2 Shires Income PLC
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt about the
action you should take, you are recommended to seek
your own financial advice from your stockbroker, bank
manager, solicitor, accountant or other financial adviser
authorised under the Financial Services and Markets Act
2000 (as amended by the Financial Services Act 2012) if
you are in the United Kingdom or, if not, from another
appropriately authorised financial adviser.
If you have sold or otherwise transferred all your Ordinary
shares in Shires Income PLC, please forward this
document, together with the accompanying documents
immediately to the purchaser or transferee, or to the
stockbroker, bank or agent through whom the sale or
transfer was effected for transmission to the purchaser
or transferee.
Overview
Performance Highlights 3
Financial Calendar and Highlights 4
Strategic Report
Chairman’s Statement 8
Overview of Strategy 11
Promoting the Success of the Company 19
Performance 22
Investment Manager’s Review 26
Investment Case Studies 33
The Investment Manager’s Approach to ESG 35
Portfolio
Ten Largest Investments 42
Investment Portfolio - Equities 43
Investment Portfolio - Other Investments 46
Distribution of Assets and Liabilities 47
Sector Analysis 48
Governance
Board of Directors 52
Directors’ Report 54
Directors’ Remuneration Report 61
Audit Committee’s Report 64
Financial Statements
Statement of Directors’ Responsibilities 70
Independent Auditor’s Report 71
Statement of Comprehensive Income 79
Balance Sheet 80
Statement of Changes in Equity 81
Cash Flow Statement 82
Notes to the Financial Statements 83
Corporate Information
Information about the Investment Manager 104
Investor Information 107
Glossary of Terms 110
Alternative Performance Measures 112
AIFMD Disclosures (Unaudited) 115
General
Notice of Annual General Meeting 117
Contact Addresses 125
Contents