OUR CORPORATE GOVERNANCE FRAMEWORK AND CULTURE The Manager embraces the tenets of sound corporate governance, including accountability, transparency and sustainability. It is committed to enhancing value over the long term to its stakeholders with appropriate people, processes and structure to direct and manage the business and affairs of the Manager with a view to achieving operational excellence and delivering the CLCT Group’s long-term strategic objectives. The policies and practices it has developed to meet the specific business needs of the CLCT Group provide a firm foundation for a trusted and respected business enterprise. Our corporate governance framework as at the date of this Annual Report is set out below: The Board of Directors (Board) is responsible for and plays a key role in setting CLCT’s corporate governance standards and policies. This sets the tone from the top and underscores its importance to the CLCT Group. This corporate governance report (Report) sets out the corporate governance practices for the financial year ended 31 December 2023 (FY 2023), which are benchmarked against the Code of Corporate Governance 2018 (last amended 11 January 2023) (Code). Unless otherwise stated, this Report is based on the composition of the Board and Board Committees in FY 2023. Throughout FY 2023, the Manager has complied with the principles of corporate governance laid down by the Code and also, substantially, with the provisions underlying the principles of the Code. Where there are deviations from the provisions of the Code, appropriate explanations are provided in this Report. This Report also sets out additional policies and practices adopted by the Manager which are not provided in the Code. CLCT has received accolades from the investment community for excellence in corporate governance and corporate governance-related efforts. As recognition of its commitment to environment, social and corporate governance, CLCT received a 5 Star rating for its participation in Global Real Estate Sustainability Benchmark (GRESB) Real Estate Assessment 2023 4 IDs Led by Mr Neo Poh Kiat, ARC chairman 3 Non-IDs Led by Ms Quah Ley Hoon, EC chairman 3 IDs and 1 Non-ID Led by Mr Soh Kim Soon, NRC chairman BOARD OF DIRECTORS 6 Independent Directors (ID) and 3 Non-Independent Directors (Non-ID) Led by ID, Mr Soh Kim Soon, Chairman Key Responsibilities: Oversees the Manager’s strategic direction and performance; fosters the success of CLCT so as to deliver sustainable value over the long term; engages with stakeholders based on the principles of sustainability and sound governance * The Audit Committee was renamed the Audit and Risk Committee with effect from 1 January 2024 ANNUAL REPORT 2023 111 Financials Framework Portfolio Performance Leadership Overview
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