and their other responsibilities. A Director with multiple directorships is expected to ensure that
sufficient attention is given to the affairs of the Manager in managing the assets and liabilities of
Ascott Reit for the benefit of Unitholders. The Board believes that each individual Director is best
placed to determine and ensure that he is able to devote sufficient time and attention to discharge
his duties and responsibilities as a Director of the Manager, bearing in mind his other commitments.
In considering the nomination of Directors for appointment, the Board will take into account, amongst
other things, the competing time commitments faced by Directors with multiple Board memberships.
All Directors had confirmed that notwithstanding the number of their individual listed company board
representations and other principal commitments, which the Directors held, they were able to devote
sufficient time and attention to the affairs of the Manager in managing the assets and liabilities of
Ascott Reit for the benefit of Unitholders. The Board is of the view that the current commitments of
each of its Directors are reasonable and each of the Directors is able to and has been adequately
carrying out his duties.
Board Performance
Principle 5:
There should be a formal annual assessment of the effectiveness of the Board as a whole and
its board committees and the contribution by each director to the effectiveness of the Board.
The Manager believes that Board performance is ultimately reflected in the long-term performance
of Ascott Reit.
The Board strives to ensure that there is an optimal blend in the Board of background, experience
and knowledge in business, finance and management skills critical to Ascott Reit’s business and that
each Director could bring to the Board an independent and objective perspective to enable balanced
and well-considered decisions to be made in the interests of Ascott Reit. Contributions by an
individual Board member can also take other forms, including providing objective perspectives on
issues, facilitating business opportunities and strategic relationships, and accessibility by
Management outside of a formal environment of Board and/or Board Committees meetings.
Reviews of Board performance are carried out on an informal basis. The Manager believes that
collective Board performance and that of individual Board members are better reflected in, and
evidenced by, its and their proper guidance, diligent oversight and able leadership, and the support
that it lends to Management in steering Ascott Reit in the appropriate direction, and the long-term
performance of Ascott Reit whether under favourable or challenging market conditions. The Board
was also able to assess the Board Committees through their regular reports to the Board on their
activities.
Access to Information
Principle 6:
In order to fulfil their responsibilities, directors should be provided with complete, adequate
and timely information prior to board meetings and on an on-going basis so as to enable them
to make informed decisions to discharge their duties and responsibilities.
The Manager recognises the importance of providing the Board with timely, adequate and relevant
information prior to Board meetings, and as and when the need arises.
As a general rule, Board papers are sent to Board members at least five working days prior to the
Board meeting to allow the members to prepare for the Board meetings and to enable the discussions
to focus on questions that the members may have. However, sensitive matters may be tabled at the
meeting itself or discussed without any papers being distributed.
Corporate Governance
32 | Ascott Residence Trust Annual Report 2014
