Governance
Guided by the Board of Directors, the REIT Manager is committed to upholding the highest standards of corporate governance in the operation and management of the REIT. Establishing well-defined policies and processes to protect stakeholders’ interests, the Board and REIT Manager will continually review and refine such processes according to best practices, while maintaining a zero-tolerance approach to bribery and corruption. This ensures accountability, ethical conduct and transparency across all aspects of the REIT’s operations.
Management Reporting Structure
Roles of the Board
The key roles of the Board are to:- Guide the REIT Manager’s corporate strategy and direction;
- Ensure that the REIT Manager’s senior management team discharges business leadership and demonstrates the highest quality of management skills with enterprise, integrity and responsibility;
- Oversee the REIT Manager’s proper conduct;
- Implement and ensure compliance with effective written policies on all operational areas including financial policies, accounting, internal audit and internal controls, and compliance with all laws and regulations governing the REIT Manager’s operations;
- Identify, address and monitor the risks associated with the REIT Manager’s trading or business activities;
- Ensure that the REIT Manager’s business activities are subject to adequate internal audit;
- Set out the written limits of the discretionary powers of each officer, committee, sub-committee or other groups empowered to commit the REIT Manager to any financial undertaking or to expose the REIT Manager to material risks of any nature; and
- Ensure that the REIT Manager keeps a written record of the steps taken by it to monitor compliance with its policies, the limits on discretionary powers and its accounting and operating procedures including accuracy, correctness, completeness and compliance with all relevant laws and regulations as set by MAS and SGX.
Roles of the REIT Manager
The REIT Manager sets the strategic direction and provides, among others, the following services to the REIT:Formulating the REIT’s asset management strategy including managing the tenant mix, executing asset enhancement plans and rationalising operational costs; providing supervision in relation to the REIT’s asset management and making final recommendations to the REIT Trustee on material matters;
Formulating the REIT’s investment strategy including determining the location, sub-sector type and other characteristics of the REIT’s portfolio; overseeing negotiations and providing supervision in relation to the REIT’s investments and making final recommendations to the REIT Trustee;
Formulating the REIT’s plans for equity and debt financing for acquisitions and co-developments, distributions, foreign exchange and interest rate hedging strategies; executing capital management plans, negotiating with financiers and underwriters, and making final recommendations to the REIT Trustee;
Preparing the REIT’s accounts, financial reports and annual reports on a consolidated basis;
Making all regulatory filings on behalf of the REIT and using its commercially reasonable best efforts to assist the REIT in complying with the applicable provisions of the Securities and Futures Act and all other relevant legislation, the Trust Deed, SGX Listing Manual, MAS Code on Collective Investment Schemes (including the Property Funds Appendix), Capital Markets Services Licence, SGX Listing Manual, among others;
Communicating and liaising with analysts, investors and global financial community; and
Formulating the REIT’s approach to environmental, social and governance commitments to achieve high sustainability standards in the REIT’s operation and management.