Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information (a) for so long as CapitaLand Ascott BT is stapled to CapitaLand Ascott REIT, there will be no real prejudice to the interests of the holders of CapitaLand Ascott REIT Units for the Trustee-Manager and the REIT Manager to have the same board of directors as CapitaLand Ascott REIT Units and the CapitaLand Ascott BT Units will be stapled together and held by the same investors. The stapling together of CapitaLand Ascott REIT Units and CapitaLand Ascott BT Units means that the holders of CapitaLand Ascott REIT Units are at the same time the investors of the Stapled Securities, who stand to benefit as a whole; and (b) since the CapitaLand Ascott BT Units and CapitaLand Ascott REIT Units are held by the same pool of investors in the same proportion, concerns and potential abuses applicable to interested party transactions will be absent in transactions between CapitaLand Ascott REIT and CapitaLand Ascott BT. The remaining non-executive Directors, namely, Mr Goh Soon Keat Kevin and Ms Beh Siew Kim are employees of CLI Group and are not considered to be independent. Board Diversity The Boards embrace diversity and have formally adopted a Board Diversity Policy. The Board Diversity Policy provides for the Boards to comprise talented and dedicated Directors with a diverse mix of expertise, experience, perspectives, skills and backgrounds, with due consideration to diversity factors, including but not limited to, diversity in age and gender. The Boards believe in diversity and value the benefits that diversity can bring to the Boards in their deliberations by avoiding groupthink and fostering constructive debate. Diversity enhances the Boards’ decision-making capability and ensures that the Managers have the opportunity to benefit from all available talent and perspectives, which is essential to effective business governance and for ensuring long-term sustainable growth. The diversity targets, plans and timelines for achieving the targets and progress towards achieving the targets are described below. DIVERSITY TARGETS, PLANS AND TIMELINES TARGETS ACHIEVED / PROGRESS TOWARDS ACHIEVING TARGETS Gender To have at least 2 female Directors on the Boards during the period leading up to 2025. The Managers believe in achieving an optimum mix of men and women on the Boards to provide different approaches and perspectives. Achieved – As at the end of FY 2023 and as at the date of this Report, 3 out of 9 Directors are female. This represents 33.3% of the Boards. Age To ensure that the Boards comprise Directors across the following age groups: (a) 50 and below; (b) 51 to 60; and (c) 61 and above, and to maintain such level of age diversity during the period leading up to 2025. The Managers believe that age diversity would provide a broad spectrum of thoughts and views in deliberations of the Boards and Board Committees. Achieved – As at the end of FY 2023, the Boards comprise Directors across all 3 age groups. In particular: (a) 50 and below – 3 Directors (b) 51 to 60 – 2 Directors (c) 61 and above – 4 Directors Following the retirement of Mr Melvyn Ong with effect from 1 January 2024 and the appointment of Mr Lui Chong Chee with effect from 1 February 2024, as at the date of this Report, there are 2 Directors in each of the age group 50 and below and 51 to 60, and 5 Directors in the age group 61 and above. ANNUAL REPORT 2023 105
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