Report of the Trustee-Manager of CapitaLand Ascott Business Trust DIRECTORS’ CONTRACTUAL BENEFITS During the financial year, no director of the BT Trustee-Manager has received or became entitled to receive a benefit in CapitaLand Ascott BT by reason of a contract made by the BT Trustee-Manager, on behalf of CapitaLand Ascott BT or a related corporation with the director, or with a firm of which such director is a member or with a company in which such director has a substantial financial interest, except that the directors served as directors or employees of related corporations and received remuneration in that capacity from related corporations. UNIT OPTIONS During the financial year, there were: (i) no options granted by the BT Trustee-Manager to any person to take up unissued units in CapitaLand Ascott BT; and (ii) no units issued by virtue of any exercise of option to take up unissued units of CapitaLand Ascott BT. There were no unissued units in CapitaLand Ascott BT under option as at the end of the financial year. AUDIT AND RISK COMMITTEE The members of the audit and risk committee of the BT Trustee-Manager (the “ARC”) at the date of this statement are: • Mr Sim Juat Quee Michael Gabriel (Chairman), Independent, Non-Executive Director; • Mr Chia Kim Huat, Independent, Non-Executive Director; • Ms Deborah Lee Siew Yin, Independent, Non-Executive Director; and • Mr Max Loh Khum Whai, Independent, Non-Executive Director. The ARC performs the functions specified in Section 201B of the Companies Act 1967, Regulation 13(6) of the Business Trusts Regulations 2005 (“BTR”), the Listing Manual by Singapore Exchange Securities Trading Limited (the “SGX Listing Manual”) and the Code of Corporate Governance 2018. The ARC has held five meetings since the last report of the BT Trustee-Manager. In performing its functions, the ARC met with CapitaLand Ascott BT’s external and internal auditors to discuss the scope of their work, the results of their examination and evaluation of CapitaLand Ascott BT’s internal accounting control system. The ARC also reviewed the following: • assistance provided by CapitaLand Ascott BT’s officers to the internal and external auditors; • semi-annual financial information and annual financial statements of CapitaLand Ascott BT prior to their submission to the directors of the BT Trustee-Manager for adoption; and • interested person transactions (as defined in Chapter 9 of the SGX Listing Manual). The ARC has full access to management and is given the resources required for it to discharge its functions. It has full authority and the discretion to invite any director or executive officer to attend its meetings. The ARC also recommends the appointment of the external auditors and reviews the level of audit and non-audit fees. The ARC is satisfied with the independence and objectivity of the external auditors and has recommended to the Board of Directors of the BT Trustee-Manager that the auditors, Deloitte & Touche LLP, be nominated for re-appointment as independent external auditors of CapitaLand Ascott BT at the forthcoming Annual General Meeting of CapitaLand Ascott BT. In appointing our auditors for the CapitaLand Ascott BT Group, we have complied with Rules 712 and 715 of the SGX Listing Manual. INDEPENDENT AUDITOR The auditors, Deloitte & Touche LLP, has expressed its willingness to accept re-appointment. 105 Annual Report 2024
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