Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information The Boards also considered the conduct of Mr Chia in the discharge of his duties and responsibilities as a Director, and are of the view that the relationships set out above did not impair his ability to act with independent judgement in the discharge of his duties and responsibilities as a Director. Save for the relationships stated above, Mr Chia does not have any other relationships and is not faced with any of the circumstances identified in the Code, SFR, BTR and Listing Manual, or any other relationships which may affect his independent judgement. The Boards are therefore of the view that Mr Chia has exercised independent judgement in the discharge of his duties and responsibilities. Based on the above, the Boards arrived at the determination that Mr Chia is an ID. Ms Deborah Lee Siew Yin Ms Lee is not faced with any of the circumstances identified in the Code, SFR, BTR and Listing Manual and does not have any other relationships which may affect her independent judgement. The Boards also considered the conduct of Ms Lee in the discharge of her duties and responsibilities as a Director. The Boards are of the view that Ms Lee has exercised independent judgement in the discharge of her duties and responsibilities. Based on the above, the Boards arrived at the determination that Ms Lee is an ID. Mr Ong Su Kiat Melvyn Mr Ong stepped down from the Boards with effect from 1 January 2024. He is a Board member of JTC, a statutory board under the Ministry of Trade and Industry. CLI Group had made payments to JTC for JTC leases and the subletting thereof. Mr Ong has confirmed that he had no involvement in the process or approval of the lease arrangements between CLI Group and JTC and that the leases signed were conducted in the ordinary course of business, on arm’s length basis and based on normal commercial terms and/or market rates. His role in JTC is non-executive in nature and he is not involved in the day-to-day business operations of JTC. Mr Ong is also a NED of Singapore Technologies Engineering Ltd (STE), a subsidiary of Temasek. Temasek is deemed to be a substantial Stapled Securityholder and a substantial shareholder of the Managers. Mr Ong’s role in STE is non-executive in nature and he is not involved in the day-to-day conduct of the business of STE. He was also not under any obligation, whether formal or informal, to act in accordance with the directions of Temasek in the affairs of the Managers and CLAS. The Boards also considered the conduct of Mr Ong in the discharge of his duties and responsibilities as a Director, and are of the view that the relationships set out above did not impair his ability to act with independent judgement in the discharge of his duties and responsibilities as a Director. Save for the relationships stated above, Mr Ong did not have any other relationships and was not faced with any of the circumstances identified in the Code, SFR, BTR and Listing Manual, or any other relationships which may affect his independent judgement. The Boards are therefore of the view that Mr Ong has exercised independent judgement in the discharge of his duties and responsibilities. Based on the above, the Boards arrived at the determination that Mr Ong was an ID. Mr Max Loh Khum Whai Mr Loh was a managing partner of Ernst & Young LLP, Singapore (EY LLP) and a director of EY Corporate Advisors Pte. Ltd. (EY CAPL) and a few other companies affiliated with EY LLP. CLAS and its subsidiaries (CLAS Group), and CLI Group have business relationships with EY CAPL for tax consultancy and compliance services provided by EY CAPL. In addition, several member firms of Ernst & Young Global Limited established outside Singapore (EY Overseas Firms) have provided tax consultancy and compliance services to CLAS Group and CLI Group. EY LLP and related entities have made short term apartment bookings at the properties of CLAS and/or CLI Group for their employees’ accommodation requirements. Mr Loh has confirmed that he had no involvement in the process or approval of such engagements and that such transactions were conducted in the ordinary course of business, on arm’s length basis and based on normal commercial terms and/or market rates. Mr Loh is a NED of SPH Media Holdings Pte. Ltd. (SPH Media). CLI Group has business relationships with SPH Media for the subscription of newspapers, placement of advertisements in the newspapers and provision of sponsorships for a yearly campaign organised by SPH Media. SPH Media has also made short-term apartment bookings at the properties of CLAS and/or CLI Group for their employees’ accommodation requirements. Mr Loh’s role in SPH Media is non-executive in nature and he is not involved in the day-to-day conduct of the business of these corporations. Mr Loh has confirmed that he had no involvement in the process or approval of such engagements and that such transactions were conducted in the ordinary course of business, on arm’s length basis and based on normal commercial terms and/or market rates. ANNUAL REPORT 2023 103
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