Sustainable Stewardship INTEGRATED ANNUAL REPORT 2020 Commemorative Trees 2019 INTEGRATED ANNUAL To mark 50 years of The Duke of Cornwall as Chairman REPORT 2020 of The Prince’s Council, a total of 148 trees were planted at each principal mainland Duchy farm and office, with For the year ended 31st March 2020 special benches installed on the Isles of Scilly. Presented to Parliament pursuant to Section 2 of the Duchies of Lancaster and Cornwall (Accounts) Act 1838 3 © DUCHY OF CORNWALL 2020 ANY QUERIES SHOULD BE SENT TO:
[email protected] Welcome This Integrated Annual Report summarises activity on the Duchy of Cornwall estate for the year ended 31st March 2020. It aims to describe how decisions made in the course of meeting our commercial responsibilities affect local communities, the economy and the natural environment. CONTENTS SUSTAINABLE STEWARDSHIP Strategic report The Duchy is a private estate that 4 Introduction 5 Value creation highlights provides an income to The Duke 6 Highlights of the year of Cornwall (The Prince of Wales). 8 Our diverse portfolio It is managed in harmony with 10 From the Keeper of the Records The Prince’s ethos so it can be 12 Understanding what matters most 14 Factors influencing value creation and principal risks passed on with pride to the next 20 How we create and share value: our business model generation. 22 Performance against strategic objectives Governance HISTORY AND 34 Direction, oversight and transparency CONSTITUTION 36 Governance roles and activities 38 Governance in action The Duchy of Cornwall was created 40 The Prince’s Council and Committees in 1337 by Edward III to provide an 43 Other disclosures income for his son, Prince Edward.