Ascendas REIT - Annual Report 2021

Corporate Governance The Board has considered the conduct of Mr Ee in the discharge of his duties and responsibilities as a Director, and is of the view that the relationship set out above did not impair his ability to act with independent judgement in the discharge of his duties and responsibilities as a Director. Save for the relationship stated above, Mr Ee does not have any other relevant relationships and is not faced with any of the circumstances identified in the Code, SFR and Listing Manual, which may affect his independent judgement. The Board is therefore of the view that Mr Ee has exercised independent judgement in the discharge of his duties and responsibilities. Based on the above, the Board arrived at the determination that Mr Ee is an Independent Director. Mr Chinniah Kunnasagaran Mr Chinniah Kunnasagaran is a non-executive director of various subsidiaries of Temasek and KIFM, an associated corporation of Temasek. Mr Kunnasagaran’s roles in these corporations are non-executive in nature and he is not involved in the day-to-day conduct of the business of these corporations. Mr Kunnasagaran has confirmed that he serves on the Manager’s 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 Ascendas Reit. The Board has considered the conduct of Mr Kunnasagaran in the discharge of his duties and responsibilities as a Director, and is of the view that the relationships set out above did not impair his ability to act with independent judgement in the discharge of his duties and responsibilities as a Director. Save for the relationships stated above, Mr Kunnasagaran does not have any other relevant relationships and is not faced with any of the circumstances identified in the Code, SFR and Listing Manual, which may affect his independent judgement. The Board is therefore of the view that Mr Kunnasagaran has exercised independent judgement in the discharge of his duties and responsibilities. Based on the above, the Board arrived at the determination that Mr Kunnasagaran is an Independent Director. Ms Ong Lee Keang Maureen Ms Ong Lee Keang Maureen is not faced with any of the circumstances identified in the Code, SFR and Listing Manual and does not have any other relevant relationships, which may affect her independent judgement. The Board has considered whether Ms Ong had demonstrated independence in character and judgement in the discharge of her duties and responsibilities as a director and concluded that Ms Ong had acted with independent judgement. On the basis of the declaration of independence provided by Ms Ong and the guidance in the Code, SFR and Listing Manual, the Board arrived at the determination that Ms Ong is an Independent Director. The Board is of the view that as at the last day of FY2021, each of Dr Beh, Mr Chan, Mr Ee, Mr Kunnasagaran and Ms Ong was able to act in the best interests of all the Unitholders in respect of the period in which they served as directors in FY2021. Board Diversity The Board embraces diversity and has formally adopted a Board Diversity Policy. The Board Diversity Policy 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 business or professional experience, age and gender. The Board believes in diversity and 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. The NRC, in carrying out its duties of determining the optimal composition of the Board in its Board renewal process, identifying possible candidates and making recommendations of board appointments to the Board, considers diversity factors such as age, educational, business and professional backgrounds of its members. Female representation is also considered an important aspect of diversity. The current Board comprises eight members who are corporate and business leaders, and are professionals with varied backgrounds, expertise and experience including in finance, banking, investment, real estate, legal, accounting, business and general management. The current Board has one female member. For further information on the Board’s work in this regard, please refer to “Board Membership” under Principle 4 in this Report. Ascendas Reit 118