CORPORATE GOVERNANCE DIVERSITY TARGETS, PLANS AND TIMELINES TARGETS ACHIEVED / PROGRESS TOWARDS ACHIEVING TARGETS Tenure To ensure that the Boards comprise Directors across the following tenure groups: (a) less than 3 years; (b) 3 to 6 years; and (c) more than 6 years, and to maintain such level of tenure diversity during the period leading up to 2025. The Managers believe that tenure diversity would facilitate renewal of the Boards progressively and in an orderly manner, whilst ensuring knowledge continuity about the Managers and CLAS and their business operations and sustainability of corporate performance. Achieved – As at the end of FY 2023 and as at the date of this Report, the Boards comprise Directors across all 3 tenure groups. In particular: (a) less than 3 years – 3 Directors (b) 3 to 6 years – 3 Directors (c) more than 6 years – 3 Directors Skills & Experience To ensure that the Directors as a group, possess: (a) a variety of skill sets, including in core competencies, domain knowledge and other fields of expertise, such as finance, banking, real estate and investment management; and (b) a mix of industry experience, management experience and listed company board experience by 2025, or (if applicable) to maintain such level of diversity in skill sets and experience during the period leading up to 2025. The Managers believe that diversity in skill sets would support the work of the Boards and Board Committees and needs of the Managers, and that an optimal mix of experience would help shape the Managers’ strategic objectives and provide effective guidance and oversight of Management and the Managers’ operations. The Managers continually endeavour to deepen the bench strength of the Boards with complementary and relevant expertise, including in the areas of lodging, hospitality and sustainability. Achieved / Achieving Targets – As at the end of FY 2023 and as at the date of this Report, the Boards comprise Directors who, as a group, possess a significant majority of the identified core skills and experience. The Boards will continue to look for opportunities to strengthen certain skill sets. In terms of skill sets, the Boards comprise Directors with a variety of skills and expertise in areas including hospitality, investment management, real estate, accounting, finance, governance, banking and capital markets and sustainability. In terms of experience, the Boards comprise Directors who are corporate and business leaders and who collectively have experience in general business management, have served on public listed company boards, have international or regional experience and have exposure in various industry sectors and markets. The NRC, in carrying out its duties of determining the optimal composition of the Boards in their board renewal process and addressing board vacancies, identifies possible candidates that bring a diversity of background and opinion from amongst candidates with the appropriate background and industry or related expertise and experience. In identifying possible candidates and making recommendations of board appointments to the Boards, the NRC considers, among others, achieving an appropriate level of diversity in the Boards’ composition having regard to diversity factors such as age, educational, business and professional backgrounds of their members. Gender diversity is also considered an important aspect of diversity. The current Boards have three female members, one of whom is also the CEO, and the current female representation on the Boards is 33.3%. It is noted that the Council for Board Diversity has a target of women making up 25% of the boards of SGX-ST listed companies by 2025. 106 CAPITALAND ASCOTT TRUST
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