The NRC has assessed that (i) the respective relationships above did not interfere with the exercise of Mr Tan’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 relationships 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 Mr Tan is an independent Director. Ms Wan Mei Kit Ms Wan is a non-executive director of Singapore Pools Private Limited (the “SP Company”). The SP Company has business relationships with CLI group for various matters, including but not limited to leases from CLI group. Ms Wan’s role in the SP Company is non-executive in nature and she is not involved in the day-to-day conduct of the business of the SP Company. She was not involved in the decision of the SP 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. The NRC has assessed that (i) the relationship above did not interfere with the exercise of Ms Wan’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 relationship stated above, she 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 her independent judgement. Based on the above, the Board arrived at the determination that Ms Wan is an independent Director. The Board is of the view that as at the last day of FY 2023, each of Mr Soh, Mr Neo, Ms Kuan, Professor Ong, Mr Tan and Ms Wan was able to act in the best interests of CLCT and all Unitholders in respect of the period in which they served as Directors in FY 2023. Ms Tay Hwee Pio Ms Tay does not have any 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 her independent judgement. The NRC has assessed that Ms Tay has demonstrated independence in conduct, character and judgement in the discharge of her duties and responsibilities as a Director. Based on the above, the Board arrived at the determination that Ms Tay is an independent Director. Non-independent Directors The remaining Directors as at the date of this Annual Report, namely, Mr Tan Tze Wooi, Ms Quah Ley Hoon and Mr Puah Tze Shyang, are all employees of CLI group and are not considered to be independent. Board Diversity The Board embraces diversity and has in place a Board Diversity Policy which provides for the Board to comprise talented and dedicated Directors with a diverse mix of expertise, experience, perspectives, skills and backgrounds, with due consideration to diversity factors, including but not limited to, diversity in age, gender, tenure and business or professional experience. The Board values the benefits that diversity can bring to the Board in its deliberations by avoiding groupthink and fostering constructive debate. Diversity enhances the Board’s decision-making capability and ensures that the Manager has the opportunity to benefit from all available talent and perspectives, which is essential to the effective governance of CLCT’s business and for ensuring long-term sustainable growth. CLCT’s Board diversity targets, plans and timelines for achieving the targets and progress towards achieving the targets are described below. Further information on the progress achieved during FY 2023 can be found at “Board Composition and Renewal” under Principle 4 in this Report. ANNUAL REPORT 2023 119 Financials Framework Portfolio Performance Leadership Overview
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