of the Trustee-Manager, with the nature of such relationships (if any) and explanations of the grounds for the determination of the relevant director’s independence set out in the section on “Board Independence” on pages 68 to 70 of this Annual Report: Lui Chong Chee; Sim Juat Quee Michael Gabriel; Chia Kim Huat; Deborah Lee Siew Yin; and Max Loh Khum Whai Ms Teo Joo Ling, Serena, Ms Beh Siew Kim and Mr Yeo Chin Fu Ervin are considered non-independent directors. Ms Teo Joo Ling, Serena is the CEO of the REIT Manager and the Trustee-Manager (Managers). Ms Beh Siew Kim and Mr Yeo Chin Fu Ervin are employees of CLI Group. None of the Trustee-Manager Directors would, by definition under the BTR, be independent from a substantial shareholder of the Trustee-Manager. The Trustee-Manager is a related corporation of the REIT Manager as both the Trustee-Manager and the REIT Manager are directly held by CLI Group and as CapitaLand Ascott BT and CapitaLand Ascott REIT are stapled, the directors of the Managers are identical to avoid any differences or deadlock in the operation of the Stapled Group. As a result, all five independent directors of the Trustee-Manager, namely Mr Lui Chong Chee, Mr Sim Juat Quee Michael Gabriel, Mr Chia Kim Huat, Ms Deborah Lee Siew Yin and Mr Max Loh Khum Whai, will prima facie be deemed to be connected to a substantial shareholder of the Trustee-Manager and hence not be independent pursuant to Regulations 12(1)(a) and 12(1) (b) of the BTR. The MAS has granted an exemption to the TrusteeManager from compliance with Regulations 12(1)(a) and 12(1) (b) of the BTR to the extent that non-compliance with these regulations is due to any Trustee-Manager Director being considered to be not independent from management and business relationships with the Trustee-Manager or from every substantial shareholder of the Trustee-Manager solely by virtue of such TrusteeManager Director also being a director of the REIT Manager. For the avoidance of doubt, a Trustee-Manager Director shall not be considered independent from a substantial shareholder of the Trustee-Manager if he is also a director of a subsidiary or an associated company of the substantial shareholder of the Trustee-Manager (where the subsidiary or associated company is not the Trustee-Manager or the REIT Manager). Statement of Policies and Practices in Relation to the Management and Governance of CapitaLand Ascott Business Trust 98 CapitaLand Ascott Trust
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