may affect his independent judgement. Based on the above, the Board arrived at the determination that Mr Neo is an independent Director. Ms Kuan Li Li Ms Kuan retired from the Board with effect from 1 January 2024. For completeness, based on information available to the Board, information is provided below regarding Ms Kuan’s independence during FY 2023. During FY 2023, Ms Kuan was a non-executive director of Freemont Capital Pte. Ltd. (the “Freemont Company”) and AIG Asia Pacific Insurance Pte Ltd (the “AIG Company”). The Freemont Company and the AIG Company had business relationships with CLI group for various matters, including but not limited to (i) leases from CLI group; and (ii) provision of a range of corporate insurance plans and coverage to CLI group. Ms Kuan’s role in each of the Freemont Company and the AIG Company was non-executive in nature and she was not involved in the day-to-day conduct of the businesses of the Freemont Company and the AIG Company. She was not involved in the decision of the Freemont Company or the AIG Company to enter into business relationships with CLI group. All of the transactions with CLI group were conducted in the ordinary course of business, on an arm’s length basis and based on normal commercial terms. The NRC has assessed that (i) the respective relationships above did not interfere with the exercise of Ms Kuan’s independent business judgement in the discharge of her duties and responsibilities as a Director; and (ii) she had demonstrated independence in conduct, character and judgement in the discharge of her duties and responsibilities as a Director. Save for the relationships stated above, she did not have any other relationships and was not faced with any of the circumstances identified in the Code, SFR and Listing Manual, or any other relationships which might have affected her independent judgement. Based on the above, the Board arrived at the determination that Ms Kuan was an independent Director. Professor Ong Seow Eng Professor Ong provided ad hoc training services to CLI group in FY 2023. He has confirmed that he provided these ad hoc training services in his personal capacity and not as a representative of CLI and he is not under any obligation, whether formal or informal, to act in accordance with the directions of CLI in relation to the affairs of the Manager and CLCT. The NRC has assessed that (i) the relationship above did not interfere with the exercise of Professor Ong’s independent business judgement in the discharge of his duties and responsibilities as a Director; and (ii) he had demonstrated independence in conduct, character and judgement in the discharge of his duties and responsibilities as a Director. Save for the relationship stated above, he does not have any other relationships and is not faced with any of the circumstances identified in the Code, SFR and Listing Manual, or any other relationships which may affect his independent judgement. Based on the above, the Board arrived at the determination that Professor Ong is an independent Director. Mr Tan Tee How Mr Tan is a non-executive director and chairman of National Healthcare Group Pte. Ltd. (the “NHG Company”). The NHG Company has business relationships with CLI group for various matters, including but not limited to leases from CLI group. Mr Tan’s role in the NHG Company is non-executive in nature and he is not involved in the day-to-day conduct of the business of the NHG Company. He was not involved in the decision of the NHG Company to enter into business relationships with CLI group. All of the transactions with CLI group are conducted in the ordinary course of business, on an arm’s length basis and based on normal commercial terms. Mr Tan is also a non-executive director of a subsidiary of Temasek. Mr Tan’s role in the corporation is nonexecutive in nature and he is not involved in the day-to-day conduct of the business of the corporation. Mr Tan has confirmed that he serves on the board in his personal capacity and not as a representative of Temasek and he is not under any obligation, whether formal or informal, to act in accordance with the directions of Temasek in relation to the affairs of the Manager and CLCT. CORPORATE GOVERNANCE 118 CAPITALAND CHINA TRUST
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