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EC World Real Estate Investment Trust ANNUAL REPORT 2016
The Board has reserved authority to approve certain key matters and these include:
(a) acquisitions, investments, disposals and divestments;
(b) issue of new units in ECW (Units);
(c) income distributions and other returns to Unitholders;
(d) matters which involve a conflict of interest with a controlling Unitholder or a Director;
(e) corporate strategies and policies of ECW;
(f)
annual budget;
(g) financial performance of ECW and to approve the release of quarterly and full year results; and
(h) audited financial statements.
To keep pace with regulatory changes, where these changes have an important bearing on the disclosure obligations of
the Manager or its Directors, the Directors are briefed either during Board meetings or at specially convened sessions
involving the relevant advisers and professionals if necessary, or via circulation of Board papers. Management will also
provide the Board with relevant and adequate information in a timely manner through regular updates, and at least
quarterly during the quarterly Board meetings on financial results, market trends and business developments.
Where required, the Directors will be updated of the relevant changes to the Listing Rules of the SGX-ST, the Securities
and Futures Act, the CIS Code and the Companies Act, as well as any applicable laws, regulations and rules. The
Directors who are members of the Audit and Risk Committee will also be updated on any changes in the financial
reporting standards by the external auditors at the quarterly Audit and Risk Committee meeting.
The Directors continue to receive regular training and updates on relevant laws, rules and regulations and are encourage
to participate in conferences, seminars or training programmes in connection with their duties. The costs of arranging
and payment of such training of the Directors will be borne by the Manager.
All Directors are given formal appointment letters explaining the terms of their appointment as well as their duties and
obligations.
An orientation was organised for all new appointed Directors during the year where the business activities of ECW, and
its strategic directions and polices were briefed.