Ascott Reit’s distribution policy is to distribute at least 90% of its taxable income (other than gains on
the sale of real properties or shares by Ascott Reit which are determined to be trading gains), with
the actual level of distribution to be determined at the Manager’s discretion.
Conduct of Shareholder Meetings
Principle 16:
Companies should encourage greater shareholder participation at general meetings of
shareholders, and allow shareholders the opportunity to communicate their views on various
matters affecting the company.
The Manager supports the principle of encouraging Unitholders’ participation and voting at general
meetings. Unitholders receive a CD containing the Ascott Reit Annual Report (printed copies are
available upon request) and notice of the annual general meeting. As and when an extraordinary
general meeting is to be held, Unitholders will receive a copy of the circular which contains details
of the matters to be proposed for Unitholders’ consideration and approval. Notices of the general
meetings are also advertised in the press and issued via SGXNet.
At general meetings, Unitholders are encouraged to communicate their views on and discuss with the
Board and Management matters affecting Ascott Reit. Representatives of the Trustee, Directors
(including the respective Chairpersons of the Board and the AC), the Manager’s senior management
and the external auditors of Ascott Reit, would usually be present at general meetings.
To safeguard Unitholders’ interests and rights, a separate resolution is proposed for each
substantially separate issue at general meetings. To ensure transparency in the voting process and
better reflect Unitholders’ interest, the Manager conducts poll voting for Unitholders/proxies present
at the meeting for all the resolutions proposed at the general meetings. The total number of votes cast
for or against the resolutions and the respective percentages are announced after the general
meetings via SGXNet. Minutes of the general meetings are taken and are available to Unitholders for
their inspection upon request.
Unitholders also have the opportunity to communicate their views and discuss with the Board and
Management matters affecting Ascott Reit after the general meetings.
(E) ADDITIONAL INFORMATION
Executive Committee
Apart from the AC and CDC, the Board has also established an EC.
The EC oversees the day-to-day activities of the Manager and that of Ascott Reit, on behalf of the
Board. The EC is guided by its terms of reference, in particular, the EC:
(a) reviews, endorses and recommends to the Board strategic directions and management policies
of the Manager in respect of Ascott Reit;
(b) oversees operational, investment and divestment matters within approved financial limits; and
(c) reviews management reports and operating budgets.
The members of the EC also meet informally during the course of the year.
Corporate Governance
40 | Ascott Residence Trust Annual Report 2014
