The Crown Estate

The Crown Estate

The Crown Estate is a £13bn real estate business with an actively managed portfolio of high-quality assets in great locations.

We specialise in commercial property in central London, prime retail across the country and offshore wind. We also have a substantial rural and coastal portfolio and manage the seabed and around England, Wales and Northern Ireland.

Established by an Act of Parliament as an independent commercial business, we return all our profit to HM Treasury, totalling £2.6bn over the last ten years. We have also outperformed the market for nearly a decade.

Our purpose is to create brilliant places through conscious commercialism. This means we take a long term-view and an astute, considered, collaborative approach that helps us create success for our business and those we work with.

We have a wide range of high profile international partners and customers, including a number of global sovereign wealth and pension funds, together with international office occupiers and flagship retailers. Corporately, our significant stakeholders include HM Treasury and the Royal Household.

Our business

The Crown Estate comprises four major portfolios:

Central London: This portfolio is concentrated in the West End, where we own nearly the entire freehold to Regent Street and around half of St James’s, totalling around 8m sqft of commercial property space. Valued at nearly £7bn, the portfolio represents around 60% of the business’s total propertyvalue.
Regional Retail: With a portfolio of 19 prime regional retail assets outside London, The Crown Estate is one of the largest direct owners of retail and leisure parks in the UK. Holdings include shares in three shopping centres, one leisure destination and 15 retail parks in locations such as Oxford, Nottingham, Leicester, Aintree andNewcastle.
Energy, Minerals and Infrastructure: We manage the seabed out to the 12 nautical mile territorial limit around England, Wales and Northern Ireland. This also includes the rights to explore and utilise the natural resources (apart from hydrocarbons) on the UK Continental shelf. It covers a wide variety of businesses and activities, in particular offshore energy, cables and pipelines, and sand and gravelextraction.
Rural and Coastal, including the Windsor estate: This portfolio extends to 95,100 hectares of agricultural land and property. We also manage just under half of the foreshore around England, Wales and Northern Ireland. The Windsor estate is a 15,800 acre Royal Park and forest, which lies immediately to the south of Windsor Castle. We have been entrusted with a statutory responsibility to maintain and enhance the Park for the public toenjoy.

How we manage the business

Strategic leadership of the business is provided by a non-executive Board, with management delegated to the Chief Executive and the executive team. The executive team comprises the Chief Executive, Chief Financial Officer, Chief Investment Officer and Chief Operating Officer.

Our principal focus is on achieving our income and total return targets in a sustainable manner, for the long term. We achieve this through specialising in those areas where we have scale and expertise to outperform the market; underpinned by our clear corporate strategy and purpose.

Uniquely, for a commercial business, we cannot borrow; instead, we actively manage our assets to recycle capital and also access capital through joint ventures with strategic investors. Our partner funds managed in joint ventures now stands at over £2 billion. Partners include Norges Bank Investment Management; Healthcare of Ontario Pension Plan (HOOPP); Oxford Properties Group and Gingko Tree Investment Ltd. More detailed information about The Crown Estate and its business can be found at our website at

The Board

Composition

The Board comprises eight members, including the Chair (who is non-executive), Chief Executive, (who is executive), Chief Financial Officer, (who is executive), non-executive Board members, and a Board Counsellor. 1

The role of the Board

The power and duties of the Board are prescribed in The Crown Estate Act 1961 which sets out the overall responsibility of the Board as maintaining and enhancing the value of The Crown Estate and the return obtained from it whilst having due regard to the requirements of good management.

The Board delegates day-to-day responsibility for the management of the estate to the Chief Executive but retains responsibility for:

•Agreeing objectives, policies and strategies, and monitoring the performance of the executivemanagement.

•Agreeing and setting the overall strategic direction of the business for implementation through the ExecutiveCommittee.

•Keeping under review the general progress and long-term development of The Crown Estate in the light of the political, economic and social environments in which itoperates.

•Controlling and monitoring the financial state and performance of The Crown Estate (including investment and financial plans), approving the objectives of The Crown Estate and its corporateplan.

•Approving major expenditure and transactions including, for example, acquisitions, disposals and jointventures.

•Ensuring that The Crown Estate pursues sound and proper policies in relationto:

Riskmanagement.
Health andsafety.
Internal and externalaudit.
Internalcontrol.
Investmentstrategy.
Informationsystems.
Sustainability.
Public relations andcommunications.
Accounting.
Humanresources.
Corporategovernance.

•Delegating clear responsibility and authority to the Chair, Executive Committees, the Chief Executive, board members or groups of Board members, Directors, Heads of Department andothers.

•Giving approval or support, as appropriate, to the most senior appointments/dismissals and ensuring that adequate career development, succession and remuneration arrangements exist.

1 Board Counsellors are non-voting co-optees whose role is to supplement the knowledge of the Board and inform decision making.

Delegated authorities

The Board has a formal schedule of matters reserved for its decision which include:

•Approving the annual report andaccounts.

•Approving the annual budget and strategicplan.

•Agreeing key capital expenditure ordisposals.

•Agreeing Corporate, Investment, Finance and Operationsstrategies.

•Granting or varying authority levels for Board Committees and the ChiefExecutive.

Certain matters are delegated under agreed terms of reference to committees of the Board. These include: Audit, Remuneration, and Nominations Committees.

Other issues are delegated to executive committees which include the Executive Committee, investment committee, Finance and Operations Committee, which are chaired by the Chief Executive.

Performance of the Board

The Chairman is responsible for conducting an annual appraisal of the Board, including the Chief Executive. This includes an appraisal by the Board members of the performance and relationship between themselves, the Chair and the Chief Executive.

Recruitment

Appointees are selected to collectively provide an appropriate balance of skills and experience, with minimal conflict with their outside interests. HM Treasury is responsible for recommending The Crown Estate appointments to the Prime Minister who recommends appointment to HM the Queen.

The personal attributes for the appointment

Please see the candidate specification which gives details on the responsibilities of the role together with the personal attributes sought for this appointment.

Terms of the appointment

The remuneration for the appointment is £20,000 per annum and is subject to review at 1 April annually in-line with the recommendations of the Government’s Senior Salaries Review Body. The initial appointment is on the basis of a four year warrant.

The time commitment is approximately 20 days per annum with a minimum of six and a maximum of nine Board meetings per year.

Application Process How to apply

Please provide the following information:

•CV, which provides details of your qualifications, employment history, skills andexperience.

•Covering letter in which you succinctly address how you meet the requirements for the position.

•Names of at least two referees who may be contacted at short list stage i.e. before final interview. Confirmation that you are happy for Korn Ferry or its client to undertake any necessary background checks including career, credit and qualifications or similar post short liststage.

•Personal details form, political activities monitoring form and equal opportunities monitoring form.

These can be downloaded at (go to ‘Opportunities’ and enter code MG193)or you can request that Korn Ferry email or send a hard copy to you.

The equal opportunities monitoring form will not be disclosed to anyone involved in assessing your application.

The application should be sent via email or post, quoting reference number MG193.

•By email:

•By post: Connie Healy, Korn Ferry, Ryder Court, 14 Ryder Street, London SW1Y 6QB, United Kingdom

Closing date for receipt of applications: Monday 11th September 2017

If you have any questions about the appointment or the process, please do not hesitate to contact us by email at or telephone on 0207 024 9048.

If you consider that you may have an interest which may conflict with this appointment and would like to speak to someone regarding this, please contact Connie Healy from Korn Ferry at

0207 024 9048.

Timetable

The selection panel will be chaired by Robin Budenberg, Chairman of The Crown Estate. Other members of the panel will include representatives of The Crown Estate and HM Treasury. An independent member will also sit on the selection panel to help ensure a process of fair, independent and open assessment.

The recruitment timetable: (preliminary dates subject to change dependent on panel availability)

Closing date for receipt of applications:11th September 2017
Preliminary interviews with representatives from Korn Ferry:12th September to 6th October 2017
Interview with selection panel: 30th October to 3rd November 2017

*In accordance with the of Code of Practice published by the Commissioner for Public Appointments, candidates recommended as suitable for appointment may be required to attend an interview with the Exchequer Secretary to The Treasury.

Stay informed

You can keep up to date with all the latest news about The Crown Estate through a range of communication channels:

Our website: Follow us on Twitter

@TheCrownEstate Get updates

London

The Crown Estate

1 St James’s Market London

SW1Y 4AH

Tel: 020 7851 5000

Windsor

The Crown Estate The Great Park Windsor, Berkshire SL4 2HT

Tel: 01753 860 222

Job Profile

Board Commissioner

To support our continued strong performance, The Crown Estate would like to identify a senior leader with a breadth of business and investment experience from across the United Kingdom to join the Board. This experience could have been gained within the retail or commercial rural sector or in regional property and land investment enabling you to bring insight to the Board’s discussion in these areas.

Experience and Skills:

Deep commercial and business acumen to make a real contribution to the Board’s business across a range of strategic and operationalissues
Experience of rural and regional business or property investment and development issues, gained through either commercial, private or communityactivities across the United Kingdom
Senior leadership experience gained in retail, or commercial rural sectors and able to bring insight to the Board’s discussion in theseareas
Financially literate from a commercial perspective to an appropriate level for membership of the AuditCommittee
Experience of working at a strategic level in an organisation ofscale
Excellent interpersonal and strategic stakeholder management skills coupled with the ability to work effectively as part of a high performing talentedteam
Ability to work collegiately with other Boardmembers

Principles of Public Life:

Non-Executive Board members are required to uphold the seven principles of public life:

Selflessness: To act solely in terms of the public interest, not to gain financial or other benefits for themselves, their family orfriends
Integrity: Not to place themselves under any financial or other obligation to outside individuals or organisations that might seek to influence them in the performance of their duties as a Non-Executive Board member of The CrownEstate
Objectivity: In carrying out business, including making public appointments, awarding contracts or recommending individuals for rewards and benefits, Non-Executive Board members should make choices onmerit
Accountability: Accountable for their decisions and actions to the public and must submit themselves to whatever scrutiny is appropriate to theirappointment
Openness: Should be as open as possible about all the decisions and actions they take. They should give reasons for their decisions and restrict information only when the wider public interestdemands
Honesty: A duty to declare and private interests relating to their duties as a Non- Executive Board member and to take steps to resolve anyconflicts
Leadership: Promote and support these principles by leadership andexample

The Crown Estate Behaviours:

We respect and are open and honest with each other and the people we workwith
We work collaboratively with colleagues and partners, connecting people, ideas and opportunities
We are enterprising in how we create value, agile and considered in how we dobusiness
We do what we say and tackle our work with spirit and commitment, empowering ourselves andothers

Appointment Terms:

Duration of appointment – initial term of up to fouryears
Anticipated time commitment – 20 days perannum
Fees - £20,000 perannum
This profile will be reviewed as a result of any changes arising from any changes to the published Combined Code or Guidance issued by HMTreasury

Non-Executive Board Commissioner Appointment

The Crown Estate is a £13bn real estate business with an actively managed portfolio of high-quality assets. We specialise in commercial property in central London, prime retail across the country and offshore wind. Our assets include Regent Street and much of St James’s, Windsor Great Park, numerous prime retail parks, hundreds of thousands of acres of rural and coastal land, and most of the UK seabed.

Our purpose is to create brilliant places through conscious commercialism and we work with a wide range of high profile international partners and customers. These include a number of global sovereign wealth and pension funds, together with international office occupiers and flagship retailers. Corporately, our significant stakeholders include HM Treasury and the Royal Household.

The Crown Estate is managed by a Board, responsible for setting the strategy for the business. The Board’s role is to bring exemplary knowledge, experience and competence to inform its strategic decision making.

The Crown Estate would like to identify a senior leader/professional with a breadth of business experience to join the Board. This experience may have been gained within the retail sector, enabling you to bring particular insight to the Board’s discussion in this area. In addition, you may have experience of rural and regional business or property investment and development issues gained through either your commercial, private or community activities.

You will need to demonstrate excellent interpersonal and stakeholder management skills, together with strong powers of analysis and business acumen. You will have experience of working at a strategic level in a sizable commercial organisation, making a real contribution to the Board’s general business. It is expected that you will also join The Crown Estate’s Audit Committee.

Board members are appointed for an initial term of up to four years, which is renewable for one further term. The position carries a commitment of approximately 20 days per annum and the current remuneration is £20,000 pa.

For further information please visit (go to ‘Opportunities’ and enter code MG193 or contact Connie Healy at . Closing date for applications is 11th September 2017.

The Crown Estate is committed to diversity and welcomes applications from all sections of the community.