Report of the Directors
Principal Activities
LSL Property Services plc is the holding company for a number of residential property services related businesses. The Group’s principal activities are:
• Estate Agency and Related Services, which includes Residential Sales, Lettings, Asset Management and Financial Services; and
• Surveying and Valuation Services.
Business Review and Development
The Chairman’s Statement and the Business Review set out a review of the business including details of LSL’s performance, developments (including
future developments) and strategy.
Annual general Meeting
The AGM will be held at the London offices of LSL, 1 Sun Street, London EC2A 2EP on 2nd May 2013 starting at 2.30pm.
The Notice of Meeting convening the AGM is in a separate circular to be sent to Shareholders with this Report. The Notice of Meeting also includes a
commentary on the business of the AGM and notes to help Shareholders to attend, speak and/or vote at the AGM.
Financial Results
The Business Review and Financial Statements set out the results of LSL.
Dividend
As a result of the improved operating performance of the Group, the reduction in Net Bank Debt and the Board’s positive view of future prospects
for the business, an increased final dividend of 6.4p per share (2011: 5.9p) will be proposed to Shareholders at the forthcoming AGM, increasing the
total dividend for 2012 by 9% to 9.5p per share (2011: 8.7p per share). The ex-dividend date for the final dividend is 10th April 2013 with a record date
of 12th April 2013 and a payment date of 10th May 2013. Shareholders have the opportunity to elect to reinvest their cash dividend and purchase
existing shares in LSL through a dividend reinvestment plan.
Employees
LSL recognises that our people are a valuable asset and it is committed to providing a working environment in which employees can develop to
achieve their full potential with opportunities for both professional and personal development. By creating such an environment, LSL believes that
this will enable the retention and recruitment of the right people to work at every level throughout the Group. An essential part of this strategy is
to encourage and promote effective communication with all employees, which also ensures that LSL, in its decision making, takes into account its
employees views.
The Group has an equal opportunities policy so that all job applicants are treated fairly and without favour or prejudice throughout selection,
recruitment, training, development and promotion. Further details of how LSL engages with its employees is detailed in the CSR Statement at pages
50 to 56 of this Report. The CSR Statement also summaries the Group’s policy on disabled employees.
Financial instruments
The Business Review sets out LSL’s strategies and objectives relating to treasury and risk management. Details of the financial instruments are set out
in note 29 of the Financial Statements.
Directors
The current Directors are listed with their biographies in LSL Board at pages 24 and 25 of this Report.
During 2012 Adrian Gill was appointed to the Board as an Independent Non Executive Director (10th September 2012). In addition Paul Latham (Non
Executive Director) retired from the Board with effect from 10th October 2012 and Alison Traversoni (Executive Director) retired with effect from 31st
December 2012. Full details of the current Directors are also detailed within the Directors’ Remuneration Report.
Re-election and Election
All of the Directors will each retire at the AGM and, being eligible, intend to stand for election. LSL’s articles provide that the Board may appoint an
individual to act as a Director, but anyone so appointed will retire from office at the next AGM and seek election, accordingly Adrian Gill, having been
appointed since the last AGM is standing for election. LSL may by ordinary resolution elect or re-elect any individual as a Director. In addition, by an
28 ANNUAL REPORT AND ACCOUNTS 2012