Corporate Governance 4 (100%) Independent Directors 3 (100%) Non-Independent Directors 3 (100%) Independent Directors AUDIT AND RISK COMMITTEE (ARC) EXECUTIVE COMMITTEE (EC) NOMINATING AND REMUNERATION COMMITTEE (NRC) 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 and its subsidiaries (CLAS Group) and make recommendations to the Trustee on any investment or divestment opportunities for CLAS and the enhancement of the assets of CLAS 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, but are not limited to: (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, 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; 1 Copies of the Trust Deeds for the time being in force will be available for inspection at the registered offices of the Managers during usual business hours. Prior appointment with the Managers is required. Please contact the Managers via email at ask-us@capitalandascotttrust.com. OUR GOVERNANCE FRAMEWORK BOARDS OF DIRECTORS as at the date of this Report 8 Directors comprising 5 (62.5%) Independent Directors and 3 (37.5%) Non-Independent Directors 63 Annual Report 2024
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