Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information More information on the Managers’ investor and media relations efforts can be found in the Investor Relations section on pages 76 to 78 of this Annual Report. The Managers also have in place a corporate communications function supported by CLI’s Group Communications department which works closely with the media and oversees CLAS’ media communications efforts. Managing Stakeholder Relationships The Boards’ role includes considering sustainability as part of their strategic formulation. The Managers adopt an inclusive approach for CLAS by considering and balancing the needs and interests of material stakeholders, as part of the overall strategy to ensure that the best interests of CLAS are served. The Managers are committed to sustainability and incorporate the key principles of environmental and social responsibility, and corporate governance in CLAS’ business strategies and operations. The Managers have arrangements in place to identify and engage with material stakeholder groups from time to time to gather feedback on the sustainability issues most important to them and to manage their relationships with such groups. Such arrangements include maintaining the Website, which is kept updated with current information, to facilitate communication and engagement with CLAS’ stakeholders. The rights of CLAS’ creditors, which comprises of lending banks, are protected with well-spread debt maturity, healthy interest coverage ratio and gearing ratio below the regulated limits. Regular internal reviews are also conducted to ensure that various capital management metrics remain compliant with loan covenants. More details of CLAS’ stakeholder engagements can be found on pages 76 to 78 of this Annual Report and in CLAS’ Sustainability Report 2023 which will be published in May 2024. ADDITIONAL INFORMATION Executive Committee In addition to the ARC and the NRC, the Boards have also established an EC. At present, the EC comprises three Directors. The three members on the EC are Mr Goh Soon Keat Kevin (EC Chairman), Ms Teo Joo Ling, Serena and Ms Beh Siew Kim. The EC oversees the day-to-day activities of the Managers and that of CLAS, on behalf of the Boards. The EC is guided by its terms of reference, in particular, the EC: (a) approves specific budgets for capital expenditure on development projects, acquisitions and enhancements/ upgrading of properties within its approved financial limits; (b) reviews management reports and operating budgets; and (c) awards contracts for development projects. The members of the EC also meet informally during the course of the year. Dealings with Interested Persons Review Procedures for Interested Person Transactions The Managers have established internal control procedures to ensure that all Interested Person Transactions are undertaken on an arm’s length basis and on normal commercial terms, which are generally no more favourable than those extended to unrelated third parties, and are not prejudicial to the interests of CLAS and Stapled Securityholders. In respect of such transactions, the Managers would have to demonstrate to the ARC that such transactions are undertaken on normal commercial terms and are not prejudicial to the interests of CLAS and Stapled Securityholders which may include obtaining (where practicable) third party quotations or obtaining valuations from independent valuers (in accordance with applicable provisions of the Listing Manual and the Property Funds Appendix). The internal control procedures also ensure compliance with Chapter 9 of the Listing Manual and the Property Funds Appendix. ANNUAL REPORT 2023 127
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