The Treasury is charged with general oversight of The Crown Estate's business.
The Crown Estate therefore supplies the Treasury with:
- the quarterly financial information supplied to the board;
- information about significant business developments;
- information about any unusual or innovative proposals, e.g. proposals undergoing legal clarification.
In addition to ad hoc meetings as business dictates, the following regular discussions with the Treasury normally take place each year:
- in spring, the corporate plan and revenue targets looking forward to the next financial year and projecting the two following financial years ahead;
- in autumn, the investment strategy for the year ahead.
The Crown Estate agrees revenue targets for three years ahead with the Treasury and reviews them at its spring meeting. The targets take account of the likely development of the income stream from the portfolio and of GDP.
The Crown Estate measures its performance against:
- the revenue targets agreed with the Treasury;
- a bespoke IPD benchmark (measuring total return);
- other external indicators from time to time as appropriate e.g. Business in the Community.
The pay of Crown Estate staff is set within an overall pay framework which takes account of both Whitehall guidelines and individual job responsibilities, performance and movements in market pay, which are tracked annually. This framework is agreed with the Treasury, taking account of market pressures for staff. The remuneration of senior executives, apart from that of the chief executive, is approved by the remuneration committee. The chief executive's remuneration is approved by the Treasury, following consultation with the chairman.