41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 70
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
SECTION 172 continued
We have highlighted some key decisions demonstrating how the Board has taken Section 172 matters into account in
decision-making:
Our 2023 pay award
Employee wellbeing is at the heart of the business and following the rise of utility prices
and interest rates, the Board listened to employee concerns and recognised the need for
the business to do what it can to further support our people. The Board had oversight of
the Remuneration Committee’s decision to make a significant pay award to employees,
effective 1 January 2023. This is our highest ever pay award, following a tiered approach
by salary; with 95% of our employees receiving 5% or more, and our lowest earners being
awarded 10.1%.
In addition, employees were also given a £500 one-off payment in August 2022, in
addition to a wider support package.
Supporting a safe and secure
transition to university with our
new operating model
We considered how best to structure and align our frontline teams in order to retain our
market-leading position. As student safety is our utmost priority, we needed to introduce
an operating model where all our buildings have a 24/7 staff presence, 365 days a year.
In doing so, the Board supported the decision for a formal employee consultation to
approve our new operating model. Further details of this decision can be found on
page 97.
Acquisition of 180 Stratford, a
178-unit purpose-built build-to-rent
property in Stratford, East London
The Board considered the potential impact of investing in the build-to-rent sector on
our stakeholders including investors and local communities, together with the likely
consequences of the decision in the long term. In doing so the Board recognised that
the acquisition would enable the Group to test its operational capability to extend its
accommodation offer to young professionals and retain them as customers as they move
on to the next stage in their lives. The Board therefore approved the acquisition of a pilot
build-to-rent investment property in Stratford, East London using proceeds of disposals
made in the year. The decision did not impact the Group’s 2022 earnings guidance or
meaningfully impact future financial prospects.
