CORPORATE GOVERNANCE CULTURE The Managers embrace the tenets of good corporate governance, including accountability, transparency and sustainability. The Managers believe that practising good corporate governance is essential to ensuring longterm business viability and growth, while safeguarding CLAS’ assets and Stapled Securityholders’ interests. CLAS’ Boards lead by example and are responsible for the Managers’ corporate governance standards and policies, underscoring the importance of good corporate governance to CLAS. We have appropriate people, processes and structure to direct and manage the business and affairs of the Managers with the aim of 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 strong foundation for a trusted and respected business enterprise. Throughout FY 2023, the Managers have complied with the principles of corporate governance laid down by the Code of Corporate Governance 2018 (Code) and also complied, substantially, with the provisions underlying the principles of the Code. Where there are deviations from the provisions of the Code, appropriate explanations are provided. CLAS is a signatory to the Statement of Support Towards Excellence in Corporate Governance initiated by Securities Investors Association (Singapore) (SIAS). The Managers are also members of the Financial Industry Disputes Resolution Centre Ltd (FIDReC), Investor Relations Professionals Association (Singapore) (IRPAS) and REIT Association of Singapore (REITAS). CLAS has received multiple accolades for its excellence in corporate governance and efforts to uphold high standards of transparency in its disclosures. In 2023, CLAS was ranked first in the Singapore Governance and Transparency Index within the REITs and Business Trusts category for the third consecutive year. CLAS was also named “Best Investor Relations – Gold” amongst REITs and Business Trusts in the Singapore Corporate Awards 2022. CLAS has also been included by the SGX-ST in the Fast Track Programme list. The scheme recognises listed companies with good governance standards and compliance practices and accords prioritised clearance for selected corporate-action submissions. BOARD DIVERSITY, INDEPENDENCE AND PERFORMANCE Board Diversity The Boards embrace diversity and have formally adopted a Board Diversity Policy. The Board Diversity Policy provides for the Boards to comprise talented and dedicated directors with a diverse mix of expertise, experience, perspectives, skills and backgrounds, with due consideration to diversity in gender, age, tenure, ethnicity and culture, and geographical background including nationality, as well as any other relevant aspects of diversity. The Boards believe in diversity and value the benefits that diversity can bring in their deliberations by avoiding groupthink and fostering constructive debate. Diversity enhances the Boards’ decision-making capability and ensures that the Managers can benefit from all available talent and perspectives. CLAS’ diversity targets, plans, timelines and progress are described in the following table. DIVERSITY TARGETS, PLANS AND TIMELINES TARGETS ACHIEVED / PROGRESS TOWARDS ACHIEVING TARGETS Gender To have at least 2 female Directors on the Boards during the period leading up to 2025. The Managers believe in achieving an optimum mix of men and women on the Boards to provide different approaches and perspectives. Achieved – As at March 2024, 3 out of 9 Directors were female. This represented 33.3% of the Boards. As at the date of this report, 3 out of 8 Directors are female. This represents 37.5% of the Boards. Age To ensure that the Boards comprise Directors across the following age groups: (a) 50 and below; (b) 51 to 60; and (c) 61 and above, and to maintain such level of age diversity during the period leading up to 2025. The Managers believe that age diversity would provide a broad spectrum of thoughts and views in deliberations of the Boards and Board Committees. Achieved – As at March 2024 and as at the date of this report, the Boards comprise Directors across all 3 age groups. As at March 2024: (a) 50 and below – 2 Directors (b) 51 to 60 – 2 Directors (c) 61 and above – 5 Directors As at the date of this report: (a) 50 and below – 2 Directors (b) 51 to 60 – 2 Directors (c) 61 and above – 4 Directors SUSTAINABILITY REPORT 2023 64
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