GOVERNANCE DIVERSITY TARGETS, PLANS AND TIMELINES TARGETS ACHIEVED / PROGRESS TOWARDS ACHIEVING TARGETS Tenure To ensure that the Boards comprise Directors across the following tenure groups: (a) less than 3 years; (b) 3 to 6 years; and (c) more than 6 years, and to maintain such level of tenure diversity during the period leading up to 2025. The Managers believe that tenure diversity would facilitate renewal of the Boards progressively and in an orderly manner, whilst ensuring knowledge continuity about the Managers and CLAS and their business operations and sustainability of corporate performance. Achieved – As at March 2024 and as at the date of this report, the Boards comprise Directors across all 3 tenure groups. In particular: As at March 2024: (a) less than 3 years – 3 Directors (b) 3 to 6 years – 3 Directors (c) more than 6 years – 3 Directors As at the date of this report: (a) less than 3 years – 3 Directors (b) 3 to 6 years – 3 Directors (c) more than 6 years – 2 Directors 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 March 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. The Nominating and Remuneration Committee (NRC), in carrying out its duties of determining the optimal Board composition in their board renewal process and addressing board vacancies, identifies possible candidates with relevant backgrounds and industry experience. In identifying possible candidates and making recommendations of board appointments to the Boards, the NRC considers, among others, achieving an appropriate level of diversity in the Boards’ composition with regards to diversity factors such as age, gender, educational, business and professional backgrounds of their members. In line with the Board Diversity Policy, the Boards comprise members who are corporate and business leaders, and are professionals with diverse backgrounds, expertise and experience including accounting and finance, banking and capital markets, investment, real estate, legal and compliance, technology, leadership, governance, and sustainability. A few members of the Boards have prior working experience in the real estate and hospitality industries in which CLAS operates, including Mr Lui Chong Chee (Chairman since 22 April 2024), Ms Serena Teo, Mr Kevin Goh and Ms Beh Siew Kim. The members of the Boards bring with them the combination of skills, talents, experience, and diversity required to serve the needs of CLAS. 65 CAPITALAND ASCOTT TRUST
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