Roles and Responsibilities
The Manager of MIT is responsible for the strategic direction and management of the assets and liabilities of MIT as well as its subsidiaries (collectively, the “Group”). As a REIT manager, the Manager is licensed by the Monetary Authority of Singapore (the “MAS”) and holds a Capital Markets Services Licence for REIT management.
The Manager discharges its responsibility for the benefit of MIT and its unitholders (“Unitholders”), in accordance with the applicable laws and regulations as well as the trust deed constituting MIT (as amended) (the “Trust Deed”). To this end, the Manager sets the strategic direction of the Group and gives recommendations to DBS Trustee Limited, in its capacity as trustee of MIT, on the acquisition, divestment and enhancement of assets of the Group, in accordance with the stated investment mandate of MIT. The research, evaluation and analysis required for this purpose are coordinated and carried out by the Manager.
The Manager’s roles and responsibilities include:
Sustainable Business Operations
Carrying on the Group’s business to generate returns in a sustainable manner and conducting all transactions on normal commercial terms and on an arm’s length basis.
Annual Budget Preparation
Preparing annual budget proposal with forecast on gross revenue, property expenditure, capital expenditure and providing explanations of major variances against prior year’s actual results and written commentaries on key issues and any other relevant assumptions. The purposes of such proposals and analyses are to chart the Group’s business for the year ahead and to explain the performance of MIT’s properties compared to the prior year.
Regulatory Compliance
Ensuring compliance with the applicable laws and regulations, including the Securities and Futures Act 2001, the Listing Manual of Singapore Exchange Securities Trading Limited, the Code on Collective Investment Schemes (“CIS Code”) issued by the MAS (including Appendix 6 of the CIS Code, the “Property Funds Appendix”), the Singapore Code on Takeovers and Mergers, the Trust Deed, written directions, notices, codes and other guidelines that MAS and other regulators may issue from time to time and the United Kingdom’s Alternative Investment Fund Managers Regulations 2013 (as amended);
Unitholder Engagement
Attending to all regular communications with Unitholders.
Oversight of Property Management Functions
Supervising the relevant property manager which performs the day-to-day property management functions (including leasing, marketing, promotion, operations coordination and other property management activities) for MIT’s properties.
The Manager is committed to complying with the substance and spirit of the Code of Corporate Governance 2018 (the “Code”).
Board of Directors
The Manager adopts the principle that the Board is collectively responsible for the long-term success of MIT and an effective Board for the Manager is one constituted with the right core competencies and diversity of experience, so that the collective wisdom of the Board can give guidance and provide insights as well as strategic thinking to the management team of the Manager (the “Management”).
The key roles of the Board are to:
- guide the corporate strategy and direction of the Manager;
- ensure that the Management discharges business leadership and demonstrates the highest quality of management with integrity and enterprise; and
- oversee the proper conduct of the Manager.
| Board Members | Membership |
|---|---|
| Mr Cheah Kim Teck | Non-Executive Chairman and Director |
| Mr Andrew Chong Yang Hsueh | Lead Independent Non-Executive Director and Chairman of the Nominating and Remuneration Committee |
| Mr Pok Soy Yoong | Independent Non-Executive Director and Chairman of the Audit and Risk Committee |
| Ms Chan Chia Lin | Independent Non-Executive Director and Member of the Nominating and Remuneration Committee |
| Mr Guy Daniel Harvey-Samuel | Independent Non-Executive Director and Member of the Audit and Risk Committee |
| Dr Andrew Lee Tong Kin | Independent Non-Executive Director and Member of the Audit and Risk Committee |
| Mr William Toh Thiam Siew | Independent Non-Executive Director and Member of the Audit and Risk Committee |
| Ms Noorsurainah Tengah | Independent Non-Executive Director |
| Mrs Eng-Kwok Seat Moey | Independent Non-Executive Director |
| Mr Chua Tiow Chye | Non-Executive Director and Member of the Nominating and Remuneration Committee |
| Ms Wendy Koh Mui Ai | Non-Executive Director |
| Ms Ler Lily | Chief Executive Officer and Executive Director |
Whistle-blowing Policy
To reinforce a culture of good business ethics and governance, the Manager has a Whistle-blowing Policy to encourage the reporting, in good faith, of any suspected misconduct or wrongdoing, including possible financial irregularities. Anonymous reporting is allowed, protecting the whistle-blowers from reprisals and detrimental or unfair treatment by, among others, ensuring that the identity of the whistle-blower is kept confidential. Any reporting concerning the Group or the Manager is notified to the Audit and Risk Committee Chairman of the Sponsor as well as the Audit and Risk Committee Chairman of the Manager for further investigation. The findings will then be reported to the Audit and Risk Committee of the Manager which is responsible for oversight and monitoring of the whistle-blowing reports received.
For queries or to make a report, please write to reporting@mapletree.com.sg.
