Land Securities Regulatory News (LAND)

11 December 2023

Land Securities Group PLC ("Landsec")

Landsec notice of directorate changes

Appointment of Non-executive Directors and Senior Independent Director Designate

Land Securities Group PLC ("Landsec") is pleased to announce that following a comprehensive selection process, it has appointed Moni Mannings as an Independent Non-executive Director and Senior Independent Director designate. Moni will join the Board as Non-executive Director and the Nomination and Remuneration Committees as a member from 11 December 2023. She will succeed Edward Bonham Carter as Senior Independent Director on 1 April 2024.

Moni is currently an Independent Non-Executive Director of Hargreaves Lansdown plc, Non-Executive Director and Chair of the Remuneration Committee of easyJet plc and Member of the Takeover Panel. She also founded EPOC, a not-for-profit network that seeks to increase the number of people of colour on boards and is a member of the Parker Review Committee. From 2000 until 2016, Moni was a Partner and Head of the International Banking and Finance Division of Olswang LLP, before which she held senior positions in other leading law firms. Previous Non-Executive Director positions include Cazoo Group Ltd, Polypipe Group plc, Dairy Crest Group plc, Breedon Group plc and Investec Bank plc.

Other Board changes: retirements of Edward Bonham Carter and Nicholas Cadbury

Landsec also confirms that with a successor now in position, Edward Bonham Carter will retire from the Board at the AGM in July 2024. When he retires, Edward will have served on the Landsec Board for over 10 years including acting as Senior Independent Director from 2016. 

In addition, Nicholas Cadbury has informed the Board of his intention to step down from the Board on 31 December 2023, after seven years, chairing the Audit Committee for most of that time. Nicholas was already succeeded by James Bowling as Audit Committee Chair on 18 September 2023, and James will also join the Nomination Committee as a member from 11 December 2023.

Sir Ian Cheshire commented: 

"I am very excited to welcome Moni to the Board as a Non-executive Director and as our future Senior Independent Director. Moni is a highly experienced and respected City lawyer with extensive property financing experience and also brings her experience of being a Senior Independent Director and committee chair from other non-executive roles. 

I would also like to take this opportunity to thank both Edward and Nicholas. Edward has been our Senior Independent Director and a member of the Nomination Committee for many years and most recently ran the chair succession process, staying beyond his nine years to ensure a smooth chair transition process. He also chaired our Remuneration Committee for a period and continues to serve on that Committee as a member. Nicholas has chaired our Audit Committee since 2017, including over the challenging pandemic period, and has also been a member of our Nomination Committee.

We thank Edward and Nicholas for their commitment to Landsec throughout their tenure, for the significant experience and perspectives they have brought, which have always been of great value to the Board, and wish them well for the future."

There are no other details that are required to be disclosed in respect of Rule 9.6.13 of the Listing Rules.

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