Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information CLAS supports the principle of encouraging Stapled Securityholder participation and voting at general meetings. CLAS’ Annual Report is provided to Stapled Securityholders within 120 days from the end of CLAS’ financial year. Stapled Securityholders may download the Annual Report (printed copies are available upon request) and the notices of general meeting from the Website. More than the legally required notice period for general meetings is generally provided. The notices of general meeting are also available on SGXNet. The rationale and explanation for each agenda item which requires Stapled Securityholders’ approval at a general meeting are provided in the notice of general meeting or in the accompanying circular (if any) issued to Stapled Securityholders in respect of the matter(s) for approval at such general meeting. This enables Stapled Securityholders to exercise their votes on an informed basis. To safeguard the Stapled Securityholders’ interests and rights, a separate resolution is proposed for each substantially separate matter to be approved at a general meeting, unless the issues are interdependent and linked so as to form one significant proposal. Where the resolutions are “bundled”, the reasons and material implications will be explained in the notice of general meeting. At general meetings, Management makes a presentation to Stapled Securityholders to update them on CLAS’ performance, position and prospects. The presentation materials are made available to Stapled Securityholders on the Website and also on SGXNet. At general meetings, Stapled Securityholders are informed of the rules governing general meetings and given the opportunity to communicate their views, ask questions and discuss with the Boards and Management on matters affecting CLAS. Representatives of the Trustee, Directors (including the Chairman of the respective Board Committees), key management personnel and the external auditors of CLAS, are present for the entire duration of the general meetings to address any queries that the Stapled Securityholders may have, including queries about the conduct of CLAS’ external audit and the preparation and contents of the external auditors’ report. To ensure transparency in the voting process and better reflect Stapled Securityholders’ interests, CLAS conducts electronic poll voting for all the resolutions proposed at general meetings. One Stapled Security is entitled to one vote. Voting procedures and the rules governing general meetings are explained and vote tabulations are disclosed at the general meetings. An independent scrutineer is also appointed to validate the vote tabulation procedures. Votes cast, for or against and the respective percentages, on each resolution are tallied and displayed live on-screen to Stapled Securityholders after each resolution is voted on at the general meetings. The total number of votes cast for or against each resolution and the respective percentages are also announced on SGXNet after the general meetings. Provision 11.4 of the Code requires an issuer’s Constitution to allow for absentia voting at general meetings of shareholders. CLAS’ Trust Deeds currently do not permit Stapled Securityholders to vote at general meetings in absentia (such as via mail or email). Further to legislative changes implemented in July 2023 to recognise real-time remote electronic voting, the REIT Manager considered and on 6 October 2023 implemented relevant amendments to the trust deed dated 19 January 2006 (as amended) constituting CapitaLand Ascott REIT so as to permit real-time remote electronic voting for CapitaLand Ascott REIT. As a result of similar recent legislative changes to the business trusts regime which automatically permitted real-time remote electronic voting for CapitaLand Ascott BT provided that the trust deed constituting CapitaLand Ascott BT is not subsequently amended to exclude such automatic application, the Trustee-Manager has considered and opted not to exclude the recognition of real-time remote electronic voting for CapitaLand Ascott BT. The Managers are of the view that although these aforementioned changes may still be considered a partial deviation from Provision 11.4 of the Code as Stapled Securityholders or their duly appointed proxy(ies) are still required to attend the general meeting virtually in order to avail themselves of real-time remote electronic voting, Stapled Securityholders nevertheless now have greater opportunities (in addition to the proxy regime) to communicate their views on matters affecting CLAS even when they are not physically in attendance at general meetings. The Managers will consider implementing further amendments to CLAS’ Trust Deeds to fully permit absentia voting after they have carried out careful study and are satisfied that the integrity of information and the authentication of the identity of Stapled Securityholders will not be compromised, and after the implementation of legislative changes to recognise methods of voting without the need for Stapled Securityholders or their duly appointed proxy(ies) to be present in-person or virtually. Minutes of the general meetings recording the substantial and relevant comments made, questions raised and answers provided, are prepared and are available to Stapled Securityholders for their inspection upon request. Minutes of general meetings are also made available on the Website as soon as practicable. Accordingly, the rights provided to Stapled Securityholders are consistent with the intent of Principle 11 of the Code. ANNUAL REPORT 2023 125
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