end and were accordingly classified as held for sale. The sale of one property completed post year end with the other anticipated to
complete during the first quarter of 2025.
Freehold properties
3,849.0
3,791.3
1,094.6
983.8
4,943.6
4,775.1
Market value of property portfolio
Market value of investment property
4,943.6
4,775.1
9.8
–
Market value of owner-occupied property
13
20.1
20.2
4,973.5
4,795.3

193Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
12 Property Portfolio continued
Revaluation gain/(loss) of property portfolio
Revaluation gain/(loss) reported in consolidated income statement
6
202.9
(68.5)
Revaluation (loss)/gain reported in consolidated statement of comprehensive income
13
(0.1)
1.8
202.8
(66.7)
Valuation process
The fair value of the Group’s wholly-owned investment property and owner-occupied property at 31 December 2024 was
determined by independent, appropriately qualified external valuers, CBRE and Cushman & Wakefield. The valuations conform
to the Royal Institution of Chartered Surveyors (“RICS”) Valuation Professional Standards. Fees paid to valuers are based on fixed
price contracts.
Each year the Company appoints the external valuers. The valuers are selected based on their knowledge, independence and
reputation for valuing assets such as those held by the Group.
Valuations are performed bi-annually and are performed consistently across all properties in the Group’s portfolio. At each
reporting date, appropriately qualified employees of the Group verify all significant inputs and review computational outputs.
Valuers submit and present summary reports to the Group’s Audit Committee, with the Executive Committee reporting to the
Board on the outcome of each valuation round.
Net zero carbon and EPC compliance
We are committed to meeting our 2030 carbon reduction targets and have reset our Net Zero Carbon target to 2040 to align with
SBTi long-term carbon reduction requirements, achieving SBTi validation in January 2025. A key element in achieving this will come
from carbon efficiencies created through refurbishments of the Group’s property portfolio.
During 2024, the Group’s additions from subsequent expenditure were £43.1 million (31 December 2023: £35.1 million). Included
within the £43.1 million total subsequent expenditure is work which related to enhancing the environmental performance of assets,
and design stage work aimed at delivering environmental enhancements.
We aim for 75 per cent of commercial units to have a “B” or above EPC compliance rating by 2027 and for all commercial units to
have a “B” or above and residential units a “C” or above rating by 2030. Any committed capital expenditure has been included in
note 25 ‘Capital commitments’.
Valuation techniques
Valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer
will consider, on a property-by-property basis, its actual and potential uses which are physically, legally and financially viable.
Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving
and implementing this change in use in arriving at its valuation.
The fair value of the Group’s investment properties has primarily been determined using a market approach, which provides an
indication of value by comparing the subject asset with similar assets for which price information is available. The external valuers
use information provided by the Group, such as tenancy information and capital expenditure expectations. In deriving fair value,
the valuer also makes a series of assumptions, using professional judgement and market observations. These assumptions include,
but are not limited to, market yields, ERVs and void periods. The critical key assumptions are the equivalent yields and ERVs, as set
out within the table on the next page and within the Analysis of property portfolio on page 226. Equivalent yields are based on
current market prices, depending on, inter alia, the location, condition and use of the properties. ERVs are calculated using a
number of factors which include current rental income, market comparatives and local occupancy levels. Whilst there is market
evidence for the key inputs, and recent transaction prices for similar properties, there is still a significant element of estimation and
judgement. As a result of adjustments made to market observable data, these significant inputs are deemed unobservable.

194 Shaftesbury Capital PLC | 2024 Annual Report

Non-financial assets carried at fair value, as is the case for investment property held by the Group, are required to be analysed by
level depending on the valuation method adopted under IFRS 13 ‘Fair Value Measurement’ (“IFRS 13”).
The different valuation levels are defined as:
Level 1: valuation based on quoted market prices traded in active markets;
Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either
directly or from market prices or indirectly derived from market prices; and
Level 3: where one or more inputs to valuation are not based on observable market data. Valuations at this level are more
subjective and therefore more closely managed, including sensitivity analysis of inputs to valuation models.
When the degree of subjectivity or nature of the measurement inputs change, consideration is given as to whether a transfer
between fair value levels is deemed to have occurred. Unobservable data becoming observable market data would determine a
transfer from Level 3 to Level 2. All investment properties held by the Group are classified as Level 3 in the current and prior year.
The following table sets out the key unobservable inputs used in the valuation models of the wholly-owned property portfolio:
Sensitivity to changes in key assumptions
As noted in the critical accounting judgements and key sources of estimation and uncertainty section in note 1 ‘Principal accounting
policies’, the valuation of the Group’s property portfolio is inherently subjective. As a result, the valuations are subject to a degree
of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or
low transaction flow in the commercial property market.
The sensitivity analysis below illustrates the impact on the fair value of the Group’s properties, from changes in the key assumptions:
–10%
–5%
+5%
+10%
£m
£m
£m
£m
(Decrease)/increase in fair value
(402.2)
(202.7)
205.7
413.0
–50bps
–25bps
+25bps
+50bps
£m
£m
£m
£m
Increase/(decrease) in fair value
660.1
309.1
(273.0)
(523.2)
The table above shows movements in key assumptions in isolation. These key unobservable inputs are interdependent. All other
factors being equal, a higher equivalent yield would lead to a decrease in the valuation, and an increase in estimated rental value
would increase the capital value, and vice versa. However, there are interrelationships between the key unobservable inputs which
are partially determined by market conditions, which would impact these changes.
At 31 December 2024, the Group was contractually committed to £24.1 million (31 December 2023: £24.8 million) of future
expenditure for the purchase, construction, refurbishment and enhancement of investment property. Refer to note 25 ‘Capital
commitments’ for further information on capital commitments.
195Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
13 Property, plant and equipment
Net carrying value at 1 January 2023
–
0.6
0.6
Additions
–
3.4
3.4
–
0.2
0.2
18.4
–
18.4
–
(0.4)
(0.4)
1.8
–
1.8
20.2
3.8
24.0
Additions
–
2.3
2.3
Depreciation
1
–
(0.7)
(0.7)
(0.1)
–
(0.1)
20.1
5.4
25.5
1. £0.3 million of depreciation is recognised within note 5 ‘Administration expenses’ and £0.4 million is recognised within note 4 ‘Gross profit’.
14 Investments in joint ventures and associates
Investments in joint ventures and associates are measured using the equity method. All the Group’s joint ventures and associates
are held with other investors on a 50:50 basis. At 31 December 2024, investments comprised of Lillie Square joint venture (“LSJV”).
The Group disposed of its interest in the Longmartin associate (“Longmartin”) on 24 October 2024.
The table below reconciles the opening to closing carrying value of investments in joint ventures and associates as presented on
the consolidated balance sheet.
At 1 January 2023
–
–
0.2
0.2
Investments in associate acquired at fair value on completion of merger
84.7
–
–
84.7
Share of profit/(loss) for the period
1
0.2
(7.6)
–
(7.4)
Losses restricted
1
–
7.6
–
7.6
Dividend received
(1.5)
–
–
(1.5)
Disposal of joint venture
–
–
(0.2)
(0.2)
At 31 December 2023
83.4
–
–
83.4
Share of profit/(loss) for the period
1
4.5
(1.8)
–
2.7
Losses restricted
1
–
1.8
–
1.8
(1.2)
–
–
(1.2)
(86.7)
–
–
(86.7)
–
–
–
–
1. The loss from the Lillie Square joint venture for the year of £1.8 million (31 December 2023: £7.6 million) has been restricted in accordance with the requirements of IAS 28. Restricted
losses represent the Group’s share of losses from LSJV in the year of £1.8 million (31 December 2023: £7.6 million) allocated to the cumulative losses which exceed the Group’s
investment in the joint venture. Cumulative losses of £40.2 million have been restricted to date (31 December 2023: £38.4 million) and as a result the carrying value of the investment
in LSJV is nil (31 December 2023: nil). The Group holds £70.7 million (31 December 2023: £76.0 million) of recoverable loans from LSJV within note 16 ‘Trade and other receivables’.
The profit from joint ventures and associates included within the consolidated income statement consists of our share of the Longmartin profit for the year of £4.5 million (31 December
2023: £0.2 million).
LSJV
LSJV was established as a joint venture arrangement with the Kwok Family Interests (“KFI”) in August 2012. The joint venture was
established to own, manage and develop land interests at Lillie Square. LSJV comprises Lillie Square LP, Lillie Square GP Limited,
acting as general partner to the partnership, and its subsidiaries. All major decisions regarding LSJV are taken by the Board of
Lillie Square GP Limited, through which the Group shares strategic control.
The summarised income statement and balance sheet of LSJV is presented below and overleaf.
Summarised income statement
Revenue
3.6
7.3
Gross profit/(loss)
1.3
(0.5)
Gain/(loss) on revaluation, sale and transfer of investment and trading property
3.0
(7.5)
(0.7)
(0.4)
Net finance costs
1
(7.1)
(6.8)
(3.5)
(15.2)
1. Net finance costs include £7.6 million (31 December 2023: £7.4 million) interest payable on the interest-bearing loans issued to the joint venture by the Group and KFI. Finance income
receivable by the Group from LSJV of £3.8 million (31 December 2023: £3.7 million) is recognised in the consolidated income statement within other finance income.
196 Shaftesbury Capital PLC | 2024 Annual Report

Investment property
87.4
46.8
Other non-current assets
5.6
5.6
93.0
52.4
Trading property
42.8
80.3
Other current assets
1.3
1.5
9.7
15.9
53.8
97.7
Amounts payable to joint venture partners
1
(224.8)
(224.9)
Other current liabilities
(2.1)
(1.7)
(226.9)
(226.6)
Net liabilities
(80.1)
(76.5)
Carrying value of investment and trading property
130.2
127.1
Unrecognised surplus on trading property
2
0.3
3.3
Market value of investment and trading property
2
130.5
130.4
1. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of £29.2 million (31 December 2023: £29.0 million) and an interest-bearing
loan of £163.0 million (nominal value) advanced by the Group and KFI to the joint venture. The carrying value of the loan before impairment, including accrued interest was £179.8
million (31 December 2023: £180.2 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current
trade and other receivables.
2. The unrecognised surplus on trading property and the market value of LSJV’s property portfolio are shown for informational purposes only and are not a requirement of IFRS.
Trading property continues to be measured at the lower of cost and net realisable value.
Longmartin
Longmartin was a joint venture arrangement with The Mercers’ Company. Pursuant to the terms of the Longmartin investment,
the merger between Capital & Counties Properties PLC and Shaftesbury PLC during the prior year triggered the right for the
Mercers to acquire the Company’s shares in the Longmartin investment. As a result of the Mercers duly exercising their option to
acquire the Company’s shares in the Longmartin investment, a sale of the Company’s entire interest in the investment was
concluded on 24 October 2024.
The total proceeds from the sale amounted to £82.9 million, which comprised cash proceeds of £82.5 million and a receivable of
£0.4 million. In addition to the £82.5 million cash received, the loan to associate balance of £11.6 million was repaid on disposal.
The carrying value of the investment in associate immediately prior to disposal amounted to £86.7 million. The loss on sale of
associate of £4.0 million included transaction costs of £0.2 million.
The summarised income statement of Longmartin up until the date of disposal, is presented below.
Revenue
17.0
14.9
Gross profit
11.4
10.6
Administration expenses
(0.3)
(0.2)
7.8
(1.9)
(6.6)
(7.5)
(3.3)
(0.6)
9.0
0.4
Dividends paid
2.4
3.0
197Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
15 Derivative financial instruments
Interest rate derivatives
–
1.4
3.4
8.3
3.4
9.7
Derivative liability – exchangeable bonds
1
1.8
7.2
1.8
7.2
1. On 30 November 2020 the Group issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable
bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity
of Shaftesbury Capital. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through
profit or loss.
During the year, the following movements on derivative financial instruments were recognised in profit or loss:
Fair value loss on interest rate derivatives
(6.3)
(7.4)
Fair value gain/(loss) on derivative liability – exchangeable bonds
5.4
(3.9)
(0.9)
(11.3)
16 Trade and other receivables
Prepayments and accrued income
1
39.9
28.5
Amounts receivable from joint ventures
2
70.7
76.0
Amounts receivable from associates
3
–
11.6
Other receivables
4
29.1
–
139.7
116.1
Rent receivable
5
9.9
13.6
Prepayments and accrued income
1
15.2
17.1
Other receivables
4
5.3
12.0
30.4
42.7
1. Includes tenant lease incentives and deferred letting fees of £47.5 million (31 December 2023: £37.9 million).
2. Amounts receivable from joint ventures represents an interest-bearing loan of £89.9 million (31 December 2023: £90.1 million) provided to LSJV. The loan bears interest at 4.25 per
cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. £4.0 million of the
loan balance was repaid in the current year. The loan has been impaired by £19.2 million (31 December 2023: £14.1 million) to date. Included within current trade and other receivables
is working capital funding of £29.2 million due from LSJV (31 December 2023: £29.0 million) that has been fully impaired.
3. The amount receivable from associates in the prior year represented the loan of £11.6 million provided to Longmartin, which was settled in the current year as part of the disposal
of Longmartin.
4. Other receivables include £29.1 million (31 December 2023: £7.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain
conditions restricting the use.
5. Rent receivable is shown net of an expected credit loss provision of £8.0 million (31 December 2023: £4.8 million).
17 Cash and cash equivalents
11.7
10.4
Cash on short-term deposits
98.1
175.3
109.8
185.7
Tenant deposits
1
14.2
14.5
124.0
200.2
1. Tenant deposits included above relate to cash held on deposit as security against tenant rent payments which are subject to certain restrictions and therefore not available for general
use by the Group. The deposits are held in bank accounts administered by Group Treasury and therefore included within cash and cash equivalents in the consolidated balance sheet.
Cash deposits against tenants’ rent payment obligations totalling £22.2 million (31 December 2023: £18.9 million) are held in bank accounts administered by the Group’s managing
agents which are not included within the consolidated balance sheet.
198 Shaftesbury Capital PLC | 2024 Annual Report

18 Trade and other payables
Rent in advance
22.1
17.7
Accruals
42.7
60.4
14.9
10.4
5.1
7.5
84.8
96.0
19 Borrowings
269.9
–
269.9
–
269.9
269.9
275.0
379.3
–
379.3
379.3
–
341.0
380.0
545.8
545.8
–
545.8
–
544.8
584.8
Exchangeable bonds
1
272.8
272.8
–
272.8
–
263.1
275.0
1,467.8
818.6
649.2
1,197.9
269.9
1,418.8
1,514.8
Total borrowings
1,467.8
1,514.8
Cash, excluding tenant deposits
(109.8)
1. Fair value of exchangeable bonds includes the fair value of the option component of £1.8 million as disclosed in note 15 ‘Derivative financial instruments’.
Loan notes (USPPs)
94.9
–
94.9
94.9
–
93.0
95.0
94.9
–
94.9
94.9
–
93.0
95.0
Bank loans
345.9
–
345.9
–
345.9
350.0
350.0
379.2
–
379.2
379.2
–
340.7
380.0
539.9
539.9
–
539.9
–
569.5
584.8
Exchangeable bonds
1
269.8
269.8
–
269.8
–
256.9
275.0
1,534.8
809.7
725.1
1,188.9
345.9
1,517.1
1,589.8
Total borrowings
1,629.7
1,684.8
1. Fair value of exchangeable bonds includes the fair value of the option component of £7.2 million as disclosed in note 15 ‘Derivative financial instruments’.
£584.8 million (nominal value) of the Group’s borrowings are secured by fixed charges over certain investment properties held by
subsidiaries, with a market value of £1,681.1 million (31 December 2023: £1,624.2 million), and by floating charges over the assets
of certain subsidiaries.
There are currently no restrictions on the remittance of income from investment properties.
Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details
of financial covenants are included in note 22 ‘Financial risk management’. The Group has complied with the financial covenants of
all its borrowings during both years presented.
The Group has two revolving credit facilities totalling £450 million, which are undrawn at 31 December 2024.
Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2024 were £559.8 million
(31 December 2023: £485.7 million).
The fair value of the Group’s borrowings has been estimated using the market value for floating rate borrowings, which approximates
nominal value, and are classified as Level 2 fair values as defined by IFRS 13. The fair values of fixed rate borrowings have been
determined by using a discounted cash flow approach, using a current borrowing rate. The loans are classified as Level 3 fair value
measurements as defined by IFRS 13 due to the use of unobservable inputs, including own credit risk. The different valuation levels
are defined in note 12 ‘Property portfolio’.
199Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
19 Borrowings continued
Balance at 1 January
94.9
1,534.8
Borrowings drawn
–
135.0
(95.0)
(210.0)
–
(3.5)
0.1
11.5
–
1,467.8
Balance at 1 January
–
738.3
Borrowings assumed on completion of merger
–
889.0
Borrowings drawn
–
1,124.0
Borrowings repaid
–
(1,151.0)
Other net cash movements
–
(12.3)
Other non-cash movements
94.9
(53.2)
Balance at 31 December
94.9
1,534.8
The maturity profile of gross debt is as follows:
–
95.0
Wholly repayable in more than one year but not more than five years
982.3
887.5
532.5
702.3
1,514.8
1,684.8
20 Lease liabilities
Lease liabilities included within investment property
(a) Minimum lease payments under lease obligations
Not later than one year
0.3
0.3
Later than one year and not later than five years
1.2
1.2
7.6
7.6
9.1
9.1
Future finance charges on lease liabilities
(6.1)
(6.1)
3.0
3.0
(b) Present value of minimum lease obligations
Not later than one year
0.3
0.3
Later than one year and not later than five years
1.0
1.0
1.7
1.7
3.0
3.0
Lease liabilities included under investment property are in respect of leasehold interests in investment property. Certain leases
provide for payment of contingent rent, usually a proportion of rental income in addition to the minimum lease payments above.
£0.3 million contingent rent has been paid during the year (31 December 2023: £0.3 million).
These lease liabilities are effectively secured obligations, as the rights to the leased asset revert to the lessor in the event of default.

200 Shaftesbury Capital PLC | 2024 Annual Report

21 Operating leases
The Group earns rental income by leasing its investment property to tenants under operating leases.
In the United Kingdom standard commercial leases vary considerably between markets and locations but typically are for a term
of five to fifteen years at market rent with provisions to review every five years.
The Group is exposed to changes in the residual value of properties at the end of the current leases. This residual value risk is
mitigated through the implementation of active asset management initiatives which aim to ensure the Group enters into new leasing
deals prior to the expiry of current leases. The Group also offers lease incentives to encourage high quality tenants to remain in
properties for longer lease terms. Expectations about the future residual values are reflected in the fair value of the properties.
The future undiscounted minimum lease amounts receivable under non-cancellable operating leases are as follows:
2023
1
Within one year
165.8
159.5
Between one and two years
141.8
134.3
120.8
111.5
99.7
95.3
75.3
77.8
353.7
329.2
957.1
907.6
1. The presentation of the 2023 balances has changed due to additional disaggregation of the maturity analysis of the lease payments.
The consolidated income statement includes £0.4 million (31 December 2023: £0.4 million) recognised in respect of expected
increased rent resulting from outstanding reviews where the actual rent will only be determined on settlement of the rent review.
22 Financial risk management
The Group’s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the
risk appetite of the Group. The Group is exposed to a variety of risks arising from the Group’s operations: market risk, liquidity risk
and credit risk.
The following table sets out each class of financial asset and financial liability as at 31 December:
Categories of financial instruments
2024
2023
Derivative financial assets
15
3.4
(6.3)
9.7
(7.4)
Total held for trading assets
3.4
(6.3)
9.7
(7.4)
Cash and cash equivalents
17
124.0
–
200.2
–
Other financial assets
1
16
115.0
–
113.2
–
239.0
–
313.4
–
Investment held at fair value through profit or loss
2
–
–
–
52.0
Total investment held at fair value through profit or loss
–
–
–
52.0
Derivative financial liabilities
15
(1.8)
5.4
(7.2)
(3.9)
Total held for trading liabilities
(1.8)
5.4
(7.2)
(3.9)
Borrowings
19
(1,467.8)
–
(1,629.7)
–
Lease liabilities
20
(3.0)
–
(3.0)
–
Other financial liabilities
3
18
(62.7)
–
(78.5)
–
(1,533.5)
–
(1,711.2)
–
1. Includes rent receivable, amounts due from joint ventures and associates and other receivables.
2. £52.0 million gain recognised in 2023 relates to the fair value movement on the 97 million Shaftesbury PLC shares held until completion of the all-share merger on 6 March 2023.
3. Includes trade and other payables (excluding rents in advance).
The majority of the Group’s financial risk management is carried out by the Group’s treasury function under policies approved by
the Board of Directors. The policies for managing each of these risks and the principal effects of these policies on the results for
the year are summarised on the following pages. 
201Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
22 Financial risk management continued
Market risk
Interest rate risk
Interest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of
a financial instrument will fluctuate due to changes in market interest rates. Fair value risk is the risk that the fair value of financial
instruments will fluctuate as a result of changes in market interest rates.
The Group’s interest rate risk arises from borrowings issued at variable rates that expose the Group to cash flow interest rate risk,
whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk.
It is Group policy, and often a requirement of our lenders, to eliminate substantially all short and medium-term exposure to interest
rate fluctuations in order to establish certainty over medium-term cash flows by using fixed interest rate derivatives. Interest rate
derivatives have the economic effect of converting borrowings from floating to fixed rates. Interest rate caps protect the Group by
capping the maximum interest rate payable at the caps ceiling. Interest rate collars protect the Group by capping the maximum
interest rate payable at the collar’s ceiling but sacrifice the profitability of interest rate falls below a certain floor.
Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent.
The Group has entered into various non-traded derivative instruments to manage its exposure to interest rate risk. These derivatives
have not been designated as hedging instruments and therefore they are classified as financial derivatives at fair value through
profit or loss.
All of the Group’s drawn debt is at fixed rates or currently has interest rate protection in place, taking into account £250 million of
hedging which provides for a cap of 3.0 per cent and a floor of 2.0 per cent on SONIA exposure until the end of 2025, and interest
on cash deposits.
The derivative contracts require settlement of net interest receivable or payable every 90 days. The settlement dates coincide with
the dates on which interest is payable on the underlying debt.
The sensitivity analysis below illustrates the impact of a 100 basis point (“bps”) shift, upwards and downwards, in the level of
interest rates on the movement in fair value of interest rate derivatives entered into by the Group.
Increase/(decrease)
2.3
(2.1)
4.9
(4.6)
The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve
that may actually occur and represents management’s assessment of possible changes in interest rates. 100 bps has been used in
2024 (31 December 2023: 100 bps) to reflect current macroeconomic conditions. The fixed rate derivative financial instruments are
matched by floating rate debt, therefore such a movement would have a very limited effect on Group cash flow overall.
Liquidity risk
Liquidity risk is managed to ensure that the Group is able to meet future payment obligations when financial liabilities fall due.
The Group’s policy is to seek to minimise its exposure to liquidity risk by managing its exposure to interest rate risk and to
refinancing risk. The Group seeks to achieve an appropriate balance between a number of factors, including tenor and costs.
Liquidity analysis is intended to provide sufficient headroom to meet the Group’s operational requirements and investment commitments.
The Group’s policy also includes maintaining adequate cash, as well as maintaining adequate committed and undrawn facilities.
A key factor in ensuring existing facilities remain available to the Group is the borrowing entity’s ability to meet the relevant
facility’s financial covenants. The Group has a process to regularly monitor both current and projected compliance with the
financial covenants.
The Group regularly reviews the maturity profile of its financial liabilities and will seek to avoid concentrations of maturities through
the regular replacement of facilities and by staggering maturity dates. Refinancing risk may be reduced by reborrowing prior to the
contracted maturity date, effectively switching liquidity risk for market risk. This is subject to credit facilities being available at the
time of the desired refinancing.
202 Shaftesbury Capital PLC | 2024 Annual Report

Liquidity risk
The tables below set out the maturity analysis of the Group’s financial liabilities based on the undiscounted contractual obligations
to make payments of interest and to repay principal. The unsecured revolving credit facility of £300 million is not included for 2024
and 2023 and the unsecured revolving credit facility of £150 million is not included for 2024 as these facilities were undrawn as at
the respective balance sheet dates. Where interest payment obligations are based on a floating rate, the rates used are those
implied by the par yield curve.
Loan notes
379.3
10.2
–
16.2
212.5
10.6
85.0
7.6
82.5
44.6
380.0
Unsecured bank loans
1
269.9
20.2
–
23.2
200.0
6.5
75.0
–
–
49.9
275.0
545.8
27.0
–
54.0
–
69.2
264.8
56.8
320.0
207.0
584.8
272.8
5.5
–
2.7
275.0
–
–
–
–
8.2
275.0
62.7
–
62.7
–
–
–
–
–
–
–
62.7
1,530.5
62.9
62.7
96.1
687.5
86.3
424.8
64.4
402.5
309.7
1,577.5
Interest rate derivatives
(3.4)
(3.4)
–
-
–
–
–
–
–
(3.4)
–
(3.4)
(3.4)
–
-
–
–
–
–
–
(3.4)
–
Loan notes
474.1
13.0
95.0
10.2
–
16.2
212.5
18.1
167.5
57.6
475.0
Unsecured bank loans
1
345.9
25.0
–
19.8
–
17.2
350.0
–
–
62.0
350.0
Secured loans
539.9
27.1
–
27.0
–
54.0
–
124.9
584.8
233.0
584.8
Exchangeable bonds
269.8
5.5
–
5.5
–
2.7
275.0
–
–
13.7
275.0
Other payables and tax liabilities
96.2
–
96.2
–
–
–
–
–
–
–
96.2
Total non-derivatives
1,725.9
70.6
191.2
62.5
–
90.1
837.5
143.0
752.3
366.3
1,781.0
Interest rate derivatives
(9.7)
(7.0)
–
(1.2)
–
–
–
–
–
(8.2)
–
Total derivatives
(9.7)
(7.0)
–
(1.2)
–
–
–
–
–
(8.2)
–
1. £150 million nominal value of the unsecured bank loans were repaid on 8 February 2024. The unsecured bank loan has an initial maturity in December 2026 with the option to extend
the tenor by a further two periods of one year each, subject to lender approval.
Contractual maturities reflect the expected maturities of financial instruments.
The interest payments on variable interest rate loans and bonds issued in the table above reflect market forward interest rates at
the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments
may be different from the amount in the above table as interest rates change. Except for these financial liabilities, it is not expected
that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts based on
the current drawn facility balances.
203Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
22 Financial risk management continued
Financial covenants
The Group has an unsecured revolving credit facility, loan notes, secured loans and an unsecured corporate loan facility that
contain loan covenants. Details of these loans are disclosed in note 19 ‘Borrowings’. A future breach of covenant may require
the Group to repay the facilities earlier than indicated in the above table. Details of the loan covenants are set out below:
covenant
2
covenant
2
Private placement loan notes
2026–2037
380.0
379.3
60%
1.20x
Exchangeable bond
2026
275.0
272.8
N/A
N/A
Unsecured term facilities
1
2027–2029
275.0
269.9
60%
1.20x
2029
134.8
128.5
60%
1.40x
2030–2035
450.0
417.3
65%
1.35x
Unsecured revolving credit facility (undrawn)
1
2027
150.0
–
60%
1.20x
2028
300.0
–
60%
1.20x
1. Additional requirements that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt.
2. The covenants of the drawn loan balances are defined within the Glossary.
Under the terms of the debt agreements, the secured term loan covenants are calculated quarterly, and the covenants for the
remaining debt agreements are calculated at the end of each annual and interim reporting period. There are no indications that
the Group would have difficulties complying with the covenants when they will next be tested.
Credit risk
The Group’s principal financial assets are trade and other receivables, amounts receivable from joint ventures and cash and cash
equivalents. Credit risk is the risk of financial loss if a customer or counterparty fails to meet an obligation under a contract. Credit
risk arises primarily from trade receivables relating to customers but also from the Group’s undrawn commitments and holdings
of assets such as cash deposits and loans with counterparties. The carrying value of financial assets recorded in the consolidated
financial statements represents the Group’s maximum exposure to credit risk without taking into account the value of any deposits
or guarantees obtained.
Trade and other receivables:
Credit risk associated with trade receivables is actively managed; customers are managed individually by asset managers, who
continuously monitor and work with customers, anticipating and wherever possible identifying and addressing risks prior to default.
Customers are managed through a large and diverse customer base to reduce the credit risk to the Group. Trade receivables
are less than one per cent of total assets at 31 December 2024 (31 December 2023: less than one per cent) and are £17.9 million
as at 31 December 2024 (31 December 2023: £18.4 million).
Prospective customers are assessed through an internally conducted review process, by obtaining credit ratings and reviewing
financial information. As a result, deposits or guarantees may be obtained. The amount of deposits held as collateral at
31 December 2024 was £36.4 million (31 December 2023: £33.4 million). £22.2 million (31 December 2023: £18.9 million)
of the cash deposits held against customers’ rent payment obligations are in bank accounts administered by the Group’s
managing agents which are not included within the consolidated balance sheet.
Rent receivable balances are provided against by applying the IFRS 9 expected credit loss model which uses a lifetime expected
loss allowance. In assessing the provision the Group identifies risk factors associated by sector and the type of rent receivable
outstanding (rent arrears, service charge, other). In determining the provision on a customer by customer basis, the Group
considers both recent payment history and future expectations of the customer’s ability to pay or possible default in order
to recognise an expected credit loss allowance.
Trade receivable balances are written off when there is no reasonable expectation of recovery or when a rent concession is
provided for past due rent. Indicators that there is no reasonable recovery include the failure of the debtor to engage in a
repayment plan with the Group and a failure to make contractual payments.
The amounts of trade receivables presented in the consolidated balance sheet are net of impairment for doubtful receivables.
During the year, the loss allowance provision increased due to a limited number of customer administrations or anticipated failures
in early 2025.
204 Shaftesbury Capital PLC | 2024 Annual Report

Ageing of gross trade receivables and loss allowances were as follows:
Not yet due
–
–
0.5
–
0-90 days
7.4
(1.1)
9.1
(1.3)
4.0
(1.3)
4.5
(0.7)
6.5
(5.6)
4.3
(2.8)
17.9
(8.0)
18.4
(4.8)
As at 31 December 2024 there is a provision for trade receivables of £8.0 million (31 December 2023: £4.8 million). The total
provision for the year is £3.9 million (31 December 2023: £2.0 million), as shown in note 4 ‘Gross Profit’, reflecting impairments
during the year and movements in the provision.
As the Group operates predominantly in central London, it is subject to some geographical concentration risk. However, this is
mitigated by the extensive range of customers from varying business sectors and the credit review process as noted above.
Amounts receivable from joint ventures:
Included within receivables, net of impairment is nil (31 December 2023: nil) working capital facility advanced to the Lillie Square
joint venture and an interest-bearing loan of £70.7 million (31 December 2023: £76.0 million). The carrying value of the investment
in the joint venture is nil (31 December 2023: nil) as the Group’s share of losses exceeds the cost of its investment. Total funding
advanced to the joint venture, including the working capital facility and an interest-bearing loan has been impaired by £48.3 million
cumulatively. Details of the impairment are set out in note 7 ‘Change in value of investments and other receivables’.
The Lillie Square joint venture is in a net liability position due to carrying trading property at the lower of cost and net realisable
value and the amortisation of the previously issued deep discount bonds. However, based on a market valuation undertaken by
the Group’s valuers JLL, there is an unrecognised surplus of £0.1 million (Group share) as at 31 December 2024. This surplus will
only be evidenced on sale of trading property when significant risks and rewards have transferred to the buyer. Therefore, while
Lillie Square demonstrates positive pricing evidence commercially and funding provided is not deemed to be at risk of default,
for reporting purposes the Group is required to allocate losses against amounts advanced to the joint venture, to the extent that
losses do not exceed the investment, until the unrecognised surplus on trading property is realised through sale.
Cash, deposits and derivative financial instruments:
The credit risk relating to cash, deposits and derivative financial instruments is actively managed by the Group’s treasury function.
Relationships are maintained with a number of institutional counterparties, ensuring compliance with Group cash investment policy
relating to limits on the credit ratings of counterparties. The maximum exposure to cash and deposits, excluding tenant deposits, as
at 31 December 2024 amounted to £114.7 million (31 December 2023: £195.6 million), including the Group’s share of joint venture
cash. The maximum fair value exposure to derivative financial instruments is £1.8 million (31 December 2023: £9.7 million).
Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below:
Amounts receivable from joint ventures and associates
1
119.0
(48.3)
130.7
(43.1)
Other receivables
2
90.4
(0.9)
58.5
(0.9)
1. Included within amounts receivable as at 31 December 2023 is an interest-bearing loan of £11.6 million advanced to the Longmartin associate. The interest-bearing loan was settled on
disposal of Longmartin in the current year. Refer to note 14 ‘Investments in joint ventures and associates’ for further detail.
2. £0.9 million (31 December 2023: £0.9 million) loss allowance relates to the provision against tenant lease incentives.

205Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
22 Financial risk management continued
Capital structure
The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by
managing the capital structure appropriately. The Group uses a mix of equity, debt and other financial instruments, and aims to
access both debt and equity capital markets efficiently.
The key ratios used to monitor the capital structure of the Group are loan-to-value and the interest cover ratio. The Group aims
not to exceed a loan-to-value ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are
disclosed on the nominal value of debt and market value of investment properties. These metrics are discussed in the Financial
review on page 50.
Loan -to-value
Note
Debt at nominal value
19
1,514.8
1,684.8
Less: cash
17
(109.8)
(185.7)
Net debt (A)
19
1,405.0
1,499.1
Total property portfolio at market value (B)
12
4,973.5
4,795.3
28.2%
31.3%
Interest cover
Note
Finance costs
9
(72.0)
(67.5)
Finance income
8
14.8
15.6
(57.2)
(51.9)
Gross profit
1
4
167.1
147.0
–
2.7
167.1
149.7
Interest cover (B/A)
292.1%
288.4%
1. 2023 gross profit excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger.
Fair value estimation
Financial instruments carried at fair value are required to be analysed by level depending on the valuation method adopted under
IFRS 13. The different valuation levels are defined in note 12 ‘Property portfolio’.
The table below presents the Group’s financial assets and liabilities recognised at fair value at 31 December 2024 and
31 December 2023. There were no transfers between levels during the year.
2024
2023
Derivative financial assets
–
3.4
–
3.4
–
9.7
–
9.7
Total assets
–
3.4
–
3.4
–
9.7
–
9.7
Derivative financial liabilities
–
(1.8)
-
(1.8)
–
(7.2)
–
(7.2)
Total liabilities
–
(1.8)
-
(1.8)
–
(7.2)
–
(7.2)
The fair values of derivative financial instruments are determined from observable market prices or estimated using appropriate
yield curves at 31 December each year by discounting the future contractual cash flows to the net present values.
The fair values of the Group’s cash and cash equivalents, other financial assets carried at amortised cost and other financial
liabilities are not materially different from those at which they are carried in the consolidated financial statements.

206 Shaftesbury Capital PLC | 2024 Annual Report

23 Deferred tax
The change in corporation tax rate referred to in note 10 ‘Taxation’ has been enacted for the purposes of IAS 12 ‘Income Taxes’
(‘IAS 12’) and therefore has been reflected in these consolidated financial statements based on the expected timing of the
realisation of deferred tax.
Deferred tax on investment property is calculated under IAS 12 provisions on a disposals basis by reference to the property’s
original tax base cost. Properties that fall within the Group’s qualifying REIT activities will be outside the charge to UK corporation
tax subject to certain conditions being met. The Group’s recognised deferred tax position on investment property as calculated
under IAS 12 is nil at 31 December 2024 (31 December 2023: nil).
At 31 December 2022
0.4
–
(0.4)
–
–
Consolidated income statement items
0.1
0.9
0.4
(1.4)
–
0.5
0.9
–
(1.4)
–
Consolidated income statement items
–
(0.9)
–
0.9
–
At 31 December 2024
0.5
–
–
(0.5)
–
At 31 December 2022
–
–
(0.3)
(24.2)
(24.5)
Consolidated income statement items
–
–
(0.6)
2.8
2.2
–
–
(0.9)
(21.4)
(22.3)
Consolidated income statement items
–
(0.7)
(1.5)
(1.0)
(3.2)
At 31 December 2024
–
(0.7)
(2.4)
(22.4)
(25.5)
In accordance with the requirements of IAS 12, deferred tax assets are only recognised to the extent that the Group believes it is
probable that future taxable profits will be available against which the deferred tax assets can be recovered. As at 31 December
2024, the Group has unrecognised deferred tax assets of £25.5 million (31 December 2023: £22.3 million) in relation to £89.8 million
(31 December 2023: £86.0 million) of gross losses carried forward within its residual business and £12.4 million (31 December 2023:
£3.5 million) of other deductible temporary differences.
24 Share capital and share premium
Group and Company
£m
1
At 1 January 2023
851,450,638
212.8
232.5
March
25
6,170,629
1.5
–
Issued on completion of all-share merger
2
March
25
1,095,549,228
273.9
–
1,953,170,495
488.2
232.5
Issued to satisfy employee share scheme awards
3
June
25
7,643
–
–
1,953,178,138
488.2
232.5
1. Nominal value of share capital of 25 pence per share.
2. On completion of the all-share merger on 6 March 2023, 1,095,549,228 new shares were issued (including 128,350,793 shares issued to a Shaftesbury Capital controlled entity in
respect of secured shares previously held as collateral for the exchangeable bonds).
3. On 10 June 2024, 7,643 new shares were issued to satisfy employee share scheme awards.
25 Capital commitments
At 31 December 2024, the Group was contractually committed to £24.1 million (31 December 2023: £24.8 million) of future
expenditure for the purchase, construction, refurbishment and enhancement of investment property.
The Group’s share of joint venture capital commitments arising on LSJV amounts to nil (31 December 2023: nil).
26 Contingent liabilities
The Group has contingent liabilities in respect of legislation, sustainability targets, legal claims, guarantees and warranties arising
from the ordinary course of business. There are no contingent liabilities that require disclosure or recognition in the consolidated
financial statements.
207Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
27 Cash flow information
(a) Cash generated from operations
Profit before tax
252.4
750.6
(Gain)/loss on revaluation and sale of investment property
1
(197.6)
65.0
Gain on bargain purchase
31
–
(805.5)
Change in value of investments and other receivables
7
7.0
12.5
22
–
(52.0)
Depreciation
2
13
0.7
0.4
(5.6)
0.1
3.9
2.0
Profit from joint ventures and associates
14
(4.5)
(0.2)
Share-based payment
29
3.1
7.9
Finance income
8
(14.8)
(15.6)
Other finance income
8
(4.5)
(4.1)
Finance costs
9
72.0
67.5
Other finance costs
9
6.5
31.3
Change in fair value of derivative financial instruments
15
0.9
11.3
Loss on sale of associate
14
4.0
–
(4.6)
(27.1)
(10.2)
(14.3)
108.7
29.8
1. Included within the gain on revaluation and sale of investment property in the consolidated income statement is cash transaction costs of £3.0 million incurred on the disposal
of property.
2. £0.3 million of depreciation is recognised within note 5 ‘Administration expenses’ and £0.4 million is recognised within note 4 ‘Gross profit’.
(b) Reconciliation of cash flows from financing activities
The table below sets out the reconciliation of the movements in borrowings to cash flows arising from financing activities:
Balance at 1 January 2023
738.4
–
3.3
741.7
Repayment of bank loans
19
(1,151.0)
–
–
(1,151.0)
Drawdown of revolving credit facility and secured loan
19
1,126.0
–
–
1,126.0
(25.0)
–
–
(25.0)
Debt acquired on completion of merger
889.0
–
–
889.0
Reclassification from long-term to short-term at year end
19
(94.9)
94.9
–
–
27.3
–
–
27.3
Changes in fair value
15
–
–
3.9
3.9
821.4
94.9
3.9
920.2
Balance at 31 December 2023
1,534.8
94.9
7.2
1,636.9
Repayment of bank loans
(210.0)
(95.0)
–
(305.0)
135.0
–
–
135.0
(75.0)
(95.0)
–
(170.0)
Transaction costs associated with financing activities
(3.5)
–
–
(3.5)
11.5
0.1
(5.4)
6.2
8.0
0.1
(5.4)
2.7
Balance as at 31 December 2024
1,467.8
–
1.8
1,469.6

208 Shaftesbury Capital PLC | 2024 Annual Report

28 Related party transactions
(a) Transactions with Directors
Key management compensation
1
3.4
5.3
Post-employment pension
–
–
0.7
–
1.7
0.7
5.8
6.0
1. Key management comprises the Directors of the Company, who have been determined to be the only individuals with authority and responsibility for planning, directing and controlling
the activities of the Group.
Share dealings
No Director had any dealings in the shares of any Group company between 31 December 2024 and 26 February 2025, being a date
not more than one month prior to the date of the notice convening the Annual General Meeting.
Other than as disclosed in these consolidated financial statements, no Director of the Company had a material interest in any contract
(other than service contracts), transaction or arrangement with any Group company during the year ended 31 December 2024.
(b) Transactions between the Group and its joint ventures and associates
Transactions during the year between the Group and its joint ventures and associates, which are related parties, are disclosed in
notes 14 ‘Investment in joint ventures and associates’, 16 ‘Trade and other receivables’ and 25 ‘Capital commitments’. During the
year the Group received management fees of nil (31 December 2023: £0.1 million) that were charged on an arm’s length basis.
Property purchased by Directors of the Company
A related party of the Group, Lillie Square GP Limited, entered into the following related party transaction as defined by IAS 24
‘Related Party Disclosures’:
– Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, and a family member own an apartment in the Lillie Square
development. The disclosures in respect of this purchase were included in previous financial statements.
– Owners of apartments in the Lillie Square development are required to pay annual ground rent, insurance premium fees,
maintenance work fees and bi-annual service charge fees, which for Directors are related party transactions. During 2024,
£7,962.78 had been paid to a related party of the Shaftesbury Capital Group, Lillie Square GP Limited, in relation to these charges.
Transactions with Directors are conducted at fair and reasonable market prices based upon similar comparable transactions at
that time. Where applicable, appropriate approval has been provided. Lillie Square GP Limited acts in the capacity of general
partner to Lillie Square LP, a joint venture between the Group and KFI.

209Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
29 Share-based payments
The Group operates a number of share-based payment schemes relating to employee benefits and incentives. All schemes are
equity settled with the increase in equity measured by reference to the fair value of the Group’s equity instruments at the grant
date of the share awards. The corresponding expense is recognised on a straight-line basis over the vesting period based on Group
estimates of the number of shares that are expected to vest. The total expense recognised in the consolidated income statement in
respect of share-based payments for 2024 was £3.1 million (31 December 2023: £7.9 million).
All options have a vesting period of three years and a maximum contractual life of 10 years. The fair value of share awards is
determined by the market price of the shares at the grant date.
Full details of the performance criteria, vesting outcomes and any additional holding periods for the performance share plan are
set out within the Directors’ remuneration report on pages 138 to 161.
1. Performance share plan
Nil cost options to subscribe for ordinary shares and conditional awards of free shares may be awarded under the Performance
Share Plan (“PSP”). The Company may make a proportion of awards as HMRC approved market value options.
Share options outstanding at 31 December 2024 have an exercise price of nil and a weighted average remaining contractual life of
five years and are exercisable between 2026 and 2029.
(a) Nil cost option awards
2024
2023
Outstanding at 1 January
6,476,714
8,382,021
Awarded during the year
5,430,059
7,409,650
–
(4,543,139)
Exercised during the year
1
–
(4,771,818)
11,906,773
6,476,714
Exercisable at 31 December
–
–
1. The weighted average share price at the date of exercise in the prior year was 124.5 pence.
(b) Deferred share awards
2024
2023
Outstanding at 1 January
3,230,147
2,629,395
Awarded during the year
2,899,064
3,571,056
(594,727)
(1,571,493)
Exercised during the year
1
–
(1,398,811)
5,534,484
3,230,147
Exercisable at 31 December
–
–
1. The weighted average share price at the date of exercise in the prior year was 124.5 pence.
2. Fair value of share-based payment
The fair value of share awards is calculated using the Black-Scholes option pricing model for the half that is subject to the total
return performance condition and using the stochastic pricing model for the half that is subject to the total shareholder return
performance condition. Inputs to the models for share awards during the year are as follows:
Year of share award
2024
2023
Closing share price at grant date
135p
113p
Exercise price
0p–135p
0p–113p
3-5 years
3–5 years
3.24%
3.25%
Expected volatility
1
30.33–31.46%
30.16–37.04%
0%
0%
79p–135p
73p–113p
1. Expected volatility is a measure of an amount by which the share price is expected to fluctuate during the period. Volatility is calculated by determining the movement in share price
over the period commensurate with the holding period immediately prior to the grant date.
210 Shaftesbury Capital PLC | 2024 Annual Report

30 Related undertakings
The Company’s subsidiaries and other related undertakings at 31 December 2024 are listed below. All Group entities are included in the
consolidated financial statements.
Unless otherwise stated, the Company holds 100 per cent of the voting rights and beneficial interests in the shares of the
subsidiaries listed below. The share capital of each of the companies, where applicable, comprises ordinary shares unless otherwise stated.
Registered address: Regal House, 14 James Street, London, WC2E 8BU
20 The Piazza Limited
Covent Garden Management Services Limited
1,2
20 The Piazza Management Limited
1
Covent Garden Real Estate Holdings Limited
1,6
22 Southampton Street Limited
Floral Court Collection Management Limited
1
22 Southampton Street Management Limited
1
34 Henrietta Street Limited
Innova Investment Management Limited
1
34 Henrietta Street Management Company Limited
1
Lillie Square Clubhouse Limited (50%)
1,4
C & C Management Services Limited
2
Lillie Square Developments Limited (50%)
4
C&C Properties UK Limited
2
Lillie Square GP Limited (50%)
4
Capco Covent Garden Limited
2
Lillie Square LP (50%)
4
Capco Covent Garden Residential Limited
Lillie Square Management Limited (50%)
4
Capco Group Treasury Limited
2
Lillie Square Nominee Limited (50%)
1,4
Capco London Limited
1
Capital & Counties CG Nominee Limited
1
Shaftesbury Charlotte Street Limited
1
Capital & Counties Limited
2,3
Carnaby Estate Holdings Limited
1
Carnaby Investments Limited
1
Carnaby Property Investments Limited
1
Charlotte Street Estate Holdings Limited
1
Shaftesbury Covent Garden Property Investments Limited
1
Chinatown Estate Holdings Limited
1
Shaftesbury Investments 2 Limited
1
Chinatown London Ltd
1
Shaftesbury Investments 4 Limited
1
Chinatown Property Investments Limited
1
Shaftesbury Investments 6 Limited
1
Covent Garden Estate Holdings Limited
1
Shaftesbury Investments 7 Limited
1
Covent Garden (43 Management) Limited
1
Shaftesbury Investments 8 Limited
1
Covent Garden (49 Wellington Street) Limited
Shaftesbury Investments 9 Limited
1
Covent Garden Group Holdings Limited
Shaftesbury Investments 10 Limited
1
Covent Garden Holdings (No.1) Limited
1
Shaftesbury PLC
2
Covent Garden Holdings (No.2) Limited
1
Covent Garden Holdings (No.3) Limited
5
Shaftesbury West End Limited
1
1. Dormant entity.
2. Direct undertakings of the Company.
3. Ordinary and non-voting deferred shares.
4. Equity accounted joint ventures and associates.
5. With effect from 20 January 2024, the company changed its name from CG Treasury Limited to Covent Garden Holdings (No.3) Limited and ceased to be a direct undertaking of
the Company.
6. Incorporated on 15 November 2024.
Registered address: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square, Edinburgh, Scotland, EH3 8FY
Capco Investment London (No.6) Limited
1,2
Capco Investment London (No.7) Scottish Limited Partnership
2
1. Dormant entity.
2. Direct undertakings of the Company.
Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG
Capital & Counties Properties (Jersey) 3 Limited
1,2
Capvestco Limited
1,2
1. Dormant entity.
2. Direct undertakings of the Company.
Registered address: 28 Esplanade, St Helier, Jersey, JE2 3QA
211Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Notes to the financial statements
31 Gain on bargain purchase
In the prior year, on 6 March 2023, the all-share merger between Capital & Counties Properties PLC (now called Shaftesbury
Capital PLC) and Shaftesbury PLC, was completed. The merger was effected through the issuance of shares, which had a fair
value of £1,612.9 million on completion date (including the fair value of the 25.2 per cent that the Group already owned). The fair
value of the net identifiable assets acquired on completion amounted to £2,418.4 million, resulting in a gain on bargain purchase
of £805.5 million.
During the prior year £35.8 million of transaction costs in connection with the all-share merger were incurred. These costs were
recorded within administrative expenses in the consolidated income statement.
Shaftesbury PLC contributed £121.9 million to revenue and reduced profit before tax by £64.3 million for the year ended
31 December 2023. Had the merger taken place at the beginning of the 2023 financial year, it is estimated that the Group’s
reported revenue would have increased by £24.9 million and profit before tax would have declined by £1.7 million. The Group’s
reported underlying earnings before tax would have increased by £5.0 million.
32 Events after the reporting date
In January 2025, the Group completed on the disposal of an investment property for £3.0 million (before costs). The property was
classified as held for sale as at 31 December 2024. In February 2025, the Group acquired an investment property for £6.0 million
(before costs).

212 Shaftesbury Capital PLC | 2024 Annual Report

Shaftesbury Capital PLC Company
balance sheet
As at 31 December 2024
Note
2024
£m
2023
£m
Non-current assets
Investments in Group companies II 2,129.4 2,129.4
Trade and other receivables III
1,523.4 –
3,652.8 2,129.4
Current assets
Trade and other receivables III 0.5 1,616.8
Derivative financial instruments
3.4 –
3.9 1,616.8
Total assets 3,656.7 3,746.2
Non-current liabilities
Borrowings IV
(542.7) (616.6)
Derivative financial instruments V
(1.8) (7.2)
(544.5) (623.8)
Current liabilities
Trade and other payables (16.1) (3.7)
(16.1) (3.7)
Total liabilities (560.6) (627.5)
Net assets 3,096.1 3,118.7
Equity
Share capital 24
488.2 488.2
Other components of equity 2,607.9 2,630.5
Total equity
3,096.1 3,118.7
The profit for the year attributable to shareholders of the Company is £39.7 million (31 December 2023: £89.7 million loss).
References in Roman numerals refer to the notes to the Company financial statements, references in numbers refer to the notes
to the Group financial statements.
These financial statements of Shaftesbury Capital PLC (registered number: 07145051) have been approved for issue by the Board
of Directors on 26 February 2025 and signed on its behalf by:
Ian Hawksworth Situl Jobanputra
Chief Executive Chief Financial Officer
213Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Company financial statements
Shaftesbury Capital PLC Company
statement of changes in equity
For the year ended 31 December 2024
Note
Share
capital
£m
Share
premium
£m
Own
shares
1
£m
Capital
redemption
reserve
£m
Merger
reserve
£m
Share-
based
payment
reserve
£m
Retained
earnings
£m
Total
equity
£m
At 1 January 2023 212.8 232.5 – 1.5 293.7 9.8 1,293.7 2,044.0
Loss and total comprehensive expense for the year – – – – – – (89.7) (89.7)
Completion of all-share merger
2
273.9 – – – 930.2 – – 1,204.1
Dividends 11 – – – – – – (43.8) (43.8)
Issue of shares and realisation of share-based payment reserve
on issue of employee share options
3
1.5 – (0.8) – – (9.8) 11.9 2.8
Fair value of share-based payment 29 – – – – – 1.3 – 1.3
Balance at 31 December 2023 488.2 232.5 (0.8) 1.5 1,223.9 1.3 1,172.1 3,118.7
Profit and total comprehensive income for the year – – – – – – 39.7 39.7
Dividends 11 – – – – – – (65.4) (65.4)
Fair value of share-based payment 29
– – – – – 3.1 – 3.1
Balance at 31 December 2024
488.2 232.5 (0.8) 1.5 1,223.9 4.4 1,146.4 3,096.1
1. Represents 3,146,886 shares held by the Group’s Employee Benefit Trust in respect of employee share awards.
2. Represents non-qualifying consideration received by the Group following previous share placings and the all-share merger with Shaftesbury PLC, which completed on 6 March 2023.
The amounts taken to the merger reserve do not currently meet the criteria for qualifying consideration and therefore will not form part of distributable reserves as they form part of
linked transactions.
3. Represents the issue of 6,170,629 new shares and subsequent realisation of the outstanding share-based payment reserve on the close out of the Capco share scheme prior to
completion of the all-share merger. Following the vesting, 3,146,886 shares were purchased by the Group’s Employee Benefit Trust.

214 Shaftesbury Capital PLC | 2024 Annual Report

Shaftesbury Capital PLC
Notes to the Company
financial statements
I Principal accounting policies
General information
Shaftesbury Capital PLC (the “Company”) was incorporated and registered in England and Wales and domiciled in the United
Kingdom on 3 February 2010 under the Companies Act as a public company limited by shares, registration number 7145051.
The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity
of the Company is to act as the ultimate parent company of Shaftesbury Capital PLC Group (the “Group”), whose principal activity
is the investment in and management of property.
Basis of preparation
The Company’s financial statements are prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure
Framework’ (‘FRS 101’), and in conformity with the requirements of the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention as modified for the
revaluation of derivative financial instruments.
The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate
income statement or statement of comprehensive income for the Company.
Historically the Company’s financial statements have been prepared in accordance with United Kingdom-adopted accounting
standards (‘UK-adopted IFRS’ or ‘IFRS’). In the current year the Company has elected to apply FRS 101. The change in basis
of preparation has not resulted in a change in accounting policies and as a result, all accounting policies have been applied
consistently to all the years presented and are the same as those applied by the Group as set out on pages 178 to 186.
However, the change from IFRS to FRS 101 has resulted in reduced disclosure when compared to the Company’s prior
year financial statements. The full list of disclosure exemptions taken by the Company are:
– IFRS 7, ‘Financial instruments: Disclosures’;
– Paragraphs 10(d) (statement of cash flows); 16 (statement of compliance with all IFRS); 38A (requirement for minimum of two
primary statements, including cash flow statements); 38B-D (additional comparative information); 111 (statement of cash flows
information); and 134-136 (capital management disclosures), 10(f) (a statement of financial position as at the beginning of the
preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in
its financial statements, or when it reclassifies items in its financial statements); and 40A–D (requirements for a third statement of
financial position) of IAS 1, ‘Presentation of financial statements’;
– IAS 7, ‘Statement of cash flows’;
– Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure
of information when an entity has not applied a new IFRS that has been issued but is not yet effective);
– Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation);
– The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered between two or more
members of a group.
In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the
International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2024.
– IAS 1 ‘Presentation of Financial Statements’ (amendment) (Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants)
– IFRS 16 ‘Leases’ (amendment) (Lease liability in a sale and leaseback)
The adoption of the above amendments have not had a material impact on the amounts reported in the financial statements or on
the disclosures.
215Shaftesbury Capital PLC | 2024 Annual Report

Financial statements | Company financial statements
I Principal accounting policies continued
Investments in Group companies
Investments in Group companies, which eliminates on consolidation, are stated in the Company’s separate financial statements at
cost less impairment losses, if any. Impairment losses are determined with reference to the investment’s fair value less estimated
selling costs and value-in-use calculations. Fair value is derived from the subsidiaries’, and their subsidiaries’ net assets at the
balance sheet date. Value-in-use calculations which require the use of estimates, comprise discounted cash flows based on the
latest strategic plan. On disposal, the difference between the net disposal proceeds and the carrying amount is included in the
income statement.
Other
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving
a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements,
include the assessment and classification of the recoverable amounts of loans and investments.
The Directors did not make any significant judgements in the preparation of these financial statements.
The auditors’ remuneration for audit and other services is disclosed in note 5 ‘Administration expenses’ to the Group
financial statements.
II Investment in Group companies
2024
£m
2023
£m
At 1 January 2,129.4 516.4
Additions – 1,613.0
At 31 December 2,129.4 2,129.4
Investments in Group companies are carried at cost less impairment losses, if any. An impairment test is performed on an annual basis.
An impairment charge of nil was recorded in the current year (31 December 2023: nil).
III Trade and other receivables
2024
£m
2023
£m
Non-current
Amounts owed by subsidiaries 1,523.4 –
Trade and other receivables
1,523.4 –
Current
Amounts owed by subsidiaries
– 1,616.3
Prepayments and accrued income
0.5 0.5
Trade and other receivables
0.5 1,616.8
As at 31 December 2023, it was deemed appropriate to classify the receivable balances as current based on the Group’s intention
to review the post-merger holding structure, including amounts owed by subsidiaries.
The post-merger review of the holding structure was completed post the 2024-year end, and following recapitalisations and
settlements of receivables from further down in the group will result in a reduction in the amounts owed by subsidiaries and
a corresponding increase in investments in Group companies.
As the Company does not have the intention in the short term to recall the remaining balances post the restructure, the amounts
owed by subsidiaries as at 31 December 2024 have been classified as non-current.
An impairment test is performed on an annual basis to determine the recoverability of amounts owed by subsidiaries. The key
assumptions made in the impairment assessment are the expected cash flows to be generated by each subsidiary, discounted at
a rate of 4.6 per cent (31 December 2023: 4.6 per cent). As a result, an impairment of nil (31 December 2023: £96.9 million) was
raised against the amounts owed by subsidiaries.

216 Shaftesbury Capital PLC | 2024 Annual Report

IV Borrowings
2024
Carrying
value
£m
Secured
£m
Unsecured
£m
Fixed
rate
£m
Floating
rate
£m
Fair
value
£m
Nominal
value
£m
Non-current
Bank loans 269.9 – 269.9 – 269.9 269.9 275.0
Exchangeable bonds
1
272.8 272.8 – 272.8 – 263.1 275.0
Borrowings
542.7 272.8 269.9 272.8 269.9 533.0 550.0
1. Fair value of exchangeable bonds includes the fair value of the option component of £1.8 million as disclosed in note V ‘Derivative financial instruments’.
2023
Carrying
value
£m
Secured
£m
Unsecured
£m
Fixed
rate
£m
Floating
rate
£m
Fair
value
£m
Nominal
value
£m
Non-current
Bank loans 346.8 – 346.8 – 346.8 350.0 350.0
Exchangeable bonds
1
269.8 269.8 – 269.8 – 256.9 275.0
Borrowings 616.6 269.8 346.8 269.8 346.8 606.9 625.0
1. Fair value of exchangeable bonds includes the fair value of the option component of £7.2 million as disclosed in note V ‘Derivative financial instruments’.
The Company has two revolving credit facilities totalling £450 million, which are undrawn at 31 December 2024.
The maturity profile of gross debt is as follows:
2024
£m
2023
£m
Wholly repayable in more than one year but not more than five years 550.0 625.0
550.0 625.0
V Derivative financial instruments
Derivative financial assets
2024
£m
2023
£m
Current
Interest rate derivatives 3.4 –
Derivative financial assets 3.4 –
Derivative liabilities
2024
£m
2023
£m
Non-current
Derivative liability – exchangeable bonds
1
1.8 7.2
Derivative financial liabilities
1.8 7.2
1. On 30 November 2020 the Company issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable
bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity of
Shaftesbury. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through profit or loss.
217Shaftesbury Capital PLC | 2024 Annual Report

Additional information
Alternative performance
measures (unaudited)
For the year ended 31 December 2024
The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (“APMs”) in
these results. An APM is a financial measure of historical or future finance performance, position or cash flow of the Group which is
not a measure defined or specified in IFRS. Set out below is a summary of the APMs used in this Annual Report.
Many of the APMs included are based on the EPRA Best Practice Recommendations reporting framework, a set of standard
disclosures for the property industry, which aims to improve the transparency, comparability and relevance of published results of
public real estate companies in Europe.
The Group also uses underlying earnings, property portfolio and financial debt ratio APMs. Financial debt ratios are supplementary
ratios which we believe are useful in monitoring the capital structure of the Group. Additionally, loan-to-value and interest cover
are covenants within many of the Group’s borrowing facilities.
APM Definition of measure Nearest IFRS measure
Explanation and
reconciliation 2024 2023
Underlying earnings
EPRA earnings adjusted for items not considered part of
t
he core underlying activities of the Group
Profit for the year Note 3
£73.0m £60.4m
2023 pro forma underlying earnings
1
Profit for the year Table 5 N/A £62.8m
Underlying earnings
per
share
Underlying earnings per weighted average number of
ordinary shares
Basic earnings per share Note 3 4.0p 3.7p
2023 pro forma underlying earnings per weighted average
number of ordinary shares
Basic earnings per share Table 5
N/A 3.4p
EPRA earnings
2
Earnings that reflect the operational performance of
t
he Group
Profit for the year Note 3 £75.3m £67.9m
EPRA earnings
per share
2
EPRA earnings per weighted average number of
ordinary shares
Basic earnings per share Note 3 4.1p 4.1p
EPRA NTA
Net asset value adjusted to include properties at fair value
and exclude items not expected to crystallise in a long-
t
erm investment property business model
Net assets attributable to
shareholders
Note 3
£3,671.1m £3,479.4m
EPRA NTA per share EPRA NTA per the diluted number of ordinary shares
Net assets attributable to
shareholders per share
Note 3 200.2p 190.3p
Market value of
property portfolio
Market value of wholly-owned property portfolio Investment properties Note 12
£4,973.5m £4,795.3m
Loan-to-value
Net debt, at nominal value and excluding tenant deposits,
divided by market value of property portfolio
N/A Note 22 28.2% 31.3%
Interest cover
Underlying gross profit and other income divided by net
underlying finance costs
N/A Note 22
292.1% 288.4%
Interest cover (excluding
non
-underlying
administrative
expenses)
Underlying gross profit and other income less underlying
administrative expenses divided by net underlying
f
inance costs
N/A Table 1
223.3% 212.7%
Total accounting return
(“TAR”)
The movement in EPRA NTA per share plus dividends per
share paid during the year
N/A Table 2
7.0% 5.8%
Total property return
(“TPR”)
Capital growth including gains and losses on disposals,
rent received (less associated costs) and ground rent
N/A Table 3
7.6% 2.2%
Net debt to EBITDA
Net debt, at nominal value, excluding tenant deposits,
divided by EBITDA
N/A Table 4
10.9 13.9
Gross debt with
interest
rate
protection
Proportion of gross debt with interest rate protection,
including interest on cash deposits
N/A Note 22
100% 100%
Weighted average
cost of debt – gross
Cost of debt weighted by the drawn balance of
external borrowings
N/A
Financial Review,
page 50
4.0% 4.2%
Weighted average cost
of debt – net
Cost of debt weighted by the drawn and undrawn balance
of external borrowings
N/A
Financial Review,
page 50
3.7% 3.4%
Cash and undrawn
committed facilities
Cash and cash equivalents, excluding tenant deposits, plus
undrawn committed facilities
N/A
Financial Review,
page 50
£559.8m £485.7m
1. The underlying earnings growth on a pro forma basis is 16.2 per cent.
2. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of EPRA Best Practice Recommendations Guidelines in September 2024.
Refer to note 3 ‘Performance measures’ for further details.
Where this report uses like-for-like comparisons, these are defined within the Glossary.
218 Shaftesbury Capital PLC | 2024 Annual Report

1. Interest cover (excluding non-underlying administration expenses)
Interest cover Note
2024
£m
2023
£m
Finance costs 9 (72.0) (67.5)
Finance income 8 14.8 15.6
Net finance costs (A)
(57.2) (51.9)
Gross profit
1
4 167.1 147.0
Other income – 2.7
Administration expenses 5
(42.7) (83.8)
Less: merger-related transaction and integration costs and non-underlying administration expenses 5
3.3 44.5
Underlying operating profit (B)
127.7 110.4
Interest cover (excluding non-underlying administration expenses) (B/A) 223.3% 212.7%
1. 2023 excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger.
2. Total accounting return
Note 2024 2023
Opening EPRA NTA (A) 3 190.3p 182.1p
Closing EPRA NTA 3 200.2p 190.3p
Increase in the year
9.9p 8.2p
Adjusted for:
Dividends per share paid in the current year 11
3.4p 2.3p
Total accounting return (B)
13.3p 10.5p
Total accounting return % (B/A) 7.0% 5.8%
3. Total property return
Note
2024
£m
Gross profit 4 167.1
Gain on revaluation and sale of investment property 6 194.6
Total capital return (A)
361.7
Market value of wholly-owned property portfolio 12 4,973.5
Gain on revaluation and sale of investment property 6 (194.6)
Capital employed (B)
4,778.9
Total property return % (A/B)
1
7.6%
1. The prior year total property return of 2.2 per cent was calculated based on pro forma information (obtained from internal management accounts), assuming the all-share merger had
completed at the start of the financial year.
4. Net debt to EBITDA
Note
2024
£m
2023
£m
Underlying gross profit
1
4 167.1 147.0
Underlying administration expenses
2
5 (39.4) (39.3)
127.7 107.7
Adjusted for:
Depreciation
0.7 0.4
EBITDA (A)
128.4 108.1
Net debt (B) 19 1,405.0 1,499.1
Net debt to EBITDA (B/A) 10.9 13.9
1. 2023 excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger.
2. Underlying administration expenses exclude £3.3 million (31 December 2023: £44.5 million) of merger-related transaction and integration costs and non-underlying
administration expenses.

219Shaftesbury Capital PLC | 2024 Annual Report

Additional information | Alternative performance measures (unaudited)
Alternative performance measures (unaudited) continued
5. 2023 pro forma underlying earnings
Pro forma
2023
£m
Shaftesbury Capital PLC 31 December 2023
1
57.8
Shaftesbury PLC 1 January 2023 to 5 March 2023
2
5.0
Pro forma underlying earnings
62.8
Weighted average number of shares (million)
3
1,821.7
Underlying earnings per share 3.4p
1. Represents the standalone results of Capital & Counties Properties PLC for the period 1 January to 5 March 2023 and that of the Group for the period 6 March to 31 December 2023,
less the dividend income of £2.6 million received for the shareholding held in Shaftesbury PLC pre-merger.
2. Reflects the underlying earnings for Shaftesbury PLC for the period 1 January to 5 March 2023 obtained from internal management accounts of Shaftesbury PLC.
3. Weighted average number of shares used reflects that the shares issued on completion of the merger had been effective from the beginning of the financial year.
220 Shaftesbury Capital PLC | 2024 Annual Report

EPRA measures (unaudited)
For the year ended 31 December 2024
EPRA Net Reinstatement Value (“EPRA NRV”), EPRA Net Tangible Assets (“EPRA NTA”) and EPRA Net Disposal Value (“EPRA NDV”)
are alternative performance measures that are calculated in accordance with the Best Practices Recommendations of the
European Public Real Estate Association (“EPRA”) to provide a transparent and consistent basis to enable comparison between
European property companies. EPRA NTA is considered to be the most relevant measure for the Group’s operating activity and
is the primary measure of net asset value.
The following is a summary of EPRA performance measures and key Group measures included within this Annual Report.
The measures are defined in the Glossary.
EPRA measure Definition of measure
Explanation/
reconciliation 2024 2023
EPRA earnings
1
Earnings that reflect the operational performance of the Group Note 3 £75.3m £67.9m
EPRA earnings per share
1
EPRA earnings per weighted average number of ordinary shares Note 3 4.1p 4.1p
EPRA NTA
Net asset value adjusted to include properties at fair value and exclude items not
expected to crystallise in a long-term investment property business model
Note 3
£3,671.1m £3,479.4m
EPRA NTA per share EPRA NTA per diluted number of ordinary shares Note 3 200.2p 190.3p
EPRA NDV EPRA NTA amended to include the fair value of financial instruments and debt Note 3 £3,725.2m £3,511.7m
EPRA NDV per share EPRA NDV per diluted number of ordinary shares Note 3 203.2p 192.0p
EPRA NRV EPRA NTA amended to include real estate transfer tax Note 3 £4,004.2 £3,811.6m
EPRA NRV per share EPRA NRV per diluted number of ordinary shares Note 3 218.4p 208.4p
EPRA net initial yield
Annualised rental income less non-recoverable costs as a percentage of market
value plus assumed purchaser’s costs
Table 1
3.8% 3.8%
EPRA topped-up initial yield Net initial yield adjusted for the expiration of rent-free periods Table 1 4.1% 4.2%
EPRA vacancy ERV of un-let units (including those under offer) expressed as a percentage of the
ERV of the wholly owned property portfolio excluding units under development
Table 2 3.9% 4.9%
Capital expenditure Capital expenditure on acquisition and development of investment property portfolio Table 3 £131.4m £53.8m
EPRA cost ratio Total costs as a percentage of gross rental income (including direct vacancy costs) Table 4 38.9% 65.6%
Total costs as a percentage of gross rental income (excluding direct vacancy costs) Table 4 34.8% 60.8%
Adjusted Company cost ratio
Total adjusted costs as a percentage of adjusted gross rental income (including
direct vacancy costs)
Table 4 37.3% 39.9%
Total adjusted costs as a percentage of adjusted gross rental income (excluding
direct vacancy costs)
Table 4
33.3% 35.2%
EPRA LTV (loan-to-value) Ratio of adjusted net debt, including net payables, to the sum of the net assets,
including net receivables, of the Group, its subsidiaries, joint ventures and
associates, all on a proportionate basis, expressed as a percentage
Table 5
27.4% 30.9%
Like-for-like rental growth Rental income for properties which have been owned throughout both years without
significant capital expenditure in either year, so income can be compared on a like-
for-like basis
Table 6
5.7% 13.2%
1. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of EPRA Best Practice Recommendations Guidelines in September 2024.
Refer to note 3 ‘Performance measures’ for further details.

221Shaftesbury Capital PLC | 2024 Annual Report

Additional information | EPRA measures (unaudited)
EPRA measures (unaudited) continued
1. EPRA net initial yield and EPRA ‘topped-up’ net initial yield
Note
2024
£m
2023
£m
Investment property – wholly owned 12 4,973.5 4,795.3
Investment property – share of joint ventures and associates 43.7 182.2
Trading property (including share of joint ventures)
21.6 41.8
Less: developments
(228.0) (284.1)
Completed property portfolio
4,810.8 4,735.2
Allowance for estimated purchasers’ costs 333.1 316.8
Gross up completed property portfolio valuation (A)
5,143.9 5,052.0
Annualised cash passing rental income 204.7 202.7
Property outgoings (6.9) (10.6)
Annualised net rents (B)
197.8 192.1
Add: notional rent expiration of rent periods or other lease incentives 14.9 18.2
Topped-up net annualised rent (C)
212.7 210.3
EPRA net initial yield (B/A) 3.8% 3.8%
EPRA ‘topped-up’ net initial yield (C/A) 4.1% 4.2%
The EPRA net initial yield and EPRA ‘topped-up’ net initial yield are calculated based on EPRA guidelines and include the wholly-
owned property portfolio and the Group’s share of Lillie Square and Longmartin (the latter applicable only up until the point of
disposal in October 2024).
2. EPRA vacancy rate
2024
£m
2023
£m
Estimated rental value of vacant space 9.3 10.9
Estimated rental value of the portfolio less refurbishment estimated rental value 237.1 223.0
EPRA vacancy rate
3.9% 4.9%
EPRA vacancy rate includes units under offer, net of which vacancy relating to units available to let is 2.6 per cent (31 December 2023:
2.1 per cent). Investment properties held within the joint venture at Lillie Square totalling £43.7 million (the Group’s share) (31
December 2023: £182.2 million (the Group’s share of Lillie Square and Longmartin)) is not included in the vacancy rate above.
3. Property related capital expenditure
2024 2023
1
Group
(excluding joint
ventures and
associates)
£m
Joint ventures
and associates
£m
Total Group
£m
Group
(excluding joint
ventures and
associates)
£m
Joint ventures
and associates
£m
Total Group
£m
Acquisitions 84.9 – 84.9 17.4 – 17.4
Development – 0.2 0.2 – 0.8 0.8
Investment property
– – –
Incremental lettable space
2.0 – 2.0 5.1 – 5.1
No incremental lettable space
38.3 0.8 39.1 28.5 0.5 29.0
Tenant lease incentives
2.8 – 2.8 1.5 0.3 1.8
Capitalised interest
– – – – – –
Total CapEx
128.0 1.0 129.0 52.5 1.6 54.1
Conversion from accrual to cash basis 2.4 – 2.4 (1.3) 1.0 (0.3)
Total CapEx on cash basis 130.4 1.0 131.4 51.2 2.6 53.8
1. The property related capital expenditure represents the standalone performance of Capco for the period to 6 March 2023 and that of the combined Group from that date to 31
December 2023.
Further detail on the capital expenditure and acquisitions incurred in the year can be found in the Portfolio and operating review on
pages 32 to 43.
222 Shaftesbury Capital PLC | 2024 Annual Report

4. EPRA cost ratio
2024
£m
2023
£m
Administrative expenses
1
42.7 83.8
Total property outgoings 56.1 51.2
Provision for expected credit loss
3.9 2.0
Less: Service charge expense
(22.1) (19.3)
Management fee
(0.1) (0.1)
Share of joint ventures and associates expenses
2.9 3.5
Exclude:
Ground rent cost
(0.4) (0.8)
EPRA costs (including direct vacancy costs) (A) 83.0 120.3
Direct vacancy costs (8.6) (8.9)
EPRA costs (excluding direct vacancy costs) (B) 74.4 111.4
Gross rental income less ground rent costs 226.7 194.3
Less: Service charge income
(22.1) (19.3)
Share of joint ventures and associates property income
8.8 8.3
Adjusted gross rental income (C)
213.4 183.3
EPRA cost ratio (including direct vacancy costs) (A/C) 38.9% 65.6%
EPRA cost ratio (excluding direct vacancy costs) (B/C)
34.9% 60.8%
Company specific adjustments
2
:
Non-underlying administrative expenses
(3.3) (44.5)
Impact of change in accounting policy on property outgoings
– (1.0)
Company specific adjustments for costs (D)
(3.3) (45.5)
Adjusted Company cost (including direct vacancy costs) (E = A+D)
79.7 74.8
Adjusted Company cost (excluding direct vacancy costs) (F = B+D)
71.1 65.9
Impact of change in accounting policy on rental income
– 4.1
Adjusted Company gross rental income (G)
213.4 187.4
Adjusted Company cost ratio (including direct vacancy costs) (E/G)
37.3% 39.9%
Adjusted Company cost ratio (excluding direct vacancy costs) (F/G)
33.3% 35.2%
1. £0.7 million (31 December 2023: £0.3 million) of administrative expenses were capitalised during the year. These capitalised costs mainly relate to employee costs as it is the Group’s
policy to capitalise directly attributable overheads and operating expenses to assets under refurbishment or development.
2. Company specific adjustments relates to non-underlying administrative expenses and do not represent the recurring, underlying performance of the Group. Details of non-underlying
expenses are set out in note 5 ‘Administration expenses’. The prior year Company specific adjustments include an adjustment relating to the alignment of accounting policies on
completion of the merger. £4.1 million of the adjustment was recognised through the straight-lining of tenant lease incentives and £1.0 million in property expenses.

223Shaftesbury Capital PLC | 2024 Annual Report

Additional information | EPRA measures (unaudited)
EPRA measures (unaudited) continued
5. EPRA LTV
2024
Group
£m
Share of joint
ventures
£m
Total
£m
Borrowings from financial institutions (1,239.8) – (1,239.8)
Exchangeable bond (275.0) – (275.0)
Exclude:
Cash and cash equivalents
1
124.0 4.9 128.9
EPRA net debt (B)
(1,390.8) 4.9 (1,385.9)
Investment properties at fair value 4,943.6 43.7 4,987.3
Owner-occupied property at fair value 20.1 – 20.1
Investment property held for sale
9.8 – 9.8
Properties under development
– 21.6 21.6
Net receivables
85.5 (61.5) 24.0
Total property value (A)
5,059.0 3.8 5,062.8
EPRA LTV (B/A) 27.4%
1. Includes tenant deposits of £14.2 million held as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group.
2023
Group
£m
Share of joint
ventures and
associates
£m
Total
£m
Borrowings from financial institutions (1,409.8) (60.0) (1,469.8)
Exchangeable bond (275.0) – (275.0)
Net payables 62.6 (80.4) (17.8)
Exclude:
Cash and cash equivalents
1
200.2 9.9 210.1
EPRA net debt (B) (1,422.0) (130.5) (1,552.5)
Investment properties at fair value 4,775.1 182.2 4,957.3
Owner-occupied property at fair value 20.2 – 20.2
Properties under development – 41.8 41.8
Total property value (A) 4,795.3 224.0 5,019.3
EPRA LTV (B/A) 30.9%
1. Includes tenant deposits of £14.5 million held as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group.

224 Shaftesbury Capital PLC | 2024 Annual Report

6. Like-for-like rental growth
The like-for-like rental growth presented represents 100 per cent of the wholly owned property portfolio, where all assets are
located in the West End of London.
The like-for-like rental growth compares the growth of rental income of property which has been owned throughout both years
without significant capital expenditure in either year.
2024
£m
Pro forma
2023
£m
Rental income in current year 205.0 196.5
Adjusted for impact of:
Acquisitions (2.8) (0.4)
Disposals
(2.9) (4.1)
Change in accounting policy
1
– 4.1
Like-for-like rental income in current year (A)
199.3 196.1
Rental income in previous year 196.5 178.2
Adjusted for impact of:
Acquisitions
– (0.1)
Disposals
(12.1) (4.8)
Change in accounting policy
1
4.1 –
Like-for-like rental income in prior year (B)
188.5 173.3
Like-for-like growth in rental income ((A-B)/B) 5.7% 13.2%
1. There was a £4.1 million reduction to 2023 straight-lining of tenant lease incentives as a result of the alignment of accounting policies following the merger.
Rental income for the year ended 31 December 2023 used within the like-for-like rental growth calculation above, has been
determined based on pro forma information. The table below summarises the pro forma information.
Shaftesbury
Capital PLC
31 December
2023
1
£m
Shaftesbury
PLC
1 January
2023 to 5
March 2023
2
£m
Pro forma
2023
£m
Rent receivable 171.9 21.2 193.1
Straight-lining of tenant lease incentives 3.9 (0.5) 3.4
Rental income 175.8 20.7 196.5
1. As reported in note 4 ‘Gross profit’. Represents the standalone results of Capital & Counties Properties PLC for the period 1 January to 5 March 2023 and that of the Group from 6
March to 31 December 2023.
2. Reflects the rental income for Shaftesbury PLC for the period 1 January to 5 March 2023 obtained from internal management accounts of Shaftesbury PLC. The amounts have not
been adjusted for accounting policy alignments or fair value adjustments.
225Shaftesbury Capital PLC | 2024 Annual Report

Additional information
Analysis of property portfolio
(unaudited)
For the year ended 31 December 2024
Wholly-owned portfolio valuation by use
31 December 2024 Retail
Food &
beverage Offices Commercial Residential
Wholly-owned
portfolio
Valuation (£m)
1
1,784.2 1,664.8 877.9 4,326.9 644.7 4,971.6
Valuation (%) 36% 33% 18% 87% 13% 100%
L-f-L valuation movement (FY 2024) +7.5% +4.7% +3.1% +5.5% –1.6% +4.5%
L-f-L valuation movement (H2 2024) +6.5% +2.2% +1.2% +3.7% –1.0% +3.1%
Annualised gross income (£m) 73.2 73.0 33.6 179.8 23.0 202.8
Annualised gross income (%) 36% 36% 17% 89% 11% 100%
L-f-L annualised gross income (FY 2024) +9.1% +4.2% +18.3% +8.6% +3.9% +8.0%
L-f-L annualised gross income (H2 2024) +5.3% – +12.0% +4.2% +2.9% +4.1%
ERV (£m) 90.2 85.0 50.5 225.7 24.9 250.6
ERV (%) 36% 34% 20% 90% 10% 100%
L-f-L ERV movement (FY 2024) +11.2% +7.2% +6.1% +8.4% +1.4% +7.7%
L-f-L ERV movement (H2 2024) +8.8% +3.4% +1.5% +5.0% +1.6% +4.7%
ERV psf (£) 126 91 79 98 60 92
Net initial yield 3.8% 4.0% 3.3% 3.8% 2.9% 3.6%
Topped-up net initial yield 4.0% 4.3% 3.8% 4.1% N/A 3.9%
Equivalent yield 4.5% 4.7% 4.9% 4.6% 3.1% 4.4%
WAULT (years) 3.0 8.1 2.7 4.8 1.1 4.4
Floor area (sq ft m)
2
0.7 1.0 0.6 2.3 0.4 2.7
Unit count
2
415 394 404 1,213 656 1,869
1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary).
2. Excludes long-leasehold residential interests.
Wholly-owned portfolio valuation by location
31 December 2024 Covent Garden Carnaby | Soho Chinatown Fitzrovia
Wholly-owned
portfolio
Valuation (£m)
1
2,652.7 1,597.1 716.3 5.5 4,971.6
Valuation (%) 53% 32% 15% – 100%
L-f-L valuation movement (FY 2024) +3.7% +6.4% +3.7% –7.1% +4.5%
L-f-L valuation movement (H2 2024) +2.8% +4.3% +2.0% –6.1% +3.1%
Annualised gross income (£m) 104.3 66.2 32.0 0.3 202.8
Annualised gross income (%) 51% 33% 16% – 100%
L-f-L annualised gross income (FY 2024) +7.2% +12.1% +2.8% –5.3% 8.0%
L-f-L annualised gross income (H2 2024) +2.7% +8.4% +0.4% –0.6% +4.1%
ERV (£m) 134.0 81.9 34.4 0.3 250.6
ERV (%) 53% 33% 14% – 100%
L-f-L ERV movement (FY 2024) +9.1% +7.1% +4.1% – +7.7%
L-f-L ERV movement (H2 2024) +5.5% +4.5% +2.0% – +4.7%
ERV psf (£) 96 92 81 58 92
Net initial yield 3.6% 3.6% 4.0% 5.0% 3.6%
Topped-up net initial yield 3.8% 4.0% 4.1% 5.0% 3.9%
Equivalent yield 4.5% 4.5% 4.3% 4.4% 4.4%
WAULT (years) 4.4 4.0 5.6 6.1 4.4
Floor area (sq ft m)
2
1.4 0.9 0.4 – 2.7
Unit count
2
853 660 350 6 1,869
1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary).
2. Excludes long-leasehold residential interests.
226 Shaftesbury Capital PLC | 2024 Annual Report

Historical record (unaudited)
For the year ended 31 December 2024
Continuing and discontinued operations
Consolidated income statement
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Gross profit 167.1 141.9 57.3 52.0 24.7
Other income/(costs) 0.1 2.7 13.5 2.7 (0.5)
Gain/(loss) on revaluation and sale of investment property
194.6 (65.0) (0.8) (15.8) (693.3)
Change in value of investments and other receivables
(7.0) (12.5) (7.9) - –
Revaluation of equity investment
– 52.0 (239.5) 44.6 50.9
Non-recurring costs
(3.3) (44.5) (14.6) (68.6) (1.4)
Administration expenses
(39.4) (39.3) (26.0) (22.7) (31.5)
Operating profit/(loss)
312.1 35.3 (218.0) (7.8) (651.1)
Net finance (costs)/income (60.2) (90.4) 12.2 (44.4) (29.7)
Profit/(loss) after finance costs
251.9 (55.1) (205.8) (52.2) (680.8)
Profit/(loss) on disposal and IFRS 5 impairment of discontinued operation – – – – 1.0
Gain on bargain purchase
– 805.5 – – –
Loss on sale of associate
(4.0) – – – –
Profit from joint ventures and associates
4.5 0.2 – – –
Profit/(loss) before tax
252.4 750.6 (205.8) (52.2) (679.8)
Taxation (0.3) (0.2) (6.0) (0.7) 1.0
Profit/(loss) for the year
252.1 750.4 (211.8) (52.9) (678.8)
Consolidated balance sheet
Investment property 4,899.1 4,740.2 1,715.1 1,705.6 1,795.8
Other non-current assets 156.1 224.9 485.4 713.3 681.5
Cash and cash equivalents
124.0 200.2 129.9 331.1 365.1
Other current assets
42.9 51.0 20.8 48.9 65.7
Assets held for sale
9.8 – – – –
Total assets
5,231.9 5,216.3 2,351.2 2,798.9 2,908.1
Non-current borrowings
(1,470.5) (1,534.8) (738.3) (934.9) (1,070.7)
Other non-current liabilities
(1.8) (9.9) (8.7) (37.5) (30.8)
Current borrowings
(0.3) (94.9) – – –
Other current liabilities
(85.0) (96.5) (42.6) (39.7) (46.9)
Total liabilities (1,557.6) (1,736.1) (789.6) (1,012.1) (1,148.4)
Net assets
3,674.3 3,480.2 1,561.6 1,786.8 1,759.7
Per share information Pence Pence Pence Pence Pence
Basic earnings/(loss) per share 13.8 45.5 (24.9) 4.1 (82.6)
Underlying earnings/(loss) per share
1
4.0 3.7 2.2 0.1 (0.7)
Basic net assets per share 200.4 190.3 183.2 209.7 210.4
EPRA NTA per share 200.2 190.3 182.1 213.0 212.1
Dividend per share 3.50 3.15 2.50 1.50 –
1. Underlying earnings for the year ended 31 December 2024 is £73.0 million (31 December 2023: £60.4 million).
227Shaftesbury Capital PLC | 2024 Annual Report

Additional information
Board and advisers
Chairman
Jonathan Nicholls
Executive Directors
Ian Hawksworth, Chief Executive
Situl Jobanputra, Chief Financial Officer
Non-executive Directors
Richard Akers
Ruth Anderson
Madeleine Cosgrave
Sian Westerman
Company Secretary
Ruth Pavey
General Counsel
Alison Fisher
Registered office
Regal House
14 James Street
London
WC2E 8BU
Telephone: +44 (0) 20 3214 9150
Registered number
7145051
Websites
www.shaftesburycapital.com
www.carnaby.co.uk
www.chinatown.co.uk
www.coventgarden.london
www.thisissoho.co.uk
Independent auditor
PricewaterhouseCoopers LLP
Solicitors
Herbert Smith Freehills LLP
Financial adviser
Rothschild & Co.
Corporate brokers
Jefferies International Limited
Peel Hunt LLP
UBS AG London Branch
South Africa sponsor
Java Capital Trustees and Sponsors Proprietary Limited
228 Shaftesbury Capital PLC | 2024 Annual Report

Dividends
The Directors of Shaftesbury Capital PLC have proposed
a final cash dividend of 1.8 pence per ordinary share
(ISIN GB00B62G9D36) payable on Friday, 30 May 2025.
Dates
The following are the salient dates for the payment of the
proposed 2024 final cash dividend:
Proposed 2024 final dividend announced Thursday, 27 February 2025
Sterling/Rand exchange rate struck Wednesday, 9 April 2025
Sterling/Rand exchange rate and dividend
amount in Rand announced by 11
.00 am
(South African time)
Thursday, 10 April 2025
Last day to trade cum-dividend* Tuesday, 22 April 2025
Ordinary shares listed ex-dividend on the
Johannesburg Stock Exchange
Wednesday, 23 April 2025
Ordinary shares listed ex-dividend on the
London Stock Exchange
Thursday, 24 April 2025
Record date for the 2024 final dividend in
UK and South Africa
Friday, 25 April 2025
Deadline for submission of declaration of
eligibility to receive gross PID payment to
UK
registrar
Friday, 25 April 2025 (COB)
Annual General Meeting Thursday, 22 May 2025
Dividend payment date for shareholders Friday, 30 May 2025
The proposed 2024 final cash dividend is subject to approval
at the Company’s Annual General Meeting, to be held on
Thursday, 22 May 2025.
*South African shareholders should note that, in accordance
with the requirements of Strate, the last day to trade cum-dividend
on the Johannesburg Stock Exchange will be Tuesday, 22 April
2025. No dematerialisation or rematerialisation of shares will
be possible from Wednesday, 23 April 2025 to Friday, 25 April
2025 inclusive. No transfers between the UK and South African
registers may take place from close of business on Thursday,
10 April 2025 to Friday, 25 April 2025 inclusive.
The above dates are proposed and subject to change.
The proposed 2024 final cash dividend will be paid wholly as a
Property Income Distribution (“PID”). There will be no non-PID
(ordinary dividend) element of the final cash dividend. As such,
the entire final cash dividend will be subject to a deduction of
a 20 per cent UK withholding tax unless exemptions apply.
Information for shareholders
The information below is included only as a general guide
to taxation for shareholders based on Shaftesbury Capital’s
understanding of the law and the practice currently in force.
Any shareholder who is in any doubt as to their tax position
should seek independent professional advice.
UK shareholders
The proposed 2024 final cash dividend will be paid wholly as
a PID. Certain categories of shareholders may be eligible for
exemption from the 20 per cent UK withholding tax and may
register to receive their dividends on a gross basis. Further
information, including the required forms, is available from
the ‘Investor Information’ section of the Company’s website
(https://www.shaftesburycapital.com/en/investors/investor-
information.html), or on request from the Company’s UK
registrar, MUFG Corporate Markets. Validly completed forms
must be received by MUFG Corporate Markets no later than
the dividend record date, as advised; otherwise the dividend
will be paid after deduction of tax.
There will be no non-PID element of the final cash dividend.
South African shareholders
The proposed 2024 final cash dividend proposed by the
Company is a foreign payment and the funds are sourced
from the UK.
PID: The proposed 2024 final cash dividend will be paid wholly
as a PID and a 20 per cent UK withholding tax is applicable to
a PID. As such, South African shareholders may apply to HMRC
after payment of the proposed 2024 final cash dividend for
a refund of the difference between the 20 per cent UK
withholding tax and the UK/South African double taxation
treaty rate of 15 per cent.
The proposed 2024 final cash dividend will be exempt
from income tax but will constitute a dividend for Dividends
Taxpurposes, as it will be declared in respect of a share listed
on the exchange operated by the JSE. SA Dividends Tax will
therefore be withheld from the proposed 2024 final cash
dividend at a rate of 20 per cent, unless a shareholder
qualifies for an exemption and the prescribed requirements
for effecting the exemption are in place by the requisite date.
Certain shareholders may also qualify for a reduction of SA
Dividends Tax liability to 5 per cent (being the difference
between the SA dividends tax rate and the effective UK
withholding tax rate of 15 per cent) if the prescribed
requirements for effecting the reduction are in place
by the requisite date.
Non-PID: There will be no non-PID element of the proposed
2024 final cash dividend.
Other overseas shareholders
Other non-UK shareholders may be able to make claims for
a refund of UK withholding tax deducted pursuant to the
application of a relevant double taxation convention. UK
withholding tax refunds can only be claimed from HMRC,
the UK tax authority.
Additional information on PIDs and ordinary dividends
(non-PIDs) can be found at
https://www.shaftesburycapital.com/en/investors/investor-
information/reit.html
229Shaftesbury Capital PLC | 2024 Annual Report

Additional information
Glossary
Annualised gross income
Total annualised actual and “estimated income” from leases
at a valuation date. It includes sundry non-leased income
and estimated turnover related rents. No rent is attributed
to leases which were subject to rent free periods at that date.
It does not reflect any head rents and estimated irrecoverable
outgoings at the valuation date. “Estimated income” refers
to gross ERVs in respect of rent reviews outstanding at the
valuation date and, where appropriate, ERV in respect of
lease renewals outstanding at the valuation date where
the fair value reflects terms for a renewed lease.
APM (Alternative Performance Measure)
A financial measure of historical or future financial performance,
position or cash flows of the Group which is not a measure
defined or specified in IFRS.
BREEAM
Building Research Establishment Environmental Assessment
Method is a method of assessing, rating and certifying
sustainability of buildings.
Capco
Capco represents Shaftesbury Capital PLC, formerly Capital &
Counties Properties PLC, (also referred to as “the Company”)
and all its subsidiaries and group undertakings, collectively
referred to as “the Group”.
Cash and undrawn committed facilities
Cash and cash equivalents, excluding tenant deposits, plus
undrawn committed facilities.
Category A (Cat A)
A Category A (Cat A) office refurbishment refers to the
basic fit-out of an office space, typically including essential
infrastructure such as raised floors, suspended ceilings,
lighting, air conditioning, and basic fire and safety systems.
This level of refurbishment prepares the space for tenant
occupation but does not include interior design elements,
partitions, or bespoke fittings.
CDP
CDP Worldwide, a global not-for-profit sustainability disclosure
system. Shaftesbury Capital participates in the CDP Climate
Change Programme, which measures progress on climate
change disclosure.
Contracted income
Includes rent frees and contracted rent increases.
CRREM
Carbon Risk Real Estate Monitor. The leading global standard
and initiative for operational decarbonisation of real
estate assets.
EBITDA
EBITDA represents underlying earnings before interest, tax,
depreciation and amortisation.
Embodied Carbon
The total carbon emissions generated during the creation
or refurbishment of a product. Including the extraction,
manufacture, transportation, processing, assembly,
replacement and deconstruction of the materials required
to create or refurbish the product.
EPC
Energy Performance Certificate.
EPRA
European Public Real Estate Association, the publisher of
Best Practice Recommendations intended to make financial
statements of public real estate companies in Europe clearer,
more transparent and comparable.
EPRA cost ratio (including direct vacancy costs)
EPRA cost ratio (including direct vacancy costs) is a
proportionally consolidated measure of the ratio of net
overheads and operating expenses against gross rental
income (with both amounts excluding ground rents payable).
Net overheads and operating expenses relate to all
administrative and operating expenses, net of any service
fees, recharges or other income specifically intended to
cover overhead and property expenses.
EPRA cost ratio (excluding direct vacancy costs)
EPRA cost ratio (excluding direct vacancy costs) is the ratio
defined above, but with direct vacancy costs removed from
the net overheads and operating expenses balance.
EPRA earnings per share
Profit or loss for the year excluding valuation movements on
the wholly-owned, joint venture and associate properties, fair
value changes of financial instruments and listed investments,
cost of early close out of debt, gain on bargain purchase, IFRS
3 merger-related transaction costs, and items that are unusual
in nature and unlikely to reoccur in the foreseeable future,
divided by the weighted average number of shares in issue
during the year.
EPRA LTV (loan-to-value)
Ratio of net debt, including net payables, to the sum of the net
assets, including net receivables, of the Group, its subsidiaries
and joint ventures and associates, all on a proportionally
consolidated basis, expressed as a percentage. The calculation
includes trading properties at fair value and debt at nominal value.
EPRA NDV (net disposal value) per share
The net assets as at the end of the year including the excess of
the fair value of trading property over its cost, revaluation of
other non-current investments and the adjustment required
to reflect fixed interest rate debt at fair value, divided by the
diluted number of ordinary shares.
EPRA net initial yield
Annualised net rent (after deduction of revenue costs such
as head rent, running void, service charge after shortfalls
and empty rates) on investment and trading property
expressed as a percentage of the gross market value
before deduction of theoretical acquisition costs, all on
a proportionally consolidated basis.
230 Shaftesbury Capital PLC | 2024 Annual Report

EPRA NTA (net tangible assets) per share
The net assets as at the end of the year including the excess of
the fair value of trading property over its cost and revaluation
of other non-current investments, excluding the fair value
of financial instruments and deferred tax on revaluations,
divided by the diluted number of ordinary shares.
EPRA NRV (net reinstatement value) per share
The net assets as at the end of the year including the excess of
the fair value of trading property over its cost and excluding
the fair value of financial instruments, deferred tax on
revaluations plus a gross up adjustment for related costs such
as Real Estate Transfer Tax, divided by the diluted number of
ordinary shares.
EPRA sBPR
European Public Real Estate Association Sustainability
Best Practice Recommendations for Reporting, a guidance
framework for reporting environmental performance.
The Group publishes details of its environmental
performance in line with the EPRA sBPR.
EPRA topped-up initial yield
EPRA net initial yield adjusted for the expiration of
rent free periods.
EPRA vacancy
ERV of un-let units, including those under offer, expressed as a
percentage of the ERV of the wholly-owned property portfolio
excluding units under development.
ERV (Estimated rental value)
The external valuers’ estimate of the open market rent which,
on the date of valuation, could reasonably be expected to be
obtained on a new letting or rent review of the property.
ESC
Environment, Sustainability and Community.
F&B (Food & beverage)
A sector within the portfolio which includes establishments
primarily engaged in the preparation and sale of food and
beverages. This encompasses a diverse range of customers
including restaurants, cafés, bars, pubs and other
hospitality venues.
FTSE 350 Real Estate Index
London Stock Exchange index derived from real estate
companies in the FTSE 100 and FTSE 250 indices.
FTSE4GOOD
FTSE4GOOD Index Series, hosted by FTSE Russell, a
sustainability index in which Shaftesbury Capital participates.
FRC
Financial Reporting Council.
FRS 101
Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.
GRESB
The Global Real Estate Sustainability Benchmark, a
sustainability index. Shaftesbury Capital participates in
the GRESB Real Estate Assessment.
Gross income
The Group’s share of passing rent plus sundry non-leased income.
Headline earnings
Headline earnings per share is calculated in accordance
with Circular 1/2023 issued by the South African Institute
of Chartered Accountants (“SAICA”), a requirement of the
Group’s JSE listing. This measure is not a requirement of IFRS.
IFRS
United Kingdom-adopted international accounting standards.
ISO
International Organisation for Standardisation.
KPI
Key Performance Indicators.
LETI
The London Energy Transformation Initiative, a network of
built environment professionals working to put London on
the path to Net Zero Carbon.
Like-for-like property
Property which has been owned throughout both years
without significant capital expenditure in either year, so
income can be compared on a like-for-like basis. For the
purposes of comparison of capital values, this will also include
assets owned at the previous balance sheet date but not
necessarily throughout the prior year.
LTV (loan to value)
LTV is calculated on the basis of net debt divided by the
market value of the wholly-owned property portfolio.
Longmartin
The Longmartin associate was a 50 per cent investment
arrangement between Shaftesbury Capital and The Mercers’
Company. The Group disposed of its share in Longmartin
during the year.
LSJV
The Lillie Square joint venture is a 50 per cent joint venture
between the Group and Kwok Family Interests (KFI).
MSCI
Producer of an independent benchmark of property returns.
NAV
Net Asset Value.
Net debt
Total borrowings, at nominal value, less cash and cash
equivalents, excluding tenant deposits.
Net initial yield
The net initial income at the valuation date expressed as a
percentage of the gross valuation. Yields reflect net income
after deduction of any ground rents, head rents and rent
charges and estimated irrecoverable outgoings at the
valuation date.

231Shaftesbury Capital PLC | 2024 Annual Report

Additional information | Glossary
Nominal equivalent yield
Effective annual yield to a purchaser on the gross market
value, assuming rent is receivable annually in arrears, and that
the property becomes fully occupied and that all rents revert
to the current market level (ERV) at the next review date or
lease expiry.
Occupancy rate
The ERV of let and under offer units expressed as a
percentage of the ERV of let and under offer units plus ERV
of un-let units, excluding units under development. This is
equivalent to 100 per cent less the EPRA vacancy rate.
Passing rent
Contracted annual rents receivable at the balance sheet date.
This takes no account of accounting adjustments made in
respect of rent free periods or tenant lease incentives, the
reclassification of certain lease payments as finance charges
or any irrecoverable costs and expenses, and does not
include excess turnover rent, additional rent in respect
of unsettled rent reviews or sundry income.
PID (Property Income Distributions)
Distribution under the REIT regime that constitutes at least
90 per cent of the Group’s taxable income profits arising from
its qualifying property rental business, by way of dividend.
PIDs can be subject to withholding tax at 20 per cent. If the
Group distributes profits from its non-qualifying business,
the distribution will be taxed as an ordinary dividend in the
hands of the investors.
Private placement loan notes interest cover
Interest cover is calculated based on net rental income, less
an administration adjustment of £5.0 million, divided by net
finance costs.
Private placement loan notes LTV
LTV is calculated on the basis of net debt divided by the
market value of wholly owned property portfolio. This
measure is consistent with the LTV ratio disclosed in
‘Alternative performance measures’ table.
PSP
Performance Share Plan.
REIT (Real Estate Investment Trust)
A REIT is exempt from corporation tax on income and gains
of its property rental business (qualifying activities) provided
a number of conditions are met. It remains subject to
corporation tax on non-exempt income and gains (non-
qualifying activities) which would include any trading activity,
interest income and development and management fee income.
RETT (Real Estate Transfer Tax)
Purchasers’ cost as included within the independent valuation
of investment and trading properties.
Reversionary potential
The amount by which ERV exceeds annualised gross income,
measured at a valuation date.
RICS
Royal Institution of Chartered Surveyors.
SBTi
Science Based Target initiative.
S&P Global Corporate Sustainability Assessment
A sustainability index of Standard & Poor Global to which
Shaftesbury Capital submits information.
Section 106
Section 106 of the Town and Country Planning Act 1990,
pursuant to which the relevant planning authority can impose
planning obligations on a developer to secure contributions to
services, infrastructure and amenities in order to support and
facilitate a proposed development.
Secured loans interest cover
Interest cover is calculated based on net rental income of the
company which holds the loan divided by net finance costs
associated with the secured loan.
Secured loans LTV
LTV is calculated on the basis of the secured loan balance
outstanding divided by the market value of specified
properties.
Shaftesbury Capital
Shaftesbury Capital represents Shaftesbury Capital PLC (also
referred to as “the Company”), and all its subsidiaries and
Group undertakings, collectively referred to as “the Group”.
Sterling Overnight Interbank Average Rate (SONIA)
The average overnight Sterling risk-free interest rate, set in
arrears, paid by banks for unsecured transactions.
TAR (Total Accounting Return)
The movement in EPRA NTA per share plus dividends per
share paid during the year.
TCFD (Task Force on Climate-Related Financial Disclosure)
The TCFD developed a framework to help companies more
effectively disclose climate-related risks and opportunities
through existing reporting processes.
Tenant lease incentives
Any incentives offered to customers to enter into a lease.
Typically incentives are in the form of an initial rent free period
and/or a cash contribution to fit-out the premises. Under IFRS
the value of incentives granted to customers is amortised
through the consolidated income statement on a straight-line
basis to the earlier of break or lease expiry.
TOMs
Themes, Outcomes and Measures system.
TPR (Total Property Return)
Capital growth including gains and losses on disposals plus
rent received less associated costs, including ground rent.
TSR (Total Shareholder Return)
The movement in the price of an ordinary share plus dividends
paid during the year assuming re-investment in ordinary shares.
Underlying earnings
EPRA earnings adjusted for the non-core property rental
income business. The Lillie Square joint venture is not
considered part of the core underlying business of the Group
and therefore its results are excluded from EPRA earnings to
derive underlying earnings.
232 Shaftesbury Capital PLC | 2024 Annual Report

Underlying earnings per share (EPS)
Underlying earnings divided by the weighted average number
of shares in issue during the year.
Unsecured term & revolving loan facilities interest cover
Interest cover is calculated based on net rental income
divided by net finance costs.
Unsecured term & revolving loan facilities LTV
LTV is calculated on the basis of net debt divided by the
market value of wholly-owned property portfolio. This
measure is consistent with the LTV ratio disclosed in
‘Alternative performance measures’ table.
Valuation growth/decline
The valuation movement and realised surpluses or deficits
arising from the Group’s investment property portfolio
expressed as a percentage return on the valuation at the
beginning of the period adjusted for acquisitions, disposals
and capital expenditure. When measured on a like-for-like
basis, the calculation excludes those properties acquired or
sold during the period.
WAULT (Weighted average unexpired lease term)
The unexpired lease term to the earlier of break or lease
expiry weighted by passing rent for each lease.
Whole Life Carbon
The total embodied and operational emissions that occur over
the lifetime of a building, including the carbon associated with
decommissioning at end of life.
Zone A
A means of analysing and comparing the rental value of retail
space by dividing it in to zones parallel with the main frontage.
The most valuable zone, Zone A, falls within a 6 metre depth
of the shop frontage. Each successive zone is valued at half
the rate of the zone in front of it. The blend is referred to as
being ‘ITZA’ (“In Terms of Zone A”).

233Shaftesbury Capital PLC | 2024 Annual Report

Additional information
Greenhouse Gas emissions
Greenhouse Gas emissions methodology 2024
Shaftesbury Capital monitors and reports its greenhouse
gas emissions (“GHG”) and operational energy consumption in
compliance with the requirements of the Companies Act 2006
(Strategic Report and Directors Report) Regulations 2013 and
the extension of these regulations to include the Streamlined
Energy and Carbon Reporting (“SECR”) regulations.
Our Scope 1, 2 and 3 emissions statements cover the reporting
period 1 January 2024 to 31 December 2024 and are detailed
on pages 94 and 95.
The GHG emissions data is prepared by following the
‘Greenhouse Gas (“GHG”) Protocol: A Corporate Accounting and
Reporting Standard’ published by the World Resources Institute
(“WRI”). We use the GHG Protocol operational control approach
as this reflects where Shaftesbury Capital has the ability to
influence GHG emissions. 100 per cent of emissions and energy
use reported are applicable for UK only, as Shaftesbury Capital
does not have any other global operations.
Scope 1 emissions, defined as direct emissions including fuel
combustion in owned or controlled boilers, backup generators,
fuel use for construction plant and machinery and fugitive
emissions from air conditioning, are included where they
are our responsibility within the managed portfolio.
Scope 2 is defined as indirect energy emissions which include
purchased electricity throughout the Group’s operations within
landlord-controlled parts. The figures relate to landlord-
controlled common parts such as lobbies, staircases or vacant
units and energy use during refurbishments. Scope 2 emissions
also include energy use for external and street lighting, and bin
stores, where these are our responsibility within the managed
portfolio. Shaftesbury Capital are responsible for all Scope 1
and Scope 2 emissions disclosed on page 95.
For Scope 2 emissions, those arising from generated electricity usage
are reported in two ways. Firstly, Shaftesbury Capital calculates the
‘location-based’ emissions which reflect emissions according to the
energy mix of the National Grid. Secondly, Shaftesbury Capital
reports ‘market-based’ emissions which reflect the energy mix
provided by our energy suppliers. This helps Shaftesbury Capital to
demonstrate the reduction in emissions as a result of purchasing
energy from suppliers who generate renewable energy.
In addition, we report Scope 3 emissions comprising other
indirect emissions from sources not owned or controlled by
Shaftesbury Capital, including customer and supply chain
emissions. We report Scope 3 emissions from the following sources:
– Tenant energy consumption in our properties where the
leasing arrangements put responsibility on energy operation
and direct payment for supply on the tenants (excluding long-
leasehold properties)
– Embodied emissions from the materials we use in our
refurbishment projects
– Purchased goods and services from our suppliers
– Upstream energy use associated with our Scope 1 and 2 emissions
– Waste treatment and disposal, where waste collection is our
responsibility within the managed portfolio
– Emissions from our employees commuting to work
– Emissions from business flights taken throughout the year
– Water supply and treatment, where water supply is our
responsibility within the managed portfolio
Shaftesbury Capital has engaged Carbon Footprint Limited to
provide independent verification of the 2024 Greenhouse Gas
emissions assertion, in accordance with the industry recognised
standard ISO 14064-3. The verification statement will be included in
our Sustainability Data Report, which will be issued in April 2025.
The energy and carbon statements disclosed in this report, on page
95, have been calculated in accordance with the following standards:
– WRI/WBCSD (World Business Council for Sustainable
Development) (2004). Greenhouse Gas Protocol: Corporate
Accounting and Reporting Standard – Revised Edition;
– WRI/WBCSD (2011). Greenhouse Gas Protocol: Corporate
Value Chain (Scope 3) Standard;
– WRI/WBCSD (2015). Greenhouse Gas Protocol: Scope 2
Guidance for market-based reporting; and
– Department for Environment, Food & Rural Affairs and
Department for Business, Energy & Industrial Strategy (2019):
Environmental reporting guidelines: Including Streamlined
Energy and Carbon Reporting requirements.
– European Real Estate Association (2024) Best Practice
Recommendations on Sustainability Reporting (EPRA sBPR).
Emissions calculations are in line with the requirements of the
Greenhouse Gas Protocol suite of documents. The method uses
activity data relating to Shaftesbury Capital’s operations,
multiplied by relevant emissions conversion factors, sourced
from Department for Energy Security and Net Zero (“DESNZ”) UK
Government GHG Conversion Factors for Company Reporting
(2024), OneClick LCA Emission Factor Database (2024), and
spend-based UK Government emission factors by SIC code (2024).
We have used accurate consumption data for reporting of the
majority (96%) of Scope 1 and Scope 2 emissions. Where there
have been data gaps (c. 4% of data), we have used reasonable
estimations such as pro-rata extrapolation to ensure complete
coverage for the reporting year.
For Scope 3 occupier emissions we have used various methods,
including meter reads, billing information and energy data
collected from UK energy operators for approximately 57 per
cent of emissions by area, and applied industry benchmarks for
the remaining 43 per cent.
For Scope 3 embodied carbon, we aim to collect accurate data
for all our refurbishment projects, where feasible. This covered
53% per cent of our spend in 2024 and 17% per cent of our
embodied carbon. For the remainder of our refurbishment
project spend, where embodied carbon data collection was
not feasible, we use UK Government spend-based conversion
factors which covered 47% per cent of our spend and 83% per
cent of our embodied carbon. We are committed to reducing
the proportion of spend required to use benchmarks over time.
234 Shaftesbury Capital PLC | 2024 Annual Report

Shareholder information
Electronic communication
As part of our commitment to sustainability, Shaftesbury
Capital has adopted electronic communications. This means
that shareholders will receive documents from the Company
electronically unless they elect to receive hard copies.
All of Shaftesbury Capital’s annual and interim results will be
published on the Company’s website www.shaftesburycapital.com.
If you are a shareholder who receives hard copies of
documents and you wish to elect to receive electronic
communications, please contact the appropriate Registrar.
Shareholders may revoke an election to receive electronic
communications at any time.
Registrars
All enquiries concerning shares or shareholdings, including
notification of change of address, queries regarding loss of
a share certificate and dividend payments should be
addressed to:
For shareholders registered in the UK:
MUFG Corporate Markets, Central Square, 29 Wellington
Street, Leeds, LS1 4DL, United Kingdom
Telephone: +44 (0) 371 664 0300
Calls are charged at the standard geographic rate and vary by
provider. Calls outside the United Kingdom are charged at the
applicable international rate. Lines are open 9.00 am to 5.30 pm,
Monday to Friday, excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Website: eu.mpms.mufg.com
For shareholders registered in South Africa:
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 1st Floor, 15 Biermann Avenue,
Rosebank, 2196, South Africa
Postal address: Private Bag X9000, Saxonwold 2132, South Africa
Telephone: +27 (0) 11 370 5000 or 086 1100 933 (lines are
open 8.00 am to 4.30 pm, Monday to Friday, excluding public
holidays in South Africa)
Email: web.queries@computershare.co.za
Website: www.computershare.com/za
Web-based enquiry service for UK shareholders
Shareholders registered in the United Kingdom can register
at www.signalshares.com to access a range of online
services including:
– Updating address details or registering a mandate to have
dividends paid directly to their bank account
– Online proxy voting
– Electing to receive shareholder communications electronically
– Viewing holding balance, indicative share price and valuation
– Viewing transactions on the holding including any dividend
payments received
– Accessing a wide range of shareholder information,
including downloadable forms
To register to use this service, shareholders will need their
investor code, which can be found on the share certificate(s).
Share price information
The latest information on the Shaftesbury Capital PLC
share price is available on the Company’s website
www.shaftesburycapital.com.
The shares are traded on the London Stock Exchange
with LSE code SHC, SEDOL B62G9D3, ISIN GB00B62G9D36.
The shares are traded on the Johannesburg Stock Exchange
under the abbreviated name SHBCAP and JSE code SHC.
Share dealing services
Many banks, building societies and investment managers offer
share dealing services. Additionally, UK shareholders may
trade their shares using the online and telephone dealing
service that MUFG Corporate Markets provide. To use this
service, shareholders should contact MUFG Corporate
Markets: infosharedeal@cm.mpms.mufg.com or telephone
+44 (0) 371 664 0445. Calls are charged at the standard
geographic rate and will vary by provider. Calls outside the
United Kingdom are charged at the applicable international
rate. (Lines are open 8.00 am to 5.30 pm, Monday to Friday,
excluding public holidays in England and Wales). Alternatively,
shareholders can log on to https://sharedeal.linkgroup.eu.
This service is only available to private individuals resident
in the United Kingdom, the European Economic Area, the
Channel Islands and the Isle of Man who hold shares in a
company for which MUFG Corporate Markets provides share
registration services, or a nominee programme administered
by MUFG Corporate Markets Trustees (UK) Limited.
ShareGift
ShareGift is a charity share donation scheme for UK-based
shareholders who may wish to dispose of a small quantity of
shares where the market value makes it uneconomical to sell
on a commission basis. Further information can be found on
its website www.sharegift.org, by telephoning 020 7930 3737
or by emailing help@sharegift.org.
Strate Charity Shares (“SCS”)
SCS is an independent non-profit and registered charity share
donation scheme for shareholders in South Africa who may
wish to dispose of small holdings of shares that are too costly
to sell via a stockbroker on a commission basis. Further
information can be found at www.strate.co.za, by emailing
charityshares@computershare.co.za or by telephoning
0800 202 363 (freephone) or +27 (0) 11 870 8207.
Share fraud warnings
Shareholders are advised to be wary of any unsolicited calls,
mail or emails that offer free advice, the opportunity to buy
shares at a discount or to provide free company or research
reports. Such approaches are often investment scams and
you will probably lose your money. Information on how to
protect yourself from investment scams can be found at
www.fca.org.uk/scams or by calling the FCA’s consumer
helpline on 0800 111 6768 (freephone).
235Shaftesbury Capital PLC | 2024 Annual Report

Additional information | Cautionary statement
This Report contains “forward-looking statements” regarding the belief or current expectations of Shaftesbury Capital PLC, its
Directors and other members of its senior management about Shaftesbury Capital PLC’s businesses, financial performance and
results of operations. These forward-looking statements are not guarantees of future performance. Rather, they are based on
current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside
the control of Shaftesbury Capital PLC and are difficult to predict, that may cause actual results, performance or developments to
differ materially from any future results, performance or developments expressed or implied by the forward-looking statements.
These forward-looking statements speak only as at the date of this Report. Except as required by applicable law, Shaftesbury
Capital PLC makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any
forward-looking statements contained herein to reflect any change in Shaftesbury Capital PLC’s expectations with regard thereto
or any change in events, conditions or circumstances on which any such statement is based. The information contained in this
Report does not purport to be comprehensive and has not been independently verified. Any information contained in this Report
on the price at which shares or other securities in Shaftesbury Capital PLC have been bought or sold in the past, or on the yield on
such shares or other securities, should not be relied upon as a guide to future performance. No statement in this Report is intended
to be a profit forecast and no statement in this Report should be interpreted to mean that earnings per share of Shaftesbury
Capital PLC for the current or future financial years would necessarily match or exceed the historical published earnings per share
of Shaftesbury Capital PLC. Certain industry and market data contained in this Report has come from third party sources. Third
party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed
to be reliable, but that there is no guarantee of accuracy or completeness of such data.
236 Shaftesbury Capital PLC | 2024 Annual Report