72 CapitaLand Ascendas REIT Corporate Governance Our Governance Framework Our Role We, as the manager of CLAR (Manager), set the strategic direction of CLAR and its subsidiaries (CLAR Group) and make recommendations to HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of CLAR (Trustee), on any investment or divestment opportunities for CLAR and the enhancement of the assets of CLAR in accordance with the stated investment strategy for CLAR. The research, evaluation and analysis required for this purpose are coordinated and carried out by us as the Manager. As the Manager, we have general powers of management over the assets of CLAR. Our primary responsibility is to manage the assets and liabilities of CLAR for the benefit of Unitholders. We do this with a focus on generating rental income and enhancing asset value over time to maximise returns from the investments, and ultimately the distributions and total returns, to Unitholders. Our other functions and responsibilities as the Manager include, but are not limited to: (a) using our best endeavours to conduct CLAR's business in a proper and efficient manner; (b) preparing annual business plans for review by the directors of the Manager (Directors), including forecasts on revenue, net income, capital expenditure, explanations on major variances to previous years' financial results, written commentaries on key issues and underlying assumptions on rental rates, operating expenses and any other relevant assumptions; (c) ensuring compliance with relevant laws and regulations, including the Listing Manual of the Singapore Exchange Securities Trading Limited (SGX-ST) (Listing Manual), the Code on Collective Investment Schemes (CIS Code) issued by the Monetary Authority of Singapore (MAS) (including Appendix 6 of the CIS Code (Property Funds Appendix)), the Securities and Futures Act 2001 (SFA), written directions, notices, codes and other guidelines that the MAS may issue from time to time, the tax rulings issued by the Inland Revenue Authority of Singapore and relevant tax authorities on the taxation of CLAR and Unitholders, and the United Kingdom's Alternative Investment Fund Managers Regulations 2013 (as amended) (AIFMR) and the European Union’s (EU) Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD); (d) attending to all regular communications with Unitholders; and (e) supervising the property managers of CLAR which perform the day-to-day property management functions (including leasing, marketing, promotion, operations coordination and other property management activities) for CLAR's properties. The Manager also considers sustainability issues (including environmental and social factors) as part of its responsibilities. For the purposes of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector and the EU Regulation 2020/852 on the establishment of a framework to facilitate sustainable investment, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. More detailed information on the Board Statement, sustainability frameworks, policies, practices and performances, climate-related disclosures and stakeholder engagements are provided on CLAR’s website at 1 As at the date of this Annual Report. Board of Directors 7 Directors1 (4 Independent Directors (IDs) and 3 Non-Independent Directors (Non-IDs)) Audit and Risk Committee 3 IDs Investment Committee1 3 IDs and 3 Non-IDs Nominating and Remuneration Committee 2 IDs and 1 Non-ID
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