Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information CORPORATE GOVERNANCE OUR ROLE CapitaLand Ascott Trust (CLAS) is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust (CapitaLand Ascott BT) pursuant to a stapling deed dated 9 September 2019 (as amended) and each stapled security consists of one CapitaLand Ascott REIT Unit and one CapitaLand Ascott BT Unit and is treated as a single instrument (Stapled Security). CapitaLand Ascott Trust Management Limited (REIT Manager) was appointed manager of CapitaLand Ascott REIT in accordance with the terms of the trust deed dated 19 January 2006 (as amended) between the REIT Manager and DBS Trustee Limited, as the trustee of CapitaLand Ascott REIT (Trustee). CapitaLand Ascott Business Trust Management Pte. Ltd. (Trustee-Manager) (collectively with the REIT Manager, the Managers) was appointed the trustee-manager of CapitaLand Ascott BT in accordance with the terms of the trust deed constituting CapitaLand Ascott BT dated 9 September 2019 (as amended) (collectively, Trust Deeds)1. We, as the Managers, set the strategic direction of CLAS on any investment or divestment opportunities and asset enhancements in accordance with the stated investment strategy of CLAS. The research, evaluation and analysis required for this purpose are coordinated and carried out by us as the Managers. As the Managers, we have general powers of management over the assets of CLAS. Our primary responsibility is to manage the assets and liabilities of CLAS for the benefit of the stapled securityholders of CLAS (Stapled Securityholders). We do this with a focus on generating rental income and enhancing asset value over time so as to maximise returns from the investments, and ultimately the distributions and total returns, to Stapled Securityholders. Our other functions and responsibilities as the Managers include: (a) using our best endeavours to conduct CLAS’ business in a proper and efficient manner; (b) preparing annual business plans for review by the directors of the Managers (Directors), including forecasts on revenue, net income, and capital expenditure, explanations on major variances to previous years’ financial results, written commentaries on key issues and underlying assumptions on rental rates, operating expenses and any other relevant assumptions; (c) ensuring compliance with relevant laws and regulations, including the Listing Manual of Singapore Exchange Securities Trading Limited (SGX-ST) (Listing Manual), the Code on Collective Investment Schemes (CIS Code) issued by the Monetary Authority of Singapore (MAS) (including Appendix 6 of the CIS Code (Property Funds Appendix)), the Business Trusts Act 2004 (BTA), the Business Trusts Regulations 2005 (BTR), the Securities and Futures Act 2001 (SFA), written directions, notices, codes and other guidelines that the MAS may issue from time to time, the tax rulings issued by the Inland Revenue Authority of Singapore on the taxation of CLAS and Stapled Securityholders, and the United Kingdom’s Alternative Investment Fund Managers Regulations 2013 (as amended) (AIFMR); (d) attending to all regular communications with Stapled Securityholders; and (e) supervising the relevant property manager which performs the day-to-day property management functions (including leasing, marketing, promotion, operations coordination and other property management activities) for CLAS’ properties. The Managers also consider sustainability issues (including environmental and social factors) as part of our responsibilities. CLAS’ environmental sustainability and community outreach programmes can be found in CLAS’ Sustainability Report 2023, which will be published in May 2024. CLAS is externally managed by the Managers. The Managers appoint experienced and well qualified personnel to run their day-to-day operations. 1 Copies of the Trust Deeds for the time being in force shall be made available for inspection at the registered offices of the REIT Manager and the Trustee-Manager at all times during usual business hours. Prior appointment would be appreciated. ANNUAL REPORT 2023 93
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