C O R P O R A T E G O V E R N A N C E
Principle 5:
Board Performance
A review of the Board’s performance is carried out annually to assess the effectiveness of the Board as a whole and the contribution
by each Director to the effectiveness of the Board. The review allows each Director to individually express his/her personal and
confidential assessment of the Board’s overall effectiveness in accomplishing its goals and discharging its responsibilities. It
provides insights into the functioning of the Board, whilst identifying areas that might need strengthening and development. The
review of the Board’s performance includes the Board composition, access to information, processes, risk management, board
committees, strategic planning, accountability and oversight, and standards of conduct. Each Director is required to complete
a Board Performance Evaluation Questionnaire (the “Questionnaire”). Based on the Questionnaire returned by each Director, a
consolidated report is prepared and presented to the NHRRC and the Board. Members of the NHRRC evaluate the responses and
provide their comments and recommendations to the Board on any changes that should be made to help the Board discharge its
duties more effectively. Accordingly, the annual review of the Board’s performance was carried out for FY2014/2015.
The review of individual Director’s performance assesses whether each Director continues to contribute effectively and demonstrate
commitment to the role. It examines attendance at meetings as well as the contributions of each Director to the Board.
The Board is satisfied that it has achieved its performance objectives for FY2014/2015 and that all Directors have demonstrated full
commitment to their roles and contributed effectively to the discharge of their duties.
Principle 6:
Access to Information
The Management provides the Board with complete, adequate and detailed information on the business and the operations of
A-REIT and the Manager, on a regular and quarterly basis, at Board meetings.
As a general rule, board papers are required to be sent to the Directors at least seven days before the board meeting so that the
Directors may better understand and assess the matters tabled, and discussion at the Board meeting may be focused on questions
and issues that the Directors may raise. Relevant parties who can provide detailed information on matters tabled at Board meetings
will be in attendance to provide the necessary information and clarifications that may be required.
At the quarterly Board meetings, Directors are updated on developments and changes in the operating environment, including
changes in accounting standards, developments in Singapore property taxation as well as laws and regulations affecting A-REIT, or
changes that have significant bearing on A-REIT. Reports provided include a Comparison of Actuals against Budget and Explanatory
Notes on Significant Variances for quarter-on-quarter and year-to-date performance.
A one day off-site board strategy meeting is organized annually for in-depth discussion by the Board and the Management on
strategic issues and directions pertaining to A-REIT and the Manager, to facilitate the formulation of a five-year strategic plan for
A-REIT and the Manager.
In addition, the Board has separate and independent access to the Management, the company secretary of the Manager (the
“Company Secretary”), internal and external auditors of A-REIT at all times. Where necessary, each Director of the Board has
the right to seek independent professional advice on matters relating to A-REIT at the Manager’s expense, to enable him/her to
discharge his/her duties.
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
