Corporate Governance Diversity Targets, Plans and Timelines Targets Achieved/Progress Towards Achieving Targets Skills & Experience To ensure that the Directors as a group, possess: (a) a variety of skill sets, including in core competencies, domain knowledge and other fields of expertise, such as finance, banking, real estate and investment management; and (b) a mix of industry experience, management experience and listed company board experience by 2025, or (if applicable) to maintain such level of diversity in skill sets and experience during the period leading up to 2025. The Managers believe that diversity in skill sets would support the work of the Boards and Board Committees and needs of the Managers, and that an optimal mix of experience would help shape the Managers’ strategic objectives and provide effective guidance and oversight of Management and the Managers’ operations. The Managers continually endeavour to deepen the bench strength of the Boards with complementary and relevant expertise, including in the areas of lodging, hospitality and sustainability. Achieved/Achieving Targets – As at the end of FY 2024 and as at the date of this Report, the Boards comprise Directors who, as a group, possess a significant majority of the identified core skills and experience. The Boards will continue to look for opportunities to strengthen certain skill sets. In terms of skill sets, the Boards comprise Directors with a variety of skills and expertise in areas including hospitality, investment management, real estate, accounting, finance, governance, banking and capital markets and sustainability. In terms of experience, the Boards comprise Directors who are corporate and business leaders and who collectively have experience in general business management, have served on public listed company boards, have international or regional experience and have exposure in various industry sectors and markets. powers of decision-making. The Chairman does not share any family ties with the CEO. The Chairman leads the Boards and plays a pivotal role in promoting open and constructive engagement among the Directors as well as between the Boards and Management at meetings. The Chairman also presides at general meetings of Stapled Securityholders where he fosters constructive dialogue between the Stapled Securityholders, the Boards and Management. The Chairman provides oversight to the CEO, who has full executive responsibilities to manage the Stapled Group’s business and to develop and implement policies approved by the Boards. The separation of the responsibilities of the Chairman and CEO and the resulting clarity of roles facilitate robust deliberations on CLAS’ business activities and ensure an appropriate balance of power, increased accountability and greater capacity of the Boards for independent decision-making. As the roles of the Chairman and the CEO are held by separate individuals who are unrelated, and the Chairman is an ID, no lead ID has been appointed. Moreover, the Gender diversity is also considered an important aspect of diversity. The current Boards have three female members, one of whom is also the CEO, and the female representation on the Boards is 37.5%. It is noted that the Council for Board Diversity has a target of women making up 25% of the boards of SGX-ST listed companies by 2025. The NRC has reviewed the size and composition of the Boards and their committees and is of the opinion that the current size is appropriate with an appropriate balance and diversity of skills, knowledge, talents, experience and backgrounds, taking into account the objectives of the Board Diversity Policy and CLAS’ business needs and plans, for effective decision-making and constructive debate. For further information on the Boards’ work in this regard, please refer to “Board Membership” under Principle 4 in this Report. Principle 3: Chairman and Chief Executive Officer The roles of the Chairman and the CEO are held by separate individuals to ensure a clear division of responsibilities between the leadership of the Boards and Management, such that no individual has unfettered 72 CapitaLand Ascott Trust
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