OUR CORPORATE GOVERNANCE CULTURE EC World Real Estate Investment Trust (“ECW”) is a real estate trust listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”). EC World Asset Management Pte. Ltd. (the “Company”) is the manager (the “Manager”) of ECW and aspires to achieving the highest standards of corporate governance. The Manager is committed to ongoing improvement in corporate governance policies and practices to meet the specific business needs of ECW and to provide a firm foundation for a trusted and respected business enterprise. The Manager shall endeavour to comply with the substance and spirit of the principles and provisions of the Code of Corporate Governance 2018 (the “Code”) while achieving operational excellence and delivering ECW’s long-term strategic objectives. The Board of Directors of the Manager (the “Board”) is responsible for the Manager’s corporate governance standards and policies, underscoring their importance to the Manager. This report sets out the corporate governance framework and practices for the financial year ended 31 December 2024 (“FY2024”) with reference to the Code. The practices and activities of the Board and management of the Manager (“Management”) adhere closely to the provisions under the Code. The Manager generally complies with the principles of the Code. Where there are deviations from the provisions of the Code, explanations are provided within this report. The Manager The primary role as the Manager is to establish the strategic direction of ECW in accordance with its mandate and make recommendations to DBS Trustee Limited, in its capacity as trustee of ECW (the “Trustee”), on any investment, divestments and enhancement of the assets of ECW. The Manager ensures that the business and practices of ECW are carried out in a manner that complies with the applicable laws, rules and regulations, including the Securities and Futures Act 2001 of Singapore (“SFA”), the SGX-ST Listing Manual, the Code, the Code on Collective Investment Scheme (the “CIS Code”) issued by the Monetary Authority of Singapore (“MAS”) (including Appendix 6 of the CIS, the “Property Funds Appendix”), the trust deed constituting ECW between the Manager and DBS Trustee dated 5 August 2015 (as amended) (“Trust Deed”) as well as written directions, notices and other guidelines that the MAS and other regulators may issue from time to time. The Manager has general powers of management over the assets of ECW. As a manager of ECW, the Manager holds a Capital Markets Services Licence issued by MAS to carry out ECW’s management activities. The primary responsibility of the Manager is to manage the assets and liabilities of ECW for the benefit of the unitholders of ECW (the “Unitholders”). The Manager does this with a focus on generating rental income, sustaining growth and enhancing asset value of ECW over time so as to maximise the returns from the investments, and ultimately delivering regular and stable distributions to Unitholders. Other functions and responsibilities of the Manager include undertaking evaluation and analysis of ECW’s assets performance, market research analysis and managing finance functions relating to ECW. (A) BOARD MATTERS The Board’s Conduct of Affairs Principle 1: An effective Board for the long-term success of ECW The Board is collectively responsible for the overall leadership and oversight of both ECW and the Manager’s business, financial, investment and operational affairs, performance objectives and long-term success. The Board works with Management to achieve this and Management remains accountable to the Board. Directors’ Fiduciary Duties and Conflicts of Interest (Provision 1.1) The Board oversees the affairs of the Manager in furtherance of the Manager’s primary responsibility of managing the assets and liabilities of ECW for the benefit of Unitholders. All directors of the Board (“Directors”) exercise due care and independent judgement and make decisions objectively in the best interests of Unitholders. Apart from the Board’s statutory duties and responsibilities, the Board provides leadership to the Chief Executive Officer (“CEO”) and Management and sets the strategic vision, direction and long-term objectives for ECW. ANNUAL REPORT 2024 41 CORPORATE GOVERNANCE
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