Ascendas REIT - Annual Report 2021

Corporate Governance The Manager is a wholly owned subsidiary of CapitaLand Investment Limited (CLI) which holds a significant unitholding interest in Ascendas Reit. CLI is a leading global real estate investment manager, with a vested interest in the long-term performance of Ascendas Reit. CLI’s significant unitholding in Ascendas Reit demonstrates its commitment to Ascendas Reit and as a result, CLI’s interest is aligned with that of the other Unitholders. The Manager’s association with CLI provides the following benefits, among other things, to Ascendas Reit: (a) strategic pipelines of property assets through, amongst others, CLI’s access to the development capabilities of and pipeline investment opportunities from CapitaLand Group’s development arm; (b) wider and better access to banking and capital markets on favourable terms; (c) fund raising and treasury support; and (d) access to a bench of experienced management talent. OUR CORPORATE GOVERNANCE FRAMEWORK AND CULTURE The Manager embraces the tenets of good corporate governance, including accountability, transparency and sustainability. It is committed to enhancing long-term Unitholder value and has 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 Ascendas Reit Group’s long-term strategic objectives. The policies and practices it has developed to meet the specific business needs of the Ascendas Reit 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: Board of Directors 5 Independent Directors (ID) and 3 Non-Independent Directors (Non-ID) Led by ID, Dr Beh Swan Gin, Chairman Key responsibility: Oversee the Manager’s strategic direction, performance and affairs and foster the success of Ascendas Reit so as to deliver sustainable value over the long term to Unitholders Audit & Risk Committee (ARC) 4 IDs Led by Mr Chan Pengee, Adrian, ARC Chairman Key responsibility: Assist the Board in its oversight of the financial reporting process, internal controls system, internal and external audit processes, and management of compliance with legal, regulatory and company policies Investment Committee (IC) 3 IDs and 3 Non-IDs Led by Mr Manohar Khiatani, IC Chairman Key responsibility: Assist the Board in its oversight of responsibilities in the areas of investment, divestment and asset enhancement initiatives Nominating & Remuneration Committee (NRC) 2 IDs and 1 Non-ID Led by Dr Beh Swan Gin, NRC Chairman Key responsibility: Assist the Board on Board succession planning and appointments to the Board and Board Committees, and the review of the Board’s performance, Director’s independence and remuneration for the Directors and key management personnel of the Manager Annual Report 2021 111