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 (“CMS Licence”).

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 (the “Trustee”), 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 has general powers of management over the assets of MIT, and its primary responsibility is to manage the assets and liabilities of MIT for the benefit of the Unitholders. This is done with a focus on generating rental income and enhancing asset value over time so as to maximise returns from the investments, and ultimately the distributions and total returns, to Unitholders.

The Manager’s other functions, roles and responsibilities include:

• using its best endeavours in carrying on the Group’s business in a proper and efficient manner to generate returns in a sustainable manner and conducting all transactions on normal commercial terms and on an arm’s length basis;
• preparing annual budget proposals and business plans for review by the directors of the Manager (“Directors”), including forecasts on gross revenue, property expenditure, capital expenditure and providing explanations on major variances against prior year’s actual results and written commentaries on key issues and underlying assumptions on rental rates, operating expenses and any other relevant assumptions. The purpose of such proposals and analyses is to chart the Group’s business for the year ahead and to explain the performance of MIT’s properties compared to the prior year; 
• ensuring compliance with applicable laws and regulations, including the Securities and Futures Act 2001, the Listing Manual of Singapore Exchange Securities Trading Limited (the “SGX-ST”), 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 the MAS and other regulators may issue from time to time and any tax rulings issued by the Inland Revenue Authority of Singapore on the taxation of MIT and Unitholders, and the United Kingdom’s Alternative Investment Fund Managers Regulations 2013 (as amended) (“AIFMR”);
• attending to all regular communications with Unitholders; and
• 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.

Board Composition

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 Management discharges business leadership and demonstrates the highest quality of management with integrity and enterprise; and
• oversee the proper conduct of the Manager.

Whistle-blowing

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 AC Chairman of the Sponsor as well as the AC Chairman of the Manager for further investigation. The findings will then be reported to the AC 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.

The latest Corporate Governance Report can be found here.