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Ascott Residence Trust
Annual Report 2015
Corporate Governance
including providing objective perspectives on issues, facilitating business opportunities and strategic relationships,
and accessibility to Management outside of the formal environment of Board and/or Board Committee meetings.
Reviews of Board performance were carried out on an informal basis for FY 2015. 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 relevant information on a timely basis prior to
Board meetings, and on an ongoing basis to enable the Directors to make informed decisions to discharge their
duties and responsibilities. Reports on Ascott Reit’s performance are also provided to the Board on a regular basis.
The Board meets regularly and Board meetings, in general last up to half a day. At each Board meeting, the CEO
provides update on Ascott Reit’s business and operations as well as financial performance. Presentations in
relation to specific business areas are also made by key executives and external consultants or experts; this allows
the Board to develop a good understanding of the progress of Ascott Reit’s business as well as the issues and
challenges facing Ascott Reit, and also promotes active engagement between the Board and the key executives
of the Manager.
As a general rule, Board papers are sent to Board members at least five working days prior to each Board meeting
to allow members of the Board to prepare for the Board meetings and to enable discussions to focus on any
questions that they may have.
In line with the Manager’s commitment to limit paper wastage and reduce its carbon footprint, the Manager no
longer provides printed copies of Board papers and Directors are instead provided with tablet devices to enable
them to access and read Board and Board Committee papers prior to and at meetings. This initiative also enhances
information security as the papers are downloaded to tablet devices through an encrypted channel.
In addition to providing complete, adequate and timely information to the Board on Board affairs and issues
requiring the Board’s decision, Management also provides ongoing reports relating to the operational and financial
performance of the Manager, such as monthly management reports.
Where appropriate, informal meetings are also held for Management to brief Directors on prospective deals and
potential developments in the early stages before formal Board approval is sought.
The Board has separate and independent access to Management including the company secretary of the Manager
(Company Secretary) at all times. The Company Secretary attends to corporate secretarial administration matters
and is the corporate governance advisor on corporate matters to the Board and Management. The Company
Secretary attends Board meetings. The Board, whether as individual Director or as a group, is also entitled to have
access to independent professional advice where required, at the Manager’s expense.
The AC also meets the internal and external auditors separately at least once a year, without the presence of the
CEO and Management and has unfettered access to any information that it may require.
