CORPORATE GOVERNANCE The Managers were appointed in accordance with the terms of the Trust Deeds. The Trust Deeds outline certain circumstances under which the Managers can be removed. In the case of CapitaLand Ascott REIT, by resolution passed by a simple majority, and in the case of CapitaLand Ascott BT, by 75% of Stapled Securityholders present and voting at a meeting of Stapled Securityholders duly convened and held in accordance with the provisions of the Trust Deeds. The Managers are wholly owned subsidiaries of CapitaLand Investment Limited (CLI) which holds a significant stapled securityholding interest in CLAS. CLI is a leading global real estate investment manager, with a vested interest in the long-term performance of CLAS. CLI’s significant stapled securityholding interest in CLAS demonstrates its commitment to CLAS and as a result, CLI’s interest is aligned with that of other Stapled Securityholders. The Managers’ association with CLI provides the following benefits, among other things, to CLAS: (a) strategic pipelines of property assets through CapitaLand Group; (b) wider and better access to banking and capital markets on favourable terms; (c) fund raising and treasury support; and (d) access to a bench of experienced management talent. OUR CORPORATE GOVERNANCE FRAMEWORK AND CULTURE The Managers embrace the tenets of good corporate governance, including accountability, transparency and sustainability. We are committed to enhancing long-term stapled securityholder value and have appropriate people, processes and structure to direct and manage the business and affairs of the Managers with a view to achieving operational excellence and delivering CLAS’ long-term strategic objectives. The policies and practices developed by the Managers to meet the specific business needs of CLAS provide a firm foundation for a trusted and respected business enterprise. Our corporate governance framework as at the date of this corporate governance report (Report) is set out below: BOARDS OF DIRECTORS OF THE MANAGERS 6 Independent Directors (ID) and 3 Non-Independent Directors (Non-ID) Led by Mr Tan Beng Hai, Bob, Chairman and ID AUDIT AND RISK COMMITTEE (ARC)* 4 IDs Led by Mr Sim Juat Quee Michael Gabriel, ARC Chairman EXECUTIVE COMMITTEE (EC) 3 Non-IDs Led by Mr Goh Soon Keat Kevin, EC Chairman NOMINATING AND REMUNERATION COMMITTEE (NRC) 2 IDs and 1 Non-ID Led by Mr Tan Beng Hai, Bob, NRC Chairman * The Audit Committee was renamed the Audit and Risk Committee with effect from 1 January 2024 94 CAPITALAND ASCOTT TRUST
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